Table 2: Monthly balance of payments of the euro area ( 1 )
(EUR billions; non−seasonally adjusted data)
| May 2005 | April 2005 (revised) | Monthly average, previous six months | 12-month cumulated figures ending | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| November 2004 - April 2005 | May 2005 | May 2004 | |||||||||||||
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | |
| Source: ECB. | |||||||||||||||
| ( 1 ) Figures may not add up due to rounding. | |||||||||||||||
| ( 2 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| ( 3 ) Direct investment: assets refer to direct investment abroad and liabilities to direct investment in the euro area. | |||||||||||||||
| CURRENTACCOUNT | 159.0 | 162.9 | -3.9 | 160.1 | 170.2 | -10.1 | 156.8 | 156.2 | 0.5 | 1868.8 | 1850.2 | 18.6 | 1717.4 | 1674.4 | 43.0 |
| Goods | 100.9 | 94.2 | 6.6 | 99.2 | 95.0 | 4.2 | 95.9 | 90.8 | 5.1 | 1156.3 | 1075.8 | 80.5 | 1067.6 | 946.0 | 121.6 |
| Services | 28.3 | 26.4 | 1.9 | 28.4 | 26.1 | 2.3 | 28.6 | 27.3 | 1.3 | 359.7 | 333.2 | 26.4 | 336.3 | 314.4 | 21.9 |
| Income | 24.4 | 31.5 | -7.1 | 26.9 | 39.4 | -12.5 | 23.6 | 25.3 | -1.7 | 270.6 | 298.7 | -28.1 | 233.1 | 276.7 | -43.7 |
| Current transfers | 5.5 | 10.8 | -5.3 | 5.5 | 9.7 | -4.2 | 8.6 | 12.7 | -4.1 | 82.3 | 142.5 | -60.3 | 80.5 | 137.4 | -56.9 |
| CAPITAL ACCOUNT | 2.1 | 0.4 | 1.6 | 0.9 | 0.6 | 0.3 | 2.0 | 0.9 | 1.1 | 22.3 | 8.3 | 14.1 | 25.0 | 6.1 | 18.8 |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
| FINANCIALACCOUNT2) | 40.6 | -17.8 | 3.6 | 46.0 | -20.2 | ||||||||||
| DIRECTINVESTMENT3) | 5.6 | -1.8 | 3.8 | -12.3 | 7.4 | -4.8 | -16.6 | 6.6 | -9.9 | -151.8 | 73.6 | -78.3 | -110.7 | 71.7 | -38.9 |
| Equity capital and reinvested earnings | -5.5 | -1.9 | -7.4 | 2.1 | 8.5 | 10.6 | -13.6 | 7.2 | -6.5 | -151.5 | 68.6 | -83.0 | -92.7 | 84.8 | -7.9 |
| Other capital (mostly inter-company loans) | 11.1 | 0.1 | 11.2 | -14.4 | -1.1 | -15.5 | -2.9 | -0.6 | -3.5 | -0.3 | 5.0 | 4.7 | -17.9 | -13.1 | -31.0 |
| PORTFOLIO INVESTMENT | -35.7 | 59.7 | 24.0 | -26.1 | 15.1 | -11.0 | -31.4 | 34.8 | 3.4 | -335.0 | 416.8 | 81.8 | -300.6 | 295.6 | -5.0 |
| Equity | -4.2 | 26.6 | 22.4 | 8.3 | -46.7 | -38.5 | -7.8 | 7.1 | -0.6 | -88.0 | 137.0 | 49.0 | -89.1 | 99.4 | 10.3 |
| Debt instruments | -31.5 | 33.1 | 1.6 | -34.4 | 61.9 | 27.5 | -23.7 | 27.7 | 4.0 | -247.0 | 279.8 | 32.8 | -211.5 | 196.2 | -15.3 |
| Bonds and notes | -22.6 | 29.8 | 7.2 | -24.3 | 57.0 | 32.7 | -20.5 | 20.5 | -0.0 | -207.1 | 233.4 | 26.3 | -159.0 | 178.6 | 19.6 |
| Money market instruments | -8.9 | 3.3 | -5.6 | -10.1 | 4.8 | -5.2 | -3.1 | 7.2 | 4.1 | -39.9 | 46.4 | 6.5 | -52.5 | 17.6 | -34.9 |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | -30.1 | 57.9 | 27.9 | -38.4 | 22.6 | -15.8 | -48.0 | 41.5 | -6.5 | -486.9 | 490.4 | 3.5 | -411.3 | 367.4 | -43.9 |
| FINANCIAL DERIVATIVES (NET) | 0.0 | -0.6 | -1.5 | -12.1 | -6.4 | ||||||||||
| OTHER INVESTMENT | -11.1 | 21.1 | 10.1 | -119.2 | 118.6 | -0.6 | -58.2 | 68.9 | 10.7 | -373.3 | 416.2 | 42.8 | -233.7 | 240.0 | 6.3 |
| Eurosystem | -0.8 | 2.6 | 1.8 | 0.1 | -0.0 | 0.1 | 0.4 | 1.2 | 1.6 | 0.3 | 15.4 | 15.7 | -0.9 | 6.3 | 5.4 |
| General government | -0.2 | 0.4 | 0.2 | -5.7 | -2.1 | -7.8 | 0.0 | -0.6 | -0.6 | -1.0 | 2.0 | 0.9 | 2.0 | -5.6 | -3.6 |
| of which: currency and deposits | 1.8 | 1.8 | -5.7 | -5.7 | -0.2 | -0.2 | -0.8 | -0.8 | |||||||
| MFIs (excluding the Eurosystem) | 18.8 | 19.1 | 37.9 | -97.7 | 92.2 | -5.5 | -48.3 | 57.8 | 9.5 | -277.3 | 329.5 | 52.2 | -208.5 | 242.0 | 33.5 |
| long-term | -4.6 | 10.8 | 6.2 | -10.4 | 0.2 | -10.2 | -6.7 | 0.5 | -6.2 | -43.7 | 16.2 | -27.5 | -46.0 | 41.5 | -4.4 |
| short-term | 23.4 | 8.3 | 31.7 | -87.3 | 92.0 | 4.7 | -41.6 | 57.2 | 15.7 | -233.6 | 313.3 | 79.6 | -162.5 | 200.5 | 37.9 |
| Other sectors | -28.9 | -0.9 | -29.8 | -16.0 | 28.5 | 12.6 | -10.3 | 10.5 | 0.2 | -95.2 | 69.3 | -26.0 | -26.3 | -2.7 | -28.9 |
| of which: currency and deposits | -4.6 | -4.6 | 9.8 | 9.8 | -0.1 | -0.1 | -14.7 | -14.7 | |||||||
| RESERVE ASSETS | 2.6 | 2.6 | -0.8 | -0.8 | 0.9 | 0.9 | 11.7 | 11.7 | 23.8 | 23.8 | |||||
| Errors and omissions | -38.3 | 27.6 | -5.3 | -78.7 | -41.6 | ||||||||||