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Table 2: Quarterly balance of payments and international investment position of the euro area
(EUR billions unless otherwise indicated; outstanding amounts at end of period, transactions during period)
| Q3 2004 | Q4 2004 (revised) | Q1 2005 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| End of periodoutstandingamounts | Transactions1) | Other changes | End of periodoutstandingamounts | Transactions1) | Other changes | End of period outstandingamounts | |||||||||
| as % ofprevious endperiodoutstandingamounts | as % ofprevious endperiodoutstandingamounts | as % of GDP | |||||||||||||
| Source: ECB. | |||||||||||||||
| ( 1 ) In this table, contrary to the balance of payments sign convention, a positive (negative) number indicates an increase (decrease) of euro area assets. | |||||||||||||||
| Financial account balance/Net international investment position | -714.1 | 25.4 | - | -185.4 | -874.1 | -34.4 | - | -22.9 | -931.4 | -12.2 | |||||
| Direct investment | 112.1 | 44.1 | - | -98.1 | 58.1 | 24.1 | - | 26.4 | 108.6 | 1.4 | |||||
| Abroad | 2202.0 | 82.7 | 3.8 | -32.3 | 2252.4 | 36.4 | 1.6 | 30.2 | 2319.0 | 30.3 | |||||
| Equity/reinvested earnings | 1757.4 | 89.0 | 5.1 | -36.6 | 1809.8 | 20.1 | 1.1 | 23.3 | 1853.2 | 24.2 | |||||
| Other capital | 444.6 | -6.3 | -1.4 | 4.3 | 442.6 | 16.3 | 3.7 | 6.8 | 465.8 | 6.1 | |||||
| In the euro area | 2090.0 | 38.5 | 1.8 | 65.8 | 2194.3 | 12.3 | 0.6 | 3.8 | 2210.4 | 28.9 | |||||
| Equity/reinvested earnings | 1515.4 | 33.5 | 2.2 | 69.0 | 1617.8 | 12.0 | 0.7 | -0.3 | 1629.5 | 21.3 | |||||
| Other capital | 574.6 | 5.1 | 0.9 | -3.2 | 576.5 | 0.3 | 0.1 | 4.1 | 580.9 | 7.6 | |||||
| Portfolio investment | -865.8 | -27.3 | - | -66.4 | -959.5 | -2.6 | - | -66.3 | -1028.4 | -13.4 | |||||
| Assets | 2869.5 | 71.0 | 2.5 | -6.8 | 2933.8 | 123.5 | 4.2 | 25.3 | 3082.5 | 40.3 | |||||
| Equity securities | 1155.3 | 20.8 | 1.8 | 25.6 | 1201.7 | 48.3 | 4.0 | 18.1 | 1268.1 | 16.6 | |||||
| Debt securities | 1714.2 | 50.2 | 2.9 | -32.4 | 1732.0 | 75.1 | 4.3 | 7.2 | 1814.4 | 23.7 | |||||
| Bonds and notes | 1438.8 | 42.4 | 2.9 | -23.7 | 1457.5 | 74.9 | 5.1 | 5.5 | 1537.9 | 20.1 | |||||
| Money market instruments | 275.5 | 7.8 | 2.8 | -8.8 | 274.5 | 0.2 | 0.1 | 1.8 | 276.5 | 3.6 | |||||
| Liabilities | 3735.3 | 98.3 | 2.6 | 59.6 | 3893.2 | 126.1 | 3.2 | 91.6 | 4111.0 | 53.8 | |||||
| Equity securities | 1632.3 | 68.1 | 4.2 | 81.9 | 1782.3 | 36.0 | 2.0 | 42.8 | 1861.1 | 24.3 | |||||
| Debt securities | 2103.0 | 30.2 | 1.4 | -22.3 | 2110.9 | 90.1 | 4.3 | 48.8 | 2249.9 | 29.4 | |||||
| Bonds and notes | 1891.1 | 32.0 | 1.7 | -20.5 | 1902.5 | 45.6 | 2.4 | 49.6 | 1997.6 | 26.1 | |||||
| Money market instruments | 211.9 | -1.8 | -0.9 | -1.7 | 208.4 | 44.6 | 21.4 | -0.7 | 252.2 | 3.3 | |||||
| Financial derivatives | -6.5 | 4.8 | - | -12.7 | -14.4 | 7.4 | - | -13.8 | -20.8 | -0.3 | |||||
| Other investment | -252.4 | 6.1 | - | 7.3 | -239.0 | -58.5 | - | 21.8 | -275.7 | -3.6 | |||||
| Assets | 2892.0 | 73.3 | 2.5 | -71.3 | 2893.9 | 172.2 | 5.9 | 100.6 | 3166.7 | 41.4 | |||||
| Eurosystem | 6.2 | 1.4 | 22.6 | -0.8 | 6.8 | 0.5 | 7.8 | -1.2 | 6.2 | 0.1 | |||||
| General government | 100.4 | -3.4 | -3.4 | 1.8 | 98.8 | -4.4 | -4.5 | 2.3 | 96.6 | 1.3 | |||||
| MFIs excluding Eurosystem | 1975.2 | 74.0 | 3.7 | -48.6 | 2000.6 | 127.6 | 6.4 | 49.5 | 2177.7 | 28.5 | |||||
| Other sectors | 810.1 | 4.1 | 0.5 | -26.5 | 787.7 | 49.5 | 6.3 | 49.0 | 886.2 | 11.6 | |||||
| Liabilities | 3144.4 | 67.1 | 2.1 | -78.6 | 3132.9 | 230.7 | 7.4 | 78.8 | 3442.4 | 45.0 | |||||
| Eurosystem | 69.7 | 3.7 | 5.4 | -1.4 | 72.0 | 4.7 | 6.5 | 1.0 | 77.7 | 1.0 | |||||
| General government | 44.1 | -1.7 | -3.8 | 1.7 | 44.1 | 0.3 | 0.7 | 1.0 | 45.4 | 0.6 | |||||
| MFIs excluding Eurosystem | 2475.7 | 59.3 | 2.4 | -64.0 | 2471.1 | 194.8 | 7.9 | 70.6 | 2736.5 | 35.8 | |||||
| Other sectors | 554.8 | 5.7 | 1.0 | -14.9 | 545.7 | 30.8 | 5.7 | 6.3 | 582.8 | 7.6 | |||||
| Reserve assets | 298.5 | -2.4 | -0.8 | -15.5 | 280.7 | -4.8 | -1.7 | 9.1 | 285.0 | 3.7 | |||||