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Table 1b: Quarterly balance of payments of the euro area with selected counterparts
(EUR billions, otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)
| Total | European Union | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Denmark | Sweden | UnitedKingdom | Other EUcountries | EUinstitutions | ||||||||||
| 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | ||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 45.8 | 1.5 | 82.2 | 87.0 | 2.6 | 6.2 | 1.1 | 4.5 | 79.7 | 80.8 | 21.7 | 24.6 | -22.9 | -29.1 | |
| credit | 1795.1 | 1949.7 | 668.8 | 716.6 | 36.0 | 40.4 | 58.0 | 64.3 | 363.9 | 386.0 | 151.0 | 166.7 | 59.9 | 59.2 | |
| debit | 1749.4 | 1948.2 | 586.7 | 629.6 | 33.5 | 34.2 | 56.9 | 59.8 | 284.2 | 305.3 | 129.3 | 142.1 | 82.8 | 88.3 | |
| Goods | 115.2 | 71.8 | 84.2 | 87.7 | 0.5 | 2.4 | 2.6 | 4.5 | 60.5 | 57.3 | 20.4 | 23.3 | 0.2 | 0.2 | |
| credit (exports) | 1105.7 | 1192.8 | 388.8 | 415.6 | 24.7 | 27.8 | 40.3 | 44.3 | 199.8 | 206.8 | 123.8 | 136.4 | 0.2 | 0.2 | |
| as percentage of total | 100.0 | 100.0 | 35.2 | 34.8 | 2.2 | 2.3 | 3.6 | 3.7 | 18.1 | 17.3 | 11.2 | 11.4 | 0.0 | 0.0 | |
| debit (imports) | 990.5 | 1121.0 | 304.6 | 327.9 | 24.2 | 25.5 | 37.6 | 39.8 | 139.3 | 149.5 | 103.5 | 113.1 | 0.0 | 0.0 | |
| as percentage of total | 100.0 | 100.0 | 30.8 | 29.2 | 2.4 | 2.3 | 3.8 | 3.5 | 14.1 | 13.3 | 10.4 | 10.1 | 0.0 | 0.0 | |
| Services | 27.6 | 27.8 | 28.4 | 25.4 | 1.2 | 1.3 | 2.3 | 2.0 | 24.2 | 22.7 | -3.4 | -4.5 | 4.1 | 3.9 | |
| credit (exports) | 354.2 | 379.7 | 130.0 | 136.2 | 7.2 | 7.4 | 10.0 | 10.3 | 92.2 | 96.1 | 16.4 | 18.3 | 4.3 | 4.1 | |
| as percentage of total | 100.0 | 100.0 | 36.7 | 35.9 | 2.0 | 2.0 | 2.8 | 2.7 | 26.0 | 25.3 | 4.6 | 4.8 | 1.2 | 1.1 | |
| debit (imports) | 326.7 | 351.9 | 101.6 | 110.7 | 6.0 | 6.1 | 7.8 | 8.3 | 67.9 | 73.4 | 19.8 | 22.7 | 0.1 | 0.2 | |
| as percentage of total | 100.0 | 100.0 | 31.1 | 31.5 | 1.8 | 1.7 | 2.4 | 2.4 | 20.8 | 20.9 | 6.0 | 6.5 | 0.0 | 0.1 | |
| Income | -41.9 | -36.2 | -2.2 | 7.3 | 0.9 | 2.4 | -3.6 | -1.7 | -6.3 | -0.5 | 5.0 | 5.9 | 1.7 | 1.1 | |
| credit | 252.9 | 294.7 | 89.4 | 104.5 | 3.9 | 4.7 | 7.3 | 9.1 | 63.2 | 74.1 | 9.5 | 10.7 | 5.7 | 5.9 | |
| debit | 294.8 | 330.9 | 91.6 | 97.2 | 3.0 | 2.3 | 10.8 | 10.8 | 69.4 | 74.5 | 4.4 | 4.8 | 3.9 | 4.8 | |
| of which: investment income | -50.8 | -44.6 | -4.1 | 5.4 | 0.8 | 2.4 | -3.6 | -1.7 | -6.7 | -1.0 | 6.9 | 7.9 | -1.6 | -2.2 | |
| credit | 237.8 | 279.6 | 84.4 | 99.3 | 3.8 | 4.6 | 7.2 | 9.0 | 61.8 | 72.5 | 9.3 | 10.5 | 2.4 | 2.6 | |
| debit | 288.6 | 324.2 | 88.5 | 93.9 | 2.9 | 2.2 | 10.8 | 10.7 | 68.5 | 73.5 | 2.4 | 2.6 | 3.9 | 4.8 | |
| Current transfers | -55.1 | -62.0 | -28.2 | -33.4 | 0.0 | 0.0 | -0.2 | -0.4 | 1.3 | 1.3 | -0.3 | -0.1 | -29.0 | -34.2 | |
| credit | 82.3 | 82.4 | 60.7 | 60.4 | 0.3 | 0.4 | 0.5 | 0.5 | 8.8 | 9.1 | 1.3 | 1.3 | 49.8 | 49.1 | |
| debit | 137.4 | 144.4 | 88.9 | 93.8 | 0.3 | 0.4 | 0.7 | 0.9 | 7.5 | 7.8 | 1.6 | 1.5 | 78.7 | 83.3 | |
| Capital account | 19.0 | 14.0 | 22.0 | 19.2 | -0.0 | -0.0 | -0.0 | -0.0 | 0.3 | 0.3 | -0.1 | -0.1 | 22.0 | 19.0 | |
| credit | 26.0 | 22.9 | 23.0 | 20.3 | 0.0 | 0.0 | 0.1 | 0.0 | 0.7 | 0.9 | 0.1 | 0.1 | 22.2 | 19.2 | |
| debit | 7.0 | 9.0 | 1.0 | 1.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.5 | 0.6 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Financial account balance1) | 2.8 | 101.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | -33.1 | -149.1 | -40.0 | -108.3 | 5.6 | 2.0 | -2.6 | -1.9 | -41.1 | -107.9 | -2.0 | -0.5 | 0.1 | -0.0 | |
| Abroad | -99.1 | -226.0 | -57.7 | -159.2 | 0.1 | 0.3 | -6.2 | -5.2 | -47.2 | -134.4 | -4.4 | -19.8 | 0.0 | -0.0 | |
| Equity/reinvested earnings | -99.5 | -182.9 | -47.9 | -133.2 | -1.3 | -2.8 | -6.2 | -1.8 | -31.6 | -106.0 | -8.8 | -22.5 | -0.0 | -0.0 | |
| Other capital | 0.4 | -43.1 | -9.7 | -26.0 | 1.4 | 3.1 | 0.1 | -3.4 | -15.6 | -28.4 | 4.4 | 2.7 | 0.0 | -0.0 | |
| In the euro area | 66.0 | 76.9 | 17.6 | 50.9 | 5.5 | 1.7 | 3.5 | 3.3 | 6.1 | 26.5 | 2.4 | 19.3 | 0.1 | 0.0 | |
| Equity/reinvested earnings | 80.6 | 44.3 | 29.8 | 36.2 | -0.4 | -0.9 | 1.8 | 3.6 | 27.3 | 31.7 | 1.0 | 1.8 | 0.1 | 0.0 | |
| Other capital | -14.6 | 32.6 | -12.1 | 14.7 | 5.9 | 2.6 | 1.7 | -0.3 | -21.2 | -5.2 | 1.4 | 17.5 | 0.0 | 0.0 | |
| Portfolio investment | 65.1 | 230.4 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -314.9 | -400.6 | -99.3 | -185.1 | -1.5 | -8.2 | -10.1 | -12.0 | -69.7 | -126.8 | -12.6 | -23.8 | -5.3 | -14.4 | |
| Equity | -106.4 | -105.0 | -13.3 | -25.1 | 2.0 | 0.1 | -1.9 | -2.9 | -12.4 | -18.2 | -0.9 | -4.0 | -0.1 | -0.0 | |
| Debt | -208.5 | -295.6 | -85.9 | -160.0 | -3.5 | -8.3 | -8.2 | -9.1 | -57.3 | -108.5 | -11.7 | -19.7 | -5.2 | -14.3 | |
| Bonds and notes | -151.8 | -271.9 | -73.9 | -124.7 | -1.7 | -6.1 | -6.4 | -9.2 | -50.7 | -74.4 | -9.3 | -20.3 | -5.8 | -14.6 | |
| Money market instruments | -56.6 | -23.7 | -12.0 | -35.3 | -1.8 | -2.1 | -1.8 | 0.1 | -6.6 | -34.2 | -2.4 | 0.6 | 0.5 | 0.3 | |
| Liabilities | 380.0 | 631.1 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | 99.9 | 295.9 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | 280.1 | 335.2 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | 253.3 | 266.2 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | 26.9 | 69.0 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | -4.4 | -16.7 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | -48.6 | 24.4 | -91.0 | -38.7 | -1.0 | -9.9 | -15.3 | 8.3 | -81.0 | -38.5 | -3.9 | -9.1 | 10.0 | 10.5 | |
| Assets | -322.7 | -509.0 | -259.2 | -351.9 | -7.6 | -16.0 | -17.8 | 2.0 | -219.2 | -312.2 | -15.0 | -23.4 | 0.4 | -2.3 | |
| General government | -2.2 | 6.9 | -2.5 | 1.1 | 0.0 | -0.0 | -0.0 | -0.3 | -2.6 | 0.8 | 0.2 | 1.4 | -0.1 | -0.8 | |
| MFIs | -258.6 | -382.5 | -220.3 | -245.6 | -7.1 | -13.4 | -15.0 | 2.7 | -185.0 | -210.5 | -13.7 | -22.9 | 0.5 | -1.6 | |
| Other sectors | -61.9 | -133.4 | -36.4 | -107.4 | -0.5 | -2.5 | -2.7 | -0.4 | -31.6 | -102.6 | -1.5 | -1.9 | -0.0 | 0.1 | |
| Liabilities | 274.1 | 533.3 | 168.2 | 313.2 | 6.6 | 6.0 | 2.5 | 6.3 | 138.2 | 273.8 | 11.2 | 14.2 | 9.6 | 12.9 | |
| General government | -5.2 | -1.9 | -5.6 | 0.6 | 0.0 | -0.0 | 0.0 | 0.0 | 0.1 | -1.3 | -0.0 | -0.0 | -5.7 | 1.9 | |
| MFIs | 241.9 | 438.1 | 164.4 | 231.0 | 6.4 | 6.0 | 1.4 | 5.2 | 135.9 | 198.3 | 9.3 | 13.0 | 11.5 | 8.5 | |
| Other sectors | 37.4 | 97.1 | 9.4 | 81.6 | 0.3 | 0.0 | 1.1 | 1.0 | 2.3 | 76.8 | 1.9 | 1.3 | 3.8 | 2.5 | |
| Reserve assets | 23.7 | 12.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | -67.5 | -116.9 | - | - | - | - | - | - | - | - | - | - | - | - | |
Table 1b: Quarterly balance of payments of the euro area with selected counterparts (continued)
(EUR billions, otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)
| Canada | Japan | Switzerland | United States | Offshorefinancialcentres | Internationalorganisations | Other countries | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | 2003Q4 to 2004Q3 | 2004Q4 to 2005Q3 | ||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 6.2 | 7.0 | -32.4 | -29.0 | 8.5 | 7.9 | 35.8 | 34.1 | - | - | - | - | -59.6 | -111.8 | |
| credit | 24.2 | 26.5 | 48.7 | 50.2 | 124.0 | 132.1 | 308.1 | 330.8 | - | - | - | - | 532.6 | 595.8 | |
| debit | 18.0 | 19.4 | 81.2 | 79.2 | 115.5 | 124.2 | 272.3 | 296.7 | - | - | - | - | 592.2 | 707.7 | |
| Goods | 5.8 | 6.4 | -18.4 | -17.2 | 12.6 | 12.7 | 62.4 | 63.1 | - | - | - | - | -46.5 | -97.2 | |
| credit (exports) | 14.3 | 15.3 | 33.0 | 33.3 | 63.1 | 68.1 | 169.6 | 178.8 | - | - | - | - | 397.6 | 439.3 | |
| as percentage of total | 1.3 | 1.3 | 3.0 | 2.8 | 5.7 | 5.7 | 15.3 | 15.0 | - | - | - | - | 36.0 | 36.8 | |
| debit (imports) | 8.5 | 8.9 | 51.3 | 50.6 | 50.5 | 55.4 | 107.2 | 115.6 | - | - | - | - | 444.0 | 536.4 | |
| as percentage of total | 0.9 | 0.8 | 5.2 | 4.5 | 5.1 | 4.9 | 10.8 | 10.3 | - | - | - | - | 44.8 | 47.9 | |
| Services | -0.3 | -0.2 | 3.3 | 3.6 | 8.0 | 6.7 | -4.7 | -0.8 | - | - | - | - | -6.8 | -6.6 | |
| credit (exports) | 4.4 | 5.4 | 10.5 | 10.9 | 36.1 | 36.6 | 71.4 | 73.9 | - | - | - | - | 82.9 | 96.2 | |
| as percentage of total | 1.2 | 1.4 | 3.0 | 2.9 | 10.2 | 9.6 | 20.2 | 19.5 | - | - | - | - | 23.4 | 25.3 | |
| debit (imports) | 4.7 | 5.6 | 7.2 | 7.3 | 28.1 | 30.0 | 76.1 | 74.7 | - | - | - | - | 89.7 | 102.7 | |
| as percentage of total | 1.4 | 1.6 | 2.2 | 2.1 | 8.6 | 8.5 | 23.3 | 21.2 | - | - | - | - | 27.5 | 29.2 | |
| Income | 1.8 | 1.9 | -17.3 | -15.3 | -12.8 | -12.7 | -19.0 | -26.0 | - | - | - | - | 11.4 | 11.8 | |
| credit | 5.1 | 5.2 | 5.0 | 5.7 | 19.0 | 21.1 | 59.9 | 71.7 | - | - | - | - | 45.1 | 52.6 | |
| debit | 3.3 | 3.3 | 22.4 | 21.0 | 31.9 | 33.8 | 79.0 | 97.7 | - | - | - | - | 33.8 | 40.8 | |
| of which: investment income | 1.8 | 1.9 | -17.3 | -15.2 | -18.4 | -18.3 | -20.0 | -26.5 | - | - | - | - | 11.8 | 12.3 | |
| credit | 5.0 | 5.1 | 4.9 | 5.6 | 12.9 | 14.9 | 58.2 | 70.3 | - | - | - | - | 44.2 | 51.5 | |
| debit | 3.2 | 3.2 | 22.3 | 20.9 | 31.3 | 33.2 | 78.2 | 96.8 | - | - | - | - | 32.4 | 39.2 | |
| Current transfers | -1.1 | -1.1 | -0.1 | -0.0 | 0.8 | 1.2 | -2.9 | -2.2 | - | - | - | - | -17.7 | -19.9 | |
| credit | 0.4 | 0.6 | 0.3 | 0.2 | 5.8 | 6.3 | 7.1 | 6.4 | - | - | - | - | 7.0 | 7.8 | |
| debit | 1.5 | 1.6 | 0.3 | 0.3 | 5.0 | 5.0 | 10.0 | 8.6 | - | - | - | - | 24.7 | 27.7 | |
| Capital account | -0.1 | -0.1 | -0.0 | 0.1 | 0.0 | -0.0 | 0.8 | -0.1 | - | - | - | - | -3.2 | -4.4 | |
| credit | 0.0 | 0.0 | 0.0 | 0.1 | 0.4 | 0.4 | 1.4 | 0.4 | - | - | - | - | 0.9 | 1.4 | |
| debit | 0.1 | 0.1 | 0.0 | 0.0 | 0.4 | 0.4 | 0.5 | 0.6 | - | - | - | - | 4.0 | 5.8 | |
| Financial account balance1) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | 5.0 | -5.2 | -2.9 | 1.0 | 16.7 | 9.6 | 32.6 | -7.3 | -9.6 | -7.4 | 0.0 | 0.2 | -34.8 | -31.6 | |
| Abroad | 0.1 | -1.5 | -6.1 | -1.2 | 6.6 | -0.7 | 11.6 | -10.8 | -22.9 | -12.1 | 0.0 | -0.0 | -30.8 | -40.6 | |
| Equity/reinvested earnings | -0.2 | -0.7 | -5.8 | -0.5 | 2.4 | -5.7 | -10.7 | -12.2 | -12.8 | -6.7 | -0.0 | 0.0 | -24.4 | -23.9 | |
| Other capital | 0.3 | -0.8 | -0.4 | -0.6 | 4.3 | 5.0 | 22.4 | 1.5 | -10.1 | -5.4 | 0.0 | -0.0 | -6.4 | -16.7 | |
| In the euro area | 4.9 | -3.7 | 3.3 | 2.1 | 10.1 | 10.3 | 20.9 | 3.4 | 13.3 | 4.7 | 0.0 | 0.2 | -4.0 | 9.1 | |
| Equity/reinvested earnings | 4.3 | -4.4 | 2.5 | 0.8 | 10.7 | 1.9 | 25.4 | -0.6 | 9.8 | 5.3 | 0.0 | -0.0 | -2.0 | 5.1 | |
| Other capital | 0.6 | 0.7 | 0.7 | 1.3 | -0.6 | 8.4 | -4.5 | 4.0 | 3.5 | -0.6 | 0.0 | 0.2 | -2.1 | 3.9 | |
| Portfolio investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -7.1 | -5.7 | -45.2 | -23.2 | -1.5 | -3.1 | -83.9 | -62.7 | -27.8 | -58.1 | 3.7 | 1.1 | -53.9 | -63.7 | |
| Equity | -3.6 | -3.9 | -22.4 | -14.6 | -1.2 | -2.0 | -26.8 | -14.0 | -18.4 | -16.2 | -0.1 | -0.1 | -20.7 | -29.1 | |
| Debt | -3.5 | -1.8 | -22.7 | -8.7 | -0.3 | -1.1 | -57.2 | -48.7 | -9.4 | -41.9 | 3.8 | 1.2 | -33.2 | -34.7 | |
| Bonds and notes | -3.6 | -2.0 | -9.1 | -15.8 | -0.8 | 0.4 | -39.8 | -69.3 | -0.1 | -30.6 | 2.7 | 1.2 | -27.3 | -31.1 | |
| Money market instruments | 0.1 | 0.2 | -13.7 | 7.2 | 0.5 | -1.5 | -17.4 | 20.6 | -9.3 | -11.3 | 1.0 | 0.0 | -5.9 | -3.6 | |
| Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | 1.0 | -4.7 | 16.7 | 15.3 | -0.1 | -11.8 | 57.0 | 35.4 | -54.5 | -4.3 | 3.5 | 6.3 | 19.2 | 28.1 | |
| Assets | -0.2 | -7.2 | 11.0 | 3.5 | -11.9 | -19.5 | -9.6 | -35.5 | -34.9 | -51.0 | -4.2 | -1.8 | -13.4 | -44.9 | |
| General government | -0.0 | -0.1 | 0.0 | -0.0 | 0.1 | -0.1 | 0.3 | -0.1 | -0.0 | 0.0 | -1.7 | -1.7 | 1.7 | 7.7 | |
| MFIs | 0.5 | -6.4 | 11.7 | 4.2 | -9.9 | -16.2 | -16.4 | -42.6 | -16.9 | -35.2 | -2.3 | 0.2 | -4.9 | -40.8 | |
| Other sectors | -0.7 | -0.7 | -0.7 | -0.7 | -2.1 | -3.2 | 6.5 | 7.1 | -18.0 | -15.9 | -0.2 | -0.3 | -10.2 | -11.8 | |
| Liabilities | 1.1 | 2.5 | 5.7 | 11.9 | 11.7 | 7.7 | 66.6 | 70.9 | -19.6 | 46.8 | 7.7 | 8.1 | 32.6 | 73.0 | |
| General government | 0.0 | 0.0 | -0.7 | -0.1 | -0.5 | 0.0 | 1.2 | -1.0 | 0.0 | -0.0 | -0.1 | -0.4 | 0.8 | -0.8 | |
| MFIs | 1.0 | 2.0 | 4.0 | 11.0 | 7.4 | 4.9 | 48.3 | 60.9 | -17.7 | 41.9 | 8.0 | 8.6 | 26.5 | 77.8 | |
| Other sectors | 0.1 | 0.5 | 2.4 | 1.0 | 4.9 | 2.8 | 17.1 | 10.9 | -1.9 | 4.9 | -0.2 | -0.1 | 5.3 | -3.9 | |
| Reserve assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |