Table 1b: Quarterly balance of payments of the euro area with a geographical breakdown
(EUR billions, unless otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)
| Total | European Union | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Denmark | Sweden | United Kingdom |
Other EU countries |
EU institutions |
||||||||||
| 2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 24.2 | -34.5 | 85.3 | 86.8 | 4.6 | 7.4 | 3.4 | 3.2 | 79.3 | 69.0 | 27.3 | 40.0 | -29.3 | -32.7 | |
| credit | 1,912.3 | 2,179.5 | 706.8 | 793.1 | 39.1 | 45.1 | 63.5 | 69.6 | 380.2 | 418.6 | 164.6 | 201.4 | 59.4 | 58.4 | |
| debit | 1,888.1 | 2,214.0 | 621.5 | 706.3 | 34.6 | 37.7 | 60.2 | 66.4 | 300.8 | 349.6 | 137.3 | 161.4 | 88.7 | 91.1 | |
| Goods | 78.9 | 24.4 | 84.7 | 89.0 | 1.4 | 4.4 | 3.9 | 3.3 | 56.6 | 49.4 | 22.7 | 31.8 | 0.2 | 0.1 | |
| credit (exports) | 1,161.4 | 1,307.9 | 405.1 | 454.0 | 26.7 | 30.6 | 43.3 | 46.5 | 204.1 | 216.2 | 130.9 | 160.7 | 0.2 | 0.1 | |
| as percentage of total | 100.0 | 100.0 | 34.9 | 34.7 | 2.3 | 2.3 | 3.7 | 3.6 | 17.6 | 16.5 | 11.3 | 12.3 | 0.0 | 0.0 | |
| debit (imports) | 1,082.4 | 1,283.5 | 320.3 | 365.0 | 25.3 | 26.2 | 39.4 | 43.2 | 147.4 | 166.8 | 108.2 | 128.9 | 0.0 | 0.0 | |
| as percentage of total | 100.0 | 100.0 | 29.6 | 28.4 | 2.3 | 2.0 | 3.6 | 3.4 | 13.6 | 13.0 | 10.0 | 10.0 | 0.0 | 0.0 | |
| Services | 30.4 | 37.3 | 26.7 | 27.0 | 1.3 | 1.4 | 2.2 | 2.1 | 22.4 | 22.0 | -3.9 | -3.5 | 4.5 | 5.0 | |
| credit (exports) | 374.5 | 417.9 | 134.4 | 147.0 | 7.4 | 8.2 | 10.3 | 11.2 | 94.1 | 101.3 | 18.0 | 21.2 | 4.7 | 5.1 | |
| as percentage of total | 100.0 | 100.0 | 35.9 | 35.2 | 2.0 | 2.0 | 2.8 | 2.7 | 25.1 | 24.2 | 4.8 | 5.1 | 1.2 | 1.2 | |
| debit (imports) | 344.1 | 380.6 | 107.8 | 120.0 | 6.0 | 6.8 | 8.1 | 9.1 | 71.7 | 79.3 | 21.8 | 24.7 | 0.1 | 0.2 | |
| as percentage of total | 100.0 | 100.0 | 31.3 | 31.5 | 1.8 | 1.8 | 2.4 | 2.4 | 20.8 | 20.8 | 6.3 | 6.5 | 0.0 | 0.0 | |
| Income | -23.4 | -28.2 | 7.1 | 6.4 | 1.8 | 1.6 | -2.4 | -2.1 | -1.0 | -4.0 | 8.3 | 10.8 | 0.4 | -0.0 | |
| credit | 293.2 | 369.3 | 106.0 | 131.9 | 4.7 | 5.9 | 9.4 | 11.3 | 72.7 | 91.5 | 13.9 | 17.3 | 5.2 | 5.8 | |
| debit | 316.6 | 397.5 | 98.8 | 125.5 | 2.9 | 4.3 | 11.8 | 13.4 | 73.7 | 95.5 | 5.6 | 6.5 | 4.8 | 5.8 | |
| of which: investment income | -30.6 | -34.0 | 6.3 | 6.1 | 1.8 | 1.6 | -2.4 | -2.2 | -1.6 | -4.6 | 11.3 | 14.5 | -2.8 | -3.2 | |
| credit | 277.8 | 353.3 | 100.8 | 126.6 | 4.6 | 5.8 | 9.3 | 11.2 | 71.1 | 89.8 | 13.8 | 17.2 | 2.1 | 2.6 | |
| debit | 308.4 | 387.3 | 94.5 | 120.5 | 2.9 | 4.2 | 11.7 | 13.3 | 72.7 | 94.4 | 2.5 | 2.6 | 4.8 | 5.8 | |
| Current transfers | -61.7 | -68.0 | -33.2 | -35.6 | 0.1 | 0.0 | -0.4 | -0.1 | 1.3 | 1.5 | 0.2 | 0.8 | -34.3 | -37.8 | |
| credit | 83.3 | 84.4 | 61.4 | 60.2 | 0.4 | 0.5 | 0.5 | 0.6 | 9.3 | 9.6 | 1.8 | 2.2 | 49.4 | 47.3 | |
| debit | 145.0 | 152.4 | 94.6 | 95.8 | 0.3 | 0.4 | 0.9 | 0.7 | 8.0 | 8.1 | 1.6 | 1.4 | 83.7 | 85.1 | |
| Capital account | 15.0 | 10.5 | 20.4 | 18.4 | -0.0 | -0.0 | -0.0 | -0.1 | 0.3 | 0.0 | -0.1 | 0.0 | 20.3 | 18.5 | |
| credit | 24.1 | 23.3 | 21.5 | 19.8 | 0.0 | 0.0 | 0.1 | 0.0 | 0.9 | 0.8 | 0.1 | 0.3 | 20.5 | 18.7 | |
| debit | 9.1 | 12.7 | 1.0 | 1.4 | 0.0 | 0.0 | 0.1 | 0.1 | 0.6 | 0.8 | 0.2 | 0.2 | 0.1 | 0.2 | |
| Financial account balance1) | 72.3 | 127.7 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | -53.0 | -161.5 | -27.9 | -130.7 | 5.7 | 1.7 | 0.5 | 13.6 | -31.8 | -122.7 | -2.3 | -23.2 | 0.0 | -0.0 | |
| Abroad | -157.5 | -324.7 | -83.0 | -236.7 | 0.1 | 0.6 | -6.7 | 4.1 | -54.1 | -218.0 | -22.3 | -23.4 | 0.0 | -0.0 | |
| Equity/reinvested earnings | -149.7 | -255.3 | -71.8 | -213.6 | -2.8 | -0.7 | -3.6 | 0.3 | -39.6 | -191.0 | -25.8 | -22.1 | 0.0 | -0.0 | |
| Other capital | -7.7 | -69.4 | -11.2 | -23.1 | 2.9 | 1.4 | -3.1 | 3.9 | -14.5 | -27.0 | 3.6 | -1.3 | 0.0 | -0.0 | |
| In the euro area | 104.5 | 163.2 | 55.1 | 106.0 | 5.6 | 1.1 | 7.2 | 9.5 | 22.3 | 95.3 | 20.0 | 0.2 | 0.0 | 0.0 | |
| Equity/reinvested earnings | 82.3 | 124.9 | 46.5 | 82.7 | -0.6 | 0.3 | 5.8 | 9.3 | 38.8 | 71.8 | 2.5 | 1.1 | 0.0 | 0.0 | |
| Other capital | 22.2 | 38.3 | 8.6 | 23.4 | 6.2 | 0.7 | 1.4 | 0.1 | -16.5 | 23.5 | 17.5 | -1.0 | 0.0 | 0.0 | |
| Portfolio investment | 154.7 | 162.4 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -369.2 | -462.2 | -160.5 | -135.5 | -5.6 | -0.6 | -8.2 | -11.9 | -117.2 | -105.6 | -20.1 | -12.8 | -9.5 | -4.5 | |
| Equity | -85.2 | -168.6 | -25.8 | -14.4 | 0.4 | 0.8 | -2.5 | -5.5 | -21.3 | -9.0 | -2.3 | -0.7 | -0.1 | -0.0 | |
| Debt | -284.0 | -293.7 | -134.8 | -121.0 | -6.0 | -1.4 | -5.6 | -6.4 | -96.0 | -96.6 | -17.8 | -12.2 | -9.4 | -4.5 | |
| Bonds and notes | -244.0 | -274.5 | -111.3 | -105.9 | -4.2 | -0.9 | -8.0 | -3.7 | -71.5 | -82.5 | -18.5 | -13.7 | -9.1 | -5.0 | |
| Money market instruments | -40.0 | -19.1 | -23.5 | -15.2 | -1.8 | -0.5 | 2.3 | -2.6 | -24.4 | -14.1 | 0.6 | 1.6 | -0.2 | 0.5 | |
| Liabilities | 523.9 | 624.6 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | 188.0 | 369.9 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | 335.9 | 254.7 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | 293.1 | 247.2 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | 42.8 | 7.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | -10.6 | -19.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | -32.6 | 130.8 | -64.8 | 14.8 | 5.1 | -8.8 | 0.8 | 12.9 | -66.7 | 12.6 | -10.3 | -13.7 | 6.3 | 11.7 | |
| Assets | -439.1 | -552.1 | -319.8 | -368.8 | -8.3 | -25.4 | -3.7 | 4.1 | -283.9 | -320.2 | -21.5 | -26.9 | -2.3 | -0.3 | |
| General government | 0.2 | 1.8 | -1.2 | -5.5 | -1.3 | 1.4 | -0.1 | -0.8 | -0.5 | -5.5 | 1.4 | 0.1 | -0.7 | -0.7 | |
| MFIs | -322.5 | -358.5 | -224.1 | -202.6 | -5.2 | -26.0 | -1.3 | 5.2 | -194.4 | -158.3 | -21.6 | -23.7 | -1.6 | 0.2 | |
| Other sectors | -116.8 | -195.5 | -94.5 | -160.6 | -1.8 | -0.7 | -2.3 | -0.4 | -89.0 | -156.4 | -1.3 | -3.3 | -0.0 | 0.2 | |
| Liabilities | 406.5 | 682.9 | 255.0 | 383.5 | 13.5 | 16.6 | 4.5 | 8.8 | 217.2 | 332.8 | 11.2 | 13.2 | 8.6 | 12.1 | |
| General government | -1.6 | -4.1 | -0.3 | -2.9 | -0.0 | -0.0 | 0.1 | -0.0 | -0.7 | -2.6 | 0.0 | -0.0 | 0.3 | -0.3 | |
| MFIs | 317.9 | 478.4 | 182.8 | 219.6 | 12.9 | 16.0 | 3.3 | 7.6 | 151.7 | 183.5 | 9.4 | 11.2 | 5.4 | 1.3 | |
| Other sectors | 90.2 | 208.6 | 72.5 | 166.8 | 0.6 | 0.6 | 1.1 | 1.3 | 66.3 | 151.9 | 1.8 | 2.1 | 2.8 | 11.0 | |
| Reserve assets | 13.8 | 15.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | -111.5 | -103.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
Table 1b: Quarterly balance of payments of the euro area with a geographical breakdown (continued)
(EUR billions, unless otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)
| Canada | Japan | Switzerland | United States | Offshore financial centres |
International organisations |
Other countries | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
2004Q3 to 2005Q2 |
2005Q3 to 2006Q2 |
||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 5.8 | 7.8 | -29.3 | -28.4 | 10.8 | 7.3 | 41.7 | 37.6 | - | - | - | - | -93.8 | -153.3 | |
| credit | 24.4 | 28.8 | 48.7 | 53.9 | 132.4 | 142.8 | 322.8 | 373.2 | - | - | - | - | 582.3 | 679.0 | |
| debit | 18.7 | 21.0 | 78.0 | 82.3 | 121.5 | 135.4 | 281.1 | 335.7 | - | - | - | - | 676.1 | 832.3 | |
| Goods | 6.2 | 7.0 | -18.2 | -18.2 | 12.3 | 7.5 | 61.9 | 70.6 | - | - | - | - | -83.2 | -147.2 | |
| credit (exports) | 14.6 | 17.1 | 33.2 | 34.0 | 67.0 | 72.6 | 173.6 | 195.5 | - | - | - | - | 427.0 | 487.8 | |
| as percentage of total | 1.3 | 1.3 | 2.9 | 2.6 | 5.8 | 5.5 | 14.9 | 14.9 | - | - | - | - | 36.8 | 37.3 | |
| debit (imports) | 8.5 | 10.1 | 51.4 | 52.2 | 54.7 | 65.1 | 111.7 | 124.9 | - | - | - | - | 510.3 | 634.9 | |
| as percentage of total | 0.8 | 0.8 | 4.7 | 4.1 | 5.1 | 5.1 | 10.3 | 9.7 | - | - | - | - | 47.1 | 49.5 | |
| Services | -0.2 | 0.6 | 3.1 | 4.5 | 7.7 | 9.6 | -0.0 | -7.0 | - | - | - | - | -6.5 | 0.8 | |
| credit (exports) | 4.9 | 6.1 | 10.3 | 12.0 | 37.6 | 40.4 | 74.8 | 78.4 | - | - | - | - | 92.3 | 110.9 | |
| as percentage of total | 1.3 | 1.5 | 2.8 | 2.9 | 10.0 | 9.7 | 20.0 | 18.8 | - | - | - | - | 24.7 | 26.5 | |
| debit (imports) | 5.1 | 5.5 | 7.2 | 7.6 | 29.9 | 30.8 | 74.8 | 85.4 | - | - | - | - | 98.8 | 110.1 | |
| as percentage of total | 1.5 | 1.5 | 2.1 | 2.0 | 8.7 | 8.1 | 21.7 | 22.4 | - | - | - | - | 28.7 | 28.9 | |
| Income | 0.9 | 0.9 | -14.3 | -15.1 | -10.1 | -10.7 | -18.7 | -25.0 | - | - | - | - | 16.1 | 19.3 | |
| credit | 4.4 | 5.1 | 4.9 | 7.1 | 21.5 | 23.7 | 68.0 | 92.7 | - | - | - | - | 55.6 | 71.0 | |
| debit | 3.5 | 4.2 | 19.1 | 22.2 | 31.6 | 34.4 | 86.7 | 117.7 | - | - | - | - | 39.5 | 51.7 | |
| of which: investment income | 0.9 | 1.0 | -14.2 | -15.1 | -15.6 | -16.2 | -19.4 | -25.6 | - | - | - | - | 16.9 | 21.2 | |
| credit | 4.3 | 5.1 | 4.8 | 7.0 | 15.4 | 17.6 | 66.4 | 91.2 | - | - | - | - | 54.5 | 69.5 | |
| debit | 3.4 | 4.1 | 19.0 | 22.1 | 31.0 | 33.8 | 85.7 | 116.8 | - | - | - | - | 37.6 | 48.4 | |
| Current transfers | -1.1 | -0.7 | -0.0 | 0.5 | 1.0 | 0.9 | -1.5 | -1.0 | - | - | - | - | -20.2 | -26.3 | |
| credit | 0.5 | 0.4 | 0.3 | 0.8 | 6.3 | 6.1 | 6.5 | 6.7 | - | - | - | - | 7.3 | 9.3 | |
| debit | 1.6 | 1.2 | 0.3 | 0.3 | 5.4 | 5.2 | 8.0 | 7.7 | - | - | - | - | 27.5 | 35.6 | |
| Capital account | -0.1 | -0.1 | 0.1 | -0.0 | -0.1 | 0.1 | 0.5 | -0.6 | - | - | - | - | -5.1 | -5.9 | |
| credit | 0.0 | 0.0 | 0.1 | 0.0 | 0.3 | 0.4 | 1.1 | 0.5 | - | - | - | - | 0.9 | 2.3 | |
| debit | 0.1 | 0.1 | 0.0 | 0.0 | 0.5 | 0.3 | 0.6 | 1.1 | - | - | - | - | 6.1 | 8.2 | |
| Financial account balance1) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | -1.7 | -0.6 | 1.6 | 11.0 | 17.2 | 7.5 | 8.5 | -14.3 | -16.7 | 9.7 | 0.1 | 0.0 | -34.0 | -44.1 | |
| Abroad | 1.4 | -6.4 | -1.7 | 8.0 | 3.9 | 0.0 | -12.7 | -24.0 | -23.3 | -15.4 | 0.0 | -0.0 | -42.0 | -50.3 | |
| Equity/reinvested earnings | 2.0 | -1.8 | -1.6 | 8.5 | -2.4 | -0.6 | -23.0 | 3.2 | -23.8 | -6.6 | 0.0 | 0.0 | -29.2 | -44.4 | |
| Other capital | -0.6 | -4.6 | -0.1 | -0.5 | 6.3 | 0.7 | 10.3 | -27.2 | 0.5 | -8.8 | -0.0 | -0.0 | -12.8 | -5.9 | |
| In the euro area | -3.2 | 5.8 | 3.3 | 3.0 | 13.3 | 7.5 | 21.2 | 9.6 | 6.7 | 25.1 | 0.1 | 0.1 | 8.0 | 6.1 | |
| Equity/reinvested earnings | -4.2 | 4.7 | 1.7 | 2.7 | 9.3 | 5.1 | 15.8 | -10.3 | 10.4 | 36.2 | -0.0 | -0.0 | 2.8 | 3.8 | |
| Other capital | 1.1 | 1.1 | 1.6 | 0.3 | 3.9 | 2.3 | 5.4 | 19.9 | -3.7 | -11.0 | 0.1 | 0.1 | 5.2 | 2.3 | |
| Portfolio investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -3.6 | -9.8 | -37.7 | -31.0 | 0.2 | 1.5 | -55.8 | -107.6 | -56.7 | -80.9 | 2.0 | -1.8 | -57.0 | -97.1 | |
| Equity | -2.4 | -4.5 | -11.8 | -23.1 | -0.1 | 4.8 | -7.4 | -49.5 | -19.7 | -23.9 | -0.1 | -0.1 | -18.0 | -57.9 | |
| Debt | -1.3 | -5.4 | -25.9 | -7.9 | 0.3 | -3.3 | -48.4 | -58.2 | -37.0 | -56.9 | 2.1 | -1.7 | -39.0 | -39.2 | |
| Bonds and notes | -1.7 | -4.1 | -16.7 | -6.8 | 0.5 | -1.2 | -57.5 | -63.6 | -23.5 | -51.1 | 1.6 | 1.1 | -35.4 | -43.0 | |
| Money market instruments | 0.4 | -1.2 | -9.2 | -1.1 | -0.2 | -2.1 | 9.0 | 5.5 | -13.5 | -5.9 | 0.5 | -2.8 | -3.6 | 3.7 | |
| Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | -2.6 | -2.1 | 9.9 | 34.2 | -3.1 | -20.3 | 24.6 | 44.2 | -18.2 | 47.8 | -0.6 | 10.1 | 24.6 | 2.0 | |
| Assets | -3.6 | -3.4 | 4.3 | 17.6 | -10.1 | -42.8 | -34.0 | 8.0 | -43.8 | -67.1 | -3.0 | -2.4 | -27.9 | -93.3 | |
| General government | -0.3 | 0.1 | -0.0 | -0.0 | -0.1 | 0.0 | 0.3 | 0.6 | 0.0 | -0.0 | -1.6 | -1.3 | 3.2 | 8.0 | |
| MFIs | -2.8 | -3.3 | 8.6 | 16.9 | -8.1 | -37.2 | -42.9 | -6.5 | -30.0 | -46.6 | -1.3 | -0.7 | -21.9 | -78.4 | |
| Other sectors | -0.5 | -0.2 | -4.2 | 0.7 | -1.9 | -5.6 | 8.7 | 13.9 | -13.7 | -20.5 | -0.0 | -0.4 | -9.2 | -22.9 | |
| Liabilities | 1.0 | 1.3 | 5.6 | 16.6 | 7.0 | 22.5 | 58.6 | 36.2 | 25.6 | 115.0 | 2.3 | 12.5 | 52.4 | 95.3 | |
| General government | 0.0 | -0.0 | -0.5 | 0.0 | 0.0 | -0.3 | -0.7 | -0.8 | 0.0 | -0.0 | -0.5 | 1.0 | 0.9 | -1.2 | |
| MFIs | 0.6 | 1.7 | 5.2 | 14.3 | 6.6 | 17.7 | 40.9 | 17.0 | 20.9 | 109.8 | 3.1 | 11.3 | 57.9 | 87.1 | |
| Other sectors | 0.3 | -0.4 | 1.0 | 2.2 | 0.4 | 5.2 | 18.4 | 20.0 | 4.7 | 5.2 | -0.3 | 0.2 | -6.3 | 9.3 | |
| Reserve assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |