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PRESS RELEASE

Euro area balance of payments (geographical breakdown for the third quarter of 2007) and international investment position (at the end of the third quarter of 2007)

18 January 2008

The current account of the euro area balance of payments recorded a surplus of EUR 9.8 billion in the third quarter of 2007. The largest surpluses were vis-à-vis the United Kingdom, the United States and countries that joined the European Union in 2004 and 2007, while the largest deficits were vis-à-vis the group of “other countries” (i.e. non G-10 countries outside the European Union), the EU institutions and Japan. In the financial account, net outflows in direct investment were directed mainly towards offshore financial centres, the United Kingdom and “other countries”. Portfolio investment by euro area residents predominantly related to the purchase of securities issued in “other countries” and the United Kingdom.

At the end of the third quarter of 2007 the international investment position of the euro area recorded net liabilities of EUR 1.3 trillion vis-à-vis the rest of the world (almost 15% of euro area GDP). This represented an increase of EUR 0.1 trillion by comparison with the end of the second quarter of 2007, which predominantly reflected transactions in the third quarter. The change in the net international investment position was largely the result of increases in net liability positions in other investment and portfolio investment.

For the first time, this press release provides details of bilateral transactions between the euro area and Brazil, mainland China, India and Russia, with the exception of portfolio investment income payable to these countries by the euro area. In the financial account, separate data are now also available for Hong Kong.

Geographical breakdown of the euro area balance of payments for the third quarter of 2007

Current and capital accounts

The current account of the euro area balance of payments (b.o.p.) recorded a surplus of EUR 9.8 billion in the third quarter of 2007 (see Table 1a). This was the result of surpluses in goods (EUR 18.5 billion), services (EUR 14.4 billion) and income (EUR 2.1 billion), which were partly offset by a deficit in current transfers (EUR 25.2 billion). The capital account recorded a surplus of EUR 1.2 billion, predominantly reflecting a surplus vis-à-vis the EU institutions.

The largest surpluses in goods were vis-à-vis the United States (EUR 17.0 billion), the United Kingdom (EUR 16.9 billion) and countries that joined the European Union in 2004 and 2007 (EUR 12.8 billion). By contrast, the largest deficits were vis-à-vis mainland China (EUR 28.0 billion), Japan (EUR 4.5 billion) and Russia (EUR 4.5 billion).

The euro area surplus in services was accounted for mainly by surpluses vis-à-vis the United Kingdom (EUR 9.9 billion) and Switzerland (EUR 3.8 billion).

The euro area surplus in income principally reflected surpluses vis-à-vis “other countries” (EUR 6.8 billion) and countries that joined the European Union in 2004 and 2007 (EUR 3.3 billion), which were partly offset by deficits vis-à-vis Japan (EUR 4.8 billion) and Switzerland (EUR 4.5 billion).

The deficit for current transfers was predominantly vis-à-vis the EU institutions (EUR 15.4 billion) and “other countries” (EUR 9.7 billion).

The four-quarter cumulated current account of the euro area up to the third quarter of 2007 showed a surplus of EUR 21.0 billion (around 0.2% of GDP), compared with a deficit of EUR 26.7 billion a year earlier (see Table 1b). This development was predominantly due to a reduction in the goods deficit vis-à-vis “other countries” (from EUR 147.4 billion to EUR 116.5 billion) – despite a large increase in the goods deficit vis-à-vis China (from EUR 59.6 billion to EUR 100.1 billion) – and an increase in the goods surplus vis-à-vis EU countries (from EUR 94.9 billion to EUR 121.3 billion).

Financial account

In the b.o.p. financial account, combined direct and portfolio investment recorded net inflows of EUR 38 billion in the third quarter of 2007, as net inflows in portfolio investment exceeded net outflows in direct investment.

From a geographical perspective, the net outflows in direct investment (EUR 38 billion) were directed mainly towards offshore financial centres (EUR 11 billion), the United Kingdom (EUR 11 billion) and “other countries” (EUR 10 billion).

Portfolio investment recorded net inflows of EUR 76 billion Net purchases of foreign securities by euro area investors (EUR 34 billion) predominantly comprised debt instruments issued in the United Kingdom (EUR 16 billion) and “other countries” (EUR 12 billion), and equity issued in “other countries” (EUR 10 billion) and offshore financial centres (EUR 8 billion).

Financial derivatives recorded net outflows of EUR 32.5 billion.

Other investment recorded net inflows of EUR 88 billion. These were mainly the result of net inflows from the United Kingdom (EUR 141 billion) and the United States (EUR 46 billion), which were partly offset by net outflows to offshore financial centres (EUR 40 billion), countries that joined the European Union in 2004 and 2007 (EUR 24 billion), and Russia (EUR 20 billion).

International investment position at the end of the third quarter of 2007

At the end of the third quarter of 2007 the international investment position (i.i.p.) of the euro area recorded net liabilities of EUR 1,299 billion vis-à-vis the rest of the world (representing almost 15% of euro area GDP). This represented an increase of EUR 119 billion by comparison with the revised data for the end of the second quarter of 2007 (see Table 2). This increase mainly reflected transactions during the third quarter.

The change in the net i.i.p. was largely the resulted of increases in the net liability positions for other investment (from EUR 197 billion to EUR 272 billion) and portfolio investment (from EUR 1,817 billion to EUR 1,864 billion).

Data revisions

This press release incorporates revisions both to the b.o.p. (with a geographical breakdown) for the second quarter of 2007 and to the i.i.p. for the first and second quarters of 2007. The revisions to the b.o.p. primarily concern direct investment and portfolio investment. The revisions to the i.i.p. largely relate to the net liability positions for portfolio investment and other investment.

Additional information on the euro area balance of payments and international investment position

For the first time, the tables in this press release contain details of additional counterparts (namely Brazil, mainland China, Hong Kong, India and Russia) in the geographical breakdown of the quarterly b.o.p.

A geographical breakdown of the quarterly b.o.p. of the euro area is not available for the items “portfolio investment liabilities”, “financial derivatives” or “reserve assets”. In addition, separate data are not provided for investment income payable to Brazil, mainland China, India and Russia. A geographical breakdown of the i.i.p. is available only on an annual basis.

The ECB and the Statistical Office of the European Communities (Eurostat) each issue a press release on the quarterly b.o.p. for the euro area and the European Union (see Eurostat’s “Euro-Indicators” news releases). In line with the agreed allocation of responsibilities, the ECB compiles and disseminates monthly and quarterly b.o.p. statistics for the euro area, whereas Eurostat focuses on quarterly and annual aggregates for the European Union. These data comply with international standards, particularly those set out in the IMF’s Balance of Payments Manual (fifth edition). The aggregates for the euro area and the European Union are compiled consistently on the basis of Member States’ transactions and positions vis-à-vis residents of countries outside the euro area and the European Union respectively.

A complete set of updated euro area b.o.p. and i.i.p. data is available on the ECB’s website in the “Statistics” section under the headings “Data services”/“Latest monetary, financial markets and balance of payments statistics”. These data, as well as the historical euro area b.o.p. and i.i.p. time series, can be downloaded using the ECB’s Statistical Data Warehouse (SDW). The data will be published in the February 2008 issues of the ECB’s Monthly Bulletin and Statistics Pocket Book. A detailed methodological note is available on the ECB’s website. The next quarterly press release on the euro area b.o.p. (including a geographical breakdown) and i.i.p. will be published on 16 April 2008.

Annexes

Table 1a: Quarterly balance of payments of the euro area with a geographical breakdown (Q3 2007)

Table 1b: Quarterly balance of payments of the euro area with a geographical breakdown (four-quarter cumulated transactions ending in Q3 2006 and in Q3 2007)

Table 2: Quarterly balance of payments and international investment position of the euro area

KONTAKT

Europäische Zentralbank

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