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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 27 (outside the euro area)
Total Denmark Sweden UnitedKingdom Other EUcountries EUinstitutions
2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account -26.7 21.0 96.7 139.6 7.1 11.7 0.1 7.2 79.2 95.7 49.9 61.3 -39.6 -36.3
credit 2,288.6 2,552.9 854.8 977.0 46.7 53.7 71.4 84.0 446.4 501.7 235.1 277.3 55.2 60.2
debit 2,315.3 2,531.9 758.2 837.4 39.6 42.0 71.4 76.8 367.2 406.0 185.2 216.0 94.8 96.5
Goods 9.2 64.0 94.9 121.3 3.7 5.6 3.0 5.0 48.5 61.6 39.6 49.0 0.1 0.0
credit (exports) 1,344.1 1,484.7 484.8 541.5 31.1 33.8 47.8 54.5 220.3 232.9 185.6 220.2 0.1 0.0
as percentage of total 100.0 100.0 36.1 36.5 2.3 2.3 3.6 3.7 16.4 15.7 13.8 14.8 0.0 0.0
debit (imports) 1,334.9 1,420.7 389.9 420.2 27.4 28.2 44.7 49.5 171.8 171.3 146.0 171.2 0.0 0.0
as percentage of total 100.0 100.0 29.2 29.6 2.1 2.0 3.4 3.5 12.9 12.1 10.9 12.1 0.0 0.0
Services 36.1 42.4 28.1 30.7 1.4 1.5 1.8 2.3 22.3 23.0 -2.7 -2.0 5.3 5.8
credit (exports) 422.5 455.7 152.0 165.0 8.4 9.5 11.4 12.3 102.5 109.2 24.3 28.2 5.4 5.9
as percentage of total 100.0 100.0 36.0 36.2 2.0 2.1 2.7 2.7 24.3 24.0 5.7 6.2 1.3 1.3
debit (imports) 386.4 413.3 123.9 134.3 7.0 7.9 9.6 10.0 80.2 86.2 27.0 30.1 0.1 0.1
as percentage of total 100.0 100.0 32.1 32.5 1.8 1.9 2.5 2.4 20.8 20.9 7.0 7.3 0.0 0.0
Income 7.9 -7.1 17.5 26.7 2.0 4.5 -4.6 0.0 6.9 8.0 13.8 15.5 -0.6 -1.3
credit 440.9 523.2 160.1 205.3 6.7 10.0 11.6 16.5 112.8 146.1 22.7 26.3 6.2 6.4
debit 433.0 530.2 142.6 178.7 4.7 5.5 16.2 16.5 106.0 138.2 9.0 10.8 6.8 7.7
of which: investment income 1.7 -13.3 17.5 27.0 2.0 4.5 -4.6 -0.0 6.4 7.5 17.7 19.8 -3.9 -4.7
credit 425.0 506.9 154.7 199.8 6.6 9.9 11.5 16.4 111.1 144.4 22.6 26.1 2.9 3.0
debit 423.3 520.2 137.1 172.7 4.6 5.4 16.1 16.4 104.7 136.9 4.9 6.3 6.8 7.7
Current transfers -79.9 -78.3 -43.8 -39.1 0.0 0.1 -0.2 -0.1 1.5 3.1 -0.7 -1.2 -44.4 -40.9
credit 81.1 89.3 58.0 65.2 0.5 0.5 0.7 0.7 10.7 13.5 2.5 2.7 43.5 47.8
debit 161.1 167.6 101.8 104.2 0.5 0.4 0.9 0.9 9.2 10.4 3.2 3.9 87.9 88.7
Capital account 8.7 13.3 18.2 19.3 -0.0 0.0 -0.1 -0.1 0.0 -0.0 -0.1 -0.2 18.4 19.5
credit 23.3 25.6 19.7 21.0 0.0 0.0 0.0 0.0 0.9 0.9 0.2 0.1 18.6 19.9
debit 14.6 12.3 1.5 1.8 0.0 0.0 0.2 0.1 0.8 0.9 0.3 0.3 0.1 0.4
Financial account balance1) 116.6 76.7 - - - - - - - - - - - -
Direct investment -127.3 -171.7 -60.8 -44.2 -2.4 5.5 19.8 -4.4 -55.0 -16.1 -23.3 -29.3 0.0 0.1
Abroad -333.8 -387.0 -174.7 -123.5 -0.5 -2.0 1.8 -6.5 -146.0 -81.0 -30.0 -34.1 0.0 -0.0
Equity/reinvested earnings -277.6 -274.6 -161.4 -70.6 -0.6 -1.8 -0.7 -2.7 -131.4 -35.4 -28.6 -30.8 0.0 0.0
Other capital -56.2 -112.4 -13.4 -52.9 0.1 -0.2 2.6 -3.8 -14.6 -45.6 -1.4 -3.4 0.0 -0.0
In the euro area 206.5 215.3 113.9 79.4 -1.8 7.5 18.0 2.1 91.0 64.8 6.7 4.8 0.0 0.1
Equity/reinvested earnings 177.0 155.1 96.5 58.5 -2.6 7.5 16.6 0.8 75.6 47.5 6.8 2.5 0.0 0.1
Other capital 29.4 60.2 17.4 20.9 0.8 -0.0 1.3 1.3 15.4 17.3 -0.1 2.3 -0.0 0.0
Portfolio investment 111.2 395.3 - - - - - - - - - - - -
Assets -496.8 -480.0 -113.1 -136.9 -0.6 -10.7 -6.4 -17.0 -102.7 -95.2 -4.8 -6.9 1.4 -7.1
Equity -181.8 -69.8 -20.6 -1.5 0.4 -2.4 -3.9 -2.0 -18.6 3.5 1.5 -0.4 -0.0 -0.2
Debt -315.1 -410.2 -92.6 -135.4 -1.1 -8.3 -2.5 -15.0 -84.2 -98.7 -6.3 -6.5 1.4 -6.9
Bonds and notes -271.2 -343.1 -72.8 -105.6 -1.8 -8.2 -2.3 -14.8 -64.1 -71.7 -6.1 -4.5 1.4 -6.4
Money market instruments -43.8 -67.1 -19.7 -29.8 0.7 -0.2 -0.2 -0.2 -20.1 -26.9 -0.2 -2.0 -0.0 -0.6
Liabilities 608.1 875.2 - - - - - - - - - - - -
Equity 289.4 312.3 - - - - - - - - - - - -
Debt 318.6 562.9 - - - - - - - - - - - -
Bonds and notes 326.8 497.8 - - - - - - - - - - - -
Money market instruments -8.1 65.1 - - - - - - - - - - - -
Financial derivatives -4.4 -74.8 - - - - - - - - - - - -
Other investment 127.6 -60.3 21.6 -118.7 -1.5 -25.6 5.7 10.2 31.1 -80.6 -16.4 -39.3 2.6 16.5
Assets -579.9 -1,059.8 -373.0 -558.8 -21.0 -24.9 -2.7 1.4 -317.2 -472.2 -32.0 -59.9 -0.2 -3.2
General government 4.7 2.3 -3.0 2.2 -0.1 -1.2 -0.6 0.8 -2.0 2.9 0.1 0.1 -0.4 -0.4
MFIs -403.4 -720.8 -239.5 -417.0 -20.4 -22.1 -0.3 -2.5 -190.7 -333.5 -28.5 -58.5 0.3 -0.4
Other sectors -181.2 -341.3 -130.5 -144.0 -0.5 -1.5 -1.8 3.0 -124.4 -141.5 -3.6 -1.5 -0.1 -2.4
Liabilities 707.5 999.5 394.7 440.1 19.5 -0.7 8.5 8.9 348.3 391.6 15.6 20.6 2.8 19.7
General government 2.5 2.4 -0.0 6.3 0.0 -0.2 0.1 -0.0 0.7 -1.6 0.0 0.0 -0.8 8.0
MFIs 529.9 697.5 252.6 368.9 19.0 -1.4 7.5 6.9 214.1 341.4 12.7 16.2 -0.7 5.8
Other sectors 175.1 299.6 142.1 64.9 0.5 0.9 0.9 2.0 133.5 51.7 2.8 4.4 4.4 5.8
Reserve assets 9.5 -11.8 - - - - - - - - - - - -
Errors and omissions -98.6 -111.0 - - - - - - - - - - - -

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
2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 9.4 6.2 -30.4 -36.5 -0.5 5.3 43.3 37.7
credit 31.7 33.9 55.6 56.1 146.2 164.9 383.5 401.2
debit 22.4 27.7 86.0 92.6 146.8 159.6 340.2 363.5
Goods 7.1 5.6 -19.9 -20.5 7.0 11.0 67.5 63.0
credit (exports) 17.5 18.2 33.9 34.5 75.0 84.5 195.6 198.3
as percentage of total 1.3 1.2 2.5 2.3 5.6 5.7 14.6 13.4
debit (imports) 10.4 12.6 53.8 55.0 68.0 73.5 128.1 135.3
as percentage of total 0.8 0.9 4.0 3.9 5.1 5.2 9.6 9.5
Services 1.2 0.3 3.3 2.7 8.1 12.0 -7.3 -7.7
credit (exports) 6.4 6.7 11.2 10.6 40.4 44.9 79.1 79.8
as percentage of total 1.5 1.5 2.7 2.3 9.6 9.9 18.7 17.5
debit (imports) 5.2 6.4 7.9 7.8 32.3 32.9 86.4 87.5
as percentage of total 1.4 1.5 2.1 1.9 8.4 8.0 22.4 21.2
Income 2.2 1.5 -14.2 -18.6 -16.6 -18.0 -15.4 -19.0
credit 7.4 8.3 9.7 10.8 24.4 29.6 101.6 115.2
debit 5.2 6.9 23.9 29.4 41.0 47.5 117.0 134.2
of which: investment income 2.2 1.5 -14.1 -18.6 -22.5 -24.0 -16.0 -19.5
credit 7.3 8.2 9.7 10.7 18.0 23.1 100.2 113.8
debit 5.1 6.7 23.8 29.3 40.5 47.1 116.1 133.2
Current transfers -1.1 -1.2 0.4 -0.1 1.0 0.3 -1.5 1.4
credit 0.4 0.6 0.8 0.3 6.5 5.9 7.2 7.9
debit 1.5 1.9 0.4 0.4 5.5 5.6 8.7 6.5
Capital account -0.1 -0.1 -0.0 0.4 -0.1 -0.3 -1.5 -0.9
credit 0.0 0.0 0.0 0.4 0.5 0.4 0.6 0.9
debit 0.1 0.1 0.1 0.1 0.6 0.7 2.1 1.7
Financial account balance1) - - - - - - - -
Direct investment -5.7 -21.0 -0.4 8.5 -0.8 -21.9 -0.8 9.2
Abroad -10.5 -28.7 -5.4 -3.3 -9.5 -32.5 -48.8 -77.0
Equity/reinvested earnings -6.2 -18.4 -4.4 -3.0 -7.0 -19.0 -17.1 -68.2
Other capital -4.3 -10.3 -1.1 -0.3 -2.5 -13.5 -31.7 -8.8
In the euro area 4.8 7.7 5.1 11.9 8.6 10.7 48.0 86.2
Equity/reinvested earnings 4.2 0.4 4.1 8.3 16.2 6.4 23.2 69.2
Other capital 0.6 7.3 0.9 3.6 -7.5 4.3 24.8 17.0
Portfolio investment - - - - - - - -
Assets -11.0 -5.7 -25.3 6.6 -9.1 1.0 -163.2 -172.6
Equity -1.2 1.0 -18.9 2.0 -5.4 3.8 -66.0 -21.5
Debt -9.8 -6.7 -6.5 4.7 -3.6 -2.7 -97.2 -151.1
Bonds and notes -8.4 -5.5 -1.2 -1.8 -1.2 -2.4 -88.6 -126.9
Money market instruments -1.4 -1.3 -5.3 6.5 -2.4 -0.3 -8.6 -24.2
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment -0.9 4.0 33.5 33.9 -13.4 3.6 11.2 116.7
Assets -2.2 -3.3 20.1 16.8 -45.6 -38.9 -23.8 -260.7
General government 0.0 0.1 0.0 -0.4 0.0 0.0 0.6 0.1
MFIs -1.6 0.9 19.5 8.9 -38.5 -39.0 -26.9 -96.6
Other sectors -0.6 -4.2 0.7 8.3 -7.2 0.0 2.5 -164.2
Liabilities 1.3 7.3 13.4 17.1 32.2 42.6 35.0 377.4
General government 0.0 0.0 -0.2 -0.2 1.9 -2.6 -0.7 0.3
MFIs 1.2 5.3 11.7 17.1 27.7 27.5 7.3 186.5
Other sectors 0.0 2.0 1.8 0.2 2.6 17.7 28.4 190.6
Reserve assets - - - - - - - -
Errors and omissions - - - - - - - -

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)

Offshore financial centres International organisations Other countries
of which:Hong Kong of which:Brazil China2) India Russia
2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3 2005Q4 to 2006Q3 2006Q4 to 2007Q3
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -145.2 -131.3 - - - - - - - -
credit - - - - - - 816.6 919.8 19.5 29.9 46.4 72.6 16.8 28.3 52.5 86.5
debit - - - - - - 961.8 1,051.1 - - - - - - - -
Goods - - - - - - -147.4 -116.5 -3.4 -6.0 -59.6 -100.1 1.0 3.9 -29.3 -20.3
credit (exports) - - - - - - 537.3 607.7 11.1 17.1 38.2 59.2 13.1 21.8 38.6 65.1
as percentage of total - - - - - - 40.0 40.9 0.8 1.2 2.8 4.0 1.0 1.5 2.9 4.4
debit (imports) - - - - - - 684.7 724.2 14.5 23.1 97.8 159.3 12.1 17.9 67.9 85.4
as percentage of total - - - - - - 51.3 51.0 1.1 1.6 7.3 11.2 0.9 1.3 5.1 6.0
Services - - - - - - 2.8 4.4 -0.0 0.5 -0.1 0.9 0.7 1.4 -0.1 1.9
credit (exports) - - - - - - 133.4 148.8 2.7 4.5 6.0 10.1 2.6 4.9 5.6 9.4
as percentage of total - - - - - - 31.6 32.6 0.6 1.0 1.4 2.2 0.6 1.1 1.3 2.1
debit (imports) - - - - - - 130.6 144.4 2.7 4.0 6.1 9.2 2.0 3.4 5.7 7.5
as percentage of total - - - - - - 33.8 34.9 0.7 1.0 1.6 2.2 0.5 0.8 1.5 1.8
Income - - - - - - 34.4 20.4 - - - - - - - -
credit - - - - - - 137.7 154.0 5.5 8.1 2.1 3.1 1.1 1.7 8.2 11.9
debit - - - - - - 103.2 133.6 - - - - - - - -
of which: investment income - - - - - - 34.5 20.1 - - - - - - - -
credit - - - - - - 135.2 151.3 5.5 8.1 2.0 3.1 1.1 1.7 8.2 11.8
debit - - - - - - 100.7 131.2 - - - - - - - -
Current transfers - - - - - - -35.0 -39.6 -0.8 -1.2 -1.0 -1.9 -0.4 -0.6 -0.4 -0.3
credit - - - - - - 8.3 9.3 0.1 0.2 0.1 0.2 0.0 0.0 0.1 0.1
debit - - - - - - 43.3 49.0 0.9 1.4 1.1 2.1 0.4 0.6 0.5 0.5
Capital account - - - - - - -7.7 -5.1 -0.1 -0.1 -0.0 -0.0 -0.1 -0.2 0.5 0.0
credit - - - - - - 2.5 2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.1
debit - - - - - - 10.2 7.9 0.1 0.1 0.0 0.1 0.1 0.2 0.0 0.0
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -9.5 -23.4 -1.2 -2.9 0.0 -0.0 -49.3 -79.0 -2.9 -5.7 -3.8 -0.9 -1.4 -9.5 -6.4 -9.2
Abroad -31.3 -42.0 -0.6 -3.7 -0.0 -0.0 -53.6 -79.9 -3.3 -6.7 -3.8 -3.4 -1.5 -9.8 -6.6 -9.4
Equity/reinvested earnings -25.4 -29.7 -0.5 -3.3 0.0 0.0 -56.2 -65.8 -2.8 -4.8 -2.7 -2.2 -1.2 -9.2 -4.7 -11.0
Other capital -5.9 -12.3 -0.2 -0.4 -0.0 -0.0 2.6 -14.1 -0.5 -1.9 -1.1 -1.2 -0.2 -0.6 -1.9 1.6
In the euro area 21.7 18.6 -0.6 0.9 0.0 0.0 4.3 0.9 0.4 1.0 0.0 2.5 0.1 0.3 0.1 0.3
Equity/reinvested earnings 28.3 6.5 0.1 0.1 0.0 -0.0 4.5 5.9 -0.0 0.4 -0.2 0.4 0.1 0.1 0.5 1.3
Other capital -6.5 12.1 -0.7 0.8 0.0 0.0 -0.3 -5.0 0.4 0.7 0.2 2.1 0.0 0.2 -0.4 -1.1
Portfolio investment - - - - - - - - - - - - - - - -
Assets -95.4 -78.3 -1.7 -6.8 -1.8 2.0 -77.8 -96.2 -7.3 -10.8 -8.3 2.0 -4.9 -4.2 -9.8 -3.6
Equity -39.8 -33.3 -1.0 -6.9 -0.1 -0.0 -29.7 -20.3 -4.5 -7.3 -7.9 2.5 -4.2 -3.2 -9.8 -2.7
Debt -55.6 -45.0 -0.7 0.1 -1.6 2.0 -48.1 -75.9 -2.8 -3.5 -0.3 -0.5 -0.7 -1.0 -0.0 -0.9
Bonds and notes -48.1 -27.1 -0.7 0.2 -0.5 1.8 -50.4 -75.6 -2.4 -2.1 -0.3 -0.5 -0.7 -1.0 0.2 -0.9
Money market instruments -7.5 -17.9 -0.0 -0.1 -1.1 0.2 2.3 -0.3 -0.3 -1.4 0.0 -0.0 -0.0 0.0 -0.2 -0.0
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment 48.7 -58.8 -4.4 13.5 14.9 -0.1 12.0 -41.0 -0.9 -6.7 4.2 -0.4 3.1 -5.4 31.6 -17.1
Assets -77.0 -93.4 -7.7 -7.1 -1.7 -9.4 -76.7 -112.1 -0.3 -11.5 2.4 -4.2 0.7 -1.0 5.1 -23.7
General government 0.0 0.0 -0.0 0.0 -1.4 -0.9 8.4 1.2 0.6 -0.0 0.0 0.0 0.0 0.0 6.8 0.1
MFIs -46.4 -82.6 -3.1 -3.8 -0.1 -8.5 -69.7 -86.9 -1.7 -9.1 0.7 -1.9 0.3 -1.4 -0.4 -7.7
Other sectors -30.5 -10.8 -4.6 -3.3 -0.2 0.0 -15.5 -26.5 0.8 -2.4 1.8 -2.3 0.3 0.3 -1.3 -16.0
Liabilities 125.6 34.6 3.3 20.6 16.5 9.3 88.8 71.1 -0.6 4.8 1.8 3.8 2.4 -4.3 26.5 6.6
General government 0.0 0.1 0.0 0.0 2.9 0.2 -1.5 -1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MFIs 122.8 26.3 2.9 17.5 13.7 9.0 92.9 56.9 -0.9 4.2 0.7 2.9 2.1 -4.6 27.2 5.4
Other sectors 2.8 8.3 0.4 3.0 0.0 0.1 -2.7 15.8 0.3 0.6 1.0 0.9 0.3 0.2 -0.7 1.2
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -