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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
2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account -1.3 26.4 111.7 140.2 8.9 10.5 2.3 4.4 82.6 104.3 53.3 61.4 -35.4 -40.4
credit 2,401.1 2,639.4 900.5 1,005.3 50.4 54.6 75.9 84.9 474.5 531.4 238.1 275.7 61.6 58.8
debit 2,402.4 2,613.0 788.8 865.2 41.5 44.1 73.6 80.5 391.9 427.1 184.8 214.2 97.0 99.2
Goods 19.2 55.6 98.7 121.4 3.7 6.3 3.0 4.6 51.7 62.6 40.2 47.9 0.1 0.0
credit (exports) 1,391.2 1,503.6 495.2 545.2 31.9 34.4 49.5 55.0 224.8 236.7 188.8 219.0 0.1 0.0
as percentage of total 100.0 100.0 35.6 36.3 2.3 2.3 3.6 3.7 16.2 15.7 13.6 14.6 0.0 0.0
debit (imports) 1,372.0 1,448.1 396.5 423.8 28.3 28.1 46.5 50.5 173.1 174.1 148.6 171.2 0.0 0.0
as percentage of total 100.0 100.0 28.9 29.3 2.1 1.9 3.4 3.5 12.6 12.0 10.8 11.8 0.0 0.0
Services 42.3 51.5 32.0 32.6 1.5 0.4 2.4 2.2 23.7 25.7 -0.8 -1.1 5.3 5.5
credit (exports) 437.0 494.8 156.9 174.8 8.9 9.8 12.2 13.4 106.5 117.9 24.0 28.1 5.4 5.7
as percentage of total 100.0 100.0 35.9 35.3 2.0 2.0 2.8 2.7 24.4 23.8 5.5 5.7 1.2 1.2
debit (imports) 394.8 443.3 124.9 142.2 7.4 9.5 9.8 11.2 82.8 92.1 24.8 29.2 0.1 0.2
as percentage of total 100.0 100.0 31.6 32.1 1.9 2.1 2.5 2.5 21.0 20.8 6.3 6.6 0.0 0.1
Income 15.1 3.0 20.9 29.3 3.7 3.8 -2.9 -2.2 6.0 12.6 15.0 16.0 -0.9 -0.9
credit 483.7 550.8 182.9 219.4 8.9 9.7 13.1 15.2 131.8 162.4 22.7 25.7 6.4 6.5
debit 468.6 547.8 162.1 190.1 5.2 5.9 15.9 17.4 125.8 149.7 7.8 9.7 7.4 7.4
of which: investment income 8.6 -3.7 21.1 29.7 3.7 3.7 -2.9 -2.2 5.5 12.1 19.0 20.6 -4.3 -4.5
credit 467.2 533.5 177.4 213.5 8.8 9.6 13.0 15.1 130.0 160.4 22.6 25.5 3.1 2.9
debit 458.6 537.2 156.4 183.7 5.1 5.8 15.9 17.3 124.5 148.3 3.6 4.9 7.3 7.4
Current transfers -77.9 -83.6 -39.9 -43.2 0.0 0.0 -0.2 -0.1 1.2 3.3 -1.0 -1.4 -39.8 -45.0
credit 89.2 90.2 65.5 65.9 0.7 0.7 1.0 1.3 11.5 14.4 2.6 2.8 49.7 46.5
debit 167.0 173.8 105.4 109.1 0.7 0.7 1.3 1.5 10.3 11.1 3.6 4.2 89.6 91.6
Capital account 9.2 14.1 17.3 20.4 -0.0 0.0 -0.1 -0.0 -0.2 0.1 -0.2 -0.1 17.9 20.5
credit 23.7 25.7 19.0 22.3 0.0 0.0 0.0 0.1 0.8 1.1 0.1 0.1 18.0 20.9
debit 14.5 11.6 1.6 1.9 0.0 0.0 0.2 0.1 1.0 1.0 0.3 0.3 0.1 0.5
Financial account balance1) 112.4 102.8 - - - - - - - - - - - -
Direct investment -144.7 -94.8 -51.1 -37.9 2.0 2.2 10.3 -2.4 -40.3 -12.3 -23.2 -25.4 0.1 -0.0
Abroad -346.0 -401.8 -161.2 -134.1 -1.7 -0.3 0.0 -2.9 -136.1 -100.2 -23.5 -30.7 -0.0 -0.0
Equity/reinvested earnings -271.5 -310.1 -142.7 -97.1 -1.9 0.5 1.7 -1.0 -123.5 -70.9 -19.1 -25.7 -0.0 -0.0
Other capital -74.5 -91.7 -18.5 -37.0 0.2 -0.7 -1.7 -2.0 -12.6 -29.3 -4.4 -5.0 0.0 -0.0
In the euro area 201.3 307.0 110.1 96.2 3.7 2.5 10.2 0.5 95.8 87.8 0.2 5.3 0.1 0.0
Equity/reinvested earnings 171.7 210.3 90.2 81.0 1.8 2.4 6.9 2.3 80.8 75.8 0.5 0.5 0.1 0.0
Other capital 29.5 96.7 19.9 15.2 1.8 0.1 3.3 -1.7 15.0 12.0 -0.3 4.8 0.0 0.0
Portfolio investment 266.3 253.9 - - - - - - - - - - - -
Assets -535.9 -422.5 -144.6 -98.5 -2.8 -5.2 -13.4 -15.7 -120.3 -67.8 -5.7 -4.6 -2.3 -5.2
Equity -153.0 -46.7 -10.2 15.8 0.4 -1.4 -3.7 -1.0 -7.2 16.1 0.4 2.3 -0.1 -0.1
Debt -382.9 -375.7 -134.4 -114.3 -3.2 -3.8 -9.7 -14.7 -113.1 -83.8 -6.2 -6.9 -2.2 -5.1
Bonds and notes -314.5 -326.6 -100.7 -87.9 -2.7 -3.7 -9.2 -11.5 -81.0 -61.5 -5.6 -6.8 -2.1 -4.5
Money market instruments -68.4 -49.2 -33.7 -26.4 -0.5 -0.1 -0.5 -3.2 -32.1 -22.4 -0.6 -0.1 -0.1 -0.6
Liabilities 802.2 676.4 - - - - - - - - - - - -
Equity 302.4 212.0 - - - - - - - - - - - -
Debt 499.8 464.4 - - - - - - - - - - - -
Bonds and notes 498.1 407.1 - - - - - - - - - - - -
Money market instruments 1.6 57.3 - - - - - - - - - - - -
Financial derivatives 2.4 -110.1 - - - - - - - - - - - -
Other investment -10.3 58.9 -113.7 11.7 -11.6 -35.2 8.6 6.7 -102.2 70.2 -15.4 -42.4 6.9 12.4
Assets -717.6 -867.7 -484.2 -320.5 -35.6 -15.8 -2.3 -1.4 -418.2 -247.9 -28.3 -51.8 0.2 -3.5
General government 2.0 5.9 -6.6 4.5 -1.9 1.4 0.2 -0.0 -5.3 3.9 0.1 0.2 0.2 -1.0
MFIs -524.7 -571.6 -342.4 -237.6 -32.0 -17.1 0.3 -4.2 -287.1 -163.6 -23.7 -52.8 0.1 -0.0
Other sectors -194.9 -302.0 -135.2 -87.4 -1.8 -0.2 -2.8 2.8 -125.7 -88.2 -4.7 0.7 -0.1 -2.5
Liabilities 707.3 926.6 370.5 332.2 24.0 -19.4 10.9 8.1 316.0 318.1 12.9 9.4 6.7 15.9
General government 2.0 2.9 2.2 3.1 0.0 -0.3 0.1 0.1 0.2 -2.4 0.0 0.0 1.9 5.7
MFIs 514.6 681.0 239.2 315.1 19.8 -19.1 9.0 6.1 200.2 317.4 9.8 5.0 0.5 5.8
Other sectors 190.8 242.7 129.1 13.9 4.2 0.0 1.8 2.0 115.6 3.1 3.1 4.4 4.4 4.4
Reserve assets -1.4 -5.2 - - - - - - - - - - - -
Errors and omissions -120.3 -143.3 - - - - - - - - - - - -

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
2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 8.5 5.5 -31.7 -38.0 6.1 4.9 52.4 49.0
credit 32.7 34.7 56.1 57.0 155.0 171.6 399.0 410.1
debit 24.2 29.2 87.8 95.0 148.9 166.6 346.6 361.2
Goods 7.2 5.4 -20.3 -22.1 10.5 10.5 66.8 59.7
credit (exports) 17.9 18.3 34.3 34.0 80.4 84.8 199.4 194.9
as percentage of total 1.3 1.2 2.5 2.3 5.8 5.6 14.3 13.0
debit (imports) 10.7 12.9 54.5 56.1 69.9 74.4 132.6 135.2
as percentage of total 0.8 0.9 4.0 3.9 5.1 5.1 9.7 9.3
Services 0.9 0.2 2.8 2.7 10.2 12.6 -5.8 -7.8
credit (exports) 6.6 7.0 10.8 10.8 41.8 48.0 81.5 84.0
as percentage of total 1.5 1.4 2.5 2.2 9.6 9.7 18.7 17.0
debit (imports) 5.7 6.8 7.9 8.1 31.7 35.4 87.3 91.9
as percentage of total 1.4 1.5 2.0 1.8 8.0 8.0 22.1 20.7
Income 1.4 1.2 -14.1 -18.6 -15.3 -18.3 -8.2 -3.5
credit 7.8 8.7 10.8 11.7 26.8 32.8 110.9 123.2
debit 6.3 7.5 24.9 30.4 42.0 51.1 119.1 126.7
of which: investment income 1.5 1.2 -14.0 -18.6 -21.3 -24.4 -8.7 -4.1
credit 7.7 8.6 10.7 11.7 20.3 26.3 109.5 121.5
debit 6.2 7.4 24.8 30.3 41.6 50.6 118.2 125.6
Current transfers -1.2 -1.3 -0.2 0.0 0.7 0.2 -0.5 0.6
credit 0.4 0.7 0.2 0.5 6.0 6.0 7.2 8.0
debit 1.6 2.0 0.4 0.4 5.3 5.7 7.7 7.4
Capital account -0.1 -0.1 0.3 -0.1 -0.2 -0.2 -1.9 -0.4
credit 0.0 0.0 0.4 0.0 0.4 0.4 0.9 0.7
debit 0.1 0.1 0.1 0.1 0.6 0.6 2.8 1.2
Financial account balance1) - - - - - - - -
Direct investment -12.1 -16.8 8.0 7.7 -1.3 -10.8 -27.1 47.4
Abroad -17.3 -20.6 0.1 -0.7 -10.4 -29.6 -69.6 -69.5
Equity/reinvested earnings -8.9 -13.0 2.8 -2.5 -4.2 -16.7 -48.2 -54.2
Other capital -8.4 -7.6 -2.7 1.8 -6.2 -12.9 -21.4 -15.4
In the euro area 5.2 3.8 7.9 8.4 9.1 18.8 42.5 117.0
Equity/reinvested earnings 2.9 -0.6 4.6 8.5 15.8 8.9 29.3 76.8
Other capital 2.4 4.4 3.2 -0.1 -6.7 9.9 13.2 40.2
Portfolio investment - - - - - - - -
Assets -7.1 -8.6 -7.9 12.2 -8.4 5.6 -181.2 -171.7
Equity -1.6 1.3 -13.2 9.6 -4.8 7.1 -50.0 -23.5
Debt -5.6 -9.9 5.2 2.6 -3.5 -1.4 -131.2 -148.2
Bonds and notes -4.9 -7.9 0.9 -4.0 -1.4 -2.4 -106.1 -122.8
Money market instruments -0.7 -2.0 4.4 6.6 -2.1 0.9 -25.1 -25.4
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment 0.6 -0.6 39.4 28.4 -29.0 64.5 13.0 115.3
Assets -1.7 -2.9 25.0 2.6 -58.2 33.2 -62.7 -290.7
General government 0.1 -0.0 -0.4 -0.0 0.0 -0.0 0.2 -0.0
MFIs -1.6 0.2 23.5 -8.6 -51.1 32.8 -57.2 -118.6
Other sectors -0.2 -3.1 1.9 11.2 -7.1 0.4 -5.7 -172.1
Liabilities 2.3 2.3 14.5 25.8 29.2 31.3 75.8 406.0
General government 0.0 0.0 -0.3 -0.2 -0.6 0.8 -0.6 0.2
MFIs 1.2 1.7 12.0 26.4 26.6 15.5 42.4 221.1
Other sectors 1.1 0.6 2.7 -0.5 3.2 15.1 34.0 184.8
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
2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4 2006Q1 to 2006Q4 2007Q1 to 2007Q4
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -148.1 -135.2 - - - - - - - -
credit - - - - - - 857.9 960.6 27.0 32.3 65.3 76.2 24.1 30.6 73.8 87.9
debit - - - - - - 1,006.0 1,095.8 - - - - - - - -
Goods - - - - - - -143.7 -119.3 -4.8 -6.7 -85.3 -104.3 2.4 4.5 -32.5 -22.9
credit (exports) - - - - - - 564.1 626.4 15.1 18.3 53.5 60.1 18.5 22.9 55.9 67.3
as percentage of total - - - - - - 40.5 41.7 1.1 1.2 3.8 4.0 1.3 1.5 4.0 4.5
debit (imports) - - - - - - 707.8 745.7 20.0 24.9 138.8 164.4 16.2 18.4 88.4 90.2
as percentage of total - - - - - - 51.6 51.5 1.5 1.7 10.1 11.4 1.2 1.3 6.4 6.2
Services - - - - - - 2.1 11.3 -0.1 1.0 0.2 2.7 1.1 2.0 0.9 3.0
credit (exports) - - - - - - 139.4 170.1 3.8 5.2 8.9 13.1 4.0 5.9 8.6 11.2
as percentage of total - - - - - - 31.9 34.4 0.9 1.1 2.0 2.6 0.9 1.2 2.0 2.3
debit (imports) - - - - - - 137.3 158.8 3.9 4.2 8.7 10.4 2.9 3.9 7.7 8.2
as percentage of total - - - - - - 34.8 35.8 1.0 0.9 2.2 2.3 0.7 0.9 1.9 1.8
Income - - - - - - 30.3 12.9 - - - - - - - -
credit - - - - - - 144.5 154.9 7.9 8.7 2.7 2.8 1.5 1.8 9.3 9.2
debit - - - - - - 114.2 142.1 - - - - - - - -
of which: investment income - - - - - - 30.0 12.4 - - - - - - - -
credit - - - - - - 141.5 152.0 7.9 8.6 2.7 2.7 1.5 1.8 9.2 9.2
debit - - - - - - 111.5 139.5 - - - - - - - -
Current transfers - - - - - - -36.8 -40.0 -1.1 -1.3 -1.4 -2.1 -0.6 -0.6 -0.5 -0.3
credit - - - - - - 9.9 9.2 0.2 0.2 0.2 0.2 0.0 0.0 0.1 0.2
debit - - - - - - 46.7 49.2 1.3 1.5 1.6 2.4 0.6 0.7 0.7 0.5
Capital account - - - - - - -6.3 -5.5 -0.1 -0.1 -0.0 -0.0 -0.2 -0.2 0.5 -0.0
credit - - - - - - 2.9 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.0
debit - - - - - - 9.3 7.8 0.2 0.1 0.1 0.1 0.2 0.2 0.0 0.1
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -7.3 -24.5 -0.6 -1.2 0.0 0.2 -53.8 -60.1 -4.0 -4.6 -2.9 -0.8 -2.0 -9.8 -7.5 -13.4
Abroad -24.8 -70.3 0.2 -2.5 -0.0 0.1 -62.8 -77.0 -5.0 -5.8 -5.1 -1.2 -2.1 -10.2 -9.7 -14.2
Equity/reinvested earnings -14.1 -59.8 -0.1 -1.9 0.0 -0.0 -56.2 -66.8 -4.1 -4.4 -3.4 0.8 -1.7 -9.6 -7.6 -15.5
Other capital -10.7 -10.5 0.3 -0.6 -0.0 0.1 -6.6 -10.2 -0.9 -1.3 -1.7 -1.9 -0.4 -0.6 -2.2 1.3
In the euro area 17.4 45.8 -0.8 1.3 0.0 0.1 9.1 17.0 1.0 1.2 2.1 0.4 0.1 0.4 2.2 0.8
Equity/reinvested earnings 22.9 24.8 0.1 0.2 -0.0 0.0 6.1 10.9 0.4 0.8 -0.2 0.4 0.1 0.1 1.1 1.9
Other capital -5.4 21.1 -0.9 1.1 0.0 0.1 2.9 6.0 0.6 0.3 2.3 -0.0 -0.0 0.3 1.1 -1.1
Portfolio investment - - - - - - - - - - - - - - - -
Assets -101.8 -61.4 -2.6 -5.9 -1.4 2.1 -83.4 -102.3 -8.4 -10.4 -15.9 6.3 -6.8 -2.6 -11.3 -3.4
Equity -39.1 -32.1 -2.0 -6.0 -0.1 -0.0 -34.0 -24.9 -5.7 -6.3 -15.4 7.0 -5.8 -1.6 -11.0 -2.7
Debt -62.7 -29.3 -0.6 0.0 -1.2 2.1 -49.4 -77.4 -2.7 -4.1 -0.4 -0.7 -1.0 -1.0 -0.3 -0.8
Bonds and notes -50.9 -21.1 -0.6 0.0 -0.8 2.3 -50.5 -82.9 -2.5 -2.6 -0.4 -0.4 -0.9 -1.0 -0.2 -0.8
Money market instruments -11.8 -8.2 -0.0 0.0 -0.5 -0.2 1.1 5.5 -0.2 -1.5 -0.0 -0.3 -0.0 0.0 -0.1 0.1
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment 26.9 -51.8 -0.6 30.3 16.6 -10.0 35.9 -98.6 -0.9 -10.6 4.6 -6.6 3.5 -1.8 20.8 -51.4
Assets -75.2 -124.6 -4.8 -15.1 -1.5 -12.0 -59.0 -152.8 -1.3 -11.6 1.0 -5.6 0.3 -2.7 12.1 -41.1
General government 0.1 0.0 -0.0 -0.0 -1.1 -1.2 9.7 2.6 0.6 -0.0 0.0 0.0 0.0 0.1 6.8 0.1
MFIs -44.0 -107.5 1.2 -11.9 -0.5 -10.8 -51.4 -121.5 -2.4 -8.8 -0.5 -2.3 -0.1 -2.4 12.2 -26.9
Other sectors -31.3 -17.2 -6.0 -3.2 0.1 0.0 -17.3 -33.8 0.5 -2.8 1.6 -3.3 0.4 -0.4 -6.9 -14.3
Liabilities 102.1 72.8 4.2 45.4 18.1 2.0 94.9 54.1 0.4 1.1 3.6 -1.0 3.2 0.9 8.7 -10.2
General government 0.1 0.1 0.0 0.0 3.3 -0.8 -2.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MFIs 94.7 62.7 3.7 42.4 14.9 2.8 83.6 35.7 -0.1 0.5 2.4 -1.9 2.7 0.9 9.5 -12.1
Other sectors 7.3 10.0 0.5 3.0 -0.1 0.1 13.4 18.7 0.5 0.6 1.2 0.8 0.5 0.0 -0.8 1.9
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -