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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
2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 9.7 7.6 122.5 132.1 10.6 11.6 4.1 3.6 87.7 100.5 56.1 62.6 -36.1 -46.2
credit 2,462.8 2,691.9 929.7 1,022.0 52.1 56.1 78.7 85.3 489.4 536.0 248.2 285.5 61.2 59.1
debit 2,453.1 2,684.3 807.2 889.9 41.5 44.5 74.6 81.7 401.7 435.5 192.1 222.9 97.3 105.3
Goods 33.1 44.0 106.8 119.2 4.6 6.5 3.8 3.7 55.5 61.1 42.9 47.8 0.1 0.0
credit (exports) 1,422.0 1,530.0 509.4 554.7 32.6 34.9 51.5 55.1 228.0 238.1 197.2 226.6 0.1 0.0
as percentage of total 100.0 100.0 35.8 36.3 2.3 2.3 3.6 3.6 16.0 15.6 13.9 14.8 0.0 0.0
debit (imports) 1,389.0 1,486.0 402.5 435.5 28.0 28.3 47.7 51.4 172.5 177.0 154.3 178.8 0.0 0.0
as percentage of total 100.0 100.0 29.0 29.3 2.0 1.9 3.4 3.5 12.4 11.9 11.1 12.0 0.0 0.0
Services 44.7 52.1 32.2 35.0 1.5 1.7 2.4 2.3 23.8 26.1 -0.7 -0.8 5.2 5.8
credit (exports) 449.4 495.7 161.4 175.9 9.3 10.8 12.6 13.2 109.2 116.6 25.0 29.2 5.3 6.0
as percentage of total 100.0 100.0 35.9 35.5 2.1 2.2 2.8 2.7 24.3 23.5 5.6 5.9 1.2 1.2
debit (imports) 404.8 443.5 129.2 140.8 7.8 9.1 10.2 10.9 85.4 90.5 25.7 30.1 0.1 0.2
as percentage of total 100.0 100.0 31.9 31.8 1.9 2.1 2.5 2.5 21.1 20.4 6.4 6.8 0.0 0.0
Income 10.1 3.4 23.3 27.8 4.4 3.4 -1.8 -2.4 6.5 11.0 15.1 16.9 -1.0 -1.1
credit 501.1 577.3 192.9 226.5 9.5 9.8 13.6 15.5 140.1 167.8 23.4 26.8 6.4 6.6
debit 490.9 573.9 169.6 198.7 5.0 6.4 15.4 17.9 133.5 156.8 8.3 9.8 7.4 7.8
of which: investment income 3.6 -3.8 23.6 27.9 4.4 3.4 -1.8 -2.4 6.1 10.2 19.3 21.5 -4.4 -4.8
credit 484.4 559.6 187.4 220.3 9.4 9.7 13.5 15.4 138.3 165.6 23.2 26.6 3.0 3.0
debit 480.8 563.4 163.8 192.4 5.0 6.3 15.3 17.9 132.2 155.4 3.9 5.1 7.4 7.8
Current transfers -78.2 -91.8 -39.9 -49.9 0.0 0.0 -0.2 -0.0 1.9 2.4 -1.2 -1.4 -40.4 -50.9
credit 90.2 89.0 66.0 64.9 0.7 0.7 1.1 1.4 12.1 13.5 2.6 2.9 49.4 46.4
debit 168.4 180.8 105.8 114.8 0.6 0.7 1.3 1.4 10.3 11.1 3.8 4.2 89.8 97.3
Capital account 12.8 14.8 19.7 20.7 -0.0 0.0 -0.1 -0.0 0.0 -0.4 -0.2 -0.2 20.1 21.3
credit 25.8 26.7 21.1 23.1 0.0 0.0 0.0 0.1 0.8 0.9 0.1 0.1 20.2 21.9
debit 12.9 11.9 1.4 2.3 0.0 0.0 0.2 0.1 0.8 1.3 0.3 0.3 0.1 0.6
Financial account balance1) 70.2 86.0 - - - - - - - - - - - -
Direct investment -130.2 -207.9 -29.8 -90.7 5.7 -2.0 3.8 2.1 -21.2 -66.5 -18.3 -24.3 0.1 0.0
Abroad -367.7 -451.8 -153.3 -129.5 -1.4 -1.3 0.3 -5.4 -131.2 -90.9 -20.9 -32.0 -0.0 -0.0
Equity/reinvested earnings -276.9 -334.9 -125.0 -99.5 -1.8 -0.6 2.7 -3.5 -108.2 -70.0 -17.7 -25.4 -0.0 -0.0
Other capital -90.9 -116.9 -28.3 -30.1 0.4 -0.7 -2.4 -1.9 -23.0 -20.9 -3.2 -6.5 -0.0 0.0
In the euro area 237.5 244.0 123.4 38.8 7.1 -0.7 3.5 7.4 110.0 24.4 2.7 7.7 0.1 0.0
Equity/reinvested earnings 184.0 172.8 97.6 44.4 7.1 -1.8 -0.8 8.6 90.9 36.8 0.2 0.8 0.1 0.0
Other capital 53.5 71.2 25.9 -5.6 0.1 1.1 4.3 -1.2 19.1 -12.4 2.4 6.9 0.0 0.0
Portfolio investment 376.3 166.6 - - - - - - - - - - - -
Assets -479.5 -328.5 -110.9 -92.7 -7.2 -0.2 -14.9 -7.0 -92.6 -75.7 2.8 -2.8 1.0 -6.9
Equity -73.4 10.7 -0.1 17.5 -2.5 -0.2 -1.7 -1.1 1.3 20.0 3.0 -1.1 -0.1 -0.1
Debt -406.2 -339.2 -110.8 -110.2 -4.7 -0.1 -13.2 -5.9 -93.9 -95.7 -0.2 -1.7 1.2 -6.8
Bonds and notes -310.3 -253.9 -84.3 -64.0 -5.0 -0.8 -9.9 -2.1 -70.7 -53.1 -0.1 -1.7 1.4 -6.3
Money market instruments -95.9 -85.3 -26.5 -46.2 0.3 0.7 -3.3 -3.8 -23.2 -42.6 -0.1 -0.0 -0.2 -0.5
Liabilities 855.8 495.1 - - - - - - - - - - - -
Equity 286.5 124.0 - - - - - - - - - - - -
Debt 569.3 371.0 - - - - - - - - - - - -
Bonds and notes 561.1 334.8 - - - - - - - - - - - -
Money market instruments 8.2 36.2 - - - - - - - - - - - -
Financial derivatives -7.3 -90.2 - - - - - - - - - - - -
Other investment -159.8 226.3 -228.8 251.8 -11.0 -52.9 8.8 1.2 -210.8 338.5 -23.3 -49.0 7.5 14.0
Assets -875.4 -770.8 -607.8 -199.4 -34.9 -23.9 -3.8 -2.2 -538.4 -99.6 -27.7 -67.3 -2.9 -6.5
General government 2.7 4.6 -5.5 1.4 -0.6 -1.0 0.2 -0.2 -4.5 3.0 0.0 0.3 -0.5 -0.6
MFIs -682.9 -504.3 -463.6 -139.2 -33.3 -20.6 -1.3 -3.4 -405.9 -42.1 -23.1 -67.6 -0.0 -5.5
Other sectors -195.1 -271.1 -138.7 -61.7 -1.0 -2.3 -2.7 1.4 -128.0 -60.5 -4.6 -0.0 -2.3 -0.3
Liabilities 715.6 997.1 379.0 451.2 23.9 -29.0 12.7 3.4 327.7 438.1 4.4 18.3 10.3 20.5
General government 4.7 2.0 5.9 3.9 -0.1 -0.1 0.1 0.1 0.6 -3.9 0.0 0.0 5.3 7.8
MFIs 553.9 722.0 279.9 407.3 19.4 -28.6 10.1 0.5 250.1 414.2 1.7 13.1 -1.4 8.1
Other sectors 157.0 273.0 93.2 40.1 4.7 -0.3 2.5 2.8 77.0 27.8 2.6 5.2 6.4 4.6
Reserve assets -8.8 -8.8 - - - - - - - - - - - -
Errors and omissions -92.7 -108.5 - - - - - - - - - - - -

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
2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 7.8 5.6 -33.4 -41.4 7.9 5.3 48.9 48.0
credit 33.4 35.1 56.5 56.3 159.6 175.5 402.4 410.5
debit 25.5 29.5 89.9 97.6 151.7 170.2 353.5 362.5
Goods 6.7 5.5 -20.9 -22.2 11.1 10.9 64.1 57.7
credit (exports) 18.0 18.4 34.2 33.8 82.2 85.7 198.6 194.4
as percentage of total 1.3 1.2 2.4 2.2 5.8 5.6 14.0 12.7
debit (imports) 11.2 12.9 55.1 56.0 71.1 74.8 134.5 136.7
as percentage of total 0.8 0.9 4.0 3.8 5.1 5.0 9.7 9.2
Services 0.9 -0.0 2.8 2.7 11.9 12.5 -6.6 -6.9
credit (exports) 6.9 6.9 10.8 10.7 43.7 48.3 81.0 83.3
as percentage of total 1.5 1.4 2.4 2.2 9.7 9.7 18.0 16.8
debit (imports) 6.0 6.9 7.9 8.0 31.8 35.8 87.6 90.2
as percentage of total 1.5 1.6 2.0 1.8 7.9 8.1 21.6 20.3
Income 1.4 1.5 -15.2 -21.9 -15.7 -18.4 -8.9 -3.0
credit 7.9 9.1 11.2 11.3 28.0 35.4 115.0 125.6
debit 6.5 7.6 26.4 33.2 43.6 53.8 123.9 128.6
of which: investment income 1.5 1.5 -15.1 -21.8 -21.7 -24.5 -9.5 -3.7
credit 7.9 9.0 11.1 11.3 21.5 28.8 113.5 124.0
debit 6.4 7.5 26.2 33.1 43.2 53.3 123.0 127.7
Current transfers -1.2 -1.3 -0.2 0.0 0.5 0.2 0.2 0.3
credit 0.6 0.7 0.3 0.4 5.7 6.1 7.8 7.3
debit 1.8 2.0 0.5 0.4 5.2 5.8 7.5 6.9
Capital account -0.1 -0.1 0.3 -0.1 -0.1 -0.1 -0.7 -0.1
credit 0.0 0.0 0.4 0.0 0.4 0.4 0.9 0.8
debit 0.1 0.1 0.1 0.1 0.5 0.6 1.6 0.9
Financial account balance1) - - - - - - - -
Direct investment -9.5 -17.9 7.0 -2.1 -15.5 -22.3 -14.8 35.3
Abroad -17.2 -19.7 0.9 -10.3 -22.4 -40.6 -67.5 -76.1
Equity/reinvested earnings -7.7 -12.4 3.1 -3.8 -15.0 -26.1 -45.3 -60.6
Other capital -9.5 -7.3 -2.2 -6.5 -7.3 -14.5 -22.3 -15.5
In the euro area 7.7 1.8 6.1 8.3 6.9 18.3 52.7 111.4
Equity/reinvested earnings 2.2 -0.3 3.1 8.8 11.4 9.3 37.5 74.7
Other capital 5.5 2.1 3.0 -0.6 -4.5 9.0 15.2 36.8
Portfolio investment - - - - - - - -
Assets -8.0 -4.8 -3.4 15.9 -6.0 15.7 -205.7 -127.6
Equity 0.2 1.6 -1.3 28.2 -1.9 19.6 -36.0 -4.2
Debt -8.3 -6.5 -2.1 -12.3 -4.1 -3.9 -169.7 -123.4
Bonds and notes -6.6 -7.0 -2.7 -4.7 -1.6 -2.3 -130.4 -86.5
Money market instruments -1.6 0.6 0.5 -7.6 -2.6 -1.5 -39.3 -36.9
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment 0.1 -1.0 31.3 -4.2 -11.3 74.4 57.0 93.1
Assets -1.1 -3.6 14.8 -16.0 -47.8 38.8 -73.9 -314.4
General government 0.0 -0.0 -0.4 -0.0 0.0 -0.0 -0.0 0.0
MFIs 0.4 -2.6 11.0 -24.9 -42.4 37.7 -69.5 -133.9
Other sectors -1.4 -1.0 4.2 8.9 -5.4 1.2 -4.4 -180.4
Liabilities 1.2 2.6 16.5 11.8 36.5 35.5 131.0 407.5
General government 0.0 0.0 -0.3 -0.0 -0.6 0.0 -0.3 -0.3
MFIs -0.2 2.0 14.7 11.2 38.9 22.9 102.8 203.5
Other sectors 1.4 0.6 2.1 0.7 -1.8 12.6 28.5 204.3
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
2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1 2006Q2 to 2007Q1 2007Q2 to 2008Q1
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -143.9 -142.0 - - - - - - - -
credit - - - - - - 881.3 992.6 27.4 34.9 67.2 79.2 25.6 30.9 77.2 90.5
debit - - - - - - 1,025.2 1,134.6 - - - - - - - -
Goods - - - - - - -134.8 -127.1 -5.3 -6.6 -91.8 -103.3 2.7 4.7 -28.4 -25.5
credit (exports) - - - - - - 579.7 643.0 15.6 19.1 54.7 62.4 19.4 23.6 58.9 70.2
as percentage of total - - - - - - 40.8 42.0 1.1 1.2 3.8 4.1 1.4 1.5 4.1 4.6
debit (imports) - - - - - - 714.5 770.1 20.9 25.7 146.6 165.8 16.7 18.9 87.3 95.7
as percentage of total - - - - - - 51.4 51.8 1.5 1.7 10.6 11.2 1.2 1.3 6.3 6.4
Services - - - - - - 3.4 8.9 -0.0 1.2 0.5 2.8 1.4 1.6 1.5 2.8
credit (exports) - - - - - - 145.7 170.7 3.9 5.6 9.4 13.5 4.5 5.5 9.2 11.3
as percentage of total - - - - - - 32.4 34.4 0.9 1.1 2.1 2.7 1.0 1.1 2.0 2.3
debit (imports) - - - - - - 142.3 161.8 3.9 4.4 8.9 10.7 3.1 4.0 7.7 8.5
as percentage of total - - - - - - 35.2 36.5 1.0 1.0 2.2 2.4 0.8 0.9 1.9 1.9
Income - - - - - - 25.2 17.3 - - - - - - - -
credit - - - - - - 146.0 169.3 7.7 10.0 2.8 3.0 1.6 1.7 8.9 8.8
debit - - - - - - 120.9 151.9 - - - - - - - -
of which: investment income - - - - - - 24.9 16.8 - - - - - - - -
credit - - - - - - 143.0 166.2 7.7 10.0 2.7 3.0 1.6 1.7 8.9 8.7
debit - - - - - - 118.2 149.4 - - - - - - - -
Current transfers - - - - - - -37.7 -41.2 -1.2 -1.3 -1.5 -2.4 -0.6 -0.6 -0.5 -0.3
credit - - - - - - 9.9 9.6 0.2 0.2 0.2 0.3 0.0 0.1 0.1 0.2
debit - - - - - - 47.6 50.8 1.3 1.5 1.7 2.6 0.6 0.7 0.7 0.6
Capital account - - - - - - -6.3 -5.5 -0.1 -0.1 -0.0 -0.0 -0.2 -0.2 0.4 -0.0
credit - - - - - - 2.8 2.4 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.0
debit - - - - - - 9.2 7.9 0.1 0.2 0.1 0.1 0.2 0.2 0.1 0.1
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment 4.6 -40.7 -3.2 -1.0 -0.0 0.2 -72.2 -69.7 -5.9 -4.1 -2.4 -2.9 -2.0 -10.3 -7.9 -17.0
Abroad -31.0 -73.3 -2.7 -1.9 -0.0 0.1 -77.3 -102.4 -6.4 -8.4 -4.7 -2.7 -2.0 -10.7 -10.2 -17.9
Equity/reinvested earnings -22.8 -62.4 -2.9 -1.4 0.0 0.0 -64.1 -70.2 -5.2 -4.3 -3.1 -0.7 -1.8 -10.0 -7.7 -18.7
Other capital -8.1 -10.9 0.2 -0.5 -0.0 0.1 -13.2 -32.2 -1.2 -4.1 -1.5 -2.0 -0.3 -0.7 -2.5 0.8
In the euro area 35.6 32.6 -0.5 0.9 0.0 0.1 5.0 32.7 0.5 4.3 2.3 -0.2 0.1 0.4 2.4 0.9
Equity/reinvested earnings 26.8 22.2 0.2 0.2 0.0 0.0 5.5 13.7 0.1 1.1 0.2 0.1 0.1 0.1 1.5 1.8
Other capital 8.8 10.4 -0.6 0.7 0.0 0.1 -0.4 18.9 0.4 3.3 2.1 -0.3 -0.1 0.3 0.8 -0.9
Portfolio investment - - - - - - - - - - - - - - - -
Assets -99.1 -20.2 -3.1 -3.3 -1.1 3.3 -45.3 -118.1 -6.6 -9.4 -2.6 -1.4 -6.6 0.3 -3.0 -2.3
Equity -38.7 -29.9 -2.7 -3.9 -0.2 0.1 4.5 -22.1 -4.9 0.0 -2.0 -0.6 -5.6 0.8 -2.3 -2.9
Debt -60.4 9.8 -0.4 0.5 -0.9 3.2 -49.8 -96.0 -1.6 -9.4 -0.6 -0.8 -1.0 -0.5 -0.7 0.6
Bonds and notes -39.3 -6.1 -0.4 0.4 -0.1 2.8 -45.3 -86.0 -1.2 2.0 -0.6 -0.4 -1.0 -0.4 -0.7 0.7
Money market instruments -21.0 15.9 -0.0 0.1 -0.8 0.4 -4.6 -10.0 -0.4 -11.3 0.0 -0.5 -0.0 -0.1 0.0 -0.1
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment -36.4 -42.6 -9.4 14.0 16.2 -29.4 12.1 -116.0 -3.3 -12.4 3.7 -16.5 -0.2 26.9 9.8 -50.8
Assets -79.7 -121.8 -9.3 -24.6 -2.8 -14.2 -77.1 -140.3 -2.1 -13.7 0.8 -9.7 -0.7 -4.7 2.7 -36.6
General government 0.1 0.0 0.0 -0.0 -0.9 -0.5 9.4 3.7 0.2 -0.0 -0.0 0.1 0.0 0.0 6.6 0.1
MFIs -55.3 -98.6 -3.2 -20.3 -2.0 -13.7 -61.4 -129.1 -2.5 -10.9 0.3 -6.2 -0.7 -4.8 6.1 -26.2
Other sectors -24.5 -23.2 -6.1 -4.3 0.1 0.0 -25.0 -14.9 0.2 -2.8 0.6 -3.5 -0.1 0.1 -10.0 -10.4
Liabilities 43.3 79.3 -0.1 38.6 19.0 -15.2 89.2 24.3 -1.1 1.4 2.8 -6.8 0.5 31.6 7.1 -14.2
General government 0.1 0.1 0.0 0.0 2.5 -0.8 -2.4 -0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MFIs 34.7 66.5 -0.3 35.6 16.4 -14.3 66.6 23.0 -1.8 1.1 1.9 -8.0 -0.1 31.6 7.5 -16.1
Other sectors 8.5 12.7 0.2 3.0 0.1 -0.1 25.0 2.2 0.7 0.3 0.9 1.1 0.6 0.0 -0.4 1.9
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -