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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
2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 20.4 -8.2 130.1 122.0 10.9 12.2 4.7 3.1 92.8 86.3 58.2 64.6 -36.6 -44.2
credit 2,524.8 2,755.4 956.9 1,043.5 53.4 58.4 81.7 86.4 503.6 541.0 257.6 296.0 60.6 61.7
debit 2,504.4 2,763.7 826.8 921.5 42.5 46.1 77.0 83.3 410.8 454.8 199.4 231.4 97.2 106.0
Goods 51.4 31.4 112.6 121.0 5.0 6.7 4.0 3.7 58.6 61.5 44.9 49.0 0.1 0.0
credit (exports) 1,452.4 1,561.8 521.4 566.7 33.2 35.7 53.1 55.9 230.1 240.7 204.9 234.4 0.1 0.0
as percentage of total 100.0 100.0 35.9 36.3 2.3 2.3 3.7 3.6 15.8 15.4 14.1 15.0 0.0 0.0
debit (imports) 1,401.0 1,530.4 408.8 445.7 28.2 29.0 49.1 52.2 171.5 179.2 160.0 185.4 0.0 0.0
as percentage of total 100.0 100.0 29.2 29.1 2.0 1.9 3.5 3.4 12.2 11.7 11.4 12.1 0.0 0.0
Services 44.4 55.1 31.5 38.2 1.3 2.5 2.3 2.8 23.5 28.3 -1.0 -1.1 5.4 5.6
credit (exports) 460.7 502.0 165.1 178.5 9.6 11.6 12.8 13.5 111.4 117.4 25.8 30.2 5.5 5.8
as percentage of total 100.0 100.0 35.8 35.6 2.1 2.3 2.8 2.7 24.2 23.4 5.6 6.0 1.2 1.2
debit (imports) 416.3 446.9 133.7 140.3 8.3 9.1 10.5 10.7 87.9 89.0 26.8 31.3 0.1 0.2
as percentage of total 100.0 100.0 32.1 31.4 2.0 2.0 2.5 2.4 21.1 19.9 6.4 7.0 0.0 0.0
Income 3.2 -4.7 25.8 10.6 4.6 3.0 -1.5 -3.5 8.0 -5.7 15.6 18.1 -0.9 -1.4
credit 520.2 599.9 203.9 230.7 10.0 10.3 14.6 15.5 148.8 169.4 24.2 28.6 6.3 6.8
debit 517.0 604.6 178.1 220.1 5.3 7.3 16.1 19.0 140.8 175.1 8.6 10.5 7.3 8.2
of which: investment income -3.4 -11.9 26.2 10.5 4.6 3.0 -1.5 -3.5 7.6 -6.5 19.9 22.6 -4.4 -5.1
credit 503.5 582.1 198.3 224.2 9.9 10.2 14.5 15.4 147.0 167.2 24.0 28.4 2.9 3.0
debit 506.8 594.0 172.1 213.7 5.3 7.2 16.0 18.9 139.5 173.7 4.1 5.8 7.3 8.1
Current transfers -78.5 -90.1 -39.8 -47.7 0.1 -0.0 -0.2 0.1 2.7 2.1 -1.3 -1.4 -41.1 -48.5
credit 91.5 91.7 66.4 67.7 0.7 0.7 1.1 1.5 13.3 13.5 2.7 2.9 48.6 49.1
debit 170.0 181.7 106.3 115.4 0.6 0.7 1.3 1.4 10.6 11.4 4.0 4.3 89.7 97.6
Capital account 13.5 16.3 18.7 23.3 -0.0 0.0 -0.0 -0.0 -0.0 -0.5 -0.2 -0.2 19.0 24.1
credit 25.7 29.5 20.2 25.9 0.0 0.0 0.0 0.1 0.9 0.9 0.1 0.1 19.2 24.8
debit 12.2 13.2 1.5 2.6 0.0 0.0 0.1 0.1 0.9 1.4 0.3 0.3 0.2 0.7
Financial account balance1) 83.6 99.8 - - - - - - - - - - - -
Direct investment -171.6 -201.5 -41.6 -62.5 4.4 -2.6 1.1 1.6 -17.1 -42.2 -30.1 -19.4 0.1 0.0
Abroad -367.5 -371.3 -118.2 -55.6 -0.5 -2.6 -6.7 -0.9 -78.6 -26.0 -32.5 -26.2 -0.0 0.0
Equity/reinvested earnings -284.4 -266.8 -89.5 -32.9 -1.1 -1.4 -3.8 0.6 -55.1 -16.1 -29.4 -16.0 0.0 -0.0
Other capital -83.2 -104.5 -28.7 -22.7 0.6 -1.1 -2.8 -1.5 -23.4 -9.9 -3.1 -10.2 -0.0 0.0
In the euro area 195.9 169.8 76.7 -6.9 4.9 -0.0 7.8 2.5 61.4 -16.1 2.4 6.7 0.1 0.0
Equity/reinvested earnings 152.5 91.0 64.1 -5.4 5.4 -1.1 4.7 0.9 53.5 -6.0 0.4 0.8 0.1 0.0
Other capital 43.5 78.8 12.5 -1.5 -0.5 1.1 3.0 1.6 7.9 -10.1 2.0 5.9 0.0 0.0
Portfolio investment 372.0 111.0 - - - - - - - - - - - -
Assets -571.1 -339.6 -167.5 -119.4 -15.0 -0.6 -17.4 -1.9 -126.4 -102.4 -4.0 -9.6 -4.7 -4.9
Equity -90.9 -11.6 -10.0 2.8 -3.2 0.2 -2.7 3.2 -5.0 0.2 1.1 -0.8 -0.2 -0.1
Debt -480.2 -328.0 -157.5 -122.2 -11.7 -0.8 -14.7 -5.1 -121.4 -102.6 -5.0 -8.8 -4.6 -4.8
Bonds and notes -371.3 -247.5 -119.7 -72.2 -11.6 -1.0 -15.2 -0.5 -85.4 -59.1 -3.5 -8.2 -4.0 -3.5
Money market instruments -108.9 -80.5 -37.8 -50.0 -0.1 0.1 0.4 -4.6 -35.9 -43.5 -1.5 -0.6 -0.6 -1.3
Liabilities 943.1 450.6 - - - - - - - - - - - -
Equity 328.5 28.1 - - - - - - - - - - - -
Debt 614.6 422.5 - - - - - - - - - - - -
Bonds and notes 553.8 393.1 - - - - - - - - - - - -
Money market instruments 60.8 29.4 - - - - - - - - - - - -
Financial derivatives -25.3 -85.6 - - - - - - - - - - - -
Other investment -80.1 280.5 -193.2 243.0 -12.2 -54.1 5.5 -4.3 -181.4 347.9 -19.5 -55.0 14.4 8.5
Assets -970.2 -480.8 -645.1 -33.9 -17.2 -25.3 -3.4 -5.3 -588.1 72.5 -33.6 -69.5 -2.8 -6.2
General government -3.3 15.6 -9.9 11.9 -1.5 1.4 0.8 -0.1 -9.1 11.4 0.1 0.4 -0.2 -1.1
MFIs -765.9 -251.4 -494.5 -7.8 -13.5 -26.9 -5.3 -5.9 -443.4 97.1 -32.1 -67.2 -0.2 -4.9
Other sectors -201.1 -245.0 -140.7 -38.0 -2.2 0.2 1.1 0.7 -135.6 -35.9 -1.6 -2.8 -2.4 -0.2
Liabilities 890.2 761.2 452.0 276.9 5.0 -28.8 9.0 1.0 406.7 275.4 14.2 14.5 17.2 14.7
General government 4.5 0.5 4.5 2.5 -0.3 -0.0 0.1 0.1 -1.4 -1.9 0.0 0.0 6.0 4.3
MFIs 734.8 547.2 365.1 259.2 1.5 -29.4 5.8 -1.5 341.1 275.1 11.5 8.8 5.1 6.1
Other sectors 150.8 213.5 82.4 15.2 3.8 0.7 3.0 2.4 66.9 2.2 2.7 5.6 6.0 4.3
Reserve assets -11.4 -4.6 - - - - - - - - - - - -
Errors and omissions -117.5 -107.8 - - - - - - - - - - - -

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
2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 6.3 4.8 -34.7 -43.1 7.2 4.7 45.7 39.7
credit 33.6 35.0 57.0 56.7 164.0 180.1 406.5 408.5
debit 27.2 30.2 91.7 99.9 156.7 175.3 360.8 368.8
Goods 6.0 5.2 -20.7 -22.3 11.6 11.8 63.2 55.7
credit (exports) 18.0 18.4 34.8 33.5 83.4 88.5 198.0 194.1
as percentage of total 1.2 1.2 2.4 2.1 5.7 5.7 13.6 12.4
debit (imports) 12.1 13.2 55.5 55.8 71.8 76.6 134.8 138.4
as percentage of total 0.9 0.9 4.0 3.6 5.1 5.0 9.6 9.0
Services 0.3 -0.1 2.8 2.8 12.1 11.7 -6.1 -9.4
credit (exports) 6.8 6.9 10.7 10.9 44.9 49.0 82.8 80.8
as percentage of total 1.5 1.4 2.3 2.2 9.7 9.8 18.0 16.1
debit (imports) 6.5 7.0 7.9 8.1 32.8 37.4 88.9 90.2
as percentage of total 1.6 1.6 1.9 1.8 7.9 8.4 21.4 20.2
Income 1.3 0.9 -16.6 -23.6 -16.8 -19.0 -12.2 -7.0
credit 8.2 8.9 11.1 11.9 29.8 36.5 117.4 126.7
debit 6.8 8.0 27.8 35.5 46.7 55.5 129.6 133.7
of which: investment income 1.3 1.0 -16.5 -23.5 -22.9 -25.2 -12.8 -7.6
credit 8.1 8.9 11.1 11.9 23.4 29.8 115.8 125.2
debit 6.7 7.9 27.6 35.4 46.2 55.0 128.6 132.7
Current transfers -1.2 -1.3 -0.1 -0.0 0.4 0.3 0.8 0.4
credit 0.6 0.7 0.3 0.4 5.8 6.1 8.3 6.9
debit 1.9 2.0 0.5 0.4 5.4 5.8 7.6 6.5
Capital account -0.1 -1.0 0.3 -0.1 -0.1 -0.2 -0.7 0.4
credit 0.0 0.0 0.4 0.0 0.4 0.4 0.9 1.7
debit 0.1 1.1 0.1 0.1 0.5 0.6 1.6 1.4
Financial account balance1) - - - - - - - -
Direct investment -17.0 -4.0 0.8 -5.5 -22.8 -55.9 2.5 22.8
Abroad -25.1 -6.0 -6.3 -13.6 -34.5 -66.3 -73.0 -59.0
Equity/reinvested earnings -17.6 -2.8 -5.3 -5.3 -23.5 -48.8 -61.8 -43.8
Other capital -7.5 -3.2 -1.0 -8.3 -10.9 -17.5 -11.2 -15.2
In the euro area 8.1 2.0 7.1 8.1 11.7 10.4 75.4 81.8
Equity/reinvested earnings 1.0 -0.5 2.8 9.7 8.0 5.9 64.2 44.4
Other capital 7.1 2.6 4.2 -1.6 3.7 4.6 11.2 37.4
Portfolio investment - - - - - - - -
Assets -5.3 -11.4 6.5 -17.4 -8.4 21.5 -230.8 -91.2
Equity 2.7 -3.2 -3.1 22.0 -5.9 21.4 -39.3 -4.4
Debt -7.9 -8.2 9.5 -39.4 -2.5 0.1 -191.5 -86.8
Bonds and notes -6.9 -8.9 -4.5 -7.6 -1.3 -1.1 -146.1 -68.5
Money market instruments -1.1 0.8 14.0 -31.9 -1.2 1.2 -45.4 -18.2
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment -0.6 -0.5 51.0 2.1 18.7 66.6 54.1 169.6
Assets -1.2 -5.6 18.6 -14.0 -53.9 45.9 -137.7 -188.2
General government -0.1 0.2 -0.4 0.0 0.0 -0.0 0.1 -0.1
MFIs 2.7 -5.1 9.1 -17.4 -50.7 45.7 -108.7 -51.8
Other sectors -3.8 -0.8 9.9 3.4 -3.2 0.2 -29.1 -136.2
Liabilities 0.6 5.1 32.4 16.1 72.6 20.7 191.8 357.8
General government 0.0 0.0 -0.4 0.0 -0.4 0.1 -0.1 -0.5
MFIs -1.6 5.6 30.7 17.2 56.8 10.8 137.0 217.6
Other sectors 2.2 -0.5 2.1 -1.1 16.1 9.8 54.8 140.7
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
2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2 2006Q3 to 2007Q2 2007Q3 to 2008Q2
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -134.2 -136.4 - - - - - - - -
credit - - - - - - 906.9 1,031.6 28.8 36.8 70.1 82.9 26.9 31.9 81.0 94.9
debit - - - - - - 1,041.1 1,168.0 - - - - - - - -
Goods - - - - - - -121.2 -140.0 -5.8 -6.5 -93.7 -104.0 3.2 4.6 -23.3 -27.9
credit (exports) - - - - - - 596.8 660.6 16.2 19.9 57.3 64.4 20.5 24.2 62.5 73.3
as percentage of total - - - - - - 41.1 42.3 1.1 1.3 3.9 4.1 1.4 1.5 4.3 4.7
debit (imports) - - - - - - 718.0 800.6 22.0 26.5 151.0 168.5 17.3 19.6 85.8 101.2
as percentage of total - - - - - - 51.2 52.3 1.6 1.7 10.8 11.0 1.2 1.3 6.1 6.6
Services - - - - - - 3.9 12.0 0.3 1.4 0.5 3.5 1.4 1.7 1.9 3.3
credit (exports) - - - - - - 150.4 176.0 4.1 6.3 9.7 14.4 4.7 5.9 9.6 12.3
as percentage of total - - - - - - 32.6 35.1 0.9 1.2 2.1 2.9 1.0 1.2 2.1 2.4
debit (imports) - - - - - - 146.5 164.0 3.8 4.8 9.3 10.9 3.4 4.2 7.7 9.0
as percentage of total - - - - - - 35.2 36.7 0.9 1.1 2.2 2.4 0.8 0.9 1.9 2.0
Income - - - - - - 21.7 33.4 - - - - - - - -
credit - - - - - - 149.8 185.2 8.4 10.4 2.8 3.9 1.7 1.8 8.8 9.2
debit - - - - - - 128.1 151.8 - - - - - - - -
of which: investment income - - - - - - 21.3 33.0 - - - - - - - -
credit - - - - - - 146.8 182.2 8.3 10.4 2.8 3.8 1.7 1.8 8.8 9.0
debit - - - - - - 125.5 149.2 - - - - - - - -
Current transfers - - - - - - -38.5 -41.8 -1.2 -1.3 -1.7 -2.2 -0.6 -0.6 -0.5 -0.3
credit - - - - - - 10.0 9.8 0.2 0.2 0.2 0.3 0.0 0.1 0.1 0.2
debit - - - - - - 48.5 51.6 1.4 1.5 1.9 2.5 0.6 0.7 0.7 0.6
Capital account - - - - - - -4.6 -6.1 -0.1 -0.1 -0.0 -0.0 -0.2 -0.2 0.5 -0.0
credit - - - - - - 3.7 1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.0
debit - - - - - - 8.3 7.5 0.2 0.2 0.1 0.1 0.2 0.2 0.0 0.1
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -21.8 -32.3 -2.4 -1.1 -0.0 0.1 -71.7 -64.2 -5.4 -3.1 -1.3 -3.7 -10.4 0.3 -4.5 -20.9
Abroad -35.9 -72.2 -2.4 -2.2 -0.0 0.1 -74.6 -98.7 -6.5 -7.8 -3.8 -3.4 -10.5 -0.3 -7.1 -21.8
Equity/reinvested earnings -23.5 -65.2 -3.1 -1.4 0.0 -0.0 -63.2 -68.0 -5.2 -4.8 -2.9 -1.5 -8.2 -1.6 -8.8 -16.8
Other capital -12.4 -7.0 0.7 -0.8 -0.0 0.1 -11.4 -30.7 -1.3 -3.0 -0.9 -1.9 -2.2 1.3 1.8 -5.0
In the euro area 14.1 39.9 0.0 1.1 0.0 0.1 2.9 34.4 1.1 4.7 2.5 -0.4 0.1 0.6 2.5 0.9
Equity/reinvested earnings 6.7 23.9 0.0 0.2 -0.0 -0.0 5.6 13.1 0.2 1.1 0.4 0.1 0.1 0.3 1.6 2.1
Other capital 7.4 16.0 -0.0 0.9 0.0 0.1 -2.7 21.3 0.8 3.6 2.1 -0.5 -0.0 0.3 1.0 -1.2
Portfolio investment - - - - - - - - - - - - - - - -
Assets -96.9 0.6 -6.3 -1.8 4.1 -1.1 -72.8 -121.0 -9.5 -7.7 -4.1 -1.5 -7.2 0.6 -4.8 -4.7
Equity -36.9 -19.7 -6.1 -2.2 -0.0 0.1 1.7 -30.5 -2.7 -3.2 -3.6 -0.7 -6.3 1.0 -4.0 -4.4
Debt -60.0 20.2 -0.2 0.5 4.2 -1.2 -74.5 -90.5 -6.9 -4.5 -0.5 -0.8 -0.9 -0.3 -0.8 -0.3
Bonds and notes -34.9 10.0 -0.2 0.4 1.4 -1.2 -59.3 -97.9 -1.4 -0.2 -0.5 -0.3 -0.8 -0.3 -0.9 -0.3
Money market instruments -25.1 10.3 0.0 0.1 2.7 -0.1 -15.2 7.4 -5.5 -4.4 0.0 -0.5 -0.1 -0.1 0.1 0.0
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment 1.8 -55.4 14.2 3.8 8.2 -30.2 -20.3 -114.7 -2.9 -15.5 -3.8 -19.2 -1.8 25.0 17.7 -63.0
Assets -49.4 -130.8 -1.5 -31.9 -7.9 -9.7 -93.7 -144.5 -6.5 -11.5 -6.6 -4.0 -2.0 -6.0 -3.7 -35.8
General government 0.1 0.0 0.0 0.0 -0.8 -0.8 7.7 4.3 0.0 -0.0 -0.0 0.0 0.0 0.1 6.6 0.1
MFIs -37.6 -103.9 4.7 -27.7 -7.2 -8.9 -79.0 -102.1 -5.0 -8.6 -4.4 -1.4 -1.0 -6.7 1.5 -24.2
Other sectors -11.9 -26.9 -6.2 -4.2 0.1 -0.0 -22.4 -46.7 -1.5 -2.9 -2.2 -2.7 -1.1 0.6 -11.9 -11.7
Liabilities 51.2 75.4 15.7 35.7 16.2 -20.5 73.4 29.8 3.6 -4.0 2.9 -15.2 0.2 31.0 21.4 -27.2
General government 0.1 0.1 0.0 0.0 2.7 -0.8 -2.0 -0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
MFIs 46.2 60.2 12.9 35.5 13.4 -19.7 87.2 -3.7 3.5 -4.4 1.8 -15.9 -0.2 30.8 20.2 -29.0
Other sectors 4.9 15.1 2.8 0.2 0.0 0.0 -11.7 34.3 0.0 0.5 1.0 0.7 0.4 0.2 1.1 1.8
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -