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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
2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 49.1 -35.9 129.4 101.6 13.0 12.4 3.9 1.8 90.8 63.5 58.8 66.3 -37.1 -42.3
credit 2,636.1 2,798.0 989.2 1,042.0 57.3 60.4 84.4 86.5 527.8 536.3 260.1 300.5 59.7 58.3
debit 2,587.0 2,833.9 859.8 940.4 44.3 48.0 80.5 84.8 436.9 472.8 201.2 234.3 96.8 100.6
Goods 64.2 10.0 116.7 120.0 5.4 6.9 5.0 3.1 61.8 59.6 44.4 50.4 0.0 0.0
credit (exports) 1,487.3 1,590.4 526.8 570.7 33.8 36.6 54.6 55.9 234.0 240.3 204.3 238.0 0.0 0.0
as percentage of total 100.0 100.0 35.4 35.9 2.3 2.3 3.7 3.5 15.7 15.1 13.7 15.0 0.0 0.0
debit (imports) 1,423.1 1,580.4 410.1 450.7 28.4 29.7 49.6 52.8 172.2 180.7 159.9 187.6 0.0 0.0
as percentage of total 100.0 100.0 28.8 28.5 2.0 1.9 3.5 3.3 12.1 11.4 11.2 11.9 0.0 0.0
Services 50.5 52.5 39.5 37.8 3.3 3.2 2.2 2.9 29.6 27.9 -0.8 -1.5 5.3 5.4
credit (exports) 474.7 502.8 174.9 177.1 11.9 12.3 13.0 13.5 117.7 115.6 26.9 30.1 5.4 5.6
as percentage of total 100.0 100.0 36.8 35.2 2.5 2.5 2.7 2.7 24.8 23.0 5.7 6.0 1.1 1.1
debit (imports) 424.3 450.3 135.4 139.3 8.6 9.1 10.8 10.6 88.2 87.7 27.8 31.6 0.1 0.2
as percentage of total 100.0 100.0 31.9 30.9 2.0 2.0 2.6 2.4 20.8 19.5 6.5 7.0 0.0 0.0
Income 15.1 -10.5 13.4 -10.4 4.2 2.4 -3.2 -4.4 -3.0 -25.6 16.6 18.7 -1.2 -1.5
credit 583.2 616.1 221.3 229.8 10.9 10.7 15.5 15.6 162.4 167.1 26.1 29.6 6.5 6.8
debit 568.1 626.6 207.9 240.1 6.7 8.3 18.7 20.0 165.4 192.7 9.5 10.8 7.7 8.3
of which: investment income 8.2 -17.9 13.6 -10.5 4.2 2.4 -3.2 -4.4 -3.5 -26.3 21.0 23.2 -4.8 -5.3
credit 565.9 598.2 215.5 223.4 10.8 10.6 15.4 15.5 160.5 164.9 25.9 29.4 2.8 3.0
debit 557.7 616.1 201.8 233.9 6.7 8.3 18.6 19.9 164.0 191.2 4.9 6.2 7.7 8.2
Current transfers -80.6 -87.9 -40.1 -45.9 0.1 -0.0 -0.1 0.1 2.5 1.6 -1.3 -1.4 -41.2 -46.3
credit 90.9 88.7 66.1 64.3 0.7 0.8 1.2 1.5 13.6 13.2 2.8 2.9 47.8 45.9
debit 171.5 176.5 106.3 110.2 0.6 0.8 1.4 1.4 11.2 11.6 4.1 4.3 89.0 92.2
Capital account 13.4 16.3 19.8 23.6 0.0 -0.0 -0.1 -0.0 -0.1 -0.5 -0.2 -0.2 20.2 24.3
credit 26.1 29.9 21.7 26.2 0.0 0.0 0.0 0.1 0.9 0.8 0.1 0.1 20.6 25.2
debit 12.7 13.6 1.9 2.6 0.0 0.0 0.1 0.1 1.0 1.3 0.3 0.3 0.4 0.8
Financial account balance1) 72.4 41.8 - - - - - - - - - - - -
Direct investment -175.2 -175.9 -24.2 -49.0 6.2 -0.7 -1.3 -0.6 -1.4 -26.7 -27.8 -21.0 0.1 0.0
Abroad -452.1 -372.3 -129.6 -78.1 -2.3 -2.9 -3.7 -9.1 -92.5 -38.0 -31.1 -28.0 -0.0 0.0
Equity/reinvested earnings -337.2 -269.1 -87.2 -53.3 -2.2 -2.1 -0.3 -6.5 -57.3 -28.9 -27.5 -15.8 -0.0 -0.0
Other capital -114.9 -103.3 -42.4 -24.8 -0.2 -0.8 -3.4 -2.6 -35.3 -9.1 -3.6 -12.2 -0.0 0.0
In the euro area 276.9 196.4 105.4 29.1 8.5 2.1 2.4 8.5 91.1 11.4 3.3 7.1 0.1 0.0
Equity/reinvested earnings 209.4 122.7 86.7 33.3 7.0 0.6 -0.6 5.8 79.4 26.2 0.8 0.7 0.1 0.0
Other capital 67.5 73.7 18.8 -4.3 1.5 1.5 3.0 2.7 11.7 -14.8 2.5 6.4 0.0 0.0
Portfolio investment 341.6 150.5 - - - - - - - - - - - -
Assets -487.5 -236.7 -126.2 -108.4 -9.3 -3.3 -16.8 -7.6 -90.6 -83.8 -4.9 -10.1 -4.6 -3.6
Equity -92.0 44.0 -3.9 16.4 -2.3 0.5 -2.1 4.3 0.8 13.5 -0.1 -1.6 -0.2 -0.2
Debt -395.4 -280.7 -122.3 -124.9 -7.0 -3.9 -14.7 -11.8 -91.4 -97.3 -4.8 -8.5 -4.4 -3.4
Bonds and notes -313.2 -209.5 -87.5 -94.6 -7.7 -2.8 -13.9 -4.2 -58.9 -78.6 -3.2 -7.3 -3.8 -1.7
Money market instruments -82.2 -71.1 -34.8 -30.3 0.6 -1.1 -0.8 -7.7 -32.5 -18.7 -1.6 -1.2 -0.6 -1.6
Liabilities 829.1 387.2 - - - - - - - - - - - -
Equity 209.1 -95.8 - - - - - - - - - - - -
Debt 620.0 483.0 - - - - - - - - - - - -
Bonds and notes 568.5 395.4 - - - - - - - - - - - -
Money market instruments 51.5 87.7 - - - - - - - - - - - -
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT 166.5 -25.4 - - - - - - - - - - - -
Financial derivatives -38.1 -57.3 - - - - - - - - - - - -
Other investment -43.7 123.2 -100.8 165.3 -23.0 -30.7 8.6 -2.0 -71.1 255.1 -33.1 -55.0 17.9 -2.0
Assets -1,092.8 -390.1 -543.1 -52.4 -26.2 -7.6 -1.9 -7.3 -465.6 35.7 -48.8 -67.0 -0.7 -6.2
General government 3.8 5.4 2.6 2.2 -1.3 1.3 0.8 -0.2 2.8 2.0 0.5 0.5 -0.3 -1.4
MFIs -726.5 -256.5 -414.7 -11.9 -22.9 -9.0 -2.0 -6.9 -342.9 70.6 -46.4 -62.1 -0.5 -4.6
Other sectors -370.2 -139.1 -131.0 -42.6 -2.0 0.1 -0.8 -0.2 -125.5 -36.9 -2.8 -5.5 0.1 -0.1
Liabilities 1,049.1 513.3 442.3 217.7 3.2 -23.1 10.4 5.2 394.4 219.4 15.6 12.0 18.6 4.2
General government 2.3 -6.2 6.5 -5.6 0.0 -0.0 -0.0 0.2 -0.9 -2.7 0.0 -0.0 7.4 -3.1
MFIs 744.4 487.4 374.5 205.5 -1.2 -23.6 7.7 2.0 350.2 218.2 12.1 6.4 5.7 2.4
Other sectors 302.5 32.1 61.3 17.8 4.5 0.4 2.8 3.0 45.0 3.9 3.5 5.6 5.5 4.9
Reserve assets -12.3 1.3 - - - - - - - - - - - -
Errors and omissions -134.9 -22.2 - - - - - - - - - - - -

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
2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 5.4 7.8 -39.2 -46.0 10.7 7.3 53.6 35.0
credit 34.0 38.1 56.6 56.5 177.3 184.7 414.8 409.7
debit 28.6 30.3 95.8 102.5 166.7 177.5 361.1 374.7
Goods 5.7 4.9 -21.5 -22.3 11.6 12.2 62.6 52.3
credit (exports) 18.3 18.6 34.5 33.6 85.0 90.4 198.4 194.0
as percentage of total 1.2 1.2 2.3 2.1 5.7 5.7 13.3 12.2
debit (imports) 12.6 13.7 56.0 55.9 73.4 78.2 135.7 141.7
as percentage of total 0.9 0.9 3.9 3.5 5.2 4.9 9.5 9.0
Services 0.3 0.0 2.8 3.0 11.7 10.8 -9.1 -10.2
credit (exports) 6.9 6.8 10.9 10.8 46.5 48.8 79.8 80.5
as percentage of total 1.4 1.3 2.3 2.2 9.8 9.7 16.8 16.0
debit (imports) 6.5 6.7 8.1 7.9 34.7 38.0 88.9 90.7
as percentage of total 1.5 1.5 1.9 1.7 8.2 8.4 21.0 20.1
Income 0.6 4.0 -20.3 -26.5 -12.8 -16.2 -0.6 -8.0
credit 8.2 12.0 10.9 11.7 39.8 39.3 128.5 128.7
debit 7.5 8.0 31.1 38.2 52.6 55.5 129.2 136.6
of which: investment income 0.7 4.0 -20.2 -26.5 -19.1 -22.5 -1.2 -8.5
credit 8.1 11.9 10.8 11.6 33.1 32.5 126.9 127.2
debit 7.4 7.9 31.0 38.1 52.1 55.0 128.1 135.7
Current transfers -1.3 -1.1 -0.1 -0.1 0.2 0.5 0.8 1.0
credit 0.7 0.8 0.3 0.4 6.0 6.2 8.1 6.5
debit 1.9 1.9 0.5 0.5 5.9 5.7 7.4 5.5
Capital account -0.1 -1.0 0.4 -0.1 -0.2 -0.2 -0.9 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 0.6 0.6 1.8 1.3
Financial account balance1) - - - - - - - -
Direct investment -7.1 -0.4 9.8 -13.6 6.4 -33.6 -43.3 11.2
Abroad -15.8 -5.8 -3.2 -13.8 -5.2 -44.7 -127.8 -60.4
Equity/reinvested earnings -8.2 -4.6 -2.7 -6.0 9.3 -34.3 -107.3 -44.8
Other capital -7.6 -1.2 -0.5 -7.8 -14.5 -10.4 -20.5 -15.5
In the euro area 8.8 5.4 13.0 0.3 11.6 11.1 84.5 71.6
Equity/reinvested earnings 1.7 3.3 8.2 3.3 6.8 5.0 66.4 39.3
Other capital 7.1 2.1 4.8 -3.0 4.8 6.1 18.1 32.3
Portfolio investment - - - - - - - -
Assets -4.2 -17.8 -2.7 -17.2 3.9 13.4 -158.4 -36.2
Equity 1.4 -6.3 12.5 26.3 7.2 13.3 -30.7 17.0
Debt -5.6 -11.4 -15.2 -43.5 -3.3 0.0 -127.7 -53.2
Bonds and notes -5.2 -12.4 -3.4 -11.6 -2.5 -1.2 -106.4 -52.4
Money market instruments -0.4 1.0 -11.8 -31.9 -0.8 1.2 -21.3 -0.8
Liabilities - - - - - - - -
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT - - - - - - - -
Financial derivatives - - - - - - - -
Other investment 4.4 -6.7 26.1 -4.2 -10.0 79.5 135.1 88.5
Assets -3.6 -2.8 17.7 -26.9 -44.6 57.1 -245.9 -90.5
General government 0.1 0.0 -0.4 -0.0 0.0 -0.0 0.1 -0.1
MFIs 0.8 -3.3 11.4 -29.0 -40.9 57.9 -89.4 -92.8
Other sectors -4.4 0.5 6.7 2.1 -3.7 -0.8 -156.6 2.4
Liabilities 7.9 -4.0 8.4 22.7 34.6 22.4 381.1 179.1
General government 0.0 -0.0 -0.3 0.0 -2.6 0.0 0.5 -0.8
MFIs 6.0 -2.1 8.6 24.0 18.5 26.3 194.2 180.6
Other sectors 1.9 -1.9 0.1 -1.3 18.7 -4.0 186.3 -0.8
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
2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3 2006Q4 to 2007Q3 2007Q4 to 2008Q3
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -110.9 -141.5 - - - - - - - -
credit - - - - - - 964.2 1,067.1 31.8 40.4 74.4 85.3 29.3 32.9 84.3 99.4
debit - - - - - - 1,075.1 1,208.6 - - - - - - - -
Goods - - - - - - -110.9 -157.1 -6.4 -5.9 -101.2 -107.8 3.7 4.4 -19.8 -33.0
credit (exports) - - - - - - 624.2 683.0 17.1 21.8 59.1 65.3 21.9 24.9 65.7 76.7
as percentage of total - - - - - - 42.0 42.9 1.2 1.4 4.0 4.1 1.5 1.6 4.4 4.8
debit (imports) - - - - - - 735.1 840.1 23.5 27.7 160.3 173.1 18.1 20.5 85.5 109.8
as percentage of total - - - - - - 51.7 53.2 1.7 1.8 11.3 11.0 1.3 1.3 6.0 6.9
Services - - - - - - 5.3 11.1 0.6 1.7 1.1 4.5 2.1 1.6 3.0 3.5
credit (exports) - - - - - - 155.9 178.8 4.6 6.9 11.1 15.3 5.7 6.1 11.1 13.0
as percentage of total - - - - - - 32.8 35.6 1.0 1.4 2.3 3.0 1.2 1.2 2.3 2.6
debit (imports) - - - - - - 150.6 167.7 3.9 5.2 10.0 10.8 3.6 4.5 8.1 9.5
as percentage of total - - - - - - 35.5 37.2 0.9 1.2 2.4 2.4 0.8 1.0 1.9 2.1
Income - - - - - - 34.8 46.6 - - - - - - - -
credit - - - - - - 174.5 194.8 9.9 11.5 3.9 4.5 1.7 1.9 7.2 9.3
debit - - - - - - 139.7 148.1 - - - - - - - -
of which: investment income - - - - - - 34.3 46.1 - - - - - - - -
credit - - - - - - 171.5 191.7 9.9 11.4 3.9 4.4 1.7 1.9 7.2 9.2
debit - - - - - - 137.2 145.6 - - - - - - - -
Current transfers - - - - - - -40.0 -42.2 -1.3 -1.2 -2.0 -2.0 -0.6 -0.6 -0.4 -0.3
credit - - - - - - 9.6 10.5 0.2 0.2 0.2 0.3 0.0 0.1 0.2 0.3
debit - - - - - - 49.7 52.6 1.4 1.4 2.2 2.3 0.6 0.7 0.5 0.6
Capital account - - - - - - -5.6 -6.3 -0.1 -0.1 -0.0 -0.1 -0.2 -0.2 -0.0 -0.0
credit - - - - - - 2.7 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0
debit - - - - - - 8.3 7.8 0.1 0.2 0.1 0.1 0.2 0.2 0.1 0.1
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -57.5 -34.2 -4.3 -1.9 -0.1 0.0 -59.3 -56.4 -9.5 8.1 -1.5 -4.4 -5.3 1.6 0.7 -19.3
Abroad -84.7 -80.2 -5.4 -2.9 -0.1 0.0 -85.7 -89.4 -10.8 2.5 -4.0 -4.1 -5.8 1.1 -8.9 -21.7
Equity/reinvested earnings -73.1 -69.6 -5.2 -2.4 0.0 -0.0 -68.0 -56.4 -8.0 6.3 -2.7 -3.8 -5.2 1.3 -10.2 -16.7
Other capital -11.6 -10.6 -0.2 -0.4 -0.1 0.0 -17.7 -33.0 -2.8 -3.9 -1.3 -0.3 -0.6 -0.2 1.3 -5.0
In the euro area 27.3 46.0 1.0 1.0 0.0 -0.0 26.3 33.0 1.4 5.7 2.5 -0.2 0.5 0.5 9.5 2.4
Equity/reinvested earnings 22.6 25.6 0.1 0.6 -0.0 -0.0 17.0 12.9 0.6 1.2 0.5 0.1 0.3 0.4 6.3 3.4
Other capital 4.6 20.4 0.9 0.4 0.0 -0.0 9.3 20.1 0.8 4.5 2.1 -0.4 0.2 0.1 3.3 -1.0
Portfolio investment - - - - - - - - - - - - - - - -
Assets -92.9 -12.5 -7.4 -0.7 1.9 1.1 -108.9 -59.1 -10.0 -1.1 6.6 -5.9 -4.6 2.8 -1.4 -6.1
Equity -50.2 -20.4 -7.7 -1.0 0.3 0.1 -28.6 -2.6 -6.5 1.3 7.1 -4.6 -3.6 3.3 -0.4 -5.5
Debt -42.7 7.9 0.3 0.4 1.6 1.0 -80.3 -56.5 -3.4 -2.3 -0.6 -1.3 -1.1 -0.5 -1.0 -0.7
Bonds and notes -30.0 14.1 0.3 0.2 1.1 0.1 -79.3 -51.5 -2.2 -0.4 -0.6 -0.5 -1.1 -0.3 -0.9 -0.0
Money market instruments -12.7 -6.2 0.0 0.2 0.5 0.9 -1.0 -5.0 -1.2 -2.0 -0.0 -0.8 0.0 -0.2 -0.0 -0.6
Liabilities - - - - - - - - - - - - - - - -
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment -49.8 -67.6 13.0 -8.2 0.8 -18.2 -49.5 -113.3 -7.4 -9.9 -0.2 -17.6 33.4 29.7 -16.2 -43.3
Assets -89.6 -95.7 -7.4 -32.8 -9.3 -7.5 -174.5 -171.5 -12.2 -7.6 -4.4 -8.4 -2.3 -7.0 -24.4 -35.2
General government 0.0 -0.0 0.0 0.0 -0.7 -0.7 2.1 4.1 -0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0
MFIs -81.0 -67.0 -4.3 -28.9 -8.6 -6.8 -104.1 -103.5 -9.4 -4.9 -1.8 -5.8 -1.8 -6.9 -8.3 -22.9
Other sectors -8.6 -28.7 -3.1 -3.9 0.0 -0.0 -72.5 -72.0 -2.7 -2.7 -2.6 -2.7 -0.5 -0.2 -16.1 -12.3
Liabilities 39.8 28.0 20.4 24.6 10.1 -10.8 125.0 58.2 4.8 -2.3 4.2 -9.2 35.7 36.8 8.2 -8.1
General government 0.1 0.1 0.0 0.0 0.2 0.5 -2.2 -0.4 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 -0.0
MFIs 33.8 11.0 19.4 23.8 9.8 -11.1 98.9 53.1 4.3 -2.8 2.9 -10.4 35.4 36.4 7.2 -9.5
Other sectors 5.8 17.0 1.0 0.8 0.1 -0.1 28.2 5.5 0.5 0.5 1.3 1.1 0.3 0.4 1.0 1.4
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -