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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
2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 11.1 -93.6 108.5 95.7 13.1 13.2 1.1 0.7 83.6 79.2 51.9 49.7 -41.1 -47.1
credit 2,686.1 2,760.3 991.1 999.7 57.7 60.5 86.2 85.8 530.4 518.6 258.5 277.7 58.3 57.1
debit 2,675.0 2,853.9 882.6 904.0 44.6 47.3 85.1 85.1 446.8 439.4 206.7 228.0 99.5 104.1
Goods 46.4 -6.1 120.8 106.6 6.2 6.0 4.9 2.9 66.1 57.3 43.5 40.4 0.0 0.0
credit (exports) 1,513.7 1,579.3 534.4 542.5 34.8 36.4 55.7 54.3 240.1 233.6 203.8 218.1 0.0 0.0
as percentage of total 100.0 100.0 35.3 34.3 2.3 2.3 3.7 3.4 15.9 14.8 13.5 13.8 0.0 0.0
debit (imports) 1,467.3 1,585.4 413.7 435.9 28.6 30.4 50.8 51.5 174.0 176.2 160.3 177.8 0.0 0.0
as percentage of total 100.0 100.0 28.2 27.5 1.9 1.9 3.5 3.2 11.9 11.1 10.9 11.2 0.0 0.0
Services 49.2 41.7 33.1 30.1 4.5 4.7 1.5 2.0 26.4 22.4 -4.5 -4.5 5.3 5.5
credit (exports) 490.3 504.0 174.9 171.4 12.7 12.9 13.3 13.7 116.1 110.0 27.3 29.0 5.5 5.7
as percentage of total 100.0 100.0 35.7 34.0 2.6 2.6 2.7 2.7 23.7 21.8 5.6 5.7 1.1 1.1
debit (imports) 441.1 462.3 141.7 141.2 8.2 8.2 11.8 11.7 89.8 87.6 31.8 33.4 0.1 0.2
as percentage of total 100.0 100.0 32.1 30.6 1.9 1.8 2.7 2.5 20.3 19.0 7.2 7.2 0.0 0.0
Income 1.4 -32.4 -1.4 10.1 2.4 2.7 -5.3 -4.5 -11.5 -1.4 14.3 15.5 -1.4 -2.3
credit 592.3 588.8 216.2 222.7 9.5 10.4 16.0 16.2 159.9 162.1 24.4 27.4 6.5 6.7
debit 591.0 621.2 217.7 212.7 7.0 7.7 21.2 20.6 171.4 163.5 10.1 11.9 7.9 9.0
of which: investment income -7.1 -41.1 -2.1 9.5 2.4 2.7 -5.3 -4.5 -12.1 -1.8 18.0 19.2 -5.1 -6.1
credit 573.6 569.7 209.6 216.1 9.4 10.3 15.9 16.0 157.9 160.3 23.7 26.6 2.8 2.9
debit 580.7 610.8 211.7 206.6 7.0 7.6 21.2 20.5 170.0 162.0 5.7 7.5 7.9 9.0
Current transfers -85.9 -96.8 -43.9 -51.1 -0.0 -0.2 -0.0 0.3 2.6 0.9 -1.4 -1.6 -45.1 -50.3
credit 89.8 88.2 65.6 63.2 0.7 0.8 1.3 1.5 14.2 13.0 3.1 3.2 46.3 44.6
debit 175.7 185.0 109.5 114.2 0.7 1.0 1.3 1.3 11.6 12.1 4.5 4.9 91.4 95.0
Capital account 13.7 12.4 20.5 20.0 0.0 -0.0 -0.1 -0.0 -0.2 -0.1 -0.1 -0.1 20.8 20.2
credit 25.9 25.7 22.6 22.3 0.0 0.0 0.1 0.0 1.0 1.1 0.2 0.2 21.3 21.0
debit 12.2 13.3 2.0 2.3 0.0 0.0 0.1 0.1 1.1 1.2 0.3 0.2 0.5 0.8
Financial account balance1) 41.2 313.6 - - - - - - - - - - - -
Direct investment -92.5 -251.3 -23.4 -83.4 2.0 -1.1 -2.5 -3.8 -0.2 -52.7 -22.7 -25.7 0.0 -0.0
Abroad -474.2 -351.0 -140.4 -72.6 -1.5 -2.9 -3.1 -20.8 -106.1 -26.9 -29.7 -22.0 -0.0 -0.0
Equity/reinvested earnings -355.5 -234.6 -97.1 -41.5 -0.6 -1.9 1.0 -8.6 -72.8 -19.3 -24.7 -11.6 -0.0 -0.0
Other capital -118.7 -116.4 -43.3 -31.0 -0.9 -0.9 -4.2 -12.2 -33.3 -7.6 -5.0 -10.4 -0.0 0.0
In the euro area 381.7 99.7 117.0 -10.8 3.5 1.8 0.7 17.1 105.8 -25.9 7.0 -3.8 0.0 0.0
Equity/reinvested earnings 267.4 69.0 97.3 -3.8 2.7 -0.1 3.2 10.9 90.3 -16.5 1.1 1.9 0.0 0.0
Other capital 114.3 30.7 19.7 -6.9 0.8 1.9 -2.5 6.2 15.5 -9.3 5.9 -5.7 0.0 0.0
Portfolio investment 159.7 439.2 - - - - - - - - - - - -
Assets -439.5 14.7 -88.2 -79.9 -3.5 -2.3 -15.5 5.7 -63.9 -82.1 -5.0 -0.8 -0.3 -0.5
Equity -79.5 113.0 12.5 14.2 -0.5 -0.2 -1.0 6.2 14.3 7.5 -0.2 0.8 -0.1 -0.1
Debt -360.0 -98.2 -100.7 -94.1 -3.0 -2.0 -14.5 -0.5 -78.2 -89.5 -4.8 -1.6 -0.2 -0.5
Bonds and notes -282.5 -91.1 -70.1 -93.6 -3.8 0.3 -10.6 -0.2 -51.2 -93.4 -4.8 -1.1 0.3 0.8
Money market instruments -77.5 -7.1 -30.6 -0.6 0.7 -2.3 -3.8 -0.3 -26.9 3.9 0.0 -0.6 -0.5 -1.3
Liabilities 599.3 424.5 - - - - - - - - - - - -
Equity 127.6 -77.1 - - - - - - - - - - - -
Debt 471.6 501.5 - - - - - - - - - - - -
Bonds and notes 433.0 281.6 - - - - - - - - - - - -
Money market instruments 38.6 219.9 - - - - - - - - - - - -
Financial derivatives -67.0 -30.9 - - - - - - - - - - - -
Other investment 46.0 160.5 29.9 303.1 -35.8 -10.7 7.4 -6.5 81.4 384.1 -32.9 -71.4 9.9 7.6
Assets -910.9 -24.2 -311.5 75.4 -17.0 12.5 -1.7 -0.2 -248.6 143.4 -43.1 -73.0 -1.1 -7.4
General government 7.6 7.0 4.8 5.8 1.3 0.1 -0.0 -0.3 3.8 6.8 0.6 0.5 -0.9 -1.3
MFIs -570.3 35.3 -234.2 79.2 -17.9 12.9 -3.3 -0.3 -170.2 142.0 -42.7 -69.4 -0.1 -6.0
Other sectors -348.3 -66.4 -82.0 -9.7 -0.4 -0.5 1.6 0.4 -82.2 -5.4 -1.0 -4.1 -0.1 -0.1
Liabilities 956.9 184.7 341.4 227.7 -18.9 -23.2 9.1 -6.3 330.0 240.6 10.3 1.6 11.0 14.9
General government -0.9 9.4 -0.5 3.8 -0.0 0.0 0.0 -0.1 -1.7 -1.0 -0.0 -0.0 1.2 4.8
MFIs 726.5 106.7 326.4 197.4 -19.1 -23.8 7.0 -8.3 326.8 227.6 6.1 -2.0 5.6 3.9
Other sectors 231.3 68.6 15.6 26.5 0.2 0.6 2.0 2.1 4.9 14.1 4.1 3.6 4.2 6.2
Reserve assets -5.1 -3.9 - - - - - - - - - - - -
Errors and omissions -66.0 -232.4 - - - - - - - - - - - -

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
2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 9.0 4.1 -43.1 -43.2 6.2 4.9 47.5 13.6
credit 39.0 35.9 56.2 57.2 182.2 185.8 414.3 404.8
debit 30.0 31.8 99.3 100.4 176.0 180.9 366.8 391.2
Goods 5.4 4.3 -23.3 -22.0 11.4 12.6 60.0 49.5
credit (exports) 18.5 18.6 34.0 33.8 86.2 91.8 196.4 192.6
as percentage of total 1.2 1.2 2.2 2.1 5.7 5.8 13.0 12.2
debit (imports) 13.0 14.3 57.2 55.8 74.8 79.2 136.4 143.1
as percentage of total 0.9 0.9 3.9 3.5 5.1 5.0 9.3 9.0
Services 0.2 0.0 2.7 3.0 9.6 10.7 -10.9 -15.6
credit (exports) 7.1 6.8 11.1 11.3 48.6 50.6 80.1 79.8
as percentage of total 1.4 1.3 2.3 2.2 9.9 10.0 16.3 15.8
debit (imports) 6.9 6.8 8.4 8.3 38.9 39.9 91.0 95.4
as percentage of total 1.6 1.5 1.9 1.8 8.8 8.6 20.6 20.6
Income 4.6 0.8 -22.4 -24.0 -15.1 -18.9 -2.1 -18.7
credit 12.8 9.8 10.8 11.8 41.3 36.9 130.0 125.4
debit 8.1 8.9 33.3 35.7 56.4 55.8 132.1 144.1
of which: investment income 4.6 0.9 -22.4 -23.9 -21.5 -25.4 -2.8 -19.5
credit 12.7 9.7 10.8 11.7 34.4 29.9 128.3 123.6
debit 8.0 8.8 33.1 35.6 55.9 55.3 131.1 143.1
Current transfers -1.2 -1.1 -0.0 -0.2 0.3 0.6 0.6 -1.6
credit 0.7 0.8 0.4 0.4 6.1 6.5 7.8 7.1
debit 1.9 1.8 0.4 0.6 5.9 6.0 7.3 8.7
Capital account -0.1 -1.0 -0.1 -0.1 -0.2 -0.0 -0.4 0.2
credit 0.0 0.0 0.0 0.0 0.4 0.6 0.7 1.4
debit 0.2 1.1 0.1 0.1 0.6 0.6 1.1 1.3
Financial account balance1) - - - - - - - -
Direct investment -0.8 -4.1 0.0 -4.7 2.2 -8.7 46.0 -84.4
Abroad -7.4 -9.8 -8.6 -6.1 -13.6 -21.5 -93.9 -107.3
Equity/reinvested earnings -3.6 -9.3 -2.0 -4.3 0.9 -23.1 -76.2 -70.8
Other capital -3.8 -0.6 -6.6 -1.8 -14.5 1.5 -17.7 -36.5
In the euro area 6.6 5.8 8.6 1.4 15.9 12.8 139.9 22.9
Equity/reinvested earnings 1.9 3.5 8.4 3.0 11.6 4.9 91.3 23.3
Other capital 4.7 2.3 0.3 -1.6 4.2 7.9 48.6 -0.4
Portfolio investment - - - - - - - -
Assets -5.1 -16.6 -2.9 6.4 5.1 13.1 -150.3 54.7
Equity 2.2 -7.2 19.5 26.0 7.4 12.8 -33.0 36.5
Debt -7.3 -9.4 -22.4 -19.6 -2.3 0.3 -117.3 18.2
Bonds and notes -6.1 -8.9 -4.8 3.3 -2.7 -1.2 -92.2 -8.4
Money market instruments -1.2 -0.5 -17.6 -23.0 0.4 1.5 -25.1 26.6
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment -0.3 -0.3 13.3 -40.9 50.1 -22.8 119.0 225.8
Assets -2.4 -3.6 -1.6 -17.8 28.3 6.9 -282.9 44.2
General government -0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.1
MFIs 0.2 -3.0 -9.1 -19.9 31.9 5.4 -109.8 29.9
Other sectors -2.6 -0.6 7.5 2.1 -3.7 1.5 -173.0 14.3
Liabilities 2.1 3.4 14.8 -23.1 21.8 -29.8 401.9 181.6
General government 0.0 -0.0 -0.2 0.0 0.7 -0.4 0.4 0.2
MFIs 1.4 2.7 16.3 -23.3 5.4 -34.3 220.3 186.0
Other sectors 0.7 0.7 -1.3 0.1 15.7 4.9 181.1 -4.6
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
2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4 2007Q1 to 2007Q4 2008Q1 to 2008Q4
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -117.0 -168.8 - - - - - - - -
credit - - - - - - 1,003.3 1,076.7 34.0 41.1 79.1 85.2 31.0 31.1 88.6 103.4
debit - - - - - - 1,120.3 1,245.5 - - - - - - - -
Goods - - - - - - -127.9 -157.1 -7.2 -5.4 -107.0 -113.8 4.7 2.6 -26.5 -32.8
credit (exports) - - - - - - 644.2 700.0 18.3 22.5 60.6 65.5 23.0 23.5 68.6 79.1
as percentage of total - - - - - - 42.6 44.3 1.2 1.4 4.0 4.1 1.5 1.5 4.5 5.0
debit (imports) - - - - - - 772.1 857.1 25.5 27.9 167.6 179.3 18.4 20.9 95.1 111.9
as percentage of total - - - - - - 52.6 54.1 1.7 1.8 11.4 11.3 1.3 1.3 6.5 7.1
Services - - - - - - 14.5 13.6 1.2 2.0 3.4 4.0 2.4 1.1 4.3 4.8
credit (exports) - - - - - - 168.6 184.2 5.2 7.3 14.2 15.2 6.3 5.7 12.5 14.2
as percentage of total - - - - - - 34.4 36.5 1.1 1.5 2.9 3.0 1.3 1.1 2.6 2.8
debit (imports) - - - - - - 154.1 170.6 4.0 5.3 10.9 11.2 3.9 4.6 8.3 9.4
as percentage of total - - - - - - 34.9 36.9 0.9 1.1 2.5 2.4 0.9 1.0 1.9 2.0
Income - - - - - - 37.9 18.2 - - - - - - - -
credit - - - - - - 181.3 182.2 10.3 11.0 4.1 4.3 1.6 1.8 7.2 9.8
debit - - - - - - 143.4 164.0 - - - - - - - -
of which: investment income - - - - - - 37.1 17.4 - - - - - - - -
credit - - - - - - 177.9 178.7 10.3 11.0 4.0 4.2 1.6 1.7 7.2 9.7
debit - - - - - - 140.8 161.3 - - - - - - - -
Current transfers - - - - - - -41.6 -43.5 -1.3 -1.2 -2.3 -2.2 -0.6 -0.6 -0.3 -0.1
credit - - - - - - 9.1 10.3 0.2 0.2 0.3 0.3 0.1 0.1 0.2 0.4
debit - - - - - - 50.7 53.8 1.5 1.5 2.5 2.5 0.6 0.7 0.5 0.5
Capital account - - - - - - -6.0 -6.7 -0.1 -0.1 -0.0 -0.1 -0.2 -0.1 -0.0 -0.0
credit - - - - - - 2.2 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
debit - - - - - - 8.2 8.0 0.1 0.2 0.1 0.1 0.2 0.2 0.1 0.1
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -60.1 -31.8 -4.6 -4.5 -0.0 -0.0 -56.5 -34.2 -10.6 10.1 -3.8 -3.7 -3.4 -0.0 -3.4 -17.5
Abroad -117.6 -41.1 -4.6 -5.2 -0.0 -0.0 -92.6 -92.5 -12.2 4.4 -4.4 -3.6 -4.0 -0.3 -13.3 -16.8
Equity/reinvested earnings -106.1 -29.9 -3.9 -4.3 -0.0 0.0 -71.3 -55.8 -7.7 6.9 -2.2 -4.0 -3.4 -0.3 -14.1 -11.9
Other capital -11.5 -11.1 -0.6 -0.9 -0.0 -0.0 -21.3 -36.8 -4.5 -2.5 -2.2 0.4 -0.6 -0.0 0.8 -4.9
In the euro area 57.6 9.2 0.0 0.8 0.0 -0.0 36.1 58.4 1.6 5.8 0.5 -0.1 0.6 0.3 9.8 -0.7
Equity/reinvested earnings 34.2 24.6 0.3 0.5 -0.0 0.0 22.8 13.5 1.2 0.7 0.5 0.2 0.5 0.3 8.3 2.0
Other capital 23.4 -15.4 -0.3 0.3 0.0 -0.0 13.3 44.9 0.5 5.0 0.0 -0.3 0.1 0.0 1.5 -2.7
Portfolio investment - - - - - - - - - - - - - - - -
Assets -75.0 35.1 -6.5 0.5 2.7 1.8 -125.9 0.1 -8.9 -11.7 10.5 -0.9 -4.9 6.3 -5.3 4.3
Equity -55.9 -0.7 -6.8 0.3 0.4 0.0 -32.7 31.4 -5.0 1.8 11.3 -0.2 -3.7 6.0 -4.3 4.1
Debt -19.2 35.8 0.3 0.3 2.3 1.8 -93.2 -31.3 -3.9 -13.5 -0.8 -0.7 -1.3 0.2 -1.1 0.3
Bonds and notes -20.4 41.3 0.2 0.2 2.1 1.1 -88.4 -24.8 -2.7 1.4 -0.5 -0.3 -1.3 0.3 -1.1 0.5
Money market instruments 1.2 -5.5 0.1 0.0 0.2 0.7 -4.9 -6.5 -1.2 -14.9 -0.3 -0.3 0.0 -0.1 0.0 -0.2
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment -54.7 -121.0 28.8 -49.5 -8.7 -24.6 -102.5 -158.9 -10.1 -6.8 -6.2 -14.7 49.5 -6.9 -51.8 -39.0
Assets -127.3 -27.6 -15.7 -31.3 -11.3 1.1 -202.2 -102.8 -12.3 -5.1 -5.7 3.1 -3.2 -4.3 -41.4 -16.9
General government 0.0 -0.0 -0.0 0.0 -0.5 -0.7 3.3 1.9 -0.0 0.0 0.1 0.0 0.1 0.0 0.1 -0.0
MFIs -105.8 -11.9 -12.0 -28.2 -10.9 1.8 -132.5 -46.4 -9.1 -3.0 -2.2 5.0 -2.9 -4.2 -27.2 -9.8
Other sectors -21.6 -15.7 -3.7 -3.1 0.0 -0.0 -73.0 -58.3 -3.2 -2.1 -3.5 -1.9 -0.4 -0.1 -14.3 -7.1
Liabilities 72.6 -93.3 44.5 -18.2 2.6 -25.7 99.7 -56.0 2.2 -1.8 -0.5 -17.8 52.7 -2.6 -10.4 -22.2
General government 0.2 0.0 0.0 0.0 -0.8 5.8 -0.7 -0.1 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0
MFIs 67.3 -108.0 43.4 -18.4 3.3 -31.4 86.1 -82.3 1.8 -2.1 -1.8 -18.5 52.6 -3.2 -11.9 -23.3
Other sectors 5.2 14.6 1.1 0.2 0.1 -0.1 14.2 26.4 0.4 0.3 1.3 0.7 0.1 0.5 1.6 1.1
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -