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Table 1b: Four-quarter cumulated 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
2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account -33.0 -118.7 103.9 69.9 13.8 9.4 0.2 -1.0 83.3 65.3 52.2 37.4 -45.7 -41.2
credit 2,768.1 2,489.3 1,017.3 889.9 60.1 53.4 87.4 73.5 534.3 454.7 274.7 250.3 60.7 57.9
debit 2,801.2 2,608.0 913.4 820.1 46.3 44.1 87.2 74.5 451.0 389.4 222.5 212.9 106.4 99.2
Goods 26.6 -4.8 118.0 84.7 6.8 3.7 4.0 3.1 63.8 49.5 43.4 28.4 0.0 0.0
credit (exports) 1,572.2 1,401.6 552.5 470.9 36.2 32.0 56.5 45.3 242.9 201.2 216.9 192.4 0.0 0.0
as percentage of total 100.0 100.0 35.1 33.6 2.3 2.3 3.6 3.2 15.5 14.4 13.8 13.7 0.0 0.0
debit (imports) 1,545.6 1,406.4 434.5 386.2 29.4 28.3 52.6 42.2 179.1 151.8 173.5 163.9 0.0 0.0
as percentage of total 100.0 100.0 28.1 27.5 1.9 2.0 3.4 3.0 11.6 10.8 11.2 11.7 0.0 0.0
Services 50.9 27.5 33.4 21.8 4.5 4.2 1.7 1.3 26.0 16.5 -4.2 -5.3 5.5 5.2
credit (exports) 505.2 485.6 176.6 160.9 13.0 11.9 13.7 12.5 115.3 103.8 28.9 27.3 5.6 5.4
as percentage of total 100.0 100.0 35.0 33.1 2.6 2.4 2.7 2.6 22.8 21.4 5.7 5.6 1.1 1.1
debit (imports) 454.4 458.1 143.1 139.1 8.5 7.7 12.0 11.3 89.3 87.4 33.2 32.6 0.2 0.2
as percentage of total 100.0 100.0 31.5 30.4 1.9 1.7 2.6 2.5 19.7 19.1 7.3 7.1 0.0 0.0
Income -16.9 -48.2 1.6 10.1 2.7 1.7 -5.7 -5.7 -8.3 -0.6 14.6 15.7 -1.8 -1.0
credit 599.3 514.7 220.7 195.3 10.2 8.8 15.7 14.2 162.4 137.7 25.7 27.6 6.7 7.0
debit 616.2 562.8 219.1 185.2 7.5 7.1 21.4 19.9 170.7 138.3 11.1 11.8 8.6 8.0
of which: investment income -25.6 -56.4 0.8 9.9 2.7 1.7 -5.7 -5.7 -9.0 -0.7 18.4 19.5 -5.6 -4.9
credit 580.1 495.9 213.8 188.9 10.1 8.7 15.6 14.1 160.2 136.1 25.0 26.9 2.9 3.1
debit 605.8 552.3 213.0 179.0 7.4 7.1 21.3 19.8 169.3 136.8 6.6 7.4 8.5 8.0
Current transfers -93.6 -93.2 -49.2 -46.8 -0.1 -0.2 0.2 0.3 1.7 0.0 -1.6 -1.5 -49.4 -45.5
credit 91.4 87.5 67.5 62.8 0.8 0.7 1.5 1.5 13.7 12.0 3.2 3.1 48.3 45.5
debit 185.0 180.7 116.7 109.6 0.9 0.9 1.3 1.2 11.9 12.0 4.8 4.6 97.7 91.0
Capital account 16.0 6.6 23.4 13.8 0.0 0.0 -0.1 -0.1 -0.4 0.0 -0.1 -0.0 23.9 13.9
credit 29.5 18.4 25.8 16.2 0.0 0.0 0.1 0.0 0.9 1.2 0.2 0.1 24.7 14.8
debit 13.5 11.8 2.4 2.4 0.0 0.0 0.1 0.1 1.2 1.1 0.3 0.2 0.7 0.9
Financial account balance1) 136.7 303.4 - - - - - - - - - - - -
Direct investment -144.1 -173.0 -40.4 -90.1 -1.9 0.3 -1.8 -11.7 -19.1 -66.7 -17.6 -12.0 0.0 -0.0
Abroad -441.6 -329.2 -75.1 -137.9 -2.3 -1.7 -5.1 -23.9 -42.3 -104.9 -25.4 -7.4 0.0 -0.0
Equity/reinvested earnings -299.9 -224.6 -40.4 -85.0 -1.3 -1.1 -0.9 -13.1 -24.1 -67.4 -14.1 -3.5 -0.0 -0.0
Other capital -141.7 -104.6 -34.7 -52.9 -1.0 -0.6 -4.2 -10.8 -18.2 -37.6 -11.3 -3.9 0.0 0.0
In the euro area 297.5 156.2 34.6 47.8 0.4 2.0 3.3 12.2 23.2 38.2 7.7 -4.6 0.0 -0.0
Equity/reinvested earnings 173.8 154.5 32.7 37.8 -1.6 1.0 2.1 10.6 30.9 24.4 1.2 1.8 0.0 -0.0
Other capital 123.7 1.7 1.9 10.0 2.0 1.0 1.1 1.6 -7.7 13.9 6.5 -6.4 0.0 0.0
Portfolio investment 89.5 586.8 - - - - - - - - - - - -
Assets -338.9 251.7 -113.0 -15.3 1.4 -4.4 -1.5 -12.2 -101.2 13.0 -8.5 6.7 -3.3 -18.4
Equity -26.3 129.9 1.5 24.1 1.2 -0.3 3.8 0.9 -2.2 23.0 -1.2 0.4 -0.1 0.0
Debt -312.6 121.7 -114.5 -39.4 0.1 -4.1 -5.2 -13.0 -99.0 -10.0 -7.3 6.2 -3.2 -18.4
Bonds and notes -222.2 86.6 -65.2 -47.7 -0.0 -3.2 -0.9 -10.4 -55.7 -26.1 -6.7 6.4 -1.8 -14.4
Money market instruments -90.4 35.1 -49.3 8.3 0.2 -1.0 -4.3 -2.6 -43.3 16.1 -0.6 -0.2 -1.3 -4.0
Liabilities 428.4 335.1 - - - - - - - - - - - -
Equity 28.6 -85.0 - - - - - - - - - - - -
Debt 399.8 420.1 - - - - - - - - - - - -
Bonds and notes 369.1 172.6 - - - - - - - - - - - -
Money market instruments 30.6 247.5 - - - - - - - - - - - -
Financial derivatives -75.5 -10.0 - - - - - - - - - - - -
Other investment 271.6 -104.8 259.1 268.9 -55.6 2.4 -2.5 17.8 361.4 277.7 -47.6 -45.3 3.4 16.2
Assets -490.2 564.2 -18.5 293.3 -26.9 16.8 -3.1 12.9 79.4 303.2 -61.5 -38.4 -6.4 -1.2
General government 15.7 5.2 12.0 5.7 1.4 0.2 -0.1 0.2 11.4 5.7 0.5 0.4 -1.1 -0.7
MFIs -254.9 488.7 -2.1 280.3 -27.3 14.4 -5.0 11.6 94.0 290.2 -58.8 -35.2 -5.1 -0.7
Other sectors -251.0 70.3 -28.4 7.2 -1.0 2.2 1.9 1.1 -26.0 7.3 -3.2 -3.5 -0.1 0.1
Liabilities 761.8 -669.1 277.6 -24.4 -28.7 -14.4 0.6 4.9 282.0 -25.5 13.9 -6.9 9.8 17.5
General government -4.6 5.0 -2.3 2.0 -0.0 -0.0 0.0 -0.1 -1.9 0.6 -0.0 -0.0 -0.4 1.4
MFIs 556.2 -586.5 258.9 -22.5 -29.4 -14.0 -1.6 6.9 275.2 -17.9 8.6 -5.3 6.1 7.9
Other sectors 210.1 -87.6 20.9 -3.9 0.7 -0.3 2.2 -2.0 8.8 -8.2 5.2 -1.6 4.1 8.2
Reserve assets -4.8 4.5 - - - - - - - - - - - -
Errors and omissions -119.6 -191.3 - - - - - - - - - - - -

Table 1b: Four-quarter cumulated 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
2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 8.6 4.1 -44.5 -40.5 4.4 7.8 33.2 -11.0
credit 39.7 32.8 56.6 51.5 185.5 176.7 411.0 362.5
debit 31.0 28.7 101.1 92.0 181.1 168.9 377.8 373.5
Goods 5.3 4.4 -23.8 -17.1 12.5 10.7 56.1 37.6
credit (exports) 18.7 17.1 33.7 30.7 89.6 87.3 195.9 172.8
as percentage of total 1.2 1.2 2.1 2.2 5.7 6.2 12.5 12.3
debit (imports) 13.4 12.7 57.5 47.7 77.1 76.6 139.8 135.2
as percentage of total 0.9 0.9 3.7 3.4 5.0 5.4 9.0 9.6
Services -0.1 0.4 2.8 2.8 10.3 10.1 -11.0 -22.4
credit (exports) 7.0 6.6 11.1 10.7 51.0 48.3 80.1 76.1
as percentage of total 1.4 1.4 2.2 2.2 10.1 10.0 15.9 15.7
debit (imports) 7.1 6.2 8.3 8.0 40.7 38.2 91.1 98.5
as percentage of total 1.6 1.3 1.8 1.7 9.0 8.3 20.0 21.5
Income 4.5 0.3 -23.4 -26.0 -18.8 -13.8 -10.9 -25.6
credit 13.2 8.5 11.4 9.8 38.7 34.4 128.0 107.2
debit 8.7 8.1 34.8 35.7 57.4 48.2 138.9 132.9
of which: investment income 4.6 0.4 -23.4 -25.9 -25.2 -20.2 -11.7 -26.5
credit 13.2 8.4 11.4 9.7 31.7 27.3 126.3 105.4
debit 8.6 8.0 34.7 35.6 56.9 47.6 138.0 132.0
Current transfers -1.1 -1.1 -0.0 -0.2 0.3 0.8 -1.0 -0.6
credit 0.7 0.7 0.4 0.4 6.3 6.7 7.0 6.4
debit 1.8 1.8 0.4 0.6 5.9 5.9 8.0 6.9
Capital account -1.0 -0.1 -0.1 -0.1 -0.2 -0.0 0.4 -0.4
credit 0.0 0.0 0.0 0.0 0.4 0.5 1.7 0.5
debit 1.1 0.1 0.1 0.1 0.6 0.5 1.3 0.9
Financial account balance1) - - - - - - - -
Direct investment 7.4 2.3 -5.5 -0.4 -24.9 33.3 21.1 -27.7
Abroad 0.6 -6.9 -13.3 -1.1 -34.9 10.4 -78.0 -85.1
Equity/reinvested earnings 2.3 -7.1 -4.9 -2.4 -17.3 4.9 -55.2 -56.1
Other capital -1.6 0.2 -8.4 1.3 -17.7 5.6 -22.8 -28.9
In the euro area 6.7 9.2 7.7 0.7 10.0 22.9 99.0 57.4
Equity/reinvested earnings 3.8 10.1 9.2 2.1 6.6 13.1 56.7 61.9
Other capital 2.9 -0.9 -1.5 -1.4 3.5 9.8 42.3 -4.5
Portfolio investment - - - - - - - -
Assets -10.5 -14.0 -20.4 43.2 18.5 -4.1 -78.9 108.6
Equity -3.6 -6.3 23.1 20.8 18.6 -4.1 -7.3 43.7
Debt -7.0 -7.7 -43.5 22.5 -0.1 0.0 -71.6 65.0
Bonds and notes -7.8 -2.7 -5.4 17.2 -1.2 0.7 -52.7 46.4
Money market instruments 0.9 -5.0 -38.1 5.3 1.2 -0.7 -18.9 18.6
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment -0.2 5.4 -0.3 -70.5 59.8 -55.0 159.9 -63.8
Assets -4.8 -0.7 -14.8 4.0 41.1 61.3 -193.5 139.2
General government 0.2 -0.0 0.0 0.0 -0.0 -0.1 -0.1 -0.1
MFIs -4.7 -0.0 -17.1 -1.8 45.3 57.8 -50.9 53.5
Other sectors -0.4 -0.6 2.3 5.8 -4.2 3.6 -142.5 85.9
Liabilities 4.6 6.1 14.4 -74.6 18.7 -116.3 353.4 -203.1
General government -0.0 0.0 -0.0 -0.1 0.0 0.0 -0.6 0.3
MFIs 5.1 3.0 16.1 -76.5 9.8 -101.8 214.0 -95.8
Other sectors -0.5 3.0 -1.7 2.1 8.9 -14.4 140.1 -107.6
Reserve assets - - - - - - - -
Errors and omissions - - - - - - - -

Table 1b: Four-quarter cumulated 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)

Offshore financial centres International organisations Other countries
of which:Hong Kong of which:Brazil China2) India Russia
2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2 2007Q3 to 2008Q2 2008Q3 to 2009Q2
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -138.6 -149.0 - - - - - - - -
credit - - - - - - 1,058.1 975.9 38.1 36.8 85.9 82.4 32.4 28.8 98.2 86.1
debit - - - - - - 1,196.7 1,124.8 - - - - - - - -
Goods - - - - - - -141.6 -125.2 -6.9 -4.0 -107.1 -107.9 4.8 1.9 -31.5 -24.9
credit (exports) - - - - - - 681.7 622.8 20.3 20.4 64.9 64.1 24.3 21.6 75.6 64.5
as percentage of total - - - - - - 43.4 44.4 1.3 1.5 4.1 4.6 1.5 1.5 4.8 4.6
debit (imports) - - - - - - 823.3 748.0 27.1 24.4 172.0 172.0 19.5 19.7 107.1 89.4
as percentage of total - - - - - - 53.3 53.2 1.8 1.7 11.1 12.2 1.3 1.4 6.9 6.4
Services - - - - - - 15.5 14.8 1.8 1.9 5.1 3.1 2.0 1.0 4.8 4.2
credit (exports) - - - - - - 179.5 182.9 6.5 7.3 16.6 14.1 6.4 5.5 13.8 12.7
as percentage of total - - - - - - 35.5 37.7 1.3 1.5 3.3 2.9 1.3 1.1 2.7 2.6
debit (imports) - - - - - - 164.0 168.2 4.7 5.4 11.4 11.0 4.4 4.5 9.0 8.5
as percentage of total - - - - - - 36.1 36.7 1.0 1.2 2.5 2.4 1.0 1.0 2.0 1.8
Income - - - - - - 30.1 6.8 - - - - - - - -
credit - - - - - - 187.2 159.5 11.1 8.8 4.2 3.9 1.6 1.6 8.6 8.4
debit - - - - - - 157.2 152.7 - - - - - - - -
of which: investment income - - - - - - 29.3 6.0 - - - - - - - -
credit - - - - - - 183.8 156.1 11.1 8.8 4.1 3.8 1.6 1.6 8.5 8.3
debit - - - - - - 154.5 150.1 - - - - - - - -
Current transfers - - - - - - -42.5 -45.3 -1.3 -1.2 -2.3 -2.5 -0.6 -0.6 -0.3 -0.1
credit - - - - - - 9.6 10.6 0.2 0.2 0.3 0.3 0.1 0.1 0.3 0.4
debit - - - - - - 52.1 55.9 1.5 1.4 2.6 2.7 0.7 0.7 0.5 0.5
Capital account - - - - - - -6.5 -6.6 -0.1 -0.1 -0.0 -0.1 -0.2 -0.2 -0.0 0.0
credit - - - - - - 1.4 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
debit - - - - - - 7.9 7.8 0.2 0.1 0.1 0.1 0.2 0.2 0.1 0.0
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -61.7 -62.9 -2.7 -3.6 0.0 0.0 -40.1 -27.6 -5.2 7.6 -4.7 -2.5 4.6 -1.6 -18.7 -4.6
Abroad -124.6 -64.2 -3.8 -3.2 0.0 0.0 -116.5 -44.4 -10.2 4.1 -4.5 -3.1 4.0 -1.9 -21.5 -4.7
Equity/reinvested earnings -115.1 -45.1 -3.0 -1.9 -0.0 -0.0 -69.3 -33.7 -6.3 7.2 -2.4 -3.2 2.6 -1.8 -16.2 -2.2
Other capital -9.5 -19.1 -0.8 -1.3 0.0 0.0 -47.2 -10.7 -3.9 -3.1 -2.0 0.1 1.4 -0.1 -5.4 -2.5
In the euro area 62.9 1.3 1.1 -0.4 0.0 0.0 76.4 16.8 5.1 3.5 -0.2 0.5 0.6 0.3 2.8 0.1
Equity/reinvested earnings 47.6 11.8 0.4 0.7 0.0 0.0 17.2 17.7 1.4 1.2 0.2 0.2 0.5 0.2 3.8 2.7
Other capital 15.3 -10.5 0.6 -1.1 -0.0 0.0 59.3 -0.9 3.7 2.3 -0.4 0.3 0.1 0.1 -1.0 -2.6
Portfolio investment - - - - - - - - - - - - - - - -
Assets -12.8 97.0 -2.5 -1.2 -1.1 1.1 -120.7 35.1 -7.3 -8.1 0.9 -3.1 -0.2 0.2 -8.6 4.3
Equity -31.9 36.4 -3.0 -1.4 0.2 -0.0 -26.9 15.4 -1.7 -2.1 1.9 -4.1 0.4 0.2 -8.1 3.9
Debt 19.2 60.6 0.4 0.2 -1.3 1.1 -93.8 19.6 -5.6 -6.0 -1.0 1.0 -0.6 -0.0 -0.5 0.4
Bonds and notes 8.5 54.2 0.3 0.2 -1.3 1.6 -97.1 16.8 -1.1 -0.3 -0.5 0.6 -0.6 -0.2 -0.5 0.5
Money market instruments 10.6 6.4 0.2 0.0 -0.0 -0.4 3.3 2.8 -4.4 -5.7 -0.5 0.5 -0.1 0.2 -0.0 -0.1
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment -55.7 -142.2 3.8 -31.9 -30.6 -11.0 -120.2 -36.6 -14.5 3.9 -20.0 5.1 38.0 -25.5 -63.3 -24.5
Assets -127.6 7.1 -32.4 -17.4 -9.7 6.7 -162.3 53.2 -11.8 4.4 -5.1 8.0 -6.4 3.4 -36.4 4.7
General government 0.0 -0.0 0.0 0.0 -0.8 -1.2 4.3 1.0 -0.0 -0.0 0.0 0.0 0.1 0.0 0.1 -0.0
MFIs -103.1 18.3 -27.7 -16.1 -8.9 7.9 -113.5 72.7 -8.8 5.0 -1.3 9.9 -6.8 3.3 -24.6 7.0
Other sectors -24.5 -11.2 -4.7 -1.4 -0.0 0.0 -53.1 -20.5 -3.0 -0.7 -3.8 -1.9 0.3 0.1 -11.8 -2.4
Liabilities 71.9 -149.3 36.3 -14.4 -21.0 -17.7 42.1 -89.8 -2.7 -0.5 -14.9 -2.9 44.4 -28.9 -26.9 -29.2
General government 0.1 -0.0 0.0 0.0 -1.4 3.1 -0.4 -0.2 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0
MFIs 58.0 -157.4 36.0 -16.3 -19.6 -20.6 14.0 -114.9 -3.1 -0.5 -15.9 -3.2 44.1 -29.2 -28.9 -29.8
Other sectors 13.8 8.1 0.2 1.9 0.1 -0.2 28.5 25.4 0.4 -0.0 0.9 0.3 0.3 0.3 1.9 0.6
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -