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Table 3: International investment position of the euro area

(EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Transactions Exchange rate changes Price changes Other volume changes1 Amounts outstanding Transactions Exchange rate changes Price changes Other volume changes1 Amounts outstanding Percentage of GDP
Net/Balance -1,006 -813 -654 52 -131 76 49 -609 181 87 -57 -21 -418 -4
of which: Direct investment 1,814 2,386 2,211 -13 -97 -4 21 2,119 37 47 31 -60 2,174 21
of which: Portfolio investment -3,199 -3,675 -3,339 92 -27 89 41 -3,144 137 9 -21 32 -2,988 -29
of which: Other investment -187 -147 -159 -29 -4 -0 -1 -194 -43 25 -0 7 -206 -2
Assets 20,238 22,501 22,094 87 -240 -274 -15 21,653 31 278 64 75 22,101 213
Direct investment 8,490 9,480 9,383 119 -115 -11 8 9,384 115 109 25 62 9,695 93
Equity 5,843 6,480 6,375 104 -84 -10 9 6,393 117 73 19 9 6,611 64
Debt instruments 2,647 3,000 3,008 16 -31 -1 -1 2,991 -2 36 6 53 3,084 30
Portfolio investment 6,545 7,296 7,193 24 -104 -254 -5 6,855 106 97 105 6 7,169 69
Equity 2,430 2,752 2,708 -12 -59 -217 5 2,426 -5 50 108 -6 2,573 25
Investment fund shares 425 476 468 -1 -3 -10 1 454 2 7 5 3 471 5
Debt securitites 3,690 4,068 4,017 38 -42 -27 -11 3,975 109 41 -8 9 4,125 40
Short-term 593 642 626 -34 -4 -0 1 589 32 5 1 6 633 6
Long-term 3,097 3,426 3,391 71 -38 -26 -12 3,386 77 35 -9 4 3,492 34
Financial derivatives (net assets) -46 -67 -26 -1  - 6 -13 -34 45  - -55 1 -43 -0
Other investment 4,637 5,102 4,886 -58 -19 -0 -5 4,804 -239 65 -1 6 4,635 45
of which: Currency and deposits 2,585 2,824 2,648 -17 -12  - -3 2,615 -166 27  - 3 2,480 24
Reserve assets 612 690 658 3 -2 -15 0 644 5 6 -10 -0 644 6
Liabilities 21,244 23,314 22,749 36 -108 -350 -64 22,262 -150 191 121 96 22,520 217
Direct investment 6,675 7,094 7,171 132 -18 -7 -13 7,265 78 62 -6 122 7,521 72
Equity 4,325 4,511 4,552 137 -8 -7 -27 4,647 65 33 -11 102 4,836 46
Debt instruments 2,350 2,583 2,619 -5 -9 -0 13 2,618 13 29 6 20 2,685 26
Portfolio investment 9,744 10,971 10,532 -67 -76 -343 -46 9,999 -31 89 126 -25 10,158 98
Equity 1,776 2,201 2,075 -28 -10 -198 -20 1,820 -17 9 98 -25 1,884 18
Investment fund shares 2,981 3,408 3,302 39 -52 -154 -6 3,130 69 38 61 -1 3,296 32
Debt securities 4,986 5,362 5,155 -79 -15 9 -20 5,050 -83 42 -33 1 4,977 48
Short-term 419 467 443 -10 -3 -1 1 430 -54 2 1 -1 378 4
Long-term 4,567 4,895 4,713 -69 -12 10 -22 4,620 -29 40 -34 1 4,600 44
Other investment 4,824 5,249 5,045 -29 -14 0 -5 4,997 -196 41 -0 -1 4,841 47
of which: Currency and deposits 2,866 3,159 3,057 -18 -11  - 5 3,033 -191 31  - -8 2,866 28
Memo item: Gross external debt 12,156 13,190 12,815 -113 -39 9 -12 12,661 -266 111 -27 20 12,499 120
Memo item: Net external debt 973 777 674 -109 55 36 5 661 -138 -36 -24 -48 415 4
1)Other volume changes may partly account for breaks in the series arising from the introduction of the new statistical standards (BPM6).
Source: ECB.

Table 3: International investment position of the euro area

(EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Transactions Exchange rate changes Price changes Other volume changes1 Amounts outstanding Transactions Exchange rate changes Price changes Other volume changes1 Amounts outstanding Percentage of GDP
Net/Balance -1,006 -813 -654 52 -131 76 49 -609 181 87 -57 -21 -418 -4
of which: Direct investment 1,814 2,386 2,211 -13 -97 -4 21 2,119 37 47 31 -60 2,174 21
of which: Portfolio investment -3,199 -3,675 -3,339 92 -27 89 41 -3,144 137 9 -21 32 -2,988 -29
of which: Other investment -187 -147 -159 -29 -4 -0 -1 -194 -43 25 -0 7 -206 -2
Assets 20,238 22,501 22,094 87 -240 -274 -15 21,653 31 278 64 75 22,101 213
Direct investment 8,490 9,480 9,383 119 -115 -11 8 9,384 115 109 25 62 9,695 93
Equity 5,843 6,480 6,375 104 -84 -10 9 6,393 117 73 19 9 6,611 64
Debt instruments 2,647 3,000 3,008 16 -31 -1 -1 2,991 -2 36 6 53 3,084 30
Portfolio investment 6,545 7,296 7,193 24 -104 -254 -5 6,855 106 97 105 6 7,169 69
Equity 2,430 2,752 2,708 -12 -59 -217 5 2,426 -5 50 108 -6 2,573 25
Investment fund shares 425 476 468 -1 -3 -10 1 454 2 7 5 3 471 5
Debt securitites 3,690 4,068 4,017 38 -42 -27 -11 3,975 109 41 -8 9 4,125 40
Short-term 593 642 626 -34 -4 -0 1 589 32 5 1 6 633 6
Long-term 3,097 3,426 3,391 71 -38 -26 -12 3,386 77 35 -9 4 3,492 34
Financial derivatives (net assets) -46 -67 -26 -1  - 6 -13 -34 45  - -55 1 -43 -0
Other investment 4,637 5,102 4,886 -58 -19 -0 -5 4,804 -239 65 -1 6 4,635 45
of which: Currency and deposits 2,585 2,824 2,648 -17 -12  - -3 2,615 -166 27  - 3 2,480 24
Reserve assets 612 690 658 3 -2 -15 0 644 5 6 -10 -0 644 6
Liabilities 21,244 23,314 22,749 36 -108 -350 -64 22,262 -150 191 121 96 22,520 217
Direct investment 6,675 7,094 7,171 132 -18 -7 -13 7,265 78 62 -6 122 7,521 72
Equity 4,325 4,511 4,552 137 -8 -7 -27 4,647 65 33 -11 102 4,836 46
Debt instruments 2,350 2,583 2,619 -5 -9 -0 13 2,618 13 29 6 20 2,685 26
Portfolio investment 9,744 10,971 10,532 -67 -76 -343 -46 9,999 -31 89 126 -25 10,158 98
Equity 1,776 2,201 2,075 -28 -10 -198 -20 1,820 -17 9 98 -25 1,884 18
Investment fund shares 2,981 3,408 3,302 39 -52 -154 -6 3,130 69 38 61 -1 3,296 32
Debt securities 4,986 5,362 5,155 -79 -15 9 -20 5,050 -83 42 -33 1 4,977 48
Short-term 419 467 443 -10 -3 -1 1 430 -54 2 1 -1 378 4
Long-term 4,567 4,895 4,713 -69 -12 10 -22 4,620 -29 40 -34 1 4,600 44
Other investment 4,824 5,249 5,045 -29 -14 0 -5 4,997 -196 41 -0 -1 4,841 47
of which: Currency and deposits 2,866 3,159 3,057 -18 -11  - 5 3,033 -191 31  - -8 2,866 28
Memo item: Gross external debt 12,156 13,190 12,815 -113 -39 9 -12 12,661 -266 111 -27 20 12,499 120
Memo item: Net external debt 973 777 674 -109 55 36 5 661 -138 -36 -24 -48 415 4
1)Other volume changes may partly account for breaks in the series arising from the introduction of the new statistical standards (BPM6).
Source: ECB.