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)

	Q2 2015	Q3 2015	Q4 2015	Q1 2016					Q2 2016
				Transactions	Exchange rate changes	Price changes	Other volume changes	Amounts outstanding	Transactions	Exchange rate changes	Price changes	Other volume changes	Amounts outstanding	Percentage of GDP
					Net/Balance	-1,267	-1,309			-1,074	5	-101			68	19	-1,083	92	71	155	-117	-882	-8
of which: Direct investment	1,759	1,659	1,736	41	-91	-39	28	1,674	-25	22	18	-9	1,679	16
of which: Portfolio investment	-3,453	-3,309	-3,128	93	-4	69	-31	-3,001	174	51	82	-21	-2,715	-26
of which: Other investment	-197	-258	-282	-157	5	0	25	-409	-11	-10	1	-83	-513	-5
Assets	22,131	21,709	22,235	386	-436	-82	-4	22,100	202	189	148	-89	22,550	212
Direct investment	9,410	9,437	9,815	115	-198	-67	8	9,673	-21	64	-10	5	9,710	91
Equity	6,524	6,566	6,882	100	-140	-56	4	6,788	32	43	-22	0	6,843	64
Debt instruments	2,886	2,871	2,934	15	-58	-11	4	2,884	-53	21	11	4	2,868	27
Portfolio investment	7,192	6,851	7,175	134	-135	-53	-9	7,112	127	93	103	-3	7,432	70
Equity	2,705	2,417	2,575	-15	-57	-66	1	2,439	20	48	27	3	2,537	24
Investment fund shares	463	450	465	-4	-10	-10	-5	437	-16	5	19	1	445	4
Debt securitites	4,025	3,984	4,135	152	-69	22	-5	4,236	122	41	57	-6	4,450	42
Short-term	624	590	637	12	-11	-11	4	631	8	8	-3	3	646	6
Long-term	3,401	3,395	3,498	140	-57	33	-9	3,605	114	33	60	-10	3,804	36
Financial derivatives (net assets)	-34	-46	-45	27	-	-2	-2	-22	-48	-	18	-4	-55	-1
Other investment	4,905	4,822	4,645	109	-92	0	-0	4,662	142	24	1	-87	4,741	45
of which: Currency and deposits	2,799	2,751	2,597	11	-55	-	-47	2,506	109	7	-	-28	2,593	24
Reserve assets	658	644	644	1	-10	40	0	675	2	8	36	-0	722	7
Liabilities	23,398	23,018	23,310	382	-335	-151	-23	23,183	110	118	-7	28	23,432	221
Direct investment	7,651	7,778	8,079	75	-107	-28	-20	7,999	4	42	-28	14	8,031	76
Equity	4,745	4,875	5,091	24	-53	-20	-27	5,015	28	21	-33	6	5,038	47
Debt instruments	2,906	2,903	2,988	51	-54	-8	8	2,984	-24	20	5	8	2,993	28
Portfolio investment	10,645	10,160	10,303	41	-131	-122	22	10,113	-47	43	21	18	10,148	96
Equity	2,064	1,818	1,904	20	-7	-131	-4	1,782	24	1	-30	-2	1,775	17
Investment fund shares	3,301	3,136	3,307	-34	-54	-74	3	3,148	50	27	35	24	3,284	31
Debt securities	5,280	5,206	5,092	56	-70	83	23	5,183	-121	14	16	-3	5,089	48
Short-term	443	432	389	25	-6	4	-5	407	51	0	-1	-1	456	4
Long-term	4,837	4,774	4,703	31	-64	79	28	4,776	-172	14	17	-2	4,633	44
Other investment	5,101	5,080	4,927	266	-97	-0	-25	5,071	153	34	0	-4	5,253	49
of which: Currency and deposits	3,058	3,033	2,861	184	-58	-	-0	2,987	169	25	-	-2	3,180	30
Memo item: Gross external debt	13,283	13,185	13,003	372	-221	75	6	13,234	8	68	21	0	13,332	126
Memo item: Net external debt	1,240	1,281	1,053	96	7	61	6	1,222	-205	-26	-49	89	1,033	10
Source: ECB.