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Table 2: 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)

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 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 -1,311 -1,075 -1,077 62 100 143 -165 -937 166 -47 -46 -2 -867 -8
of which: Direct investment 1,656 1,731 1,678 -38 26 10 -67 1,610 125 -36 -21 15 1,693 16
of which: Portfolio investment -3,309 -3,125 -2,997 157 51 84 -9 -2,716 168 -11 -2 -38 -2,598 -24
of which: Other investment -257 -280 -411 -14 15 0 -89 -499 -161 1 -0 19 -639 -6
Assets 21,708 22,235 22,100 206 177 141 31 22,655 205 -79 77 -7 22,851 214
Direct investment 9,435 9,814 9,676 -13 53 -12 106 9,809 37 -49 -53 3 9,747 91
Equity 6,564 6,880 6,792 41 41 -23 53 6,904 61 -37 -50 1 6,879 64
Debt instruments 2,871 2,934 2,884 -54 12 11 53 2,904 -23 -12 -4 2 2,868 27
Portfolio investment 6,852 7,176 7,111 122 93 105 -3 7,428 138 -19 154 -13 7,690 72
Equity 2,416 2,575 2,439 18 47 27 4 2,534 20 -5 109 -5 2,652 25
Investment fund shares 451 466 437 -15 5 19 1 447 0 -2 7 -0 451 4
Debt securitites 3,984 4,135 4,236 120 41 60 -8 4,448 118 -12 39 -7 4,586 43
Short-term 590 637 631 8 8 -3 4 646 9 -1 -3 3 655 6
Long-term 3,395 3,498 3,605 112 33 63 -12 3,801 109 -11 42 -11 3,931 37
Financial derivatives (net assets) -46 -45 -22 -45  - 12 0 -54 26  - -23 2 -49 -0
Other investment 4,822 4,646 4,660 140 23 0 -72 4,750 -4 -10 0 1 4,737 44
of which: Currency and deposits 2,751 2,597 2,503 118 8  - 33 2,661 -59 -6  - -1 2,596 24
Reserve assets 644 644 675 2 8 36 -0 722 8 -1 -1 -0 727 7
Liabilities 23,019 23,309 23,177 144 77 -1 196 23,592 39 -32 124 -6 23,717 222
Direct investment 7,780 8,082 7,998 25 27 -22 172 8,199 -88 -13 -33 -12 8,053 75
Equity 4,876 5,094 5,013 38 22 -27 103 5,149 -20 -2 -10 -13 5,104 48
Debt instruments 2,903 2,988 2,984 -14 5 5 69 3,050 -67 -11 -23 1 2,949 28
Portfolio investment 10,160 10,301 10,109 -34 43 21 6 10,144 -30 -8 156 25 10,288 96
Equity 1,819 1,904 1,778 28 1 -31 -2 1,775 -19 4 86 10 1,856 17
Investment fund shares 3,132 3,304 3,145 47 27 36 29 3,284 54 1 53 -1 3,391 32
Debt securities 5,209 5,093 5,185 -110 14 16 -21 5,085 -64 -12 17 16 5,041 47
Short-term 433 390 406 50 0 -0 3 459 1 -1 1 -6 454 4
Long-term 4,777 4,703 4,779 -160 14 16 -23 4,626 -65 -11 16 22 4,588 43
Other investment 5,079 4,926 5,071 153 7 0 17 5,249 157 -11 0 -19 5,376 50
of which: Currency and deposits 3,033 2,862 2,987 165 25  - 3 3,180 148 -9  - -6 3,312 31
Memo item: Gross external debt 13,187 13,004 13,237 30 27 21 66 13,380 25 -34 -6 -1 13,363 125
Memo item: Net external debt 1,282 1,052 1,228 -177 -57 -51 94 1,036 -73 0 -41 3 926 9
Source: ECB.

Table 2: 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)

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 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 -1,311 -1,075 -1,077 62 100 143 -165 -937 166 -47 -46 -2 -867 -8
of which: Direct investment 1,656 1,731 1,678 -38 26 10 -67 1,610 125 -36 -21 15 1,693 16
of which: Portfolio investment -3,309 -3,125 -2,997 157 51 84 -9 -2,716 168 -11 -2 -38 -2,598 -24
of which: Other investment -257 -280 -411 -14 15 0 -89 -499 -161 1 -0 19 -639 -6
Assets 21,708 22,235 22,100 206 177 141 31 22,655 205 -79 77 -7 22,851 214
Direct investment 9,435 9,814 9,676 -13 53 -12 106 9,809 37 -49 -53 3 9,747 91
Equity 6,564 6,880 6,792 41 41 -23 53 6,904 61 -37 -50 1 6,879 64
Debt instruments 2,871 2,934 2,884 -54 12 11 53 2,904 -23 -12 -4 2 2,868 27
Portfolio investment 6,852 7,176 7,111 122 93 105 -3 7,428 138 -19 154 -13 7,690 72
Equity 2,416 2,575 2,439 18 47 27 4 2,534 20 -5 109 -5 2,652 25
Investment fund shares 451 466 437 -15 5 19 1 447 0 -2 7 -0 451 4
Debt securitites 3,984 4,135 4,236 120 41 60 -8 4,448 118 -12 39 -7 4,586 43
Short-term 590 637 631 8 8 -3 4 646 9 -1 -3 3 655 6
Long-term 3,395 3,498 3,605 112 33 63 -12 3,801 109 -11 42 -11 3,931 37
Financial derivatives (net assets) -46 -45 -22 -45  - 12 0 -54 26  - -23 2 -49 -0
Other investment 4,822 4,646 4,660 140 23 0 -72 4,750 -4 -10 0 1 4,737 44
of which: Currency and deposits 2,751 2,597 2,503 118 8  - 33 2,661 -59 -6  - -1 2,596 24
Reserve assets 644 644 675 2 8 36 -0 722 8 -1 -1 -0 727 7
Liabilities 23,019 23,309 23,177 144 77 -1 196 23,592 39 -32 124 -6 23,717 222
Direct investment 7,780 8,082 7,998 25 27 -22 172 8,199 -88 -13 -33 -12 8,053 75
Equity 4,876 5,094 5,013 38 22 -27 103 5,149 -20 -2 -10 -13 5,104 48
Debt instruments 2,903 2,988 2,984 -14 5 5 69 3,050 -67 -11 -23 1 2,949 28
Portfolio investment 10,160 10,301 10,109 -34 43 21 6 10,144 -30 -8 156 25 10,288 96
Equity 1,819 1,904 1,778 28 1 -31 -2 1,775 -19 4 86 10 1,856 17
Investment fund shares 3,132 3,304 3,145 47 27 36 29 3,284 54 1 53 -1 3,391 32
Debt securities 5,209 5,093 5,185 -110 14 16 -21 5,085 -64 -12 17 16 5,041 47
Short-term 433 390 406 50 0 -0 3 459 1 -1 1 -6 454 4
Long-term 4,777 4,703 4,779 -160 14 16 -23 4,626 -65 -11 16 22 4,588 43
Other investment 5,079 4,926 5,071 153 7 0 17 5,249 157 -11 0 -19 5,376 50
of which: Currency and deposits 3,033 2,862 2,987 165 25  - 3 3,180 148 -9  - -6 3,312 31
Memo item: Gross external debt 13,187 13,004 13,237 30 27 21 66 13,380 25 -34 -6 -1 13,363 125
Memo item: Net external debt 1,282 1,052 1,228 -177 -57 -51 94 1,036 -73 0 -41 3 926 9
Source: ECB.