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 2015	Q1 2016	Q2 2016	Q3 2016					Q4 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	-1,058	-1,010			-829	120	-47			-38	36	-758	96	113	8	-90	-630	-6
of which: Direct investment	1,721	1,679	1,616	115	-36	-20	51	1,727	33	75	54	-49	1,840	17
of which: Portfolio investment	-2,994	-2,834	-2,516	121	-11	6	-39	-2,439	74	21	-5	-52	-2,401	-22
of which: Other investment	-387	-501	-588	-148	0	-0	26	-710	-31	8	-0	11	-721	-7
Assets	22,321	22,214	22,792	196	-80	79	47	23,035	124	483	33	-98	23,578	220
Direct investment	9,843	9,717	9,873	39	-49	-53	33	9,843	146	220	63	-34	10,237	95
Equity	6,887	6,809	6,922	49	-37	-49	3	6,889	146	143	55	21	7,253	68
Debt instruments	2,956	2,909	2,950	-10	-12	-4	30	2,954	0	77	8	-55	2,985	28
Portfolio investment	7,173	7,112	7,429	127	-19	155	-2	7,692	13	146	11	22	7,885	73
Equity	2,574	2,439	2,535	14	-5	109	-5	2,648	20	62	56	12	2,798	26
Investment fund shares	466	438	447	1	-2	7	1	453	4	12	7	4	480	4
Debt securitites	4,133	4,235	4,448	112	-12	40	2	4,590	-11	72	-51	7	4,607	43
Short-term	637	631	646	8	-1	-3	2	652	-26	6	7	4	644	6
Long-term	3,496	3,605	3,801	105	-11	43	-0	3,938	15	65	-58	3	3,963	37
Financial derivatives (net assets)	-41	-29	-62	24	-	-22	-2	-62	15	-	-7	-1	-55	-1
Other investment	4,703	4,738	4,830	-2	-11	-0	18	4,836	-55	108	-0	-86	4,803	45
of which: Currency and deposits	2,621	2,538	2,699	-57	-6	-	14	2,650	-40	60	-	10	2,680	25
Reserve assets	644	675	722	8	-1	-1	-0	727	5	9	-33	0	708	7
Liabilities	23,379	23,224	23,621	76	-32	117	11	23,793	27	370	25	-8	24,207	226
Direct investment	8,122	8,038	8,257	-76	-14	-33	-18	8,116	112	145	9	15	8,398	78
Equity	5,126	5,054	5,179	-23	-2	-9	-21	5,123	56	65	1	58	5,302	49
Debt instruments	2,996	2,984	3,078	-53	-12	-23	3	2,993	57	80	8	-42	3,095	29
Portfolio investment	10,167	9,946	9,946	6	-8	150	37	10,131	-61	125	17	74	10,286	96
Equity	1,838	1,707	1,698	-5	4	89	12	1,798	-2	1	128	8	1,932	18
Investment fund shares	3,210	3,038	3,163	75	1	51	-0	3,290	44	47	21	7	3,410	32
Debt securities	5,119	5,201	5,085	-65	-12	10	25	5,042	-103	77	-132	59	4,944	46
Short-term	387	404	455	-1	-1	0	-4	448	-22	5	-3	-10	418	4
Long-term	4,732	4,797	4,630	-64	-11	9	29	4,594	-81	72	-129	69	4,525	42
Other investment	5,090	5,239	5,418	146	-11	0	-8	5,546	-24	100	-0	-97	5,524	51
of which: Currency and deposits	3,023	3,149	3,342	139	-9	-	1	3,472	-24	58	-	-95	3,410	32
Memo item: Gross external debt	13,201	13,420	13,577	28	-35	-14	20	13,577	-70	257	-124	-81	13,559	126
Memo item: Net external debt	1,174	1,309	1,109	-80	1	-49	-28	953	-7	-8	-78	53	913	9
Source: ECB.