European Central Bank - eurosystem
Opțiuni de căutare
Pagina inițială Media Materiale explicative Studii și publicații Statistici Politică monetară Euro Plăți și piețe Cariere
Sugestii
Sortează în funcție de
Nu este disponibil în limba română
PRESS RELEASE

Euro area monthly balance of payments (March 2018)

18 May 2018
  • In March 2018 the euro area current account recorded a surplus of €32.0 billion. [1]
  • In the financial account, combined direct and portfolio investment recorded net acquisitions of assets of €61 billion and net incurrences of liabilities of €30 billion.

Chart 1: Balance of payments of the euro area: 12-month cumulated transactions

(as a percentage of GDP)

Source: ECB.

Current account

The current account of the euro area recorded a surplus of €32.0 billion in March 2018 (see Table 1). This reflected surpluses for goods (€30.2 billion), services (€9.4 billion) and primary income (€3.9 billion), which were partly offset by a deficit for secondary income (€11.5 billion).

The 12-month cumulated current account for the period ending in March 2018 recorded a surplus of €407.7 billion (3.6% of euro area GDP), compared with €375.2 billion (3.5% of euro area GDP) in the 12 months to March 2017 (see Table 1 and Chart 1). This development was mainly due to an increase in the surplus for services (from €41.7 billion to €103.5 billion) and, to a lesser extent, in the surplus for goods (from €355.1 billion to €358.2 billion), which were partially offset by decreases in the surpluses for primary income (from €116.8 billion to €91.0 billion) and an increase in the deficit for secondary income (from €138.4 billion to €144.9 billion).

Financial account

In March 2018 combined direct and portfolio investment recorded net acquisitions of assets of €61 billion and net incurrences of liabilities of €30 billion (see Table 2).

Euro area residents recorded net acquisitions of €31 billion of direct investment assets as a result of net investments in debt instruments (€22 billion) and equity (€9 billion). Direct investment liabilities decreased by €33 billion as a result of net withdrawals of euro area debt instruments (€18 billion) and equity (€15 billion) by non-euro area residents.

As regards portfolio investment assets, in March 2018 euro area residents made net purchases of foreign securities amounting to €30 billion. These net purchases were in the form of long-term debt securities (€30 billion) and short-term debt securities (€12 billion), while euro area residents disposed of equity (€11 billion). Portfolio investment liabilities increased by €63 billion as a result of non-euro area residents’ net acquisitions of euro area long-term debt securities (€45 billion) and equity (€24 billion), which were partly offset by net sales/amortisations of euro area short-term debt securities (€7 billion) by non-euro area residents.

The euro area net financial derivatives account (assets minus liabilities) recorded negative net flows of €5 billion.

Other investment recorded net disposals of assets amounting to €78 billion and net disposals of liabilities totalling €130 billion. The net disposal of assets was mainly due to MFIs (excluding the Eurosystem) (€84 billion), a development which was partly offset by an increase in the net assets of other sectors (€7 billion). The net disposal of liabilities was mainly attributable to the MFIs (excluding the Eurosystem) (€175 billion) and, to a lesser extent, to other sectors (€32 billion). These developments were partly offset by net incurrences of liabilities by the Eurosystem (€75 billion).

In the 12 months to March 2018, combined direct and portfolio investment recorded net acquisitions of assets of €655 billion and net incurrences of liabilities of €236 billion, compared with €905 billion and €301 billion respectively in the 12 months to March 2017.

In direct investment, there was a decrease in the net investments of euro area residents abroad and a shift to net disinvestment of non-residents in the euro area. The net acquisitions of equity by euro area residents dropped from €457 billion to €34 billion, while transactions in debt instruments dropped from €14 billion to €11 billion. On the liability side, transactions in euro area equity by non-residents shifted from net investments of €213 billion to net disinvestments of €224 billion, while intercompany lending recorded an increase in net investments from €80 billion to €115 billion.

Concerning portfolio investment, the net purchases of foreign equity and debt securities by euro area residents increased from €58 billion to €191 billion and from €378 billion to €419 billion respectively. On the liability side, the net purchases of euro area equity by non-euro area residents increased from €216 billion to €447 billion and the net sales/amortisations of euro area debt securities decreased from €208 billion to €103 billion.

According to the monetary presentation of the balance of payments, the net external assets of euro area monetary financial institutions (MFIs) decreased by €17 billion in the 12 months to March 2018, compared with a decrease of €243 billion in the 12 months to March 2017. This was mainly due to the developments in the portfolio equity investment of the non-MFIs.

In March 2018 the Eurosystem’s stock of reserve assets increased to €673.4 billion from €667.7 billion in the previous month (see Table 3). This increase (€5.7 billion) was mainly due to net acquisitions of reserve assets (€9.5 billion), which were partly offset by negative exchange rate (€2.2 billion) and price (€1.3 billion) changes.

Data revisions

This press release incorporates revisions to the data for January and February 2018. These revisions have not significantly altered the figures published previously.

Additional information

Time-series data: the ECB’s Statistical Data Warehouse (SDW)

Methodological information

Monetary presentation of the balance of payments

Next press releases:
  • monthly balance of payments: 19 June 2018 (reference data up to April 2018)
  • quarterly balance of payments and international investment position: 4 July 2018 (reference data up to the first quarter of 2018).

Annexes

For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.

  1. [1] References to the current account are always to data that are seasonally and working day-adjusted, unless otherwise indicated, whereas references to the capital and financial accounts are to data that are neither seasonally nor working day-adjusted.

CONTACT

Banca Centrală Europeană

Direcția generală comunicare

Reproducerea informațiilor este permisă numai cu indicarea sursei.

Contacte media