Table 1: Current account of the euro area

(EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

	Cumulated figures for the four-quarter period ending in						Q1 2017			Q1 2018
	Q1 2017			Q1 2018
	Net	Credit	Debit	Net	Credit	Debit	Net	Credit	Debit	Net	Credit	Debit
Current account	381.3	3,739.3	3,358.0	403.1	3,924.3	3,521.2	64.2	934.2	870.0	80.7	946.0	865.3
Percentage of GDP1	3.5	34.4	30.9	3.6	34.8	31.3	-	-	-	-	-	-
Goods	358.7	2,186.3	1,827.6	354.3	2,294.1	1,939.8	63.0	560.3	497.4	74.2	569.3	495.0
of which: General merchandise	329.9	2,115.6	1,785.7	339.7	2,236.0	1,896.2	58.9	545.0	486.1	68.2	553.2	485.0
Services	44.9	800.2	755.3	106.6	857.9	751.3	16.0	194.9	179.0	20.9	196.9	176.0
Transport	7.4	128.9	121.5	12.7	138.3	125.5	1.4	32.3	30.8	2.0	33.3	31.3
Travel	27.7	129.9	102.2	43.9	151.1	107.1	5.1	26.3	21.2	6.2	28.6	22.4
Insurance, pension and financial services	20.0	90.4	70.4	18.8	93.9	75.1	5.1	23.8	18.7	3.7	24.0	20.3
Telecommunication, computer and information services	67.0	117.5	50.5	75.9	129.7	53.8	17.0	29.3	12.3	19.2	32.2	13.0
Other business services	-45.4	208.8	254.3	-15.8	215.3	231.1	-5.1	50.9	56.0	-2.2	49.8	52.0
Other	-31.7	124.8	156.5	-29.0	129.7	158.6	-7.5	32.4	39.9	-8.0	29.1	37.0
Primary income	113.0	647.5	534.4	86.1	662.1	575.9	28.7	154.5	125.8	28.8	154.1	125.3
Compensation of employees	20.2	38.3	18.1	18.7	37.6	18.9	5.8	9.6	3.8	5.3	9.4	4.1
Investment income	79.3	570.8	491.5	57.1	589.5	532.5	21.6	139.0	117.4	21.5	138.2	116.8
Direct investment	148.4	343.6	195.2	118.6	347.6	229.0	28.9	82.2	53.3	25.3	80.0	54.6
of which: Reinvested earnings	-5.8	25.0	30.8	-31.0	58.3	89.3	-11.7	13.2	25.0	-0.8	23.3	24.1
Portfolio investment	-74.9	176.9	251.8	-67.5	187.3	254.8	-9.5	43.3	52.8	-5.9	44.4	50.2
Dividends	-8.4	58.1	66.5	-10.7	62.4	73.1	5.3	13.2	7.9	4.7	13.1	8.4
Income on investment fund shares	-73.2	5.0	78.2	-80.5	6.5	87.0	-16.9	1.1	17.9	-17.3	2.0	19.3
Interest	6.8	113.8	107.1	23.7	118.4	94.7	2.0	29.0	27.0	6.7	29.2	22.5
Other investment	2.4	46.8	44.4	2.0	50.7	48.7	1.3	12.5	11.3	1.0	12.8	11.9
of which: interest	3.1	42.4	39.3	2.5	45.9	43.4	1.4	11.3	10.0	1.1	11.8	10.6
Reserve assets		3.5			3.9			0.9			1.1
Other primary income	13.5	38.4	24.9	10.3	34.9	24.6	1.3	6.0	4.7	2.0	6.4	4.4
Secondary income	-135.3	105.4	240.7	-144.0	110.2	254.2	-43.5	24.4	67.8	-43.2	25.8	69.0
1)Four-quarter cumulated sums of non-working day and non-seasonally adjusted GDP.
Source: ECB.