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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)

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
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 -436 -424 -450 153 -81 198 -62 -242 152 -82 -33 -389 -593 -5
of which: Direct investment 2,186 2,164 2,095 38 -44 8 -65 2,033 134 -54 -34 -206 1,872 17
of which: Portfolio investment -2,558 -2,511 -2,396 68 -23 192 65 -2,095 52 -10 12 -128 -2,169 -19
of which: Other investment -730 -713 -766 35 -10 0 -56 -798 -41 -13 -1 -31 -883 -8
Assets 25,274 24,750 24,512 85 -170 139 90 24,655 475 -254 -141 -134 24,601 218
Direct investment 11,198 10,944 10,603 36 -80 -13 -27 10,519 95 -110 -19 -93 10,392 92
Equity 8,069 7,914 7,645 50 -55 2 -15 7,626 81 -83 -14 -79 7,532 67
Debt instruments 3,129 3,030 2,959 -13 -25 -15 -12 2,893 14 -28 -5 -14 2,861 25
Portfolio investment 8,196 8,121 8,269 91 -56 154 59 8,517 194 -87 -114 -18 8,492 75
Equity 2,850 2,836 2,912 29 -21 139 19 3,078 40 -43 -74 -5 2,996 27
Investment fund shares 504 503 510 -2 -3 12 5 521 15 -5 2 -8 525 5
Debt securitites 4,841 4,782 4,847 64 -32 3 36 4,917 139 -39 -42 -5 4,971 44
Short-term 682 644 647 10 -5 -2 9 659 28 -3 -2 9 691 6
Long-term 4,160 4,138 4,200 53 -27 5 26 4,258 111 -37 -39 -14 4,279 38
Financial derivatives (net assets) -61 -46 -57 11  - 1 -6 -52 -4  - -6 -24 -86 -1
Other investment 5,214 5,048 5,022 -55 -30 0 64 5,002 179 -52 0 1 5,129 46
of which: Currency and deposits 2,843 2,751 2,706 -21 -17  - 3 2,672 51 -30  - -138 2,555 23
Reserve assets 727 683 675 2 -4 -3 0 670 12 -4 -3 -0 673 6
Liabilities 25,710 25,174 24,961 -68 -89 -59 152 24,897 322 -172 -109 255 25,194 224
Direct investment 9,012 8,780 8,508 -2 -37 -21 37 8,486 -39 -56 16 114 8,520 76
Equity 5,742 5,601 5,371 -12 -19 -15 20 5,345 -78 -27 20 121 5,381 48
Debt instruments 3,270 3,178 3,137 11 -17 -7 17 3,141 40 -29 -5 -7 3,139 28
Portfolio investment 10,753 10,632 10,665 23 -33 -38 -6 10,612 142 -77 -126 110 10,661 95
Equity 2,250 2,239 2,262 1 2 -33 10 2,242 18 -7 -65 63 2,252 20
Investment fund shares 3,493 3,486 3,582 133 -19 27 15 3,739 101 -41 -54 1 3,746 33
Debt securities 5,010 4,908 4,821 -111 -16 -32 -31 4,631 23 -29 -7 46 4,664 41
Short-term 486 476 473 -50 0 -1 -6 417 33 -1 -1 -7 441 4
Long-term 4,525 4,432 4,349 -62 -17 -31 -25 4,214 -10 -28 -6 53 4,223 37
Other investment 5,945 5,762 5,788 -89 -20 -0 120 5,800 219 -39 1 32 6,012 53
of which: Currency and deposits 3,614 3,495 3,515 -49 -16  - -5 3,445 124 -20  - 2 3,551 32
Memo item: Gross external debt 14,221 13,844 13,742 -190 -53 -38 106 13,567 282 -98 -10 70 13,811 123
Memo item: Net external debt 791 756 695 -184 37 -26 18 540 -61 26 37 88 631 6
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)

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
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 -436 -424 -450 153 -81 198 -62 -242 152 -82 -33 -389 -593 -5
of which: Direct investment 2,186 2,164 2,095 38 -44 8 -65 2,033 134 -54 -34 -206 1,872 17
of which: Portfolio investment -2,558 -2,511 -2,396 68 -23 192 65 -2,095 52 -10 12 -128 -2,169 -19
of which: Other investment -730 -713 -766 35 -10 0 -56 -798 -41 -13 -1 -31 -883 -8
Assets 25,274 24,750 24,512 85 -170 139 90 24,655 475 -254 -141 -134 24,601 218
Direct investment 11,198 10,944 10,603 36 -80 -13 -27 10,519 95 -110 -19 -93 10,392 92
Equity 8,069 7,914 7,645 50 -55 2 -15 7,626 81 -83 -14 -79 7,532 67
Debt instruments 3,129 3,030 2,959 -13 -25 -15 -12 2,893 14 -28 -5 -14 2,861 25
Portfolio investment 8,196 8,121 8,269 91 -56 154 59 8,517 194 -87 -114 -18 8,492 75
Equity 2,850 2,836 2,912 29 -21 139 19 3,078 40 -43 -74 -5 2,996 27
Investment fund shares 504 503 510 -2 -3 12 5 521 15 -5 2 -8 525 5
Debt securitites 4,841 4,782 4,847 64 -32 3 36 4,917 139 -39 -42 -5 4,971 44
Short-term 682 644 647 10 -5 -2 9 659 28 -3 -2 9 691 6
Long-term 4,160 4,138 4,200 53 -27 5 26 4,258 111 -37 -39 -14 4,279 38
Financial derivatives (net assets) -61 -46 -57 11  - 1 -6 -52 -4  - -6 -24 -86 -1
Other investment 5,214 5,048 5,022 -55 -30 0 64 5,002 179 -52 0 1 5,129 46
of which: Currency and deposits 2,843 2,751 2,706 -21 -17  - 3 2,672 51 -30  - -138 2,555 23
Reserve assets 727 683 675 2 -4 -3 0 670 12 -4 -3 -0 673 6
Liabilities 25,710 25,174 24,961 -68 -89 -59 152 24,897 322 -172 -109 255 25,194 224
Direct investment 9,012 8,780 8,508 -2 -37 -21 37 8,486 -39 -56 16 114 8,520 76
Equity 5,742 5,601 5,371 -12 -19 -15 20 5,345 -78 -27 20 121 5,381 48
Debt instruments 3,270 3,178 3,137 11 -17 -7 17 3,141 40 -29 -5 -7 3,139 28
Portfolio investment 10,753 10,632 10,665 23 -33 -38 -6 10,612 142 -77 -126 110 10,661 95
Equity 2,250 2,239 2,262 1 2 -33 10 2,242 18 -7 -65 63 2,252 20
Investment fund shares 3,493 3,486 3,582 133 -19 27 15 3,739 101 -41 -54 1 3,746 33
Debt securities 5,010 4,908 4,821 -111 -16 -32 -31 4,631 23 -29 -7 46 4,664 41
Short-term 486 476 473 -50 0 -1 -6 417 33 -1 -1 -7 441 4
Long-term 4,525 4,432 4,349 -62 -17 -31 -25 4,214 -10 -28 -6 53 4,223 37
Other investment 5,945 5,762 5,788 -89 -20 -0 120 5,800 219 -39 1 32 6,012 53
of which: Currency and deposits 3,614 3,495 3,515 -49 -16  - -5 3,445 124 -20  - 2 3,551 32
Memo item: Gross external debt 14,221 13,844 13,742 -190 -53 -38 106 13,567 282 -98 -10 70 13,811 123
Memo item: Net external debt 791 756 695 -184 37 -26 18 540 -61 26 37 88 631 6
Source: ECB.