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Table 1b: Quarterly balance of payments of the euro area with selected counterparts
(EUR billions, otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)
| Total | European Union | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Denmark | Sweden | UnitedKingdom | Other EUcountries | EUinstitutions | ||||||||||
| 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | ||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 47.4 | 17.4 | 70.6 | 84.7 | 1.5 | 5.0 | 2.9 | 3.8 | 67.9 | 79.7 | 23.1 | 24.4 | -24.9 | -28.2 | |
| credit | 1738.2 | 1889.3 | 651.3 | 696.9 | 34.4 | 39.2 | 57.3 | 62.3 | 352.4 | 375.1 | 148.1 | 160.7 | 59.0 | 59.5 | |
| debit | 1690.8 | 1872.0 | 580.7 | 612.2 | 32.9 | 34.3 | 54.4 | 58.5 | 284.5 | 295.4 | 125.0 | 136.3 | 83.9 | 87.7 | |
| Goods | 123.7 | 77.9 | 84.9 | 85.7 | 0.9 | 1.6 | 2.6 | 3.9 | 60.3 | 58.4 | 20.9 | 21.6 | 0.2 | 0.2 | |
| credit (exports) | 1081.4 | 1161.7 | 381.9 | 406.5 | 24.2 | 26.7 | 39.3 | 43.3 | 196.0 | 205.4 | 122.2 | 130.9 | 0.2 | 0.2 | |
| as percentage of total | 100.0 | 100.0 | 35.3 | 35.0 | 2.2 | 2.3 | 3.6 | 3.7 | 18.1 | 17.7 | 11.3 | 11.3 | 0.0 | 0.0 | |
| debit (imports) | 957.8 | 1083.7 | 297.1 | 320.8 | 23.3 | 25.1 | 36.7 | 39.4 | 135.7 | 147.0 | 101.3 | 109.3 | 0.0 | 0.0 | |
| as percentage of total | 100.0 | 100.0 | 31.0 | 29.6 | 2.4 | 2.3 | 3.8 | 3.6 | 14.2 | 13.6 | 10.6 | 10.1 | 0.0 | 0.0 | |
| Services | 22.8 | 28.2 | 25.3 | 27.6 | 0.8 | 1.2 | 1.8 | 2.2 | 21.5 | 23.3 | -2.8 | -3.3 | 4.0 | 4.2 | |
| credit (exports) | 340.1 | 367.4 | 124.5 | 131.2 | 6.8 | 7.1 | 9.8 | 10.0 | 88.4 | 92.2 | 15.3 | 17.6 | 4.2 | 4.3 | |
| as percentage of total | 100.0 | 100.0 | 36.6 | 35.7 | 2.0 | 1.9 | 2.9 | 2.7 | 26.0 | 25.1 | 4.5 | 4.8 | 1.2 | 1.2 | |
| debit (imports) | 317.2 | 339.2 | 99.2 | 103.6 | 6.1 | 5.9 | 7.9 | 7.7 | 67.0 | 68.9 | 18.1 | 20.9 | 0.2 | 0.1 | |
| as percentage of total | 100.0 | 100.0 | 31.3 | 30.5 | 1.9 | 1.7 | 2.5 | 2.3 | 21.1 | 20.3 | 5.7 | 6.2 | 0.1 | 0.0 | |
| Income | -43.0 | -28.4 | -9.9 | 4.5 | -0.2 | 2.1 | -1.3 | -2.0 | -15.4 | -3.2 | 5.3 | 6.4 | 1.6 | 1.2 | |
| credit | 235.7 | 277.9 | 83.6 | 98.8 | 3.0 | 5.0 | 7.8 | 8.5 | 58.3 | 68.8 | 9.4 | 10.9 | 5.1 | 5.6 | |
| debit | 278.7 | 306.4 | 93.6 | 94.3 | 3.2 | 2.9 | 9.0 | 10.4 | 73.7 | 72.0 | 4.1 | 4.6 | 3.6 | 4.4 | |
| of which: investment income | -51.6 | -37.0 | -11.4 | 2.7 | -0.2 | 2.1 | -1.3 | -2.0 | -15.7 | -3.7 | 7.2 | 8.3 | -1.4 | -1.9 | |
| credit | 220.9 | 262.8 | 78.9 | 93.8 | 2.9 | 4.9 | 7.7 | 8.3 | 57.0 | 67.3 | 9.2 | 10.8 | 2.2 | 2.5 | |
| debit | 272.5 | 299.8 | 90.4 | 91.1 | 3.1 | 2.8 | 9.0 | 10.4 | 72.7 | 71.0 | 2.0 | 2.5 | 3.5 | 4.4 | |
| Current transfers | -56.1 | -60.3 | -29.6 | -33.2 | -0.0 | 0.1 | -0.3 | -0.3 | 1.5 | 1.2 | -0.2 | -0.3 | -30.7 | -33.8 | |
| credit | 81.0 | 82.4 | 61.2 | 60.4 | 0.3 | 0.4 | 0.5 | 0.5 | 9.6 | 8.7 | 1.3 | 1.3 | 49.4 | 49.4 | |
| debit | 137.1 | 142.7 | 90.8 | 93.6 | 0.4 | 0.3 | 0.8 | 0.9 | 8.1 | 7.6 | 1.5 | 1.6 | 80.1 | 83.2 | |
| Capital account | 17.5 | 15.0 | 20.9 | 20.4 | -0.0 | -0.0 | -0.0 | -0.0 | 0.2 | 0.3 | -0.1 | -0.1 | 20.9 | 20.3 | |
| credit | 23.8 | 23.7 | 21.9 | 21.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.8 | 0.1 | 0.1 | 21.3 | 20.4 | |
| debit | 6.2 | 8.7 | 1.0 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.5 | 0.2 | 0.2 | 0.4 | 0.2 | |
| Financial account balance1) | 1.3 | 49.6 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | -63.8 | -74.6 | -42.2 | -30.4 | -0.5 | 2.6 | -5.1 | -0.9 | -32.8 | -31.0 | -4.0 | -1.1 | 0.1 | 0.0 | |
| Abroad | -125.6 | -158.5 | -51.8 | -73.9 | -1.3 | 0.1 | -7.3 | -4.8 | -38.8 | -49.5 | -4.3 | -19.6 | -0.0 | 0.0 | |
| Equity/reinvested earnings | -105.3 | -153.3 | -43.6 | -63.7 | -2.3 | -2.5 | -6.9 | -1.4 | -25.8 | -36.8 | -8.6 | -22.9 | -0.0 | 0.0 | |
| Other capital | -20.3 | -5.2 | -8.2 | -10.1 | 0.9 | 2.6 | -0.5 | -3.4 | -12.9 | -12.7 | 4.2 | 3.3 | 0.0 | 0.0 | |
| In the euro area | 61.8 | 83.8 | 9.6 | 43.5 | 0.9 | 2.5 | 2.3 | 4.0 | 6.0 | 18.5 | 0.3 | 18.6 | 0.1 | 0.0 | |
| Equity/reinvested earnings | 78.1 | 67.9 | 31.9 | 37.8 | 1.5 | -0.5 | 2.9 | 2.7 | 27.1 | 34.6 | 0.3 | 1.0 | 0.1 | 0.0 | |
| Other capital | -16.2 | 15.9 | -22.3 | 5.7 | -0.6 | 3.0 | -0.7 | 1.2 | -21.1 | -16.1 | 0.1 | 17.6 | 0.0 | 0.0 | |
| Portfolio investment | -9.0 | 144.9 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -277.4 | -348.2 | -99.7 | -157.9 | -0.8 | -4.8 | -11.0 | -5.2 | -71.4 | -118.9 | -12.6 | -20.0 | -4.0 | -9.0 | |
| Equity | -90.7 | -76.2 | -15.1 | -23.5 | 1.7 | 0.5 | -0.3 | -1.2 | -15.7 | -20.0 | -0.7 | -2.7 | -0.0 | -0.1 | |
| Debt | -186.6 | -272.0 | -84.6 | -134.4 | -2.5 | -5.3 | -10.6 | -4.0 | -55.7 | -98.9 | -11.9 | -17.4 | -3.9 | -8.9 | |
| Bonds and notes | -142.2 | -228.6 | -74.4 | -104.9 | -1.7 | -3.4 | -7.7 | -5.5 | -51.1 | -69.1 | -9.3 | -18.1 | -4.5 | -8.7 | |
| Money market instruments | -44.4 | -43.4 | -10.2 | -29.6 | -0.8 | -1.9 | -2.9 | 1.6 | -4.5 | -29.8 | -2.6 | 0.7 | 0.5 | -0.1 | |
| Liabilities | 268.3 | 493.1 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | 88.9 | 170.7 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | 179.4 | 322.4 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | 157.2 | 272.9 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | 22.2 | 49.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | -4.0 | -9.8 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | 56.0 | -24.7 | 43.0 | -79.8 | 0.2 | 3.8 | -6.7 | -0.8 | 37.8 | -78.7 | -4.6 | -10.7 | 16.3 | 6.6 | |
| Assets | -186.5 | -422.2 | -135.0 | -320.3 | -1.0 | -9.2 | -9.6 | -4.6 | -110.4 | -283.2 | -14.8 | -21.2 | 0.7 | -2.1 | |
| General government | -2.7 | 0.3 | -3.0 | -0.7 | -0.5 | -1.3 | -0.1 | -0.1 | -2.6 | -0.1 | 0.2 | 1.4 | 0.0 | -0.5 | |
| MFIs | -144.7 | -323.3 | -114.2 | -232.0 | -0.2 | -6.2 | -6.5 | -1.8 | -94.6 | -200.3 | -13.7 | -22.1 | 0.8 | -1.5 | |
| Other sectors | -39.1 | -99.1 | -17.8 | -87.5 | -0.3 | -1.7 | -2.9 | -2.6 | -13.2 | -82.7 | -1.3 | -0.5 | -0.1 | -0.1 | |
| Liabilities | 242.5 | 397.5 | 178.0 | 240.5 | 1.2 | 13.0 | 2.8 | 3.8 | 148.2 | 204.5 | 10.2 | 10.5 | 15.6 | 8.8 | |
| General government | -2.6 | -1.0 | -3.2 | 0.3 | 0.0 | -0.0 | 0.0 | 0.0 | 0.1 | -0.7 | 0.0 | -0.0 | -3.3 | 1.0 | |
| MFIs | 230.5 | 318.9 | 177.0 | 171.1 | 1.6 | 13.0 | 1.7 | 2.9 | 150.7 | 141.7 | 8.4 | 8.7 | 14.5 | 4.7 | |
| Other sectors | 14.6 | 79.6 | 4.2 | 69.1 | -0.4 | 0.1 | 1.1 | 0.8 | -2.7 | 63.5 | 1.7 | 1.8 | 4.5 | 3.0 | |
| Reserve assets | 22.2 | 13.8 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | -66.3 | -82.0 | - | - | - | - | - | - | - | - | - | - | - | - | |
Table 1b: Quarterly balance of payments of the euro area with selected counterparts (continued)
(EUR billions, otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)
| Canada | Japan | Switzerland | United States | Offshorefinancialcentres | Internationalorganisations | Other countries | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | 2003Q3 to 2004Q2 | 2004Q3 to 2005Q2 | ||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 5.1 | 5.4 | -34.8 | -31.9 | 7.9 | 7.5 | 40.6 | 41.0 | - | - | - | - | -47.2 | -94.9 | |
| credit | 23.2 | 24.7 | 47.4 | 49.2 | 124.5 | 129.8 | 298.5 | 322.2 | - | - | - | - | 508.0 | 573.8 | |
| debit | 18.0 | 19.2 | 82.1 | 81.1 | 116.7 | 122.2 | 257.9 | 281.2 | - | - | - | - | 555.2 | 668.8 | |
| Goods | 5.8 | 6.2 | -17.5 | -17.9 | 11.4 | 13.0 | 61.0 | 60.7 | - | - | - | - | -36.7 | -85.4 | |
| credit (exports) | 14.2 | 14.9 | 32.4 | 33.3 | 61.6 | 67.3 | 167.5 | 174.7 | - | - | - | - | 384.6 | 423.9 | |
| as percentage of total | 1.3 | 1.3 | 3.0 | 2.9 | 5.7 | 5.8 | 15.5 | 15.0 | - | - | - | - | 35.6 | 36.5 | |
| debit (imports) | 8.4 | 8.7 | 49.9 | 51.1 | 50.3 | 54.3 | 106.5 | 114.0 | - | - | - | - | 421.3 | 509.3 | |
| as percentage of total | 0.9 | 0.8 | 5.2 | 4.7 | 5.2 | 5.0 | 11.1 | 10.5 | - | - | - | - | 44.0 | 47.0 | |
| Services | -0.3 | -0.0 | 3.2 | 3.2 | 8.1 | 5.8 | -5.7 | 0.6 | - | - | - | - | -7.5 | -8.9 | |
| credit (exports) | 4.3 | 5.1 | 10.0 | 10.4 | 36.7 | 35.7 | 69.5 | 73.7 | - | - | - | - | 77.5 | 91.9 | |
| as percentage of total | 1.3 | 1.4 | 2.9 | 2.8 | 10.8 | 9.7 | 20.4 | 20.1 | - | - | - | - | 22.8 | 25.0 | |
| debit (imports) | 4.6 | 5.1 | 6.8 | 7.2 | 28.6 | 29.9 | 75.2 | 73.1 | - | - | - | - | 85.0 | 100.8 | |
| as percentage of total | 1.4 | 1.5 | 2.1 | 2.1 | 9.0 | 8.8 | 23.7 | 21.5 | - | - | - | - | 26.8 | 29.7 | |
| Income | 0.6 | 0.3 | -20.4 | -17.2 | -12.3 | -12.3 | -11.6 | -18.1 | - | - | - | - | 14.6 | 18.0 | |
| credit | 4.2 | 4.2 | 4.7 | 5.3 | 20.5 | 20.6 | 54.0 | 67.3 | - | - | - | - | 41.5 | 50.4 | |
| debit | 3.6 | 3.9 | 25.0 | 22.5 | 32.8 | 32.9 | 65.6 | 85.5 | - | - | - | - | 26.9 | 32.4 | |
| of which: investment income | 0.6 | 0.3 | -20.4 | -17.1 | -17.9 | -18.0 | -12.6 | -18.8 | - | - | - | - | 14.9 | 18.4 | |
| credit | 4.1 | 4.1 | 4.6 | 5.3 | 14.3 | 14.4 | 52.2 | 65.8 | - | - | - | - | 40.6 | 49.3 | |
| debit | 3.5 | 3.8 | 24.9 | 22.4 | 32.3 | 32.3 | 64.8 | 84.6 | - | - | - | - | 25.6 | 30.9 | |
| Current transfers | -1.1 | -1.1 | -0.1 | -0.1 | 0.7 | 1.0 | -3.0 | -2.1 | - | - | - | - | -17.6 | -18.5 | |
| credit | 0.4 | 0.5 | 0.3 | 0.2 | 5.7 | 6.2 | 7.6 | 6.5 | - | - | - | - | 4.4 | 7.7 | |
| debit | 1.5 | 1.6 | 0.3 | 0.3 | 5.0 | 5.2 | 10.6 | 8.6 | - | - | - | - | 21.9 | 26.2 | |
| Capital account | -0.0 | -0.1 | 0.0 | 0.1 | 0.2 | -0.1 | 0.2 | 0.5 | - | - | - | - | -2.9 | -5.2 | |
| credit | 0.0 | 0.0 | 0.0 | 0.1 | 0.4 | 0.3 | 0.6 | 1.0 | - | - | - | - | 0.8 | 0.8 | |
| debit | 0.1 | 0.1 | 0.0 | 0.0 | 0.2 | 0.4 | 0.4 | 0.5 | - | - | - | - | 3.7 | 6.1 | |
| Financial account balance1) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | 1.3 | -1.8 | -6.2 | -3.6 | 6.5 | 20.0 | 5.3 | 8.3 | -4.1 | -38.7 | 0.1 | 0.1 | -24.5 | -28.7 | |
| Abroad | -1.4 | 1.2 | -8.7 | -6.2 | -6.0 | 8.5 | -9.4 | -7.8 | -18.0 | -44.0 | 0.0 | 0.0 | -30.4 | -36.3 | |
| Equity/reinvested earnings | -1.4 | 1.7 | -5.5 | -5.8 | -1.9 | 1.9 | -22.4 | -19.9 | -8.7 | -43.3 | -0.0 | 0.0 | -22.0 | -24.1 | |
| Other capital | -0.0 | -0.5 | -3.3 | -0.3 | -4.1 | 6.6 | 13.0 | 12.1 | -9.3 | -0.7 | 0.0 | 0.0 | -8.4 | -12.2 | |
| In the euro area | 2.7 | -3.0 | 2.6 | 2.6 | 12.5 | 11.6 | 14.7 | 16.1 | 13.9 | 5.3 | 0.0 | 0.1 | 5.8 | 7.7 | |
| Equity/reinvested earnings | 2.6 | -4.0 | 2.4 | 0.8 | 9.2 | 6.7 | 14.3 | 15.7 | 12.8 | 8.9 | 0.0 | -0.0 | 4.8 | 2.0 | |
| Other capital | 0.1 | 0.9 | 0.1 | 1.8 | 3.3 | 4.9 | 0.4 | 0.4 | 1.1 | -3.6 | 0.0 | 0.1 | 1.1 | 5.6 | |
| Portfolio investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -2.9 | -3.5 | -32.5 | -36.0 | -1.2 | 0.5 | -78.1 | -41.1 | -25.1 | -58.1 | 2.4 | 2.3 | -40.2 | -54.4 | |
| Equity | -1.4 | -1.9 | -23.2 | -10.1 | 0.7 | -0.1 | -20.4 | -5.5 | -15.8 | -16.9 | -0.1 | -0.2 | -15.3 | -17.9 | |
| Debt | -1.5 | -1.6 | -9.3 | -25.9 | -1.9 | 0.6 | -57.6 | -35.5 | -9.3 | -41.1 | 2.5 | 2.5 | -24.8 | -36.5 | |
| Bonds and notes | -1.3 | -2.0 | -3.7 | -15.9 | -1.3 | 0.5 | -47.8 | -51.5 | 4.4 | -21.4 | 2.4 | 2.1 | -20.5 | -35.4 | |
| Money market instruments | -0.3 | 0.4 | -5.6 | -10.0 | -0.6 | 0.1 | -9.9 | 16.0 | -13.7 | -19.8 | 0.1 | 0.5 | -4.3 | -1.1 | |
| Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | 0.5 | -2.5 | 9.5 | 13.4 | -10.9 | -0.9 | 49.6 | 36.0 | -44.8 | -24.9 | 6.4 | 2.0 | 2.7 | 32.1 | |
| Assets | -2.3 | -3.6 | 4.5 | 7.9 | -9.1 | -9.9 | -1.3 | -29.9 | -26.4 | -44.2 | -1.9 | -3.2 | -15.0 | -19.1 | |
| General government | 0.0 | -0.3 | 0.0 | -0.0 | 0.1 | -0.1 | 0.3 | -0.0 | -0.1 | 0.0 | -1.6 | -1.8 | 1.6 | 3.2 | |
| MFIs | -1.7 | -2.8 | 3.6 | 8.6 | -8.5 | -8.3 | -13.3 | -35.8 | -3.6 | -30.3 | -0.2 | -1.4 | -6.8 | -21.3 | |
| Other sectors | -0.6 | -0.5 | 0.9 | -0.6 | -0.7 | -1.5 | 11.7 | 5.9 | -22.8 | -13.9 | -0.1 | -0.1 | -9.7 | -0.9 | |
| Liabilities | 2.8 | 1.1 | 5.0 | 5.5 | -1.9 | 8.9 | 51.0 | 65.9 | -18.4 | 19.3 | 8.3 | 5.2 | 17.6 | 51.2 | |
| General government | 0.0 | 0.0 | -0.4 | -0.6 | -0.5 | -0.0 | 0.8 | -1.0 | 0.0 | 0.0 | 0.3 | -0.5 | 0.3 | 0.8 | |
| MFIs | 2.3 | 0.5 | 4.6 | 5.1 | -4.9 | 8.0 | 41.9 | 50.0 | -17.1 | 15.6 | 8.2 | 5.7 | 18.6 | 62.9 | |
| Other sectors | 0.4 | 0.5 | 0.8 | 1.0 | 3.6 | 1.0 | 8.2 | 16.9 | -1.3 | 3.6 | -0.2 | -0.1 | -1.2 | -12.5 | |
| Reserve assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |