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 | ||||||||||
| 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | ||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 49.9 | -22.6 | 85.3 | 81.4 | 2.4 | 7.0 | 1.1 | 2.9 | 81.5 | 76.0 | 25.3 | 29.9 | -25.0 | -34.5 | |
| credit | 1843.0 | 2018.1 | 683.1 | 740.3 | 37.1 | 42.4 | 60.5 | 65.1 | 370.3 | 394.6 | 157.6 | 178.7 | 57.5 | 59.5 | |
| debit | 1793.2 | 2040.7 | 597.8 | 658.9 | 34.7 | 35.4 | 59.5 | 62.2 | 288.7 | 318.5 | 132.4 | 148.8 | 82.5 | 94.0 | |
| Goods | 105.3 | 53.0 | 84.9 | 85.1 | 0.3 | 3.2 | 3.0 | 3.7 | 59.1 | 53.3 | 22.2 | 24.8 | 0.2 | 0.2 | |
| credit (exports) | 1128.2 | 1218.6 | 395.4 | 421.9 | 25.2 | 28.7 | 41.3 | 44.5 | 201.7 | 206.2 | 126.9 | 142.4 | 0.2 | 0.2 | |
| as percentage of total | 100.0 | 100.0 | 35.0 | 34.6 | 2.2 | 2.4 | 3.7 | 3.6 | 17.9 | 16.9 | 11.3 | 11.7 | 0.0 | 0.0 | |
| debit (imports) | 1022.9 | 1165.6 | 310.4 | 336.7 | 24.8 | 25.4 | 38.3 | 40.8 | 142.6 | 152.9 | 104.7 | 117.6 | 0.0 | 0.0 | |
| as percentage of total | 100.0 | 100.0 | 30.3 | 28.9 | 2.4 | 2.2 | 3.7 | 3.5 | 13.9 | 13.1 | 10.2 | 10.1 | 0.0 | 0.0 | |
| Services | 29.0 | 34.3 | 28.1 | 26.8 | 1.3 | 1.4 | 2.2 | 1.9 | 24.2 | 22.3 | -3.8 | -3.6 | 4.1 | 4.8 | |
| credit (exports) | 362.0 | 395.5 | 131.6 | 141.4 | 7.4 | 7.8 | 10.1 | 10.5 | 93.0 | 98.4 | 16.9 | 19.6 | 4.3 | 5.0 | |
| as percentage of total | 100.0 | 100.0 | 36.4 | 35.7 | 2.0 | 2.0 | 2.8 | 2.7 | 25.7 | 24.9 | 4.7 | 5.0 | 1.2 | 1.3 | |
| debit (imports) | 333.1 | 361.1 | 103.5 | 114.5 | 6.0 | 6.3 | 7.9 | 8.6 | 68.8 | 76.2 | 20.6 | 23.2 | 0.2 | 0.2 | |
| as percentage of total | 100.0 | 100.0 | 31.1 | 31.7 | 1.8 | 1.8 | 2.4 | 2.4 | 20.6 | 21.1 | 6.2 | 6.4 | 0.0 | 0.0 | |
| Income | -28.0 | -41.5 | 1.1 | 7.5 | 0.7 | 2.4 | -3.9 | -2.5 | -3.1 | -0.9 | 6.7 | 8.1 | 0.7 | 0.3 | |
| credit | 270.9 | 320.7 | 96.4 | 115.3 | 4.2 | 5.6 | 8.6 | 9.5 | 66.4 | 80.4 | 12.1 | 14.6 | 5.2 | 5.3 | |
| debit | 298.9 | 362.2 | 95.3 | 107.8 | 3.5 | 3.2 | 12.5 | 11.9 | 69.5 | 81.3 | 5.4 | 6.4 | 4.5 | 5.0 | |
| of which: investment income | -35.6 | -47.7 | 0.3 | 7.3 | 0.7 | 2.3 | -3.9 | -2.5 | -3.6 | -1.5 | 9.6 | 11.7 | -2.4 | -2.8 | |
| credit | 255.6 | 305.3 | 91.4 | 110.0 | 4.1 | 5.5 | 8.5 | 9.3 | 64.9 | 78.7 | 11.9 | 14.4 | 2.0 | 2.2 | |
| debit | 291.1 | 353.0 | 91.1 | 102.8 | 3.4 | 3.1 | 12.4 | 11.8 | 68.5 | 80.2 | 2.3 | 2.6 | 4.5 | 5.0 | |
| Current transfers | -56.4 | -68.3 | -28.9 | -38.1 | 0.0 | 0.0 | -0.3 | -0.3 | 1.3 | 1.4 | 0.1 | 0.6 | -30.0 | -39.7 | |
| credit | 81.9 | 83.4 | 59.6 | 61.7 | 0.4 | 0.4 | 0.5 | 0.6 | 9.1 | 9.5 | 1.7 | 2.1 | 47.9 | 49.0 | |
| debit | 138.3 | 151.7 | 88.5 | 99.8 | 0.3 | 0.4 | 0.8 | 0.9 | 7.9 | 8.2 | 1.6 | 1.5 | 77.9 | 88.8 | |
| Capital account | 17.5 | 12.5 | 20.3 | 19.3 | -0.0 | -0.0 | -0.0 | -0.0 | 0.3 | 0.2 | -0.1 | -0.0 | 20.2 | 19.2 | |
| credit | 24.1 | 23.4 | 21.3 | 20.4 | 0.0 | 0.0 | 0.1 | 0.0 | 0.8 | 0.9 | 0.1 | 0.1 | 20.4 | 19.4 | |
| debit | 6.6 | 10.9 | 1.0 | 1.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.5 | 0.7 | 0.2 | 0.2 | 0.2 | 0.1 | |
| Financial account balance1) | -10.9 | 90.0 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | -41.2 | -145.5 | -31.6 | -109.6 | 8.4 | -0.6 | 0.4 | 8.6 | -36.2 | -113.1 | -4.3 | -4.6 | 0.1 | -0.0 | |
| Abroad | -141.7 | -216.1 | -82.4 | -147.5 | 1.4 | -1.8 | -8.7 | 1.7 | -63.1 | -128.5 | -12.0 | -18.8 | 0.0 | -0.0 | |
| Equity/reinvested earnings | -152.0 | -155.4 | -76.1 | -122.1 | -0.9 | -5.1 | -8.8 | -3.1 | -48.6 | -93.4 | -17.8 | -20.5 | 0.0 | -0.0 | |
| Other capital | 10.3 | -60.7 | -6.4 | -25.4 | 2.4 | 3.3 | 0.1 | 4.8 | -14.6 | -35.1 | 5.8 | 1.7 | 0.0 | -0.0 | |
| In the euro area | 100.5 | 70.7 | 50.8 | 37.9 | 7.0 | 1.2 | 9.1 | 7.0 | 27.0 | 15.4 | 7.7 | 14.2 | 0.1 | 0.0 | |
| Equity/reinvested earnings | 86.5 | 43.6 | 43.9 | 25.7 | -1.0 | 0.4 | 4.7 | 4.3 | 37.6 | 20.7 | 2.5 | 0.3 | 0.1 | 0.0 | |
| Other capital | 14.0 | 27.1 | 7.0 | 12.2 | 8.0 | 0.9 | 4.4 | 2.6 | -10.6 | -5.3 | 5.2 | 14.0 | 0.0 | 0.0 | |
| Portfolio investment | 60.3 | 162.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -338.1 | -443.1 | -117.9 | -179.9 | -0.1 | -11.6 | -10.8 | -11.2 | -86.4 | -128.1 | -15.0 | -18.9 | -5.5 | -10.0 | |
| Equity | -103.4 | -140.4 | -17.3 | -43.6 | 3.3 | -1.9 | -1.4 | -5.0 | -18.6 | -33.5 | -0.6 | -3.2 | -0.1 | 0.0 | |
| Debt | -234.6 | -302.7 | -100.6 | -136.3 | -3.4 | -9.8 | -9.4 | -6.2 | -67.9 | -94.6 | -14.5 | -15.7 | -5.3 | -10.0 | |
| Bonds and notes | -177.7 | -283.4 | -86.6 | -110.4 | -1.8 | -8.7 | -9.7 | -5.7 | -57.4 | -69.5 | -11.8 | -16.1 | -5.8 | -10.4 | |
| Money market instruments | -56.9 | -19.3 | -14.0 | -26.0 | -1.7 | -1.1 | 0.3 | -0.5 | -10.5 | -25.1 | -2.6 | 0.4 | 0.5 | 0.4 | |
| Liabilities | 398.4 | 605.6 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | 128.1 | 280.2 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | 270.3 | 325.5 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | 254.9 | 260.3 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | 15.4 | 65.2 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | -5.0 | -13.6 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | -37.5 | 67.8 | -91.5 | 35.9 | 1.5 | -5.5 | -18.4 | 20.7 | -74.9 | 20.3 | -5.0 | -13.8 | 5.3 | 14.1 | |
| Assets | -312.5 | -565.5 | -245.2 | -385.6 | -1.6 | -15.2 | -25.8 | 14.9 | -199.7 | -356.1 | -17.5 | -27.4 | -0.7 | -1.9 | |
| General government | -2.3 | 5.1 | -2.6 | -1.3 | -1.0 | 1.1 | -0.0 | -0.3 | -0.5 | -3.5 | 0.2 | 1.3 | -1.2 | 0.0 | |
| MFIs | -259.6 | -387.4 | -220.0 | -231.1 | 0.3 | -15.1 | -24.0 | 14.8 | -181.2 | -202.7 | -15.6 | -26.6 | 0.5 | -1.5 | |
| Other sectors | -50.6 | -183.2 | -22.6 | -153.2 | -0.8 | -1.1 | -1.8 | 0.4 | -18.0 | -150.0 | -2.1 | -2.1 | -0.0 | -0.4 | |
| Liabilities | 275.0 | 633.3 | 153.8 | 421.4 | 3.0 | 9.7 | 7.3 | 5.9 | 124.8 | 376.4 | 12.5 | 13.5 | 6.0 | 15.9 | |
| General government | -3.6 | -2.4 | -2.1 | -1.0 | 0.0 | -0.0 | 0.1 | 0.0 | 1.2 | -2.8 | -0.0 | 0.0 | -3.5 | 1.8 | |
| MFIs | 253.8 | 483.1 | 147.9 | 300.0 | 2.5 | 9.1 | 6.2 | 4.5 | 120.5 | 265.9 | 11.1 | 12.3 | 7.6 | 8.2 | |
| Other sectors | 24.7 | 152.6 | 8.0 | 122.4 | 0.5 | 0.6 | 1.1 | 1.3 | 3.1 | 113.3 | 1.4 | 1.3 | 1.9 | 5.9 | |
| Reserve assets | 12.5 | 18.7 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | -56.4 | -79.9 | - | - | - | - | - | - | - | - | - | - | - | - | |
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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | 2004Q1 to 2004Q4 | 2005Q1 to 2005Q4 | ||
| Source: ECB. | |||||||||||||||
| ( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+). | |||||||||||||||
| Current account | 5.9 | 5.8 | -30.9 | -27.8 | 10.8 | 7.5 | 42.1 | 30.2 | - | - | - | - | -69.5 | -121.8 | |
| credit | 24.3 | 25.6 | 47.9 | 51.1 | 127.1 | 135.0 | 313.7 | 345.7 | - | - | - | - | 553.3 | 622.3 | |
| debit | 18.4 | 19.7 | 78.9 | 78.9 | 116.3 | 127.5 | 271.6 | 315.5 | - | - | - | - | 622.8 | 744.1 | |
| Goods | 5.9 | 6.3 | -19.1 | -17.6 | 12.8 | 9.2 | 62.5 | 67.2 | - | - | - | - | -56.4 | -111.8 | |
| credit (exports) | 14.3 | 15.5 | 33.0 | 33.6 | 64.4 | 68.4 | 171.5 | 181.8 | - | - | - | - | 409.5 | 455.0 | |
| as percentage of total | 1.3 | 1.3 | 2.9 | 2.8 | 5.7 | 5.6 | 15.2 | 14.9 | - | - | - | - | 36.3 | 37.3 | |
| debit (imports) | 8.4 | 9.2 | 52.1 | 51.1 | 51.6 | 59.1 | 109.0 | 114.6 | - | - | - | - | 466.0 | 566.8 | |
| as percentage of total | 0.8 | 0.8 | 5.1 | 4.4 | 5.0 | 5.1 | 10.7 | 9.8 | - | - | - | - | 45.6 | 48.6 | |
| Services | -0.3 | -0.0 | 3.2 | 3.9 | 7.1 | 8.7 | -2.6 | -2.1 | - | - | - | - | -5.9 | -4.1 | |
| credit (exports) | 4.6 | 5.4 | 10.4 | 11.2 | 36.5 | 38.7 | 73.0 | 76.4 | - | - | - | - | 86.2 | 100.6 | |
| as percentage of total | 1.3 | 1.4 | 2.9 | 2.8 | 10.1 | 9.8 | 20.2 | 19.3 | - | - | - | - | 23.8 | 25.4 | |
| debit (imports) | 4.9 | 5.4 | 7.1 | 7.4 | 29.5 | 30.0 | 75.6 | 78.5 | - | - | - | - | 92.1 | 104.6 | |
| as percentage of total | 1.5 | 1.5 | 2.1 | 2.0 | 8.9 | 8.3 | 22.7 | 21.7 | - | - | - | - | 27.7 | 29.0 | |
| Income | 1.4 | 0.6 | -15.0 | -14.6 | -10.2 | -11.3 | -15.7 | -32.8 | - | - | - | - | 12.1 | 16.0 | |
| credit | 4.9 | 4.2 | 4.3 | 5.5 | 19.8 | 21.7 | 62.5 | 80.8 | - | - | - | - | 50.5 | 59.9 | |
| debit | 3.5 | 3.6 | 19.3 | 20.1 | 30.0 | 33.1 | 78.1 | 113.6 | - | - | - | - | 38.5 | 43.9 | |
| of which: investment income | 1.4 | 0.6 | -15.0 | -14.6 | -15.7 | -16.7 | -16.6 | -33.3 | - | - | - | - | 12.8 | 17.0 | |
| credit | 4.8 | 4.1 | 4.2 | 5.4 | 13.8 | 15.7 | 60.7 | 79.3 | - | - | - | - | 49.5 | 58.9 | |
| debit | 3.4 | 3.5 | 19.2 | 20.0 | 29.5 | 32.4 | 77.3 | 112.6 | - | - | - | - | 36.7 | 41.9 | |
| Current transfers | -1.1 | -1.1 | -0.0 | 0.5 | 1.1 | 0.9 | -2.1 | -2.1 | - | - | - | - | -19.3 | -22.0 | |
| credit | 0.5 | 0.5 | 0.3 | 0.8 | 6.3 | 6.2 | 6.8 | 6.7 | - | - | - | - | 7.0 | 6.8 | |
| debit | 1.6 | 1.5 | 0.3 | 0.3 | 5.2 | 5.3 | 8.9 | 8.8 | - | - | - | - | 26.3 | 28.7 | |
| Capital account | -0.1 | -0.1 | -0.0 | 0.1 | -0.1 | -0.0 | 0.8 | -0.0 | - | - | - | - | -2.8 | -5.6 | |
| credit | 0.0 | 0.0 | 0.0 | 0.1 | 0.3 | 0.5 | 1.4 | 0.5 | - | - | - | - | 0.9 | 1.6 | |
| debit | 0.1 | 0.1 | 0.0 | 0.0 | 0.4 | 0.5 | 0.6 | 0.5 | - | - | - | - | 3.7 | 7.2 | |
| Financial account balance1) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Direct investment | -3.7 | 0.0 | -0.2 | 1.4 | 13.3 | 1.7 | 44.1 | -0.2 | -28.5 | -0.6 | 0.0 | 0.2 | -34.6 | -38.4 | |
| Abroad | 0.4 | -5.3 | -4.8 | -0.2 | 4.7 | -6.8 | 14.4 | -2.7 | -36.3 | -8.0 | 0.0 | -0.0 | -37.7 | -45.6 | |
| Equity/reinvested earnings | 0.7 | -4.3 | -5.0 | -0.7 | -1.4 | -7.3 | -11.9 | 13.7 | -28.4 | -4.4 | -0.0 | 0.0 | -30.0 | -30.4 | |
| Other capital | -0.3 | -1.0 | 0.2 | 0.4 | 6.1 | 0.5 | 26.2 | -16.4 | -7.9 | -3.6 | 0.0 | -0.0 | -7.7 | -15.2 | |
| In the euro area | -4.1 | 5.3 | 4.6 | 1.6 | 8.6 | 8.5 | 29.7 | 2.5 | 7.8 | 7.4 | 0.0 | 0.2 | 3.1 | 7.2 | |
| Equity/reinvested earnings | -4.7 | 4.0 | 2.4 | 1.0 | 6.9 | 0.6 | 24.3 | 1.1 | 12.9 | 6.8 | -0.0 | -0.0 | 0.8 | 4.4 | |
| Other capital | 0.6 | 1.3 | 2.1 | 0.6 | 1.8 | 7.9 | 5.4 | 1.5 | -5.1 | 0.6 | 0.0 | 0.2 | 2.2 | 2.7 | |
| Portfolio investment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Assets | -5.7 | -9.2 | -49.1 | -36.2 | -0.2 | -5.5 | -86.9 | -71.2 | -34.9 | -60.5 | 3.5 | -0.3 | -46.9 | -80.3 | |
| Equity | -3.5 | -3.5 | -21.4 | -21.0 | 0.7 | -4.4 | -31.3 | -14.4 | -18.3 | -16.2 | -0.1 | -0.1 | -12.2 | -37.3 | |
| Debt | -2.2 | -5.7 | -27.6 | -15.2 | -0.9 | -1.1 | -55.5 | -56.8 | -16.6 | -44.2 | 3.5 | -0.3 | -34.8 | -43.0 | |
| Bonds and notes | -2.2 | -6.0 | -11.2 | -15.5 | -1.1 | 0.9 | -45.7 | -77.6 | -0.5 | -36.7 | 2.6 | -0.0 | -33.0 | -38.1 | |
| Money market instruments | 0.0 | 0.3 | -16.4 | 0.3 | 0.2 | -2.0 | -9.8 | 20.8 | -16.1 | -7.6 | 0.9 | -0.2 | -1.7 | -4.9 | |
| Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Bonds and notes | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Money market instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Financial derivatives | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Other investment | -0.2 | -3.3 | 9.0 | 13.4 | 10.1 | -4.8 | 41.9 | 15.4 | -22.4 | -7.2 | 2.4 | 1.9 | 14.5 | 16.4 | |
| Assets | -1.7 | -6.3 | 4.5 | 0.1 | -3.9 | -20.8 | -18.0 | -26.0 | -28.9 | -58.5 | -3.2 | -2.8 | -15.3 | -65.6 | |
| General government | -0.0 | -0.1 | -0.0 | -0.0 | -0.0 | -0.1 | 0.3 | 0.3 | -0.0 | -0.0 | -1.8 | -1.6 | 1.8 | 7.7 | |
| MFIs | -0.8 | -5.2 | 5.8 | 4.2 | -2.7 | -15.6 | -16.0 | -39.9 | -14.2 | -43.2 | -1.2 | -0.8 | -10.4 | -55.9 | |
| Other sectors | -0.9 | -1.1 | -1.3 | -4.1 | -1.2 | -5.1 | -2.3 | 13.5 | -14.6 | -15.3 | -0.2 | -0.4 | -6.6 | -17.5 | |
| Liabilities | 1.5 | 3.0 | 4.6 | 13.3 | 14.1 | 16.0 | 59.9 | 41.4 | 6.5 | 51.3 | 5.6 | 4.7 | 29.8 | 82.0 | |
| General government | 0.0 | 0.0 | -0.6 | -0.1 | -0.5 | 0.0 | 0.1 | -0.0 | -0.3 | -0.1 | -0.1 | -0.4 | 0.5 | -0.8 | |
| MFIs | 1.4 | 3.1 | 3.0 | 12.8 | 10.9 | 11.2 | 47.2 | 22.9 | 3.5 | 48.3 | 5.8 | 5.3 | 34.0 | 79.5 | |
| Other sectors | 0.1 | -0.1 | 2.1 | 0.6 | 3.7 | 4.8 | 12.6 | 18.6 | 3.2 | 3.1 | 0.0 | -0.2 | -4.7 | 3.4 | |
| Reserve assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Errors and omissions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |