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Table 1b: Quarterly balance of payments of the euro area with a geographical breakdown

(EUR billions, unless otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)

Total European Union 27 (outside the euro area)
Total Denmark Sweden UnitedKingdom Other EUcountries EUinstitutions
2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account -8.7 -126.1 103.1 79.3 13.5 11.3 0.3 0.1 83.3 67.7 51.6 46.1 -45.5 -45.9
credit 2,729.4 2,640.6 1,005.0 949.6 58.7 57.8 86.7 80.4 534.9 487.6 266.0 267.2 58.7 56.5
debit 2,738.0 2,766.8 901.9 870.3 45.3 46.6 86.4 80.3 451.6 419.8 214.4 221.2 104.2 102.4
Goods 37.8 -13.8 117.2 97.4 6.5 5.0 3.9 3.3 63.8 53.4 42.9 35.8 0.0 0.0
credit (exports) 1,540.3 1,497.5 542.0 509.5 35.3 34.7 55.7 50.4 241.0 217.4 209.9 206.9 0.0 0.0
as percentage of total 100.0 100.0 35.2 34.0 2.3 2.3 3.6 3.4 15.6 14.5 13.6 13.8 0.0 0.0
debit (imports) 1,502.4 1,511.3 424.8 412.0 28.8 29.7 51.8 47.1 177.1 164.1 167.0 171.1 0.0 0.0
as percentage of total 100.0 100.0 28.3 27.3 1.9 2.0 3.4 3.1 11.8 10.9 11.1 11.3 0.0 0.0
Services 51.8 33.5 33.1 26.2 4.5 4.2 1.5 1.8 26.1 19.4 -4.5 -4.5 5.5 5.3
credit (exports) 499.0 498.5 176.2 166.8 12.9 12.5 13.5 13.1 116.2 107.1 27.9 28.6 5.6 5.6
as percentage of total 100.0 100.0 35.3 33.5 2.6 2.5 2.7 2.6 23.3 21.5 5.6 5.7 1.1 1.1
debit (imports) 447.2 465.0 143.0 140.6 8.4 8.3 12.0 11.3 90.1 87.7 32.4 33.1 0.1 0.2
as percentage of total 100.0 100.0 32.0 30.2 1.9 1.8 2.7 2.4 20.2 18.9 7.2 7.1 0.0 0.0
Income -6.1 -47.4 1.6 5.9 2.5 2.3 -5.2 -5.3 -8.5 -5.6 14.6 16.4 -1.7 -1.9
credit 601.2 556.6 221.7 210.6 9.8 9.8 16.1 15.4 164.3 150.1 25.0 28.5 6.6 6.7
debit 607.2 603.9 220.2 204.7 7.3 7.6 21.3 20.7 172.8 155.7 10.4 12.1 8.3 8.6
of which: investment income -14.8 -55.7 0.7 5.5 2.5 2.2 -5.3 -5.4 -9.3 -5.7 18.3 20.1 -5.5 -5.7
credit 582.2 537.8 214.9 204.1 9.7 9.7 16.0 15.2 162.1 148.5 24.3 27.8 2.9 2.9
debit 596.9 593.4 214.1 198.6 7.2 7.5 21.3 20.6 171.4 154.2 5.9 7.7 8.3 8.6
Current transfers -92.2 -98.4 -48.8 -50.2 -0.0 -0.2 0.0 0.4 1.9 0.6 -1.4 -1.6 -49.3 -49.4
credit 88.9 88.1 65.1 62.7 0.8 0.8 1.4 1.6 13.4 12.9 3.2 3.2 46.4 44.2
debit 181.2 186.5 113.9 112.9 0.8 1.0 1.3 1.2 11.5 12.4 4.6 4.8 95.8 93.6
Capital account 15.0 7.5 21.1 15.2 0.0 0.1 -0.0 -0.1 -0.3 -0.0 -0.1 -0.0 21.5 15.2
credit 26.9 21.0 23.3 17.7 0.0 0.1 0.1 0.0 0.9 1.2 0.2 0.2 22.1 16.2
debit 12.0 13.4 2.2 2.5 0.0 0.0 0.1 0.1 1.2 1.2 0.3 0.2 0.6 1.0
Financial account balance1) 80.9 415.6 - - - - - - - - - - - -
Direct investment -153.2 -205.6 -59.6 -86.5 -2.2 0.4 0.3 -7.1 -33.2 -54.4 -24.6 -25.4 0.0 0.0
Abroad -530.9 -260.6 -142.7 -82.1 -1.6 -1.7 -3.8 -19.3 -104.1 -40.2 -33.2 -20.9 0.0 0.0
Equity/reinvested earnings -396.2 -146.2 -104.7 -33.7 -0.9 -0.9 -1.3 -7.9 -76.3 -11.7 -26.2 -13.1 -0.0 0.0
Other capital -134.7 -114.4 -38.0 -48.4 -0.7 -0.8 -2.5 -11.4 -27.8 -28.4 -7.0 -7.8 0.0 0.0
In the euro area 377.7 55.0 83.1 -4.5 -0.6 2.1 4.1 12.2 71.0 -14.3 8.6 -4.5 0.0 0.0
Equity/reinvested earnings 249.9 69.1 80.5 -8.6 -1.8 0.1 5.7 6.8 75.2 -17.5 1.3 2.0 0.0 0.0
Other capital 127.8 -14.1 2.6 4.1 1.2 2.0 -1.6 5.4 -4.2 3.2 7.3 -6.5 0.0 0.0
Portfolio investment 134.4 532.3 - - - - - - - - - - - -
Assets -357.5 159.3 -88.6 -30.2 1.4 -7.2 -6.8 3.1 -75.8 -24.4 -3.3 2.8 -4.1 -4.6
Equity -13.7 103.2 14.9 16.6 0.8 -0.9 -0.6 4.1 17.1 12.8 -2.3 0.5 -0.1 -0.1
Debt -343.8 56.1 -103.5 -46.8 0.6 -6.3 -6.1 -1.0 -92.9 -37.2 -1.1 2.3 -4.0 -4.5
Bonds and notes -232.4 5.8 -58.9 -61.8 -0.1 -3.4 -2.0 -4.2 -52.0 -54.5 -1.2 3.5 -3.6 -3.3
Money market instruments -111.5 50.2 -44.7 15.0 0.7 -3.0 -4.2 3.2 -40.9 17.3 0.2 -1.2 -0.5 -1.3
Liabilities 491.9 373.0 - - - - - - - - - - - -
Equity 101.5 -144.7 - - - - - - - - - - - -
Debt 390.5 517.7 - - - - - - - - - - - -
Bonds and notes 346.2 281.5 - - - - - - - - - - - -
Money market instruments 44.3 236.2 - - - - - - - - - - - -
Financial derivatives -76.9 -19.7 - - - - - - - - - - - -
Other investment 185.2 101.6 234.7 240.2 -54.9 12.6 1.6 5.8 320.9 265.0 -41.3 -59.3 8.4 16.1
Assets -820.1 521.8 -207.3 325.7 -26.1 23.6 -1.2 13.6 -114.0 341.1 -59.5 -52.7 -6.5 0.1
General government 4.8 -4.7 1.6 -4.5 -1.0 1.3 -0.2 0.2 2.9 -6.1 0.6 0.5 -0.7 -0.4
MFIs -509.5 510.4 -140.7 294.6 -21.4 18.5 -2.5 11.4 -51.4 313.6 -59.6 -49.2 -5.7 0.4
Other sectors -315.4 16.1 -68.2 35.6 -3.7 3.8 1.5 2.0 -65.5 33.6 -0.4 -3.9 -0.1 0.2
Liabilities 1,005.3 -420.1 441.9 -85.5 -28.7 -11.0 2.8 -7.7 434.8 -76.1 18.1 -6.6 14.9 16.0
General government -2.4 7.9 -1.0 2.8 -0.0 -0.0 -0.0 -0.1 -3.6 1.5 -0.0 -0.0 2.6 1.4
MFIs 743.1 -397.1 414.0 -88.4 -28.6 -11.1 0.2 -6.8 421.0 -73.8 13.4 -4.4 8.0 7.6
Other sectors 264.6 -30.9 29.0 0.1 -0.1 0.1 2.6 -0.9 17.5 -3.8 4.8 -2.3 4.3 7.0
Reserve assets -8.5 6.9 - - - - - - - - - - - -
Errors and omissions -87.2 -297.0 - - - - - - - - - - - -

Table 1b: Quarterly balance of payments of the euro area with a geographical breakdown (continued)

(EUR billions, unless otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)

Canada Japan Switzerland United States
2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
Current account 9.1 3.0 -44.2 -41.8 6.2 5.1 41.1 -5.1
credit 39.4 34.2 56.4 54.9 183.8 183.3 414.0 383.7
debit 30.3 31.2 100.7 96.7 177.7 178.2 372.9 388.9
Goods 5.5 3.9 -23.5 -20.4 12.0 11.8 58.5 41.3
credit (exports) 18.6 18.0 33.9 32.3 87.2 90.9 196.3 183.2
as percentage of total 1.2 1.2 2.2 2.2 5.7 6.1 12.7 12.2
debit (imports) 13.1 14.0 57.4 52.7 75.1 79.1 137.8 141.9
as percentage of total 0.9 0.9 3.8 3.5 5.0 5.2 9.2 9.4
Services 0.0 -0.0 2.7 2.8 10.1 9.8 -9.8 -19.3
credit (exports) 7.0 6.7 11.1 11.1 49.8 49.3 81.0 77.7
as percentage of total 1.4 1.3 2.2 2.2 10.0 9.9 16.2 15.6
debit (imports) 7.0 6.8 8.3 8.3 39.7 39.6 90.9 97.0
as percentage of total 1.6 1.5 1.9 1.8 8.9 8.5 20.3 20.9
Income 4.7 0.2 -23.4 -24.0 -16.3 -17.2 -7.1 -26.1
credit 13.1 8.8 11.1 11.2 40.6 36.3 129.6 115.9
debit 8.4 8.6 34.5 35.2 56.9 53.5 136.7 142.0
of which: investment income 4.7 0.2 -23.4 -23.9 -22.7 -23.7 -7.9 -26.9
credit 13.0 8.7 11.0 11.2 33.7 29.3 127.9 114.1
debit 8.3 8.6 34.4 35.1 56.5 53.0 135.8 141.0
Current transfers -1.1 -1.1 -0.0 -0.2 0.3 0.7 -0.4 -1.1
credit 0.7 0.7 0.4 0.4 6.2 6.8 7.1 6.9
debit 1.8 1.8 0.4 0.6 5.9 6.0 7.5 8.0
Capital account -0.1 -1.0 -0.1 -0.1 -0.2 -0.1 -0.1 0.0
credit 0.0 0.0 0.0 0.0 0.4 0.5 0.8 1.4
debit 0.1 1.1 0.1 0.1 0.6 0.6 0.8 1.4
Financial account balance1) - - - - - - - -
Direct investment -7.5 7.4 -3.0 1.2 -27.7 34.7 38.1 -91.9
Abroad -11.0 -2.3 -10.7 -3.8 -44.0 20.2 -90.4 -98.1
Equity/reinvested earnings -6.6 -4.4 -3.4 -3.5 -28.8 18.5 -69.3 -63.7
Other capital -4.4 2.1 -7.3 -0.3 -15.3 1.7 -21.1 -34.3
In the euro area 3.5 9.7 7.7 5.0 16.4 14.6 128.5 6.2
Equity/reinvested earnings 1.3 7.8 8.2 2.8 12.0 7.7 84.8 23.2
Other capital 2.3 1.9 -0.5 2.2 4.4 6.9 43.7 -17.0
Portfolio investment - - - - - - - -
Assets -3.5 -13.0 1.5 16.0 13.6 0.4 -121.8 86.9
Equity 1.7 -9.0 33.0 13.8 17.9 -2.3 -13.1 37.4
Debt -5.2 -4.0 -31.5 2.2 -4.3 2.6 -108.8 49.5
Bonds and notes -5.9 -3.6 -4.5 13.1 -2.6 -0.4 -70.1 20.2
Money market instruments 0.7 -0.5 -27.0 -10.9 -1.8 3.1 -38.7 29.3
Liabilities - - - - - - - -
Financial derivatives - - - - - - - -
Other investment -0.7 5.1 -10.9 -44.5 64.7 -19.7 88.0 123.2
Assets -3.1 -1.4 -17.4 17.5 33.0 51.7 -316.9 134.5
General government -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.1
MFIs -2.6 -0.2 -24.9 8.0 37.1 48.9 -128.0 94.9
Other sectors -0.5 -1.2 7.5 9.5 -4.1 2.8 -189.0 39.7
Liabilities 2.4 6.5 6.5 -62.0 31.7 -71.4 404.9 -11.4
General government 0.0 -0.0 -0.0 -0.1 0.0 -0.0 -0.2 0.1
MFIs 1.7 5.2 6.2 -59.7 19.6 -69.2 202.9 45.9
Other sectors 0.7 1.3 0.3 -2.2 12.1 -2.2 202.2 -57.3
Reserve assets - - - - - - - -
Errors and omissions - - - - - - - -

Table 1b: Quarterly balance of payments of the euro area with a geographical breakdown

(EUR billions, unless otherwise indicated; four-quarter cumulated transactions, non-seasonally adjusted data)

Offshore financial centres International organisations Other countries
of which:Hong Kong of which:Brazil China2) India Russia
2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1 2007Q2 to 2008Q1 2008Q2 to 2009Q1
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Data for mainland China, excluding Hong Kong.
Current account - - - - - - -123.9 -166.5 - - - - - - - -
credit - - - - - - 1,030.8 1,034.9 36.3 39.1 82.6 83.1 31.6 29.8 93.5 96.1
debit - - - - - - 1,154.7 1,201.4 - - - - - - - -
Goods - - - - - - -131.9 -147.8 -6.9 -4.8 -105.9 -113.7 4.9 1.7 -28.8 -28.1
credit (exports) - - - - - - 662.3 663.7 19.2 21.8 62.9 64.0 23.6 22.4 72.0 73.0
as percentage of total - - - - - - 43.0 44.3 1.2 1.5 4.1 4.3 1.5 1.5 4.7 4.9
debit (imports) - - - - - - 794.3 811.6 26.2 26.6 168.8 177.7 18.7 20.7 100.8 101.1
as percentage of total - - - - - - 52.9 53.7 1.7 1.8 11.2 11.8 1.2 1.4 6.7 6.7
Services - - - - - - 15.7 14.0 1.4 1.9 4.2 3.4 2.2 1.0 4.8 4.5
credit (exports) - - - - - - 173.9 186.9 5.7 7.5 15.4 14.7 6.3 5.6 13.3 13.5
as percentage of total - - - - - - 34.9 37.5 1.1 1.5 3.1 3.0 1.3 1.1 2.7 2.7
debit (imports) - - - - - - 158.2 172.8 4.3 5.6 11.1 11.3 4.1 4.6 8.6 9.0
as percentage of total - - - - - - 35.4 37.2 1.0 1.2 2.5 2.4 0.9 1.0 1.9 1.9
Income - - - - - - 34.6 13.9 - - - - - - - -
credit - - - - - - 185.1 173.7 11.2 9.6 4.0 4.0 1.6 1.7 8.0 9.2
debit - - - - - - 150.5 159.9 - - - - - - - -
of which: investment income - - - - - - 33.7 13.2 - - - - - - - -
credit - - - - - - 181.6 170.3 11.1 9.5 4.0 4.0 1.6 1.7 7.9 9.1
debit - - - - - - 147.9 157.1 - - - - - - - -
Current transfers - - - - - - -42.2 -46.6 -1.3 -1.2 -2.4 -2.2 -0.6 -0.6 -0.3 -0.1
credit - - - - - - 9.4 10.6 0.2 0.2 0.3 0.3 0.1 0.1 0.2 0.4
debit - - - - - - 51.6 57.2 1.5 1.5 2.7 2.5 0.7 0.7 0.5 0.5
Capital account - - - - - - -5.7 -6.5 -0.1 -0.1 -0.0 -0.1 -0.2 -0.2 -0.0 0.0
credit - - - - - - 2.4 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
debit - - - - - - 8.1 7.8 0.2 0.2 0.1 0.1 0.2 0.2 0.1 0.1
Financial account balance1) - - - - - - - - - - - - - - - -
Direct investment -73.3 -18.2 -3.4 0.8 -0.0 0.0 -20.2 -52.4 -6.0 7.3 -4.5 -3.1 -1.7 -1.9 -8.8 -9.9
Abroad -122.7 -35.5 -3.0 -4.8 0.0 0.0 -109.3 -59.0 -10.8 4.1 -4.4 -3.3 -2.3 -2.1 -18.5 -10.1
Equity/reinvested earnings -111.2 -18.0 -2.5 -3.3 -0.0 -0.0 -72.3 -41.3 -5.7 6.2 -2.2 -4.1 -1.6 -2.0 -18.8 -5.8
Other capital -11.6 -17.5 -0.5 -1.5 0.0 0.0 -37.0 -17.7 -5.1 -2.1 -2.2 0.7 -0.7 -0.0 0.3 -4.3
In the euro area 49.4 17.3 -0.5 5.6 -0.0 0.0 89.1 6.6 4.8 3.2 -0.1 0.3 0.6 0.2 9.7 0.2
Equity/reinvested earnings 38.6 22.8 0.2 0.9 0.0 0.0 24.5 13.3 1.4 0.7 0.2 0.2 0.5 0.3 8.0 2.8
Other capital 10.8 -5.5 -0.7 4.7 -0.0 0.0 64.5 -6.7 3.4 2.6 -0.3 0.0 0.1 -0.0 1.7 -2.5
Portfolio investment - - - - - - - - - - - - - - - -
Assets -34.9 77.4 -4.3 -0.9 3.4 -2.7 -127.1 24.7 -10.4 7.9 1.3 1.3 -1.3 3.0 -6.0 4.1
Equity -44.3 28.6 -4.9 -1.0 0.3 0.0 -24.1 18.1 0.3 -1.2 2.2 1.1 -0.5 3.2 -5.9 3.2
Debt 9.4 48.8 0.7 0.1 3.2 -2.7 -103.0 6.6 -10.6 9.0 -0.9 0.2 -0.8 -0.2 -0.1 0.9
Bonds and notes -6.9 53.1 0.5 0.2 2.6 -3.1 -86.0 -11.7 0.1 1.0 -0.5 0.1 -0.7 -0.3 0.0 0.7
Money market instruments 16.3 -4.3 0.2 -0.1 0.6 0.3 -17.0 18.2 -10.7 8.0 -0.5 0.1 -0.1 0.1 -0.1 0.2
Liabilities - - - - - - - - - - - - - - - -
Financial derivatives - - - - - - - - - - - - - - - -
Other investment -41.8 -118.6 11.5 -36.1 -29.6 -12.2 -119.0 -71.7 -11.5 1.1 -16.5 9.3 52.6 -28.6 -51.1 -22.6
Assets -116.1 -8.1 -25.2 -27.0 -14.4 9.4 -177.9 -7.5 -14.0 3.1 -10.0 9.3 -5.2 -0.1 -36.7 -8.0
General government 0.0 -0.0 -0.0 0.0 -0.6 -1.2 3.8 1.2 -0.0 0.0 0.1 0.0 0.0 0.0 0.1 -0.0
MFIs -96.4 16.0 -20.4 -25.1 -13.7 10.5 -140.3 37.6 -10.9 4.4 -6.2 10.6 -5.3 -0.1 -26.5 -2.3
Other sectors -19.8 -24.1 -4.7 -1.9 0.0 0.0 -41.4 -46.3 -3.1 -1.3 -3.9 -1.3 0.0 -0.0 -10.4 -5.7
Liabilities 74.3 -110.5 36.6 -9.2 -15.3 -21.6 58.9 -64.2 2.5 -2.0 -6.5 -0.1 57.8 -28.6 -14.3 -14.6
General government 0.1 0.1 0.0 0.0 -0.9 5.0 -0.3 0.1 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0
MFIs 65.7 -121.4 35.6 -9.5 -14.5 -26.4 47.6 -83.1 2.3 -2.0 -7.9 0.1 57.6 -28.7 -16.0 -15.9
Other sectors 8.5 10.8 1.0 0.4 0.1 -0.2 11.6 18.8 0.2 0.0 1.4 -0.2 0.1 0.1 1.7 1.3
Reserve assets - - - - - - - - - - - - - - - -
Errors and omissions - - - - - - - - - - - - - - - -