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 2015	Q2 2015	Q3 2015	Q4 2015					Q1 2016
				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	-1,478	-1,207			-1,171	171	59			-46	22	-966	49	-96	87	-332	-1,258	-12
of which: Direct investment	1,915	1,855	1,766	39	46	11	-75	1,788	44	-90	-29	-246	1,466	14
of which: Portfolio investment	-3,832	-3,489	-3,305	122	7	-14	87	-3,104	143	-4	86	-84	-2,962	-28
of which: Other investment	-184	-202	-240	-49	-0	14	10	-266	-157	9	1	5	-408	-4
Assets	22,390	22,097	21,672	107	271	78	64	22,191	433	-430	-67	-11	22,117	211
Direct investment	9,368	9,377	9,392	181	115	23	36	9,748	166	-199	-43	12	9,683	92
Equity	6,401	6,404	6,429	164	79	18	24	6,714	140	-137	-33	28	6,713	64
Debt instruments	2,967	2,972	2,963	17	36	5	12	3,033	26	-62	-11	-16	2,971	28
Portfolio investment	7,296	7,195	6,854	105	98	102	20	7,179	135	-132	-53	-31	7,097	68
Equity	2,749	2,706	2,424	-4	52	104	-7	2,570	-15	-55	-68	-5	2,427	23
Investment fund shares	476	468	454	-0	5	8	5	471	-3	-12	-7	-10	439	4
Debt securitites	4,070	4,021	3,976	110	41	-11	22	4,138	152	-66	23	-16	4,231	40
Short-term	642	627	591	35	5	-0	6	636	12	-11	-11	3	629	6
Long-term	3,428	3,394	3,385	75	36	-11	16	3,502	140	-54	34	-19	3,602	34
Financial derivatives (net assets)	-69	-29	-36	54	-	-46	-0	-28	19	-	-11	-8	-28	-0
Other investment	5,105	4,896	4,818	-239	52	10	8	4,649	113	-88	1	15	4,689	45
of which: Currency and deposits	2,826	2,652	2,617	-172	25	-	11	2,481	16	-48	-	17	2,466	24
Reserve assets	690	658	644	5	6	-10	-0	644	1	-10	40	0	675	6
Liabilities	23,868	23,304	22,843	-64	212	124	42	23,157	385	-334	-153	321	23,375	223
Direct investment	7,453	7,521	7,625	142	69	13	111	7,960	122	-108	-14	258	8,218	78
Equity	4,599	4,663	4,775	132	39	9	77	5,031	81	-52	-6	156	5,210	50
Debt instruments	2,854	2,859	2,850	10	30	4	34	2,929	41	-56	-8	102	3,007	29
Portfolio investment	11,127	10,684	10,159	-16	91	116	-67	10,282	-8	-128	-139	53	10,060	96
Equity	2,206	2,076	1,820	-19	10	92	-20	1,884	26	-19	-135	-22	1,735	17
Investment fund shares	3,404	3,297	3,126	73	36	61	-22	3,274	-34	-43	-85	26	3,138	30
Debt securities	5,517	5,311	5,212	-70	44	-37	-25	5,124	0	-67	80	49	5,187	49
Short-term	469	444	429	-59	4	-1	0	372	24	-4	4	11	406	4
Long-term	5,048	4,868	4,784	-11	41	-36	-25	4,752	-24	-62	76	38	4,781	46
Other investment	5,288	5,098	5,059	-190	52	-5	-2	4,914	270	-97	-0	10	5,098	49
of which: Currency and deposits	3,160	3,058	3,034	-188	32	-	-13	2,865	183	-58	-	2	2,992	29
Memo item: Gross external debt	13,655	13,264	13,117	-250	127	-38	7	12,962	311	-220	72	162	13,287	127
Memo item: Net external debt	1,271	1,145	1,129	-142	-6	-41	-37	902	20	4	58	178	1,162	11
Source: ECB.