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.