- Press release
Euro area monthly balance of payments: July 2021
17 September 2021
- Current account recorded €22 billion surplus in July 2021, unchanged from the previous month
- Current account surplus amounted to €320 billion (2.7% of euro area GDP) in 12 months to July 2021, up from €232 billion (2.0%) one year earlier
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €961 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €61 billion in 12 months to July 2021
Chart 1
Euro area current account balance
The current account of the euro area recorded a surplus of €22 billion in July 2021, unchanged from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€26 billion), services (€6 billion) and primary income (€3 billion). These were partly offset by a deficit for secondary income (€14 billion).
Table 1
Current account of the euro area
In the 12 months to July 2021, the current account recorded a surplus of €320 billion (2.7% of euro area GDP), compared with a surplus of €232 billion (2.0% of euro area GDP) in the 12 months to July 2020. This increase was driven by larger surpluses for goods (up from €313 billion to €369 billion), services (up from €40 billion to €87 billion) and primary income (up from €32 billion to €35 billion). These developments were partly offset by a larger deficit for secondary income (up from €153 billion to €171 billion).
Chart 2
Selected items of the euro area financial account
In direct investment, euro area residents made net disinvestments of €29 billion in non-euro area assets in the 12-month period to July 2021, following net disinvestments of €97 billion in the 12 months to July 2020 (Chart 2 and Table 2). Non-residents’ net investments in euro area assets increased to €37 billion in the 12-month period to July 2021, up from €30 billion in the 12 months to July 2020.
In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €546 billion in the 12-month period to July 2021, up from €118 billion in the 12 months to July 2020. Over the same period, net purchases of non-euro area debt securities by euro area residents increased to €415 billion, up from €395 billion in the 12 months to July 2020. Non-residents’ net purchases of euro area equity increased to €261 billion in the 12-month period to July 2021, up from €235 billion in the 12 months to July 2020. Over the same period, non-residents made net sales of euro area debt securities amounting to €200 billion, following net purchases of €200 billion in the 12 months to July 2020.
Table 2
Financial account of the euro area
In other investment, euro area residents recorded net disposals of non-euro area assets amounting to €2 billion in the 12 months to July 2021 (following net acquisitions of €144 billion in the 12 months to July 2020), while their net incurrence of liabilities was €428 billion (following net disposals of €16 billion in the 12 months to July 2020).
Chart 3
Monetary presentation of the balance of payments
The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs decreased by €70 billion in the 12-month period to July 2021. This decrease was driven by euro area non-MFIs’ net outflows in portfolio investment debt and portfolio investment equity. These developments were partially offset by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in other investment, direct investment and other flows.
In July 2021 the Eurosystem’s stock of reserve assets increased to €888.5 billion, up from €869.0 billion in the previous month (Table 3). This increase was mainly driven by positive changes in the price of gold (€19.3 billion) and, to a lesser extent, by positive exchange rate changes (€0.2 billion), which were partly offset by net disposals of assets (€0.3 billion).
Table 3
Reserve assets of the euro area
Data revisions
This press release does not incorporate revisions to previous periods.
Next releases:
- Quarterly balance of payments and international investment position: 4 October 2021 (reference data up to the second quarter of 2021)
- Monthly balance of payments: 20 October 2021 (reference data up to August 2021)
For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.
Notes
- Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
- Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.
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