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Table 2: Monthly balance of payments of the euro area – non-seasonally adjusted data ( 1 )

(EUR billions)

May 2003 April 2003 (revised) Monthly average, previous six months 12-month cumulated figures ending
November – April 2003 May 2003 May 2002
Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net
Source: ECB.
( 1 ) Figures may not add up due to rounding.
( 2 ) Financial account: inflows (+); outflows (-). Reserve assets: increase (-); decrease (+).
( 3 ) Direct investment: assets refer to direct investment abroad and liabilities to direct investment in the euro area.
CURRENT ACCOUNT 135.5 135.9 −0.4 138.8 147.4 −8.6 140.0 138.0 2.0 1698.6 1652.1 46.5 1704.7 1689.6 15.1
Goods 84.3 76.0 8.3 86.3 78.9 7.4 85.9 78.0 7.8 1050.2 930.5 119.8 1038.4 931.9 106.5
Services 26.1 24.6 1.5 26.4 25.7 0.8 26.3 25.5 0.8 331.6 315.1 16.5 327.9 328.1 −0.1
Income 20.0 24.6 −4.6 21.3 31.8 −10.5 19.2 23.0 −3.8 231.5 274.3 −42.7 261.4 301.0 −39.6
Current transfers 5.1 10.7 −5.6 4.7 11.0 −6.3 8.7 11.5 −2.8 85.2 132.2 −47.0 77.0 128.6 −51.7
CAPITAL ACCOUNT 1.4 1.0 0.4 0.5 0.4 0.1 1.5 0.9 0.5 18.0 9.5 8.5 16.5 7.7 8.8
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
FINANCIAL ACCOUNT ( 2 ) −31.0 7.8 −9.9 −198.0 −74.5
DIRECT INVESTMENT ( 3 ) −1.2 0.9 −0.3 −22.8 2.6 −20.2 −13.2 10.2 −3.0 −147.0 91.7 −55.4 −193.4 173.7 −19.7
Equity capital and reinvested earnings −3.8 −0.6 −4.5 −7.0 1.4 −5.5 −8.2 8.2 0.0 −111.9 73.0 −38.9 −133.0 90.5 −42.4
Other capital (mostly inter−company loans) 2.6 1.5 4.1 −15.8 1.2 −14.6 −5.1 2.0 −3.0 −35.2 18.7 −16.5 −60.5 83.2 22.8
PORTFOLIO INVESTMENT −30.4 37.5 7.0 −12.1 21.4 9.3 −15.1 18.8 3.7 −154.1 267.1 113.0 −262.6 377.2 114.6
Equity −5.8 −7.9 −13.7 −3.0 10.2 7.1 0.0 4.7 4.7 0.2 26.6 26.8 −80.2 214.4 134.2
Debt instruments −24.6 45.4 20.7 −9.1 11.2 2.1 −15.1 14.2 −0.9 −154.3 240.5 86.1 −182.4 162.8 −19.6
Bonds and notes −18.8 46.0 27.3 −16.1 0.5 −15.6 −13.2 11.9 −1.3 −119.9 184.7 64.8 −132.3 135.5 3.3
Money market instruments −5.9 −0.7 −6.5 7.1 10.7 17.8 −1.9 2.3 0.3 −34.4 55.8 21.4 −50.1 27.3 −22.8
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT −31.6 38.3 6.7 −34.9 24.0 −10.9 −28.3 29.1 0.7 −301.1 358.7 57.6 −456.0 550.9 94.9
FINANCIAL DERIVATIVES (NET) 0.6 −4.6 −1.4 −20.0 −17.4
OTHER INVESTMENT −48.4 8.7 −39.7 −40.3 63.2 22.9 −29.5 18.9 −10.6 −328.9 88.8 −240.0 −215.0 50.8 −164.2
Eurosystem 0.7 0.9 1.6 0.0 −0.3 −0.2 −0.1 −0.3 −0.5 −0.1 −0.1 −0.2 −0.6 3.4 2.8
General government −3.1 1.1 −2.0 1.1 2.7 3.7 0.0 −1.4 −1.3 −4.6 −10.5 −15.1 0.9 3.4 4.2
MFIs (excluding the Eurosystem) −36.3 4.8 −31.5 −32.6 55.8 23.2 −20.7 15.4 −5.3 −225.8 58.6 −167.2 −176.1 32.3 −143.9
long−term −2.0 2.7 0.7 −3.4 2.9 −0.5 −4.9 3.2 −1.7 −37.8 38.9 1.2 −41.1 40.9 −0.2
short−term −34.3 2.1 −32.2 −29.2 53.0 23.8 −15.8 12.2 −3.6 −188.1 19.7 −168.4 −135.0 −8.6 −143.6
Other sectors −9.6 2.0 −7.7 −8.8 4.9 −3.9 −8.7 5.1 −3.5 −98.3 40.8 −57.5 −39.1 11.7 −27.4
RESERVE ASSETS 1.4 1.4 0.5 0.5 1.5 1.5 4.4 4.4 12.1 12.1
Errors and omissions 31.0 0.7 7.3 143.0 50.6