Table 3: Balance of payments of the euro area (Euro 12) ( 1 )
(EUR billions)
2000 Q1 | 2000 Q4 | 2001 Q1 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | |||
Source: ECB. | |||||||||||
( 1 ) As from January 2001 the data refer to the Euro 12, i.e. they include Greece. Data for 2000 have been re-calculated to take into account the new composition of the euro area and are comparable with Euro 12 figures. | |||||||||||
( 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 | 360.5 | 372.0 | −11.5 | 441.2 | 459.1 | −17.8 | 423.7 | 430.0 | −6.3 | ||
Goods | 218.4 | 215.3 | 3.1 | 271.8 | 267.7 | 4.1 | 253.2 | 245.8 | 7.4 | ||
Services | 61.2 | 65.1 | −3.9 | 77.6 | 81.6 | −3.9 | 68.5 | 73.5 | −5.0 | ||
Income | 54.6 | 61.1 | −6.5 | 76.5 | 77.2 | −0.7 | 72.4 | 79.1 | −6.8 | ||
Compensation of employees | 3.2 | 1.1 | 2.1 | 3.6 | 1.4 | 2.2 | 3.4 | 1.1 | 2.2 | ||
Investment income | 51.3 | 60.0 | −8.7 | 72.9 | 75.8 | −2.9 | 69.0 | 78.0 | −9.0 | ||
Direct investment | 13.2 | 13.5 | −0.3 | 19.9 | 17.1 | 2.8 | 17.1 | 14.7 | 2.4 | ||
Income on equity | 11.0 | 12.0 | −1.1 | 16.7 | 14.8 | 1.9 | 14.4 | 12.3 | 2.2 | ||
Income on debt | 2.3 | 1.5 | 0.8 | 3.2 | 2.3 | 0.9 | 2.6 | 2.4 | 0.2 | ||
Portfolio investment | 13.2 | 21.3 | −8.2 | 19.1 | 24.4 | −5.3 | 18.1 | 26.6 | −8.4 | ||
Income on equity | 1.9 | 5.8 | −3.9 | 3.1 | 6.9 | −3.9 | 2.4 | 7.0 | −4.6 | ||
Income on debt | 11.3 | 15.6 | −4.3 | 16.0 | 17.4 | −1.4 | 15.7 | 19.6 | −3.8 | ||
Bonds and notes | −5.0 | −2.8 | −4.4 | ||||||||
Money market instruments | 0.7 | 1.4 | 0.6 | ||||||||
Other investment | 24.9 | 25.1 | −0.2 | 34.0 | 34.3 | −0.4 | 33.8 | 36.7 | −3.0 | ||
Current transfers | 26.4 | 30.6 | −4.2 | 15.3 | 32.7 | −17.4 | 29.6 | 31.5 | −1.9 | ||
CAPITAL ACCOUNT | 5.3 | 1.4 | 3.9 | 6.2 | 2.4 | 3.9 | 4.4 | 1.5 | 3.0 | ||
Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
FINANCIAL ACCOUNT ( 2 ) | 50.8 | −23.3 | 12.8 | ||||||||
DIRECT INVESTMENT ( 3 ) | −63.6 | 211.2 | 147.6 | −87.2 | 28.3 | −58.9 | −59.9 | 17.0 | −42.9 | ||
Equity capital and reinvested earnings | −33.5 | 191.2 | 157.7 | −81.1 | −29.0 | −110.1 | −28.5 | 27.6 | −0.9 | ||
Other capital, mostly intercompany loans | −30.1 | 20.0 | −10.1 | −6.1 | 57.3 | 51.2 | −31.4 | −10.7 | −42.0 | ||
PORTFOLIO INVESTMENT | −150.2 | −40.1 | −190.4 | −75.5 | 85.2 | 9.7 | −83.3 | 45.1 | −38.2 | ||
Equity | −117.0 | −106.6 | −223.5 | −59.4 | 36.6 | −22.8 | −28.5 | 20.9 | −7.6 | ||
Eurosystem | 0.0 | −0.0 | −0.1 | ||||||||
General government | −0.7 | −0.6 | −0.4 | ||||||||
MFIs (excluding the Eurosystem) | 1.7 | −5.0 | −11.0 | ||||||||
Other sectors | −118.0 | −53.8 | −16.9 | ||||||||
Debt instruments | −33.3 | 66.5 | 33.2 | −16.1 | 48.7 | 32.5 | −54.9 | 24.3 | −30.6 | ||
Bonds and notes | −35.4 | 46.4 | 11.0 | −18.0 | 59.0 | 41.1 | −38.1 | 15.9 | −22.2 | ||
Eurosystem | −1.2 | 1.0 | 1.0 | ||||||||
General government | −0.1 | −0.0 | −0.6 | ||||||||
MFIs (excluding the Eurosystem) | −13.1 | −1.2 | −18.2 | ||||||||
Other sectors | −21.1 | −17.7 | −20.3 | ||||||||
Money market instruments | 2.2 | 20.0 | 22.2 | 1.8 | −10.3 | −8.5 | −16.7 | 8.4 | −8.4 | ||
Eurosystem | 1.2 | 0.6 | −1.6 | ||||||||
General government | 0.1 | 0.9 | −0.1 | ||||||||
MFIs (excluding the Eurosystem) | 3.5 | −0.3 | −18.2 | ||||||||
Other sectors | −2.6 | 0.7 | 3.2 | ||||||||
FINANCIAL DERIVATIVES (NET) | 2.7 | −8.8 | −2.8 | ||||||||
OTHER INVESTMENT | −77.0 | 168.6 | 91.6 | −50.9 | 78.1 | 27.2 | −140.1 | 227.2 | 87.2 | ||
Eurosystem | 0.0 | −4.9 | −4.9 | 0.0 | 0.6 | 0.6 | 0.0 | −3.1 | −3.1 | ||
Loans/currency and deposits | 0.0 | −4.9 | −4.9 | 0.0 | 0.6 | 0.6 | 0.0 | −3.2 | −3.2 | ||
Other assets/liabilities | 0.0 | 0.0 | 0.0 | 0.0 | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | ||
General government | −6.0 | −2.9 | −8.9 | 5.0 | 3.2 | 8.2 | 2.5 | −8.6 | −6.0 | ||
Trade credits | −0.0 | 0.0 | −0.0 | 0.1 | −0.0 | 0.1 | −0.0 | 0.0 | −0.0 | ||
Loans/currency and deposits | −5.9 | −2.5 | −8.4 | 5.0 | −0.5 | 4.6 | 3.1 | −8.3 | −5.3 | ||
Other assets/liabilities | −0.1 | −0.4 | −0.5 | −0.1 | 3.7 | 3.6 | −0.5 | −0.2 | −0.7 | ||
MFIs (excluding the Eurosystem) | −28.0 | 161.7 | 133.7 | −62.1 | 63.6 | 1.5 | −133.8 | 250.0 | 116.2 | ||
Loans/currency and deposits | −25.7 | 161.6 | 135.8 | −60.6 | 59.2 | −1.4 | −129.3 | 246.1 | 116.8 | ||
Other assets/liabilities | −2.2 | 0.1 | −2.1 | −1.4 | 4.4 | 3.0 | −4.5 | 3.9 | −0.6 | ||
Other sectors | −43.0 | 14.7 | −28.3 | 6.1 | 10.8 | 16.9 | −8.8 | −11.1 | −19.9 | ||
Trade credits | −4.4 | 2.9 | −1.5 | −4.9 | 1.9 | −2.9 | −5.1 | 4.0 | −1.1 | ||
Loans/currency and deposits | −38.2 | 18.2 | −20.0 | 14.9 | 6.4 | 21.3 | −1.2 | −14.6 | −15.8 | ||
Other assets/liabilities | −0.4 | −6.4 | −6.8 | −3.9 | 2.4 | −1.5 | −2.6 | −0.5 | −3.0 | ||
RESERVE ASSETS | −0.7 | −0.7 | 7.5 | 7.5 | 9.6 | 9.6 | |||||
Monetary gold | 0.6 | 0.6 | 0.1 | 0.1 | 0.3 | 0.3 | |||||
Special drawing rights | 0.2 | 0.2 | 0.3 | 0.3 | −0.4 | −0.4 | |||||
Reserve position in the IMF | 0.2 | 0.2 | −0.6 | −0.6 | 0.3 | 0.3 | |||||
Foreign exchange | −1.9 | −1.9 | 7.2 | 7.2 | 10.7 | 10.7 | |||||
Currency and deposits | −2.1 | −2.1 | 0.8 | 0.8 | 0.9 | 0.9 | |||||
with monetary authorities and the BIS | 2.3 | 2.3 | 1.1 | 1.1 | 7.8 | 7.8 | |||||
with banks | −4.3 | −4.3 | −0.3 | −0.3 | −6.9 | −6.9 | |||||
Securities | 0.1 | 0.1 | 6.4 | 6.4 | 9.8 | 9.8 | |||||
Equity | 0.0 | 0.0 | 0.0 | 0.0 | −1.1 | −1.1 | |||||
Bonds and notes | 3.2 | 3.2 | 1.7 | 1.7 | 5.2 | 5.2 | |||||
Money market instruments | −3.1 | −3.1 | 4.7 | 4.7 | 5.7 | 5.7 | |||||
Financial derivatives | −0.0 | −0.0 | 0.0 | 0.0 | −0.0 | −0.0 | |||||
Other claims | 0.2 | 0.2 | 0.5 | 0.5 | −1.3 | −1.3 | |||||
ERRORS AND OMISSIONS | −43.2 | 37.2 | −9.5 |