Table 2: Monthly balance of payments of the euro area – non−seasonally adjusted data ( 1 )
(EUR billions)
January 2004 | December 2003 (revised) | Monthly average, previous six months | 12−month cumulated figures ending | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
July – December 2003 | January 2004 | January 2003 | |||||||||||||
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. | |||||||||||||||
CURRENTACCOUNT | 132.7 | 127.0 | 5.8 | 139.9 | 144.4 | −4.4 | 139.2 | 135.4 | 3.8 | 1661.1 | 1632.3 | 28.7 | 1713.4 | 1665.3 | 48.1 |
Goods | 85.0 | 75.5 | 9.5 | 81.8 | 77.6 | 4.2 | 86.2 | 76.9 | 9.2 | 1035.6 | 924.2 | 111.4 | 1065.4 | 935.4 | 130.0 |
Services | 24.0 | 23.9 | 0.1 | 23.7 | 24.2 | −0.6 | 27.4 | 26.3 | 1.1 | 325.3 | 308.8 | 16.5 | 331.3 | 314.9 | 16.4 |
Income | 17.0 | 16.2 | 0.8 | 16.8 | 26.3 | −9.4 | 17.9 | 20.4 | −2.5 | 220.3 | 261.2 | −40.9 | 231.4 | 279.2 | −47.8 |
Current transfers | 6.8 | 11.4 | −4.6 | 17.6 | 16.2 | 1.3 | 7.7 | 11.8 | −4.1 | 79.9 | 138.1 | −58.2 | 85.4 | 135.9 | −50.5 |
CAPITALACCOUNT | 2.6 | 0.5 | 2.1 | 0.8 | 0.5 | 0.4 | 2.1 | 0.6 | 1.6 | 22.4 | 7.9 | 14.5 | 19.2 | 9.9 | 9.3 |
Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
FINANCIAL ACCOUNT2) | 9.4 | -25.6 | -3.8 | -34.4 | -75.8 | ||||||||||
DIRECTINVESTMENT ( 3 ) | −5.6 | 13.4 | 7.8 | −8.4 | −3.5 | −11.9 | −9.2 | 3.7 | −5.6 | −107.2 | 82.3 | −24.9 | −153.1 | 162.7 | 9.6 |
Equity capital and reinvested earnings | −3.7 | 2.6 | −1.1 | −3.8 | 6.3 | 2.5 | −7.8 | 7.9 | 0.1 | −85.8 | 93.7 | 7.9 | −136.7 | 124.8 | −11.9 |
Other capital (mostly inter−company loans) | −1.9 | 10.8 | 8.9 | −4.6 | −9.8 | −14.4 | −1.4 | −4.3 | −5.6 | −21.4 | −11.4 | −32.7 | −16.3 | 37.8 | 21.5 |
PORTFOLIO INVESTMENT | −13.6 | 18.0 | 4.4 | −49.1 | 34.2 | −14.9 | −24.4 | 20.7 | −3.7 | −303.3 | 330.0 | 26.7 | −171.6 | 321.0 | 149.5 |
Equity | −5.5 | 5.6 | 0.0 | −14.5 | 0.4 | −14.1 | −8.3 | 10.4 | 2.1 | −89.2 | 97.1 | 7.9 | −14.4 | 81.6 | 67.2 |
Debt instruments | −8.1 | 12.4 | 4.4 | −34.6 | 33.8 | −0.8 | −16.1 | 10.3 | −5.8 | −214.0 | 232.8 | 18.8 | −157.2 | 239.4 | 82.2 |
Bonds and notes | −2.2 | 12.4 | 10.2 | −17.2 | 21.4 | 4.2 | −9.5 | 10.8 | 1.3 | −155.6 | 224.6 | 69.0 | −118.2 | 148.7 | 30.6 |
Money market instruments | −5.9 | 0.0 | −5.9 | −17.4 | 12.3 | −5.0 | −6.6 | −0.5 | −7.1 | −58.5 | 8.3 | −50.2 | −39.0 | 90.7 | 51.7 |
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | −19.2 | 31.4 | 12.2 | −57.5 | 30.7 | −26.8 | −33.6 | 24.4 | −9.2 | −410.5 | 412.3 | 1.8 | −324.6 | 483.7 | 159.1 |
FINANCIAL DERIVATIVES (NET) | −0.3 | 0.6 | −1.1 | −11.2 | −19.1 | ||||||||||
OTHER INVESTMENT | −25.8 | 14.3 | −11.5 | −64.6 | 68.5 | 3.8 | −15.2 | 19.9 | 4.7 | −236.3 | 182.6 | −53.7 | −354.4 | 131.1 | −223.3 |
Eurosystem | −0.1 | −5.0 | −5.1 | −0.2 | 1.4 | 1.2 | −0.1 | 0.7 | 0.5 | −1.0 | 8.1 | 7.1 | −0.4 | 18.6 | 18.2 |
General government | 1.9 | −0.8 | 1.1 | −1.4 | −4.6 | −6.0 | 0.6 | −1.0 | −0.4 | 5.3 | −0.6 | 4.7 | −5.5 | −6.3 | −11.8 |
MFIs (excluding the Eurosystem) | −25.4 | 18.0 | −7.4 | −61.8 | 75.4 | 13.6 | −14.7 | 19.9 | 5.2 | −188.2 | 171.6 | −16.6 | −241.6 | 70.5 | −171.1 |
long−term | −8.0 | −0.2 | −8.2 | −3.3 | −2.2 | −5.5 | −5.0 | 6.1 | 1.1 | −59.4 | 61.0 | 1.6 | −33.5 | 50.8 | 17.3 |
short−term | −17.4 | 18.3 | 0.8 | −58.5 | 77.6 | 19.0 | −9.7 | 13.8 | 4.1 | −128.9 | 110.6 | −18.2 | −208.0 | 19.7 | −188.4 |
Other sectors | −2.1 | 2.0 | −0.1 | −1.2 | −3.8 | −5.0 | −1.0 | 0.3 | −0.6 | −52.3 | 3.4 | −48.8 | −106.8 | 48.3 | −58.5 |
RESERVE ASSETS | 9.0 | 9.0 | −3.2 | −3.2 | 1.8 | 1.8 | 28.7 | 28.7 | 7.5 | 7.5 | |||||
Errors and omissions | −17.2 | 29.6 | −1.5 | −8.8 | 18.4 |