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Table 1: International investment position of the euro area, including breakdown of changes from end- 2007 to end- 2008
(EUR billions unless otherwise indicated; outstanding amounts at end-of-period, flows during period)
| 2005 | 2006 | 2007 | 2008 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Totalchanges | Transactions1) | Other changesin outstanding amountsreflecting: | End-of-periodoutstandingamounts | ||||||||||||
| as % of2007 i.i.p. | pricechanges | exchangeratechanges | otheradjustments | as % ofGDP | |||||||||||
| Source: ECB. | |||||||||||||||
| ( 1 ) In this table, contrary to the balance of payments sign convention, a positive (negative) number indicates an increase (decrease) of euro area assets. | |||||||||||||||
| Financial account balance/Net international investment position | -715.6 | -1,015.8 | -1,248.9 | -387.8 | -163.9 | - | 88.3 | -108.2 | -203.9 | -1,636.7 | -17.7 | ||||
| Direct investment | 346.4 | 424.0 | 442.1 | 85.4 | 189.0 | - | -17.1 | -17.1 | -69.4 | 527.4 | 5.7 | ||||
| Abroad | 2,790.8 | 3,153.4 | 3,572.8 | 171.7 | 326.5 | 9.1 | -155.6 | -17.3 | 18.0 | 3,744.4 | 40.4 | ||||
| Equity/reinvested earnings | 2,266.7 | 2,568.4 | 2,886.7 | 60.2 | 198.1 | 6.9 | -155.6 | -28.0 | 45.6 | 2,946.9 | 31.8 | ||||
| Other capital | 524.1 | 585.0 | 686.1 | 111.5 | 128.4 | 18.7 | 0.0 | 10.7 | -27.6 | 797.5 | 8.6 | ||||
| In the euro area | 2,444.3 | 2,729.4 | 3,130.7 | 86.3 | 137.5 | 4.4 | -138.4 | -0.2 | 87.4 | 3,217.0 | 34.7 | ||||
| Equity/reinvested earnings | 1,833.6 | 2,092.8 | 2,401.0 | 4.5 | 91.3 | 3.8 | -138.4 | -2.4 | 54.1 | 2,405.5 | 26.0 | ||||
| Other capital | 610.8 | 636.6 | 729.8 | 81.8 | 46.2 | 6.3 | 0.0 | 2.2 | 33.3 | 811.6 | 8.8 | ||||
| Portfolio investment | -1,170.3 | -1,577.9 | -1,924.9 | -389.7 | -350.5 | - | 160.1 | -48.9 | -150.4 | -2,314.6 | -25.0 | ||||
| Assets | 3,887.5 | 4,372.1 | 4,631.6 | -867.7 | -9.0 | -0.2 | -803.6 | -1.5 | -53.6 | 3,763.9 | 40.6 | ||||
| Equity securities | 1,727.4 | 1,939.0 | 1,961.8 | -799.1 | -101.8 | -5.2 | -717.1 | 8.4 | 11.4 | 1,162.7 | 12.5 | ||||
| Debt securities | 2,160.1 | 2,433.1 | 2,669.8 | -68.5 | 92.8 | 3.5 | -86.4 | -9.9 | -65.0 | 2,601.3 | 28.1 | ||||
| Bonds and notes | 1,838.7 | 2,052.4 | 2,279.7 | -100.6 | 95.4 | 4.2 | -86.4 | -9.7 | -99.8 | 2,179.1 | 23.5 | ||||
| Money market instruments | 321.3 | 380.7 | 390.1 | 32.0 | -2.5 | -0.6 | 0.0 | -0.2 | 34.8 | 422.1 | 4.6 | ||||
| Liabilities | 5,057.8 | 5,950.0 | 6,556.5 | -478.0 | 341.5 | 5.2 | -963.7 | 47.4 | 96.8 | 6,078.6 | 65.6 | ||||
| Equity securities | 2,394.5 | 3,034.6 | 3,272.5 | -1,103.8 | -124.8 | -3.8 | -1,020.1 | 9.7 | 31.4 | 2,168.7 | 23.4 | ||||
| Debt securities | 2,663.3 | 2,915.4 | 3,284.0 | 625.8 | 466.4 | 14.2 | 56.4 | 37.6 | 65.4 | 3,909.9 | 42.2 | ||||
| Bonds and notes | 2,360.1 | 2,697.9 | 3,041.1 | 425.4 | 250.0 | 8.2 | 56.4 | 27.2 | 91.8 | 3,466.5 | 37.4 | ||||
| Money market instruments | 303.2 | 217.5 | 243.0 | 200.4 | 216.3 | 89.0 | 0.0 | 10.4 | -26.4 | 443.3 | 4.8 | ||||
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | -823.9 | -1,153.9 | -1,482.9 | -304.3 | -161.5 | - | 142.9 | -66.0 | -219.9 | -1,787.2 | -19.3 | ||||
| Financial derivatives | -21.4 | -20.8 | -26.0 | -10.2 | 65.7 | - | -75.9 | 0.0 | 0.0 | -36.2 | -0.4 | ||||
| Other investment | -190.5 | -167.0 | -87.2 | -100.3 | -72.1 | - | 0.0 | -51.5 | 23.3 | -187.5 | -2.0 | ||||
| Assets | 3,861.5 | 4,553.4 | 5,381.3 | 84.8 | 93.4 | 1.7 | 0.0 | -34.0 | 25.4 | 5,466.1 | 59.0 | ||||
| Eurosystem | 8.7 | 14.1 | 36.9 | -8.2 | -9.4 | -25.3 | 0.0 | 0.0 | 1.2 | 28.8 | 0.3 | ||||
| General government | 131.4 | 120.2 | 107.8 | -6.8 | -6.6 | -6.1 | 0.0 | -0.5 | 0.3 | 101.0 | 1.1 | ||||
| MFIs excluding Eurosystem | 2,515.6 | 2,954.5 | 3,354.4 | -73.7 | -50.2 | -1.5 | 0.0 | -28.1 | 4.6 | 3,280.7 | 35.4 | ||||
| Other sectors | 1,205.9 | 1,464.6 | 1,882.1 | 173.4 | 159.6 | 8.5 | 0.0 | -5.4 | 19.3 | 2,055.6 | 22.2 | ||||
| Liabilities | 4,052.0 | 4,720.4 | 5,468.6 | 185.1 | 165.5 | 3.0 | 0.0 | 17.5 | 2.1 | 5,653.6 | 61.0 | ||||
| Eurosystem | 82.9 | 116.3 | 201.7 | 280.6 | 280.7 | 139.2 | 0.0 | 0.0 | -0.0 | 482.3 | 5.2 | ||||
| General government | 48.3 | 51.6 | 52.3 | 9.6 | 9.5 | 18.2 | 0.0 | -0.1 | 0.2 | 61.9 | 0.7 | ||||
| MFIs excluding Eurosystem | 3,113.3 | 3,495.0 | 3,935.1 | -183.3 | -181.0 | -4.6 | 0.0 | 15.1 | -17.4 | 3,751.8 | 40.5 | ||||
| Other sectors | 807.4 | 1,057.5 | 1,279.5 | 78.1 | 56.3 | 4.4 | 0.0 | 2.5 | 19.3 | 1,357.6 | 14.6 | ||||
| Reserve assets | 320.1 | 325.8 | 347.2 | 27.0 | 3.9 | 1.1 | 21.2 | 9.2 | -7.3 | 374.2 | 4.0 | ||||
| Breakdown of direct investment in equity | |||||||||||||||
| Abroad | - | 2,568.4 | 2,886.7 | 60.2 | 198.1 | 6.9 | -155.6 | -28.0 | 45.6 | 2,946.9 | 31.8 | ||||
| In listed companies (market value) | - | 151.0 | 185.1 | - | - | - | - | - | - | 152.4 | 1.6 | ||||
| In unlisted companies | - | 2,318.8 | 2,568.0 | - | - | - | - | - | - | 2,689.2 | 29.0 | ||||
| Real estate and other | - | 98.6 | 133.6 | - | - | - | - | - | - | 105.4 | 1.1 | ||||
| Memo: In listed companies (book value) | - | 63.4 | 86.5 | - | - | - | - | - | - | 109.0 | 1.2 | ||||
| In the euro area | - | 2,092.8 | 2,401.0 | 4.5 | 91.3 | 3.8 | -138.4 | -2.4 | 54.1 | 2,405.5 | 26.0 | ||||
| In listed companies (market value) | - | 74.1 | 114.6 | - | - | - | - | - | - | 66.7 | 0.7 | ||||
| In unlisted companies | - | 1,868.2 | 2,079.5 | - | - | - | - | - | - | 2,214.9 | 23.9 | ||||
| Real estate and other | - | 150.6 | 206.8 | - | - | - | - | - | - | 123.8 | 1.3 | ||||
| Memo: In listed companies (book value) | - | 26.9 | 38.3 | - | - | - | - | - | - | 41.8 | 0.5 | ||||