Table 1: International investment position of the euro area, including a breakdown of changes from end- 2010 to end- 2011
(EUR billions unless otherwise indicated; outstanding amounts at end of period, flows during period)
2008 | 2009 | 2010 | 2011 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Totalchanges | Transactions1) | Other changesin outstanding amounts | End-of-periodoutstandingamounts | ||||||||||||
as % of 2011 i.i.p. | pricechanges | exchangeratechanges | otheradjustments | as % ofGDP | |||||||||||
Source: ECB. | |||||||||||||||
( 1 ) In this table, by contrast with the balance of payments sign convention, a positive (negative) figure indicates an increase (decrease) in euro area assets. | |||||||||||||||
Financial account balance/Net international investment position | -1,603.0 | -1,486.4 | -1,262.3 | -52.3 | 45.3 | - | 336.8 | -29.8 | -404.7 | -1,314.9 | -14.0 | ||||
Direct investment | 655.8 | 880.3 | 1,038.1 | 134.6 | 154.8 | - | -20.3 | 5.4 | -5.3 | 1,172.7 | 12.4 | ||||
Abroad | 3,915.8 | 4,412.8 | 4,946.7 | 618.0 | 408.0 | 8.2 | -20.3 | 16.9 | 213.4 | 5,564.7 | 59.1 | ||||
Equity/reinvested earnings | 3,026.9 | 3,432.3 | 3,825.3 | 404.8 | 352.1 | 9.2 | -20.3 | 9.8 | 63.2 | 4,230.1 | 44.9 | ||||
Other capital | 888.9 | 980.5 | 1,121.4 | 213.1 | 55.8 | 5.0 | 0.0 | 7.1 | 150.1 | 1,334.6 | 14.2 | ||||
In the euro area | 3,260.1 | 3,532.5 | 3,908.6 | 483.3 | 253.1 | 6.5 | 0.0 | 11.6 | 218.6 | 4,392.0 | 46.6 | ||||
Equity/reinvested earnings | 2,327.8 | 2,600.6 | 2,940.6 | 396.6 | 283.3 | 9.6 | 0.0 | 10.2 | 103.1 | 3,337.2 | 35.4 | ||||
Other capital | 932.2 | 932.0 | 968.0 | 86.7 | -30.2 | -3.1 | 0.0 | 1.4 | 115.5 | 1,054.7 | 11.2 | ||||
Portfolio investment | -2,139.7 | -2,522.9 | -2,563.6 | -310.3 | -274.0 | - | 292.7 | -21.5 | -307.5 | -2,873.9 | -30.5 | ||||
Assets | 3,827.2 | 4,340.9 | 4,907.3 | -144.7 | -51.9 | -1.1 | 39.9 | 41.5 | -174.2 | 4,762.6 | 50.6 | ||||
Equity securities | 1,143.9 | 1,506.3 | 1,907.7 | -204.4 | -71.0 | -3.7 | -45.9 | 5.6 | -93.1 | 1,703.4 | 18.1 | ||||
Debt securities | 2,683.3 | 2,834.6 | 2,999.6 | 59.7 | 19.1 | 0.6 | 85.8 | 35.9 | -81.2 | 3,059.2 | 32.5 | ||||
Bonds and notes | 2,231.4 | 2,421.7 | 2,579.3 | 13.6 | -11.5 | -0.4 | 85.8 | 33.6 | -94.3 | 2,592.9 | 27.5 | ||||
Money market instruments | 452.0 | 412.9 | 420.3 | 46.1 | 30.6 | 7.3 | 0.0 | 2.3 | 13.1 | 466.3 | 5.0 | ||||
Liabilities | 5,966.9 | 6,863.8 | 7,470.9 | 165.6 | 222.1 | 3.0 | -252.7 | 63.0 | 133.2 | 7,636.5 | 81.1 | ||||
Equity securities | 2,192.5 | 2,814.9 | 3,175.5 | -124.7 | 99.7 | 3.1 | -323.7 | 20.2 | 79.1 | 3,050.8 | 32.4 | ||||
Debt securities | 3,774.4 | 4,048.8 | 4,295.4 | 290.3 | 122.4 | 2.8 | 71.0 | 42.8 | 54.1 | 4,585.7 | 48.7 | ||||
Bonds and notes | 3,375.1 | 3,523.2 | 3,841.4 | 300.8 | 166.2 | 4.3 | 71.0 | 41.0 | 22.7 | 4,142.3 | 44.0 | ||||
Money market instruments | 399.2 | 525.7 | 454.0 | -10.5 | -43.8 | -9.7 | 0.0 | 1.8 | 31.5 | 443.5 | 4.7 | ||||
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | -1,483.9 | -1,642.6 | -1,525.6 | -175.6 | -119.2 | - | 272.4 | -16.1 | -312.8 | -1,701.2 | -18.1 | ||||
Financial derivatives | -0.5 | -1.3 | -32.6 | 8.6 | 4.9 | - | 3.7 | - | - | -24.3 | -0.3 | ||||
Other investment | -492.9 | -302.1 | -291.9 | 39.2 | 149.5 | - | 0.0 | -21.4 | -88.9 | -252.8 | -2.7 | ||||
Assets | 5,118.2 | 4,527.2 | 4,807.6 | 69.6 | 164.2 | 3.4 | 0.0 | 68.3 | -162.9 | 4,877.2 | 51.8 | ||||
Eurosystem | 28.8 | 30.4 | 32.9 | 2.8 | -2.7 | -8.1 | 0.0 | 0.0 | 5.5 | 35.7 | 0.4 | ||||
General government | 104.1 | 118.9 | 161.9 | 0.9 | 1.2 | 0.7 | 0.0 | 0.0 | -0.3 | 162.8 | 1.7 | ||||
MFIs excluding Eurosystem | 3,273.1 | 2,835.1 | 2,972.0 | 95.6 | 49.7 | 1.7 | 0.0 | 49.5 | -3.6 | 3,067.6 | 32.6 | ||||
Other sectors | 1,712.1 | 1,542.8 | 1,640.7 | -29.7 | 116.0 | 7.1 | 0.0 | 18.8 | -164.5 | 1,611.1 | 17.1 | ||||
Liabilities | 5,611.1 | 4,829.3 | 5,099.5 | 30.4 | 14.7 | 0.3 | 0.0 | 89.7 | -74.0 | 5,129.9 | 54.5 | ||||
Eurosystem | 482.7 | 251.9 | 269.1 | 139.8 | 134.6 | 50.0 | 0.0 | 0.0 | 5.2 | 408.9 | 4.3 | ||||
General government | 69.1 | 84.6 | 148.0 | 76.0 | 74.1 | 50.1 | 0.0 | 1.3 | 0.6 | 223.9 | 2.4 | ||||
MFIs excluding Eurosystem | 3,761.9 | 3,388.9 | 3,491.0 | -282.8 | -288.9 | -8.3 | 0.0 | 71.3 | -65.1 | 3,208.3 | 34.1 | ||||
Other sectors | 1,297.4 | 1,103.8 | 1,191.5 | 97.4 | 94.9 | 8.0 | 0.0 | 17.1 | -14.7 | 1,288.8 | 13.7 | ||||
Reserve assets | 374.2 | 459.6 | 587.8 | 75.6 | 10.2 | 1.7 | 60.7 | 7.7 | -3.0 | 663.4 | 7.0 | ||||
Breakdown of direct investment in equity | |||||||||||||||
Abroad | 3,026.9 | 3,432.3 | 3,825.3 | 404.8 | 352.1 | 9.2 | -20.3 | 9.8 | 63.2 | 4,230.1 | 44.9 | ||||
Listed companies (market value) | 118.7 | 153.7 | 185.0 | - | - | - | - | - | - | 156.7 | 1.7 | ||||
Unlisted companies | 2,811.3 | 3,162.5 | 3,511.6 | - | - | - | - | - | - | 3,928.2 | 41.7 | ||||
Real estate and other | 96.9 | 116.1 | 128.7 | - | - | - | - | - | - | 145.3 | 1.5 | ||||
Memo item: listed companies (book value) | 72.8 | 72.6 | 91.5 | - | - | - | - | - | - | 94.0 | 1.0 | ||||
In the euro area | 2,327.8 | 2,600.6 | 2,940.6 | 396.6 | 283.3 | 9.6 | 0.0 | 10.2 | 103.1 | 3,337.2 | 35.4 | ||||
Listed companies (market value) | 54.8 | 78.8 | 86.3 | - | - | - | - | - | - | 58.3 | 0.6 | ||||
Unlisted companies | 2,155.9 | 2,386.2 | 2,716.3 | - | - | - | - | - | - | 3,089.4 | 32.8 | ||||
Real estate and other | 117.2 | 135.6 | 138.1 | - | - | - | - | - | - | 189.5 | 2.0 | ||||
Memo item: listed companies (book value) | 39.6 | 47.5 | 51.6 | - | - | - | - | - | - | 45.0 | 0.5 |