Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions)
| 2001 Q1 | 2001 Q4 | 2002 Q1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 423.3 | 433.9 | −10.5 | 434.1 | 423.4 | 10.7 | 413.6 | 402.5 | 11.1 | ||
| Goods | 254.5 | 249.0 | 5.5 | 266.0 | 233.0 | 33.0 | 253.0 | 225.6 | 27.4 | ||
| Services | 68.7 | 73.7 | −5.0 | 81.0 | 81.7 | −0.7 | 71.7 | 76.4 | −4.7 | ||
| Income | 70.6 | 79.6 | −9.1 | 71.5 | 76.2 | −4.7 | 58.2 | 67.1 | −8.9 | ||
| Compensation of employees | 3.3 | 1.1 | 2.2 | 3.4 | 1.6 | 1.9 | 3.4 | 1.2 | 2.2 | ||
| Investment income | 67.2 | 78.5 | −11.3 | 68.1 | 74.7 | −6.6 | 54.8 | 65.9 | −11.2 | ||
| Direct investment | 15.6 | 15.4 | 0.2 | 19.1 | 21.2 | −2.1 | 11.2 | 12.4 | −1.3 | ||
| Income on equity | 13.1 | 13.0 | 0.1 | 16.1 | 19.4 | −3.2 | 9.1 | 11.1 | −2.1 | ||
| Income on debt | 2.5 | 2.4 | 0.0 | 3.0 | 1.8 | 1.2 | 2.1 | 1.3 | 0.8 | ||
| Portfolio investment | 17.8 | 26.3 | −8.5 | 22.3 | 22.9 | −0.5 | 19.1 | 27.6 | −8.5 | ||
| Income on equity | 2.4 | 7.0 | −4.6 | 4.8 | 6.2 | −1.4 | 4.4 | 7.2 | −2.8 | ||
| Income on debt | 15.4 | 19.4 | −4.0 | 17.5 | 16.7 | 0.8 | 14.7 | 20.4 | −5.7 | ||
| Other investment | 33.8 | 36.8 | −3.0 | 26.6 | 30.6 | −3.9 | 24.5 | 25.9 | −1.4 | ||
| Current transfers | 29.6 | 31.5 | −1.9 | 15.5 | 32.4 | −16.9 | 30.8 | 33.4 | −2.6 | ||
| CAPITAL ACCOUNT | 4.4 | 1.5 | 2.9 | 4.0 | 3.0 | 1.1 | 4.6 | 1.5 | 3.1 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | 30.6 | −35.8 | −28.3 | ||||||||
| DIRECT INVESTMENT ( 3 ) | −65.4 | 24.7 | −40.6 | −33.0 | 44.5 | 11.5 | −42.3 | 25.5 | −16.8 | ||
| Equity capital and reinvested earnings | −26.5 | 28.7 | 2.3 | −26.0 | 17.0 | −9.1 | −28.1 | 11.8 | −16.2 | ||
| Other capital, mostly intercompany loans | −38.9 | −4.0 | −42.9 | −7.0 | 27.6 | 20.6 | −14.2 | 13.6 | −0.6 | ||
| PORTFOLIO INVESTMENT | −82.9 | 44.4 | −38.5 | −87.7 | 87.2 | −0.4 | −72.0 | 17.2 | −54.8 | ||
| Equity | −29.1 | 18.7 | −10.4 | −24.4 | 60.5 | 36.1 | −32.6 | 31.5 | −1.2 | ||
| Eurosystem | −0.1 | −0.1 | −0.0 | ||||||||
| General government | −0.4 | −0.5 | −1.4 | ||||||||
| MFIs (excluding the Eurosystem) | −11.0 | 4.7 | −4.9 | ||||||||
| Other sectors | −17.6 | −28.4 | −26.3 | ||||||||
| Debt instruments | −53.8 | 25.7 | −28.1 | −63.3 | 26.7 | −36.5 | −39.4 | −14.3 | −53.6 | ||
| Bonds and notes | −37.2 | 24.5 | −12.7 | −51.6 | 23.4 | −28.2 | −19.6 | 0.8 | −18.8 | ||
| Eurosystem | 1.0 | −0.7 | 0.2 | ||||||||
| General government | −0.6 | −0.3 | −0.5 | ||||||||
| MFIs (excluding the Eurosystem) | −16.3 | −36.2 | −4.7 | ||||||||
| Other sectors | −21.4 | −14.5 | −14.7 | ||||||||
| Money market instruments | −16.6 | 1.2 | −15.4 | −11.6 | 3.3 | −8.4 | −19.8 | −15.1 | −34.8 | ||
| Eurosystem | −1.3 | −0.3 | 0.8 | ||||||||
| General government | −1.2 | 1.9 | −1.1 | ||||||||
| MFIs (excluding the Eurosystem) | −18.0 | −3.8 | −13.5 | ||||||||
| Other sectors | 4.0 | −9.5 | −5.9 | ||||||||
| FINANCIAL DERIVATIVES (NET) | −2.0 | −7.2 | 0.3 | ||||||||
| OTHER INVESTMENT | −136.1 | 238.3 | 102.2 | −57.7 | 14.8 | −42.9 | 26.4 | 19.7 | 46.1 | ||
| Eurosystem | 0.8 | −2.6 | −1.8 | −0.4 | 3.7 | 3.4 | −0.4 | 1.2 | 0.8 | ||
| Loans/currency and deposits | 0.8 | −2.7 | −1.9 | −0.4 | 3.8 | 3.4 | −0.4 | 1.2 | 0.7 | ||
| Other assets/liabilities | 0.0 | 0.0 | 0.0 | 0.0 | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | ||
| General government | 2.4 | −8.2 | −5.8 | 1.2 | 4.2 | 5.5 | 0.2 | −8.4 | −8.1 | ||
| Trade credits | −0.0 | 0.0 | −0.0 | −0.0 | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | ||
| Loans/currency and deposits | 2.9 | −8.0 | −5.1 | 1.4 | 4.1 | 5.5 | 0.5 | −8.1 | −7.6 | ||
| Other assets/liabilities | −0.5 | −0.2 | −0.7 | −0.2 | 0.1 | −0.1 | −0.3 | −0.3 | −0.6 | ||
| MFIs (excluding the Eurosystem) | −135.0 | 261.7 | 126.7 | −45.7 | 7.8 | −37.8 | 22.0 | 26.6 | 48.6 | ||
| Loans/currency and deposits | −130.5 | 257.8 | 127.3 | −41.0 | 6.5 | −34.4 | 21.5 | 21.7 | 43.3 | ||
| Other assets/liabilities | −4.5 | 3.9 | −0.6 | −4.7 | 1.3 | −3.4 | 0.4 | 4.9 | 5.3 | ||
| Other sectors | −4.3 | −12.6 | −16.8 | −12.9 | −1.0 | −13.8 | 4.7 | 0.2 | 4.9 | ||
| Trade credits | −4.8 | 4.2 | −0.6 | 2.5 | −1.4 | 1.1 | −0.9 | −1.2 | −2.1 | ||
| Loans/currency and deposits | 3.0 | −16.3 | −13.3 | −14.6 | 0.0 | −14.6 | 5.9 | 0.7 | 6.6 | ||
| Other assets/liabilities | −2.5 | −0.4 | −3.0 | −0.8 | 0.4 | −0.4 | −0.3 | 0.8 | 0.4 | ||
| RESERVE ASSETS | 9.5 | 9.5 | 3.3 | 3.3 | −3.1 | −3.1 | |||||
| Monetary gold | 0.3 | 0.3 | 0.1 | 0.1 | −0.2 | −0.2 | |||||
| Special drawing rights | −0.4 | −0.4 | −0.1 | −0.1 | −0.0 | −0.0 | |||||
| Reserve position in the IMF | 0.2 | 0.2 | 0.8 | 0.8 | −0.4 | −0.4 | |||||
| Foreign exchange | 9.5 | 9.5 | 2.4 | 2.4 | −2.4 | −2.4 | |||||
| Currency and deposits | −0.4 | −0.4 | 4.4 | 4.4 | −14.1 | −14.1 | |||||
| with monetary authorities and the BIS | 7.8 | 7.8 | 2.7 | 2.7 | −1.7 | −1.7 | |||||
| with banks | −8.2 | −8.2 | 1.7 | 1.7 | −12.4 | −12.4 | |||||
| Securities | 9.8 | 9.8 | −2.1 | −2.1 | 11.6 | 11.6 | |||||
| Equity | −1.1 | −1.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Bonds and notes | 5.2 | 5.2 | 4.8 | 4.8 | 4.2 | 4.2 | |||||
| Money market instruments | 5.7 | 5.7 | −6.9 | −6.9 | 7.4 | 7.4 | |||||
| Financial derivatives | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other claims | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| ERRORS AND OMISSIONS | −23.0 | 24.0 | 14.1 | ||||||||