Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions; non−seasonally adjusted data)
| 2004 Q1 | 2003 Q4 | 2003 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 | 426.5 | 413.2 | 13.3 | 431.7 | 414.3 | 17.3 | 412.3 | 409.3 | 2.9 | ||||||
| Goods | 265.1 | 237.1 | 28.1 | 271.4 | 240.7 | 30.7 | 253.3 | 236.4 | 16.8 | ||||||
| Services | 75.0 | 77.6 | -2.6 | 84.4 | 80.1 | 4.3 | 75.7 | 73.7 | 1.9 | ||||||
| Income | 54.6 | 59.9 | -5.2 | 56.6 | 61.5 | -5.0 | 51.4 | 63.5 | -12.0 | ||||||
| Compensation of employees | 3.6 | 1.2 | 2.4 | 3.8 | 1.5 | 2.3 | 3.6 | 1.2 | 2.4 | ||||||
| Investment income | 51.1 | 58.7 | -7.6 | 52.8 | 60.0 | -7.3 | 47.8 | 62.2 | -14.4 | ||||||
| Direct investment | 13.4 | 10.9 | 2.5 | 15.8 | 13.9 | 1.9 | 8.9 | 10.9 | -2.0 | ||||||
| Income on equity | 10.4 | 8.8 | 1.6 | 13.0 | 11.1 | 1.9 | 7.2 | 8.9 | -1.7 | ||||||
| Income on debt | 3.0 | 2.1 | 0.9 | 2.8 | 2.9 | -0.1 | 1.8 | 2.1 | -0.3 | ||||||
| Portfolio investment | 21.5 | 30.1 | -8.6 | 21.2 | 26.3 | -5.0 | 19.0 | 31.4 | -12.4 | ||||||
| Income on equity | 4.7 | 9.5 | -4.9 | 4.7 | 9.7 | -5.0 | 3.6 | 8.4 | -4.8 | ||||||
| Income on debt | 16.8 | 20.6 | -3.8 | 16.6 | 16.6 | -0.0 | 15.4 | 23.0 | -7.6 | ||||||
| Other investment | 16.1 | 17.6 | -1.5 | 15.7 | 19.8 | -4.1 | 19.9 | 19.9 | 0.0 | ||||||
| Current transfers | 31.7 | 38.7 | -7.0 | 19.4 | 32.1 | -12.7 | 31.9 | 35.7 | -3.8 | ||||||
| CAPITAL ACCOUNT | 5.1 | 2.2 | 2.9 | 9.2 | 1.9 | 7.4 | 5.4 | 4.0 | 1.4 | ||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||||||
| FINANCIAL ACCOUNT2) | -14.0 | -3.6 | -14.3 | ||||||||||||
| DIRECT INVESTMENT3) | -25.9 | -3.0 | -28.9 | -27.2 | 17.6 | -9.6 | -29.4 | 42.3 | 13.0 | ||||||
| Equity capital and reinvested earnings | -19.6 | 7.1 | -12.6 | -18.6 | 29.8 | 11.2 | -18.0 | 29.4 | 11.3 | ||||||
| Other capital, mostly intercompany loans | -6.3 | -10.1 | -16.3 | -8.7 | -12.2 | -20.8 | -11.4 | 13.0 | 1.6 | ||||||
| PORTFOLIO INVESTMENT | -89.9 | 95.1 | 5.2 | -64.3 | 74.8 | 10.5 | -48.9 | 53.1 | 4.2 | ||||||
| Equity | -31.3 | 19.9 | -11.4 | -26.3 | 45.7 | 19.4 | 11.2 | 2.2 | 13.4 | ||||||
| Eurosystem | 0.0 | -0.0 | -0.1 | ||||||||||||
| General government | -0.9 | -0.4 | -0.6 | ||||||||||||
| MFIs (excluding the Eurosystem) | -6.0 | -3.6 | -3.7 | ||||||||||||
| Other sectors | -24.4 | -22.3 | 15.6 | ||||||||||||
| 2004 Q1 | 2003 Q4 | 2003 Q1 | |||||||||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||||||
| Debt instruments | -58.6 | 75.2 | 16.6 | -38.0 | 29.1 | -8.9 | -60.0 | 50.8 | -9.2 | ||||||
| Bonds and notes | -46.4 | 53.4 | 7.1 | -25.4 | 34.6 | 9.2 | -50.9 | 40.4 | -10.5 | ||||||
| Eurosystem | -0.5 | -0.4 | -0.3 | ||||||||||||
| General government | -0.6 | -0.1 | 0.2 | ||||||||||||
| MFIs (excluding the Eurosystem) | -25.8 | -6.9 | -4.4 | ||||||||||||
| Other sectors | -19.5 | -18.0 | -46.5 | ||||||||||||
| Money market instruments | -12.2 | 21.7 | 9.5 | -12.6 | -5.6 | -18.2 | -9.1 | 10.4 | 1.3 | ||||||
| Eurosystem | -0.2 | -0.2 | -0.8 | ||||||||||||
| General government | -1.1 | 1.3 | -1.6 | ||||||||||||
| MFIs (excluding the Eurosystem) | -7.3 | -13.1 | -26.9 | ||||||||||||
| Other sectors | -3.6 | -0.6 | 20.2 | ||||||||||||
| FINANCIAL DERIVATIVES (NET) | 6.2 | -4.1 | -3.1 | ||||||||||||
| OTHER INVESTMENT | -180.8 | 174.8 | -6.0 | -73.2 | 59.3 | -13.9 | -123.1 | 82.9 | -40.3 | ||||||
| Eurosystem | -0.6 | -1.2 | -1.9 | -0.7 | -0.6 | -1.4 | -0.6 | 2.0 | 1.4 | ||||||
| Loans/currency and deposits | -0.6 | -1.3 | -1.9 | -0.7 | -0.6 | -1.3 | -0.6 | 2.0 | 1.5 | ||||||
| Other assets/liabilities | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | ||||||
| General government | -0.3 | -6.4 | -6.6 | 2.7 | -4.6 | -1.9 | -1.8 | -8.3 | -10.1 | ||||||
| Trade credits | -0.0 | 0.0 | 0.0 | -0.0 | -0.0 | -0.0 | -0.0 | 0.0 | -0.0 | ||||||
| Loans/currency and deposits | 0.5 | -6.1 | -5.6 | 2.7 | -4.1 | -1.5 | -1.2 | -8.2 | -9.5 | ||||||
| Loans | 0.7 | -6.1 | -5.4 | ||||||||||||
| Currency and deposits | -0.2 | -0.2 | |||||||||||||
| Other assets/liabilities | -0.8 | -0.3 | -1.1 | 0.1 | -0.4 | -0.4 | -0.5 | -0.1 | -0.6 | ||||||
| MFIs (excluding the Eurosystem) | -158.9 | 158.9 | -0.0 | -71.5 | 53.8 | -17.6 | -65.7 | 60.1 | -5.6 | ||||||
| Loans/currency and deposits | -156.4 | 157.4 | 1.0 | -70.9 | 54.0 | -16.8 | -63.8 | 59.7 | -4.1 | ||||||
| Other assets/liabilities | -2.6 | 1.6 | -1.0 | -0.6 | -0.2 | -0.8 | -1.9 | 0.5 | -1.5 | ||||||
| Other sectors | -20.9 | 23.4 | 2.6 | -3.7 | 10.7 | 6.9 | -55.1 | 29.0 | -26.0 | ||||||
| Trade credits | -2.8 | 4.9 | 2.0 | -1.1 | 2.1 | 1.0 | -1.3 | 5.1 | 3.8 | ||||||
| Loans/currency and deposits | -16.3 | 18.2 | 1.9 | -2.1 | 9.7 | 7.6 | -47.9 | 22.7 | -25.2 | ||||||
| Loans | 2.2 | 18.2 | 20.4 | ||||||||||||
| Currency and deposits | -18.5 | -18.5 | |||||||||||||
| Other assets/liabilities | -1.7 | 0.4 | -1.4 | -0.5 | -1.1 | -1.7 | -5.8 | 1.2 | -4.7 | ||||||
| 2004 Q1 | 2003 Q4 | 2003 Q1 | |||||||||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||||||
| RESERVE ASSETS | 9.4 | 9.4 | 13.6 | 13.6 | 11.9 | 11.9 | |||||||||
| Monetary gold | -0.1 | -0.1 | 0.6 | 0.6 | 0.5 | 0.5 | |||||||||
| Special drawing rights | -0.1 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
| Reserve position in the IMF | 0.7 | 0.7 | 1.8 | 1.8 | -0.2 | -0.2 | |||||||||
| Foreign exchange | 8.8 | 8.8 | 11.1 | 11.1 | 11.5 | 11.5 | |||||||||
| Currency and deposits | 2.6 | 2.6 | -2.9 | -2.9 | 0.2 | 0.2 | |||||||||
| with monetary authorities and the BIS | 0.8 | 0.8 | -1.0 | -1.0 | 0.8 | 0.8 | |||||||||
| with banks | 1.8 | 1.8 | -1.9 | -1.9 | -0.6 | -0.6 | |||||||||
| Securities | 6.2 | 6.2 | 14.1 | 14.1 | 11.3 | 11.3 | |||||||||
| Equity | 0.5 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
| Bonds and notes | 8.1 | 8.1 | 13.0 | 13.0 | 9.6 | 9.6 | |||||||||
| Money market instruments | -2.4 | -2.4 | 1.1 | 1.1 | 1.7 | 1.7 | |||||||||
| 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 | -2.2 | -21.2 | 10.0 | ||||||||||||