Table 1: Current account of the euro area

(EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

	Cumulated figures for the four-quarter period ending in						Q4 2015			Q4 2016
	Q4 2015			Q4 2016
	Net	Credit	Debit	Net	Credit	Debit	Net	Credit	Debit	Net	Credit	Debit
Current account	336.4	3,631.0	3,294.6	359.4	3,625.8	3,266.4	109.0	936.0	827.0	98.3	960.3	862.1
Percentage of GDP1	3.2	34.7	31.5	3.3	33.8	30.4	-	-	-	-	-	-
Goods	350.1	2,110.0	1,759.9	375.1	2,108.0	1,732.9	97.1	539.1	442.0	94.6	550.0	455.4
of which: General merchandise	321.3	2,041.3	1,720.1	349.2	2,042.3	1,693.1	91.1	522.6	431.4	89.7	533.7	444.1
Services	69.9	775.9	706.0	48.1	787.1	739.0	15.5	203.4	188.0	-6.0	205.2	211.1
Transport	10.2	133.6	123.4	6.5	127.4	120.9	1.2	32.2	31.0	1.2	32.4	31.2
Travel	24.1	122.7	98.6	24.2	126.3	102.0	0.9	25.1	24.3	1.6	26.5	24.9
Insurance, pension and financial services	22.8	90.9	68.1	19.9	89.0	69.1	5.7	23.3	17.7	5.0	23.2	18.2
Telecommunication, computer and information services	59.3	104.7	45.4	65.2	114.3	49.2	17.0	29.8	12.8	18.9	32.6	13.6
Other business services	-16.0	205.0	221.0	-36.8	207.1	243.9	-3.2	57.9	61.2	-27.0	57.1	84.1
Other	-30.5	119.0	149.5	-30.9	123.1	154.0	-6.1	35.1	41.1	-5.7	33.4	39.1
Primary income	50.2	640.7	590.6	73.1	623.5	550.3	26.4	166.4	140.1	44.1	176.6	132.4
Compensation of employees	21.0	37.2	16.2	21.3	38.1	16.9	5.4	9.6	4.2	5.5	9.9	4.4
Investment income	9.0	564.6	555.6	38.5	546.8	508.3	9.5	140.0	130.5	21.4	143.6	122.2
Direct investment	93.9	337.6	243.7	113.0	326.7	213.7	21.5	85.7	64.2	30.4	90.7	60.3
of which: Reinvested earnings	-16.5	40.1	56.6	-0.4	29.1	29.5	-8.7	5.6	14.3	-4.8	1.7	6.4
Portfolio investment	-85.7	183.7	269.3	-76.8	177.6	254.4	-12.1	43.0	55.0	-10.4	41.7	52.0
Dividends	-0.1	65.0	65.1	-2.6	61.5	64.1	4.6	12.9	8.3	4.0	12.1	8.1
Income on investment fund shares	-83.0	4.9	87.9	-74.4	5.1	79.4	-17.9	1.2	19.1	-15.2	1.2	16.4
Interest	-2.6	113.8	116.3	0.2	111.0	110.8	1.3	28.9	27.6	0.8	28.3	27.5
Other investment	-1.9	40.6	42.5	-0.6	39.7	40.2	-0.7	10.6	11.3	0.6	10.5	9.9
of which: interest	-0.6	36.5	37.1	1.1	35.8	34.8	-0.5	9.4	9.9	0.8	9.3	8.5
Reserve assets		2.7			2.9			0.7			0.8
Other primary income	20.2	38.9	18.7	13.3	38.5	25.2	11.5	16.8	5.3	17.2	23.0	5.9
Secondary income	-133.8	104.3	238.1	-136.9	107.2	244.0	-30.0	27.0	57.0	-34.5	28.6	63.1
1)Four-quarter cumulated sums of non-working day and non-seasonally adjusted GDP.
Source: ECB.