Table 3: Balance of payments of the euro area (Euro 12) ( 1 )
(EUR billions)
| 2000 Q2 | 2001 Q1 | 2001 Q2 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | |||
| Source: ECB. | |||||||||||
| ( 1 ) As from January 2001 the data refer to the Euro 12, i.e. they include Greece. Data for 2000 have been re-calculated to take into account the new composition of the euro area and are comparable with Euro 12 figures. | |||||||||||
| ( 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 | 393.5 | 412.8 | −19.2 | 423.3 | 433.9 | −10.5 | 432.8 | 444.1 | −11.3 | ||
| Goods | 238.9 | 235.5 | 3.4 | 254.5 | 249.0 | 5.5 | 261.2 | 246.1 | 15.1 | ||
| Services | 72.0 | 72.0 | 0.1 | 68.7 | 73.7 | −5.0 | 82.2 | 76.0 | 6.2 | ||
| Income | 66.7 | 75.9 | −9.2 | 70.6 | 79.6 | −9.1 | 74.4 | 90.0 | −15.6 | ||
| Compensation of employees | 3.4 | 1.5 | 1.9 | 3.3 | 1.1 | 2.2 | 3.6 | 1.5 | 2.1 | ||
| Investment income | 63.3 | 74.4 | −11.1 | 67.2 | 78.5 | −11.3 | 70.9 | 88.5 | −17.7 | ||
| Direct investment | 16.1 | 13.8 | 2.3 | 15.6 | 15.4 | 0.2 | 19.3 | 15.5 | 3.8 | ||
| Income on equity | 13.4 | 12.1 | 1.3 | 13.1 | 13.0 | 0.1 | 16.7 | 13.1 | 3.6 | ||
| Income on debt | 2.7 | 1.7 | 1.0 | 2.5 | 2.4 | 0.0 | 2.6 | 2.4 | 0.2 | ||
| Portfolio investment | 19.5 | 32.0 | −12.5 | 17.8 | 26.3 | −8.5 | 20.8 | 39.4 | −18.6 | ||
| Income on equity | 5.9 | 12.8 | −6.9 | 2.4 | 7.0 | −4.6 | 4.2 | 16.8 | −12.6 | ||
| Income on debt | 13.6 | 19.2 | −5.6 | 15.4 | 19.4 | −4.0 | 16.6 | 22.6 | −6.0 | ||
| Bonds and notes | −6.1 | −4.5 | −12.5 | ||||||||
| Money market instruments | 0.5 | 0.6 | 6.5 | ||||||||
| Other investment | 27.7 | 28.6 | −0.9 | 33.8 | 36.8 | −3.0 | 30.8 | 33.7 | −2.9 | ||
| Current transfers | 15.9 | 29.4 | −13.5 | 29.6 | 31.5 | −1.9 | 14.9 | 31.9 | −17.0 | ||
| CAPITAL ACCOUNT | 4.9 | 1.9 | 3.0 | 4.4 | 1.5 | 2.9 | 5.3 | 1.8 | 3.5 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | 21.9 | 30.6 | −10.2 | ||||||||
| DIRECT INVESTMENT ( 3 ) | −88.5 | 67.7 | −20.8 | −65.4 | 24.7 | −40.6 | −78.2 | 27.7 | −50.5 | ||
| Equity capital and reinvested earnings | −56.0 | 34.0 | −22.0 | −26.5 | 28.7 | 2.3 | −59.9 | 17.3 | −42.6 | ||
| Other capital, mostly intercompany loans | −32.4 | 33.6 | 1.2 | −38.9 | −4.0 | −42.9 | −18.3 | 10.4 | −7.9 | ||
| PORTFOLIO INVESTMENT | −83.7 | 155.3 | 71.6 | −82.9 | 44.4 | −38.5 | −71.6 | 99.3 | 27.8 | ||
| Equity | −56.6 | 70.1 | 13.6 | −29.1 | 18.7 | −10.4 | −36.8 | 108.9 | 72.1 | ||
| Eurosystem | 0.0 | −0.1 | −0.0 | ||||||||
| General government | −0.7 | −0.4 | −0.7 | ||||||||
| MFIs (excluding the Eurosystem) | 1.3 | −11.0 | 6.2 | ||||||||
| Other sectors | −57.2 | −17.6 | −42.3 | ||||||||
| Debt instruments | −27.2 | 85.2 | 58.0 | −53.8 | 25.7 | −28.1 | −34.7 | −9.6 | −44.3 | ||
| Bonds and notes | −22.4 | 58.6 | 36.3 | −37.2 | 24.5 | −12.7 | −44.6 | −0.4 | −45.0 | ||
| Eurosystem | 0.6 | 1.0 | 0.6 | ||||||||
| General government | −0.7 | −0.6 | 0.0 | ||||||||
| MFIs (excluding the Eurosystem) | −10.9 | −16.3 | −22.4 | ||||||||
| Other sectors | −11.4 | −21.4 | −22.9 | ||||||||
| Money market instruments | −4.8 | 26.6 | 21.8 | −16.6 | 1.2 | −15.4 | 9.9 | −9.2 | 0.6 | ||
| Eurosystem | −0.0 | −1.3 | −0.7 | ||||||||
| General government | −0.1 | −1.2 | −0.0 | ||||||||
| MFIs (excluding the Eurosystem) | −5.4 | −18.0 | 2.1 | ||||||||
| Other sectors | 0.7 | 4.0 | 8.5 | ||||||||
| FINANCIAL DERIVATIVES (NET) | 3.1 | −2.0 | −0.0 | ||||||||
| OTHER INVESTMENT | −25.6 | −10.3 | −35.9 | −136.1 | 238.3 | 102.2 | 6.6 | 3.4 | 10.0 | ||
| Eurosystem | −0.3 | 3.0 | 2.7 | 0.8 | −2.6 | −1.8 | −0.8 | 4.3 | 3.5 | ||
| Loans/currency and deposits | −0.3 | 2.9 | 2.6 | 0.8 | −2.7 | −1.9 | −0.8 | 4.3 | 3.5 | ||
| Other assets/liabilities | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | −0.0 | −0.0 | ||
| General government | 1.0 | 0.6 | 1.6 | 2.4 | −8.2 | −5.8 | −0.3 | 2.7 | 2.4 | ||
| Trade credits | 0.0 | 0.0 | 0.0 | −0.0 | 0.0 | −0.0 | −0.0 | 0.0 | −0.0 | ||
| Loans/currency and deposits | 1.4 | 0.5 | 1.9 | 2.9 | −8.0 | −5.1 | 0.1 | 2.6 | 2.7 | ||
| Other assets/liabilities | −0.5 | 0.1 | −0.3 | −0.5 | −0.2 | −0.7 | −0.4 | 0.1 | −0.3 | ||
| MFIs (excluding the Eurosystem) | −23.4 | −17.1 | −40.5 | −135.0 | 261.7 | 126.7 | 12.4 | −8.5 | 3.9 | ||
| Loans/currency and deposits | −24.3 | −17.9 | −42.2 | −130.5 | 257.8 | 127.3 | 15.9 | −11.3 | 4.6 | ||
| Other assets/liabilities | 0.9 | 0.8 | 1.7 | −4.5 | 3.9 | −0.6 | −3.4 | 2.8 | −0.6 | ||
| Other sectors | −2.8 | 3.2 | 0.4 | −4.3 | −12.6 | −16.8 | −4.7 | 4.9 | 0.2 | ||
| Trade credits | −3.0 | 1.8 | −1.2 | −4.8 | 4.2 | −0.6 | −3.6 | 1.8 | −1.8 | ||
| Loans/currency and deposits | 0.3 | 2.6 | 2.8 | 3.0 | −16.3 | −13.3 | 0.2 | 3.8 | 4.0 | ||
| Other assets/liabilities | −0.1 | −1.1 | −1.2 | −2.5 | −0.4 | −3.0 | −1.3 | −0.8 | −2.1 | ||
| RESERVE ASSETS | 3.9 | 3.9 | 9.5 | 9.5 | 2.5 | 2.5 | |||||
| Monetary gold | 0.0 | 0.0 | 0.3 | 0.3 | −0.1 | −0.1 | |||||
| Special drawing rights | −0.1 | −0.1 | −0.4 | −0.4 | −0.6 | −0.6 | |||||
| Reserve position in the IMF | 3.3 | 3.3 | 0.2 | 0.2 | −0.7 | −0.7 | |||||
| Foreign exchange | 1.4 | 1.4 | 10.8 | 10.8 | 5.0 | 5.0 | |||||
| Currency and deposits | 0.2 | 0.2 | 1.0 | 1.0 | −0.5 | −0.5 | |||||
| with monetary authorities and the BIS | −1.7 | −1.7 | 7.8 | 7.8 | 0.2 | 0.2 | |||||
| with banks | 1.9 | 1.9 | −6.9 | −6.9 | −0.8 | −0.8 | |||||
| Securities | 1.2 | 1.2 | 9.8 | 9.8 | 5.5 | 5.5 | |||||
| Equity | 0.0 | 0.0 | −1.1 | −1.1 | 0.0 | 0.0 | |||||
| Bonds and notes | −4.2 | −4.2 | 5.2 | 5.2 | 5.5 | 5.5 | |||||
| Money market instruments | 5.4 | 5.4 | 5.7 | 5.7 | −0.0 | −0.0 | |||||
| Financial derivatives | −0.0 | −0.0 | −0.0 | −0.0 | 0.0 | 0.0 | |||||
| Other claims | −0.7 | −0.7 | −1.3 | −1.3 | −1.1 | −1.1 | |||||
| ERRORS AND OMISSIONS | −5.7 | −23.0 | 18.0 | ||||||||