Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions; not seasonally adjusted)
| 2003 Q1 | 2002 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 | 411.8 | 409.0 | 2.8 | 440.8 | 418.4 | 22.4 | 416.5 | 404.6 | 12.0 | ||
| Goods | 252.6 | 235.3 | 17.3 | 273.9 | 239.3 | 34.6 | 254.9 | 228.2 | 26.7 | ||
| Services | 75.3 | 74.3 | 1.1 | 85.2 | 81.1 | 4.0 | 72.5 | 77.3 | −4.7 | ||
| Income | 51.3 | 63.8 | −12.6 | 61.9 | 64.2 | −2.4 | 58.3 | 65.7 | −7.4 | ||
| Compensation of employees | 3.6 | 1.2 | 2.4 | 3.8 | 1.5 | 2.3 | 3.5 | 1.2 | 2.4 | ||
| Investment income | 47.7 | 62.6 | −15.0 | 58.1 | 62.7 | −4.7 | 54.7 | 64.5 | −9.8 | ||
| Direct investment | 8.9 | 12.5 | −3.6 | 16.6 | 12.7 | 3.8 | 11.3 | 12.9 | −1.6 | ||
| Income on equity | 7.6 | 10.5 | −2.9 | 14.2 | 10.9 | 3.3 | 9.3 | 11.6 | −2.3 | ||
| Income on debt | 1.3 | 1.9 | −0.6 | 2.3 | 1.8 | 0.5 | 2.1 | 1.3 | 0.7 | ||
| Portfolio investment | 18.1 | 30.1 | −12.0 | 20.8 | 27.3 | −6.5 | 20.6 | 26.4 | −5.9 | ||
| Income on equity | 3.5 | 8.3 | −4.8 | 4.9 | 10.0 | −5.0 | 4.8 | 8.8 | −4.0 | ||
| Income on debt | 14.5 | 21.8 | −7.3 | 15.8 | 17.3 | −1.5 | 15.7 | 17.6 | −1.9 | ||
| Other investment | 20.7 | 20.0 | 0.6 | 20.7 | 22.7 | −2.0 | 22.8 | 25.1 | −2.3 | ||
| Current transfers | 32.6 | 35.6 | −3.0 | 19.9 | 33.7 | −13.8 | 30.8 | 33.4 | −2.6 | ||
| CAPITAL ACCOUNT | 5.2 | 3.3 | 1.9 | 5.2 | 2.5 | 2.6 | 4.7 | 1.5 | 3.2 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | −30.5 | −53.9 | −8.2 | ||||||||
| DIRECT INVESTMENT ( 3 ) | −40.7 | 33.0 | −7.7 | −28.5 | 32.1 | 3.6 | −55.5 | 39.5 | −16.0 | ||
| Equity capital and reinvested earnings | −19.7 | 21.2 | 1.5 | −29.3 | 32.6 | 3.3 | −41.6 | 26.3 | −15.3 | ||
| Other capital, mostly intercompany loans | −21.0 | 11.9 | −9.2 | 0.7 | −0.5 | 0.2 | −13.9 | 13.1 | −0.8 | ||
| PORTFOLIO INVESTMENT | −51.4 | 54.2 | 2.8 | −28.8 | 65.0 | 36.2 | −75.0 | 39.2 | −35.8 | ||
| Equity | 10.0 | 4.9 | 14.8 | −7.5 | 11.8 | 4.3 | −32.1 | 34.5 | 2.3 | ||
| Eurosystem | −0.1 | −0.2 | −0.0 | ||||||||
| General government | −0.6 | −1.2 | −1.4 | ||||||||
| MFIs (excluding the Eurosystem) | −3.8 | −3.9 | −4.8 | ||||||||
| Other sectors | 14.5 | −2.2 | −25.8 | ||||||||
| Debt instruments | −61.4 | 49.3 | −12.0 | −21.3 | 53.3 | 31.9 | −42.9 | 4.8 | −38.1 | ||
| Bonds and notes | −51.0 | 49.7 | −1.3 | −16.1 | 38.6 | 22.6 | −21.9 | 7.1 | −14.8 | ||
| Eurosystem | −1.6 | 1.6 | 0.4 | ||||||||
| General government | 0.3 | −0.4 | −0.5 | ||||||||
| MFIs (excluding the Eurosystem) | −22.9 | −1.4 | −4.7 | ||||||||
| Other sectors | −26.8 | −15.8 | −17.0 | ||||||||
| Money market instruments | −10.4 | −0.3 | −10.7 | −5.2 | 14.6 | 9.4 | −21.0 | −2.3 | −23.3 | ||
| Eurosystem | −1.4 | 0.4 | 0.8 | ||||||||
| General government | −1.6 | 0.1 | −1.1 | ||||||||
| MFIs (excluding the Eurosystem) | −7.1 | −6.6 | −13.0 | ||||||||
| Other sectors | −0.3 | 0.8 | −7.7 | ||||||||
| FINANCIAL DERIVATIVES (NET) | −0.1 | −4.0 | 2.5 | ||||||||
| OTHER INVESTMENT | −105.9 | 68.4 | −37.5 | −101.0 | 12.6 | −88.4 | 19.8 | 24.3 | 44.1 | ||
| Eurosystem | −0.6 | −4.4 | −5.0 | −0.4 | 2.5 | 2.1 | −0.4 | 1.2 | 0.8 | ||
| Loans/currency and deposits | −0.6 | −4.4 | −4.9 | −0.4 | 2.6 | 2.1 | −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 | −1.6 | −8.5 | −10.2 | 0.3 | −1.0 | −0.7 | −0.6 | −8.3 | −8.9 | ||
| Trade credits | −0.0 | 0.0 | −0.0 | 0.0 | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | ||
| Loans/currency and deposits | −1.2 | −8.3 | −9.6 | 0.2 | −0.9 | −0.6 | −0.3 | −8.0 | −8.3 | ||
| Other assets/liabilities | −0.4 | −0.2 | −0.6 | 0.1 | −0.1 | −0.1 | −0.3 | −0.3 | −0.6 | ||
| MFIs (excluding the Eurosystem) | −60.1 | 59.2 | −0.8 | −85.3 | −0.4 | −85.8 | 18.7 | 25.8 | 44.4 | ||
| Loans/currency and deposits | −58.1 | 58.8 | 0.6 | −90.4 | 9.2 | −81.2 | 24.1 | 19.7 | 43.9 | ||
| Other assets/liabilities | −2.0 | 0.5 | −1.5 | 5.0 | −9.6 | −4.6 | −5.5 | 6.0 | 0.5 | ||
| Other sectors | −43.6 | 22.1 | −21.5 | −15.5 | 11.6 | −4.0 | 2.2 | 5.6 | 7.8 | ||
| Trade credits | −1.6 | 5.3 | 3.8 | −1.1 | −2.9 | −4.0 | −1.2 | −0.5 | −1.7 | ||
| Loans/currency and deposits | −36.3 | 15.5 | −20.7 | −13.4 | 14.6 | 1.2 | 5.0 | 5.3 | 10.3 | ||
| Other assets/liabilities | −5.8 | 1.2 | −4.5 | −1.1 | −0.1 | −1.2 | −1.6 | 0.8 | −0.8 | ||
| RESERVE ASSETS | 11.9 | 11.9 | −1.3 | −1.3 | −3.1 | −3.1 | |||||
| Monetary gold | 0.5 | 0.5 | 0.4 | 0.4 | −0.2 | −0.2 | |||||
| Special drawing rights | 0.0 | 0.0 | −0.1 | −0.1 | −0.0 | −0.0 | |||||
| Reserve position in the IMF | −0.2 | −0.2 | 0.3 | 0.3 | −0.4 | −0.4 | |||||
| Foreign exchange | 11.5 | 11.5 | −1.9 | −1.9 | −2.4 | −2.4 | |||||
| Currency and deposits | 0.2 | 0.2 | 1.2 | 1.2 | −14.1 | −14.1 | |||||
| with monetary authorities and the BIS | 0.8 | 0.8 | 2.3 | 2.3 | −1.7 | −1.7 | |||||
| with banks | −0.6 | −0.6 | −1.2 | −1.2 | −12.4 | −12.4 | |||||
| Securities | 11.3 | 11.3 | −3.1 | −3.1 | 11.6 | 11.6 | |||||
| Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Bonds and notes | 9.6 | 9.6 | −2.3 | −2.3 | 4.2 | 4.2 | |||||
| Money market instruments | 1.7 | 1.7 | −0.9 | −0.9 | 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 | 25.8 | 28.8 | −6.9 | ||||||||