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Table 2: Monthly balance of payments of the euro area – non-seasonally adjusted data ( 1 )

(EUR billions)

January 2004 December 2003 (revised) Monthly average, previous six months 12-month cumulated figures ending
July – December 2003 January 2004 January 2003
Credit Debit Net Credit Debit Net 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 139.3 144.6 −5.3 148.1 142.4 5.7 140.6 135.1 5.6 1663.3 1635.0 28.4 1729.8 1669.0 60.8
Goods 81.6 77.4 4.2 87.7 78.8 8.8 88.2 76.6 11.6 1035.8 923.5 112.3 1062.0 933.3 128.8
Services 23.5 24.7 −1.2 29.0 26.5 2.5 28.1 26.2 1.9 321.3 304.1 17.2 333.5 320.4 13.1
Income 16.7 26.3 −9.6 23.0 25.3 −2.3 18.6 21.3 −2.7 225.0 270.0 −45.1 248.4 280.3 −31.9
Current transfers 17.6 16.2 1.4 8.5 11.8 −3.3 5.7 11.0 −5.2 81.3 137.4 −56.0 85.9 135.1 −49.2
CAPITAL ACCOUNT 0.8 0.4 0.4 3.4 0.9 2.5 1.8 0.5 1.2 18.6 9.0 9.6 18.6 8.1 10.5
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
FINANCIAL ACCOUNT ( 2 ) −24.6 3.9 −2.1 −83.3 −74.7
DIRECT INVESTMENT ( 3 ) −8.0 −2.9 −11.0 −13.1 13.0 −0.1 −9.7 6.0 −3.7 −124.8 96.5 −28.2 −190.8 145.7 −45.2
Equity capital and reinvested earnings −3.5 6.2 2.7 −12.5 15.8 3.3 −8.4 7.5 −0.9 −88.7 96.1 7.4 −155.4 103.3 −52.1
Other capital (mostly inter−company loans) −4.5 −9.2 −13.7 −0.6 −2.8 −3.4 −1.2 −1.5 −2.7 −36.1 0.5 −35.6 −35.4 42.4 6.9
PORTFOLIO INVESTMENT −48.3 36.8 −11.5 −15.9 6.2 −9.6 −24.0 15.1 −8.9 −323.8 323.7 −0.1 −165.8 306.3 140.5
Equity −14.2 −1.4 −15.7 −10.1 17.1 7.0 −8.9 13.4 4.5 −92.2 98.6 6.4 −24.4 91.8 67.4
Debt instruments −34.1 38.2 4.2 −5.8 −10.8 −16.6 −15.1 1.7 −13.4 −231.6 225.1 −6.5 −141.5 214.5 73.0
Bonds and notes −16.8 21.7 4.9 2.3 13.2 15.5 −10.4 5.0 −5.3 −173.5 211.4 37.9 −101.6 145.8 44.2
Money market instruments −17.2 16.5 −0.7 −8.1 −24.0 −32.1 −4.7 −3.4 −8.1 −58.1 13.7 −44.4 −39.9 68.7 28.8
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT −56.3 33.9 −22.4 −29.0 19.2 −9.8 −33.7 21.1 −12.6 −448.6 420.3 −28.3 −356.7 452.0 95.3
FINANCIAL DERIVATIVES (NET) −0.6 −6.8 −1.5 −12.0 −14.9
OTHER INVESTMENT −66.4 68.1 1.7 13.0 0.2 13.1 2.2 7.3 9.5 −281.4 214.5 −66.9 −223.0 63.3 −159.7
Eurosystem −0.2 1.4 1.2 −0.9 0.2 −0.6 −0.1 −0.2 −0.2 −1.4 0.7 −0.7 0.0 14.5 14.5
General government −1.4 −4.9 −6.3 0.6 −4.0 −3.4 0.5 0.1 0.6 0.1 −2.7 −2.6 −0.9 −5.8 −6.7
MFIs (excluding the Eurosystem) −61.6 75.4 13.8 5.1 0.5 5.6 2.8 7.9 10.7 −216.5 208.5 −8.0 −177.8 29.4 −148.4
long−term −3.3 −2.2 −5.5 −7.5 15.3 7.8 −6.0 7.9 1.8 −62.3 65.8 3.5 −35.1 48.3 13.2
short−term −58.3 77.6 19.3 12.7 −14.8 −2.2 8.8 0.1 8.9 −154.2 142.8 −11.5 −142.7 −18.9 −161.6
Other sectors −3.2 −3.9 −7.1 8.1 3.4 11.5 −1.0 −0.6 −1.6 −63.6 7.9 −55.6 −44.3 25.2 −19.1
RESERVE ASSETS −3.2 −3.2 7.3 7.3 2.5 2.5 23.9 23.9 4.6 4.6
Errors and omissions 29.5 −12.2 −4.7 45.3 3.4