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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 |