Table 2: Monthly balance of payments of the euro area ( 1 )
(EUR billions; non−seasonally adjusted data)
| September 2004 | August 2004 (revised) | Monthly average, previous six months | 12-month cumulated figures ending | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 2004 - August 2004 | September 2004 | September 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. | |||||||||||||||
| CURRENTACCOUNT | 149.8 | 150.2 | -0.3 | 139.2 | 135.9 | 3.3 | 149.9 | 146.0 | 4.0 | 1758.5 | 1716.2 | 42.2 | 1687.1 | 1660.8 | 26.3 |
| Goods | 96.2 | 91.3 | 4.9 | 86.3 | 80.3 | 6.0 | 94.8 | 83.9 | 10.9 | 1103.7 | 988.5 | 115.1 | 1042.8 | 933.5 | 109.3 |
| Services | 30.0 | 28.3 | 1.7 | 29.6 | 28.2 | 1.4 | 29.1 | 26.9 | 2.2 | 338.4 | 319.2 | 19.2 | 328.5 | 311.4 | 17.0 |
| Income | 18.9 | 19.4 | -0.6 | 17.6 | 16.5 | 1.1 | 20.4 | 24.2 | -3.8 | 234.5 | 272.7 | -38.2 | 234.0 | 275.9 | -41.9 |
| Current transfers | 4.8 | 11.1 | -6.3 | 5.7 | 10.8 | -5.2 | 5.6 | 10.9 | -5.3 | 81.8 | 135.8 | -54.0 | 81.9 | 140.0 | -58.2 |
| CAPITAL ACCOUNT | 1.6 | 0.5 | 1.1 | 2.0 | 0.4 | 1.6 | 1.8 | 0.5 | 1.3 | 25.0 | 6.1 | 18.9 | 19.3 | 10.9 | 8.4 |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
| FINANCIALACCOUNT2) | 8.5 | 6.3 | -4.7 | -27.5 | -55.7 | ||||||||||
| DIRECTINVESTMENT3) | -4.1 | 9.5 | 5.3 | 9.6 | -0.3 | 9.3 | -7.9 | 0.6 | -7.3 | -98.4 | 52.9 | -45.5 | -156.5 | 172.2 | 15.7 |
| Equity capital and reinvested earnings | -1.6 | 6.3 | 4.6 | -5.9 | -1.6 | -7.5 | -9.5 | 2.2 | -7.3 | -85.4 | 66.3 | -19.2 | -147.5 | 123.7 | -23.7 |
| Other capital (mostly inter-company loans) | -2.5 | 3.2 | 0.7 | 15.5 | 1.3 | 16.8 | 1.6 | -1.7 | -0.1 | -12.9 | -13.4 | -26.3 | -9.0 | 48.5 | 39.4 |
| PORTFOLIO INVESTMENT | 2.8 | 36.7 | 39.6 | -30.8 | 37.1 | 6.3 | -23.9 | 22.1 | -1.8 | -270.8 | 313.1 | 42.3 | -247.9 | 309.5 | 61.6 |
| Equity | 14.3 | 8.9 | 23.2 | -10.7 | 15.6 | 5.0 | -6.8 | 3.5 | -3.3 | -71.8 | 97.2 | 25.4 | -49.9 | 84.3 | 34.4 |
| Debt instruments | -11.5 | 27.9 | 16.4 | -20.1 | 21.4 | 1.3 | -17.1 | 18.7 | 1.5 | -199.1 | 215.9 | 16.9 | -198.0 | 225.2 | 27.2 |
| Bonds and notes | -14.4 | 39.2 | 24.8 | -14.1 | 13.0 | -1.2 | -13.8 | 16.4 | 2.6 | -146.1 | 207.6 | 61.6 | -173.9 | 194.8 | 20.9 |
| Money market instruments | 2.9 | -11.4 | -8.5 | -6.0 | 8.4 | 2.5 | -3.4 | 2.3 | -1.1 | -53.0 | 8.3 | -44.7 | -24.1 | 30.4 | 6.3 |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | -1.3 | 46.2 | 44.9 | -21.2 | 36.8 | 15.6 | -31.8 | 22.7 | -9.1 | -369.2 | 366.0 | -3.2 | -404.4 | 481.7 | 77.3 |
| FINANCIAL DERIVATIVES (NET) | 3.2 | -5.0 | -0.4 | -0.2 | -11.7 | ||||||||||
| OTHER INVESTMENT | -43.4 | 4.6 | -38.8 | -35.3 | 27.0 | -8.3 | -14.3 | 18.3 | 3.9 | -306.0 | 257.5 | -48.4 | -271.5 | 135.3 | -136.2 |
| Eurosystem | -0.7 | 1.4 | 0.6 | -0.2 | 0.0 | -0.2 | 0.1 | 0.6 | 0.7 | -1.7 | 2.9 | 1.2 | -0.5 | 17.1 | 16.5 |
| General government | 0.8 | 2.9 | 3.6 | -0.3 | 0.1 | -0.2 | -1.0 | 0.2 | -0.8 | -1.8 | -5.4 | -7.2 | -3.3 | -0.2 | -3.5 |
| of which: currency and deposits | 0.6 | 0.6 | -0.5 | -0.5 | -1.0 | -1.0 | |||||||||
| MFIs (excluding the Eurosystem) | -39.8 | 1.1 | -38.7 | -32.0 | 18.8 | -13.2 | -10.1 | 15.8 | 5.6 | -258.4 | 242.4 | -16.0 | -172.6 | 84.1 | -88.4 |
| long-term | -4.7 | 3.0 | -1.7 | -5.2 | 3.4 | -1.8 | -0.8 | 0.1 | -0.7 | -32.6 | 25.4 | -7.2 | -63.2 | 64.9 | 1.7 |
| short-term | -35.1 | -1.9 | -37.0 | -26.8 | 15.5 | -11.3 | -9.4 | 15.7 | 6.3 | -225.8 | 217.0 | -8.8 | -109.4 | 19.3 | -90.2 |
| Other sectors | -3.7 | -0.7 | -4.3 | -2.8 | 8.1 | 5.3 | -3.3 | 1.7 | -1.6 | -44.1 | 17.6 | -26.5 | -95.0 | 34.2 | -60.8 |
| of which: currency and deposits | -2.1 | -2.1 | -0.0 | -0.0 | -0.1 | -0.1 | |||||||||
| RESERVE ASSETS | -0.7 | -0.7 | 3.9 | 3.9 | 1.0 | 1.0 | 24.4 | 24.4 | 14.9 | 14.9 | |||||
| Errors and omissions | -9.3 | -11.2 | -0.7 | -33.7 | 21.0 | ||||||||||