Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions; non-seasonally adjusted data)
| 2004 Q2 | 2004 Q1 | 2003 Q2 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 451.5 | 442.9 | 8.7 | 430.2 | 416.5 | 13.6 | 407.6 | 414.5 | -6.9 | ||||||
| Goods | 284.3 | 251.6 | 32.7 | 265.9 | 237.3 | 28.6 | 254.5 | 230.3 | 24.2 | ||||||
| Services | 87.7 | 78.9 | 8.8 | 76.0 | 75.9 | 0.1 | 79.4 | 73.7 | 5.7 | ||||||
| Income | 64.1 | 80.4 | -16.4 | 56.6 | 64.7 | -8.0 | 59.3 | 76.3 | -17.0 | ||||||
| Compensation of employees | 3.7 | 1.6 | 2.1 | 3.7 | 1.3 | 2.3 | 3.6 | 1.4 | 2.2 | ||||||
| Investment income | 60.4 | 78.8 | -18.5 | 53.0 | 63.3 | -10.4 | 55.6 | 74.9 | -19.2 | ||||||
| Direct investment | 20.9 | 18.0 | 3.0 | 15.1 | 15.0 | 0.2 | 14.3 | 16.5 | -2.2 | ||||||
| Income on equity | 17.7 | 15.4 | 2.3 | 12.0 | 12.6 | -0.6 | 11.4 | 14.2 | -2.8 | ||||||
| Income on debt | 3.2 | 2.6 | 0.6 | 3.1 | 2.4 | 0.7 | 2.9 | 2.4 | 0.6 | ||||||
| Portfolio investment | 24.3 | 43.6 | -19.3 | 21.6 | 30.8 | -9.1 | 23.4 | 37.7 | -14.3 | ||||||
| Income on equity | 8.5 | 25.8 | -17.3 | 4.7 | 9.4 | -4.7 | 7.8 | 21.3 | -13.5 | ||||||
| Income on debt | 15.9 | 17.8 | -2.0 | 16.9 | 21.4 | -4.4 | 15.6 | 16.3 | -0.7 | ||||||
| Other investment | 15.1 | 17.3 | -2.1 | 16.2 | 17.6 | -1.4 | 17.9 | 20.7 | -2.8 | ||||||
| Current transfers | 15.4 | 31.9 | -16.4 | 31.7 | 38.7 | -7.0 | 14.5 | 34.2 | -19.7 | ||||||
| CAPITAL ACCOUNT | 5.3 | 1.2 | 4.1 | 5.1 | 1.6 | 3.6 | 4.5 | 2.6 | 1.9 | ||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||||||
| FINANCIAL ACCOUNT2) | -11.7 | -12.2 | -32.0 | ||||||||||||
| DIRECT INVESTMENT3) | -32.6 | 13.4 | -19.2 | -27.8 | 4.2 | -23.6 | -29.8 | 32.5 | 2.7 | ||||||
| Equity capital and reinvested earnings | -27.4 | 8.2 | -19.2 | -21.3 | 13.7 | -7.5 | -22.4 | 30.2 | 7.8 | ||||||
| Other capital, mostly intercompany loans | -5.2 | 5.2 | -0.0 | -6.5 | -9.5 | -16.0 | -7.4 | 2.3 | -5.1 | ||||||
| PORTFOLIO INVESTMENT | -52.7 | 73.6 | 20.9 | -92.4 | 89.3 | -3.1 | -107.3 | 169.3 | 62.0 | ||||||
| Equity | -16.2 | -5.9 | -22.1 | -30.8 | 24.5 | -6.3 | -33.2 | 30.5 | -2.7 | ||||||
| Eurosystem | -0.0 | 0.0 | -0.2 | ||||||||||||
| General government | -0.7 | -0.9 | -0.8 | ||||||||||||
| MFIs (excluding the Eurosystem) | -12.4 | -6.0 | 0.7 | ||||||||||||
| Other sectors | -3.0 | -24.0 | -33.0 | ||||||||||||
| 2004 Q2 | 2004 Q1 | 2003 Q2 | |||||||||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||||||
| Debt instruments | -36.5 | 79.5 | 43.0 | -61.5 | 64.8 | 3.3 | -74.1 | 138.8 | 64.7 | ||||||
| Bonds and notes | -31.5 | 81.1 | 49.7 | -46.9 | 42.1 | -4.8 | -59.3 | 124.6 | 65.3 | ||||||
| Eurosystem | 0.4 | -0.5 | -0.2 | ||||||||||||
| General government | -0.2 | -0.6 | 0.0 | ||||||||||||
| MFIs (excluding the Eurosystem) | -8.8 | -26.3 | -25.6 | ||||||||||||
| Other sectors | -22.9 | -19.6 | -33.5 | ||||||||||||
| Money market instruments | -5.0 | -1.6 | -6.7 | -14.6 | 22.7 | 8.1 | -14.8 | 14.2 | -0.6 | ||||||
| Eurosystem | 0.1 | -0.2 | 1.0 | ||||||||||||
| General government | -2.6 | -1.1 | 1.0 | ||||||||||||
| MFIs (excluding the Eurosystem) | -7.2 | -10.6 | -1.6 | ||||||||||||
| Other sectors | 4.7 | -2.7 | -15.3 | ||||||||||||
| FINANCIAL DERIVATIVES (NET) | -0.6 | 6.6 | -1.4 | ||||||||||||
| OTHER INVESTMENT | -23.6 | 13.7 | -9.9 | -182.0 | 180.5 | -1.5 | -132.2 | 34.6 | -97.6 | ||||||
| Eurosystem | 0.9 | 1.6 | 2.5 | -0.6 | -1.2 | -1.9 | 0.2 | 4.9 | 5.0 | ||||||
| Loans/currency and deposits | 0.9 | 1.5 | 2.4 | -0.6 | -1.3 | -1.9 | 0.2 | 4.9 | 5.0 | ||||||
| Other assets/liabilities | -0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | -0.0 | ||||||
| General government | -4.1 | 3.1 | -1.0 | -0.6 | -6.4 | -7.0 | -2.0 | 3.9 | 1.9 | ||||||
| Trade credits | -0.0 | 0.0 | -0.0 | -0.0 | 0.0 | 0.0 | -0.0 | 0.0 | 0.0 | ||||||
| Loans/currency and deposits | -3.6 | 2.9 | -0.8 | 0.2 | -6.1 | -5.9 | -1.7 | 3.6 | 1.9 | ||||||
| Loans | 0.4 | 2.9 | 3.2 | ||||||||||||
| Currency and deposits | -4.0 | -4.0 | |||||||||||||
| Other assets/liabilities | -0.5 | 0.2 | -0.2 | -0.8 | -0.3 | -1.1 | -0.3 | 0.3 | -0.0 | ||||||
| MFIs (excluding the Eurosystem) | -6.5 | 22.3 | 15.7 | -156.1 | 158.5 | 2.4 | -103.2 | 26.9 | -76.3 | ||||||
| Loans/currency and deposits | -5.9 | 22.2 | 16.4 | -153.6 | 157.0 | 3.4 | -103.9 | 28.5 | -75.3 | ||||||
| Other assets/liabilities | -0.6 | 0.0 | -0.6 | -2.6 | 1.6 | -1.0 | 0.7 | -1.6 | -1.0 | ||||||
| Other sectors | -13.9 | -13.2 | -27.1 | -24.7 | 29.6 | 5.0 | -27.2 | -1.1 | -28.3 | ||||||
| Trade credits | -3.2 | 1.3 | -1.9 | -2.5 | 4.8 | 2.3 | -1.1 | -0.2 | -1.4 | ||||||
| Loans/currency and deposits | -9.8 | -12.8 | -22.6 | -20.6 | 24.6 | 4.0 | -18.5 | -7.2 | -25.7 | ||||||
| Loans | -14.5 | -12.8 | -27.3 | ||||||||||||
| Currency and deposits | 4.7 | 4.7 | |||||||||||||
| Other assets/liabilities | -0.9 | -1.7 | -2.6 | -1.7 | 0.3 | -1.3 | -7.5 | 6.4 | -1.2 | ||||||
| 2004 Q2 | 2004 Q1 | 2003 Q2 | |||||||||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||||||
| RESERVE ASSETS | -2.9 | -2.9 | 9.4 | 9.4 | 2.3 | 2.3 | |||||||||
| Monetary gold | 0.5 | 0.5 | -0.1 | -0.1 | 0.5 | 0.5 | |||||||||
| Special drawing rights | 0.1 | 0.1 | -0.1 | -0.1 | 0.0 | 0.0 | |||||||||
| Reserve position in the IMF | 0.6 | 0.6 | 0.7 | 0.7 | -2.6 | -2.6 | |||||||||
| Foreign exchange | -4.1 | -4.1 | 8.7 | 8.7 | 4.4 | 4.4 | |||||||||
| Currency and deposits | -1.1 | -1.1 | 2.6 | 2.6 | -0.5 | -0.5 | |||||||||
| with monetary authorities and the BIS | -3.3 | -3.3 | 0.8 | 0.8 | -0.5 | -0.5 | |||||||||
| with banks | 2.2 | 2.2 | 1.8 | 1.8 | -0.0 | -0.0 | |||||||||
| Securities | -3.0 | -3.0 | 6.1 | 6.1 | 4.9 | 4.9 | |||||||||
| Equity | 0.0 | 0.0 | 0.5 | 0.5 | -0.1 | -0.1 | |||||||||
| Bonds and notes | 5.4 | 5.4 | 8.1 | 8.1 | 4.8 | 4.8 | |||||||||
| Money market instruments | -8.4 | -8.4 | -2.4 | -2.4 | 0.2 | 0.2 | |||||||||
| 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 | -1.1 | -5.0 | 37.0 | ||||||||||||