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Table 2: Monthly balance of payments of the euro area ( 1 )

(EUR billions; non−seasonally adjusted data)

October 2004 September 2004 (revised) Monthly average, previous six months 12-month cumulated figures ending
April 2004 - September 2004 October 2004 October 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 151.6 150.4 1.1 149.9 149.5 0.3 149.0 146.4 2.5 1761.3 1722.4 38.9 1684.7 1654.0 30.6
Goods 100.2 92.1 8.1 96.0 91.0 5.1 94.2 84.6 9.6 1105.6 994.5 111.1 1042.3 932.4 109.9
Services 28.5 26.9 1.7 29.8 28.0 1.8 29.6 27.3 2.3 338.0 319.3 18.7 329.4 311.2 18.2
Income 18.7 21.7 -3.0 19.3 19.5 -0.2 20.0 23.7 -3.7 236.0 271.0 -35.0 231.9 274.1 -42.2
Current transfers 4.2 9.8 -5.6 4.8 11.1 -6.3 5.1 10.8 -5.7 81.6 137.6 -56.0 81.1 136.3 -55.3
CAPITAL ACCOUNT 1.0 0.4 0.6 1.6 0.5 1.1 1.8 0.4 1.3 24.4 6.0 18.4 18.9 10.7 8.2
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
FINANCIALACCOUNT2) -22.0 10.0 -1.2 -52.5 -40.8
DIRECTINVESTMENT3) -22.2 12.5 -9.7 -4.2 9.3 5.1 -6.5 4.3 -2.2 -109.0 58.0 -51.0 -157.3 166.6 9.3
Equity capital and reinvested earnings -15.8 4.7 -11.1 -1.8 6.5 4.7 -7.5 3.1 -4.4 -94.7 60.7 -34.0 -147.3 125.0 -22.2
Other capital (mostly inter-company loans) -6.4 7.8 1.4 -2.4 2.9 0.4 1.0 1.2 2.1 -14.3 -2.7 -17.0 -10.1 41.6 31.5
PORTFOLIO INVESTMENT -27.1 33.0 5.9 3.3 38.0 41.4 -19.0 25.3 6.3 -264.7 279.8 15.2 -276.3 348.8 72.5
Equity -6.2 16.4 10.1 14.5 12.1 26.6 -2.6 5.1 2.5 -63.3 94.5 31.3 -63.9 107.4 43.5
Debt instruments -20.9 16.7 -4.2 -11.2 25.9 14.8 -16.4 20.2 3.8 -201.4 185.3 -16.1 -212.4 241.4 29.0
Bonds and notes -18.3 14.5 -3.8 -13.8 37.7 23.9 -12.0 21.7 9.8 -151.7 193.8 42.1 -179.4 199.8 20.4
Money market instruments -2.6 2.2 -0.4 2.6 -11.8 -9.1 -4.4 -1.5 -6.0 -49.7 -8.5 -58.2 -33.0 41.6 8.6
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT -49.3 45.5 -3.7 -0.9 47.4 46.5 -25.5 29.6 4.1 -373.6 337.8 -35.8 -433.6 515.4 81.8
FINANCIAL DERIVATIVES (NET) -2.9 3.2 -0.5 -5.1 -10.4
OTHER INVESTMENT -16.4 0.0 -16.4 -43.3 4.4 -38.9 -7.4 2.5 -4.9 -269.5 233.8 -35.7 -248.5 122.8 -125.7
Eurosystem 0.1 1.1 1.2 -0.7 1.5 0.8 -0.0 0.8 0.8 -1.3 3.2 1.9 -0.7 17.1 16.4
General government 2.0 0.3 2.3 0.8 2.9 3.6 -0.7 0.9 0.3 -0.6 -3.0 -3.6 -1.8 -3.4 -5.2
of which: currency and deposits 2.3 2.3 0.6 0.6 -0.7 -0.7
MFIs (excluding the Eurosystem) -9.9 -0.8 -10.7 -39.8 1.1 -38.7 -5.1 4.9 -0.2 -227.5 215.6 -11.9 -157.1 87.0 -70.1
long-term 7.4 5.5 12.9 -4.7 3.0 -1.7 -0.9 1.1 0.2 -19.3 32.7 13.4 -63.1 54.6 -8.4
short-term -17.3 -6.3 -23.6 -35.1 -1.9 -37.0 -4.2 3.8 -0.4 -208.2 182.9 -25.3 -94.1 32.4 -61.7
Other sectors -8.6 -0.6 -9.3 -3.6 -1.0 -4.6 -1.6 -4.2 -5.8 -40.1 18.0 -22.1 -88.9 22.2 -66.7
of which: currency and deposits -3.2 -3.2 -2.1 -2.1 1.3 1.3
RESERVE ASSETS 0.9 0.9 -0.7 -0.7 0.2 0.2 24.1 24.1 13.6 13.6
Errors and omissions 20.3 -11.5 -2.6 -4.8 1.9