Table 2: Monthly balance of payments of the euro area ( 1 )
(EUR billions; non−seasonally adjusted data)
| December 2004 | November 2004 (revised) | Monthly average, previous six months | 12-month cumulated figures ending | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 2004 - November 2004 | December 2004 | December 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 | 162.3 | 155.7 | 6.6 | 152.3 | 147.9 | 4.4 | 152.3 | 148.9 | 3.3 | 1800.0 | 1758.5 | 41.6 | 1677.5 | 1655.7 | 21.8 |
| Goods | 97.9 | 90.4 | 7.5 | 101.0 | 95.1 | 5.9 | 96.9 | 88.6 | 8.3 | 1131.1 | 1025.3 | 105.7 | 1040.2 | 934.9 | 105.3 |
| Services | 29.9 | 29.4 | 0.5 | 26.6 | 25.6 | 1.0 | 30.2 | 27.7 | 2.5 | 344.9 | 323.4 | 21.6 | 328.8 | 311.0 | 17.9 |
| Income | 26.3 | 25.2 | 1.1 | 19.3 | 17.3 | 2.0 | 19.9 | 21.8 | -1.8 | 243.1 | 275.3 | -32.2 | 227.6 | 272.5 | -44.8 |
| Current transfers | 8.2 | 10.7 | -2.5 | 5.5 | 10.0 | -4.5 | 5.2 | 10.9 | -5.7 | 80.9 | 134.5 | -53.6 | 80.8 | 137.3 | -56.5 |
| CAPITAL ACCOUNT | 3.2 | 0.8 | 2.4 | 1.4 | 0.4 | 1.0 | 1.6 | 0.5 | 1.1 | 21.6 | 5.9 | 15.7 | 23.3 | 10.1 | 13.2 |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
| FINANCIALACCOUNT2) | 4.5 | 29.3 | 1.6 | -4.2 | -17.9 | ||||||||||
| DIRECTINVESTMENT3) | 6.4 | 0.8 | 7.3 | -15.8 | 15.0 | -0.8 | -10.8 | 7.8 | -3.0 | -103.5 | 67.0 | -36.4 | -130.3 | 126.9 | -3.4 |
| Equity capital and reinvested earnings | -3.5 | 6.4 | 2.9 | -13.6 | 5.8 | -7.8 | -10.6 | 4.3 | -6.3 | -101.2 | 57.5 | -43.6 | -106.9 | 109.6 | 2.7 |
| Other capital (mostly inter-company loans) | 9.9 | -5.5 | 4.4 | -2.2 | 9.2 | 7.0 | -0.2 | 3.5 | 3.2 | -2.3 | 9.5 | 7.2 | -23.4 | 17.3 | -6.1 |
| PORTFOLIO INVESTMENT | 4.7 | 32.4 | 37.1 | -44.9 | 34.0 | -10.8 | -24.6 | 29.4 | 4.8 | -274.0 | 328.7 | 54.7 | -277.0 | 318.6 | 41.7 |
| Equity | 11.2 | 28.9 | 40.0 | -17.9 | 23.6 | 5.7 | -7.7 | 15.5 | 7.9 | -65.4 | 127.3 | 61.9 | -67.6 | 117.5 | 49.9 |
| Debt instruments | -6.5 | 3.6 | -2.9 | -27.0 | 10.4 | -16.6 | -16.9 | 13.9 | -3.1 | -208.6 | 201.4 | -7.2 | -209.4 | 201.1 | -8.2 |
| Bonds and notes | -7.4 | 11.1 | 3.7 | -14.7 | 16.9 | 2.2 | -12.6 | 15.5 | 2.8 | -153.2 | 199.4 | 46.1 | -179.5 | 188.7 | 9.2 |
| Money market instruments | 0.9 | -7.5 | -6.6 | -12.3 | -6.5 | -18.8 | -4.3 | -1.6 | -5.9 | -55.4 | 2.1 | -53.3 | -29.9 | 12.4 | -17.5 |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | 11.1 | 33.3 | 44.4 | -60.7 | 49.0 | -11.7 | -35.4 | 37.1 | 1.8 | -377.4 | 395.7 | 18.3 | -407.2 | 445.5 | 38.3 |
| FINANCIAL DERIVATIVES (NET) | -3.0 | 1.9 | -0.7 | -2.8 | -12.4 | ||||||||||
| OTHER INVESTMENT | 10.0 | -48.4 | -38.5 | -68.7 | 107.9 | 39.2 | -14.2 | 14.2 | 0.0 | -299.6 | 267.5 | -32.1 | -241.8 | 168.0 | -73.7 |
| Eurosystem | 0.3 | 0.3 | 0.6 | 0.5 | 1.9 | 2.4 | -0.1 | 1.2 | 1.2 | -0.4 | 7.0 | 6.5 | -0.8 | 10.2 | 9.4 |
| General government | 2.5 | -4.9 | -2.4 | -1.1 | -0.4 | -1.5 | -0.3 | 0.8 | 0.5 | -1.6 | -6.1 | -7.7 | -0.4 | -3.8 | -4.2 |
| of which: currency and deposits | 2.3 | 2.3 | -0.7 | -0.7 | -0.3 | -0.3 | -1.5 | -1.5 | |||||||
| MFIs (excluding the Eurosystem) | -4.8 | -38.2 | -43.0 | -60.3 | 96.9 | 36.7 | -11.1 | 10.1 | -1.1 | -260.7 | 245.5 | -15.2 | -154.7 | 137.6 | -17.0 |
| long-term | -10.1 | -8.2 | -18.3 | -0.9 | 2.9 | 2.1 | -0.2 | 0.9 | 0.8 | -24.2 | 1.8 | -22.4 | -59.8 | 66.0 | 6.1 |
| short-term | 5.3 | -30.0 | -24.7 | -59.4 | 94.0 | 34.6 | -11.0 | 9.1 | -1.9 | -236.5 | 243.7 | 7.2 | -94.8 | 71.6 | -23.2 |
| Other sectors | 12.0 | -5.7 | 6.3 | -7.7 | 9.4 | 1.7 | -2.7 | 2.1 | -0.6 | -36.9 | 21.2 | -15.7 | -85.9 | 24.0 | -61.9 |
| of which: currency and deposits | 9.7 | 9.7 | -1.0 | -1.0 | -2.7 | -2.7 | -18.9 | -18.9 | |||||||
| RESERVE ASSETS | 1.6 | 1.6 | -0.1 | -0.1 | 0.6 | 0.6 | 12.4 | 12.4 | 29.9 | 29.9 | |||||
| Errors and omissions | -13.5 | -34.7 | -6.0 | -53.1 | -17.1 | ||||||||||