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Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions; not seasonally adjusted)
| 2003 Q4 | 2003 Q3 | 2002 Q4 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 429.9 | 411.4 | 18.5 | 412.6 | 401.1 | 11.5 | 440.4 | 422.5 | 18.0 | ||
| Goods | 269.8 | 239.9 | 29.9 | 257.1 | 220.2 | 36.8 | 274.2 | 239.7 | 34.4 | ||
| Services | 85.1 | 79.1 | 6.0 | 86.5 | 82.8 | 3.7 | 83.8 | 80.1 | 3.8 | ||
| Income | 56.1 | 60.8 | -4.7 | 53.9 | 63.4 | -9.4 | 61.8 | 68.1 | -6.2 | ||
| Compensation of employees | 3.8 | 1.4 | 2.4 | 3.7 | 1.5 | 2.2 | 3.9 | 1.6 | 2.3 | ||
| Investment income | 52.3 | 59.4 | -7.1 | 50.2 | 61.9 | -11.6 | 58.0 | 66.5 | -8.5 | ||
| Direct investment | 15.3 | 13.1 | 2.1 | 12.6 | 13.4 | -0.8 | 16.3 | 17.4 | -1.1 | ||
| Income on equity | 12.5 | 10.3 | 2.1 | 10.5 | 11.9 | -1.4 | 13.8 | 14.6 | -0.9 | ||
| Income on debt | 2.8 | 2.8 | 0.0 | 2.1 | 1.5 | 0.6 | 2.5 | 2.8 | -0.3 | ||
| Portfolio investment | 21.4 | 26.0 | -4.6 | 21.6 | 30.7 | -9.1 | 21.2 | 26.3 | -5.2 | ||
| Income on equity | 4.7 | 9.7 | -5.0 | 4.8 | 10.3 | -5.5 | 4.5 | 9.2 | -4.7 | ||
| Income on debt | 16.7 | 16.3 | 0.4 | 16.8 | 20.4 | -3.6 | 16.7 | 17.1 | -0.5 | ||
| Other investment | 15.6 | 20.2 | -4.6 | 16.1 | 17.8 | -1.7 | 20.5 | 22.7 | -2.3 | ||
| Current transfers | 19.0 | 31.6 | -12.6 | 15.1 | 34.7 | -19.6 | 20.6 | 34.6 | -14.0 | ||
| CAPITAL ACCOUNT | 9.2 | 2.0 | 7.2 | 4.1 | 1.4 | 2.8 | 5.2 | 2.7 | 2.5 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | 3.5 | -0.6 | -42.9 | ||||||||
| DIRECT INVESTMENT ( 3 ) | -24.2 | 17.8 | -6.4 | -32.2 | 13.1 | -19.1 | -32.9 | 45.4 | 12.6 | ||
| Equity capital and reinvested earnings | -17.4 | 29.7 | 12.3 | -34.4 | 15.9 | -18.6 | -29.5 | 46.0 | 16.4 | ||
| Other capital, mostly intercompany loans | -6.8 | -11.9 | -18.7 | 2.2 | -2.8 | -0.6 | -3.3 | -0.5 | -3.8 | ||
| PORTFOLIO INVESTMENT | -61.0 | 79.2 | 18.2 | -63.3 | 4.2 | -59.1 | -33.7 | 71.3 | 37.6 | ||
| Equity | -24.2 | 47.7 | 23.5 | -19.4 | 25.1 | 5.7 | -8.1 | 12.5 | 4.4 | ||
| Eurosystem | -0.0 | -0.1 | -0.2 | ||||||||
| General government | -0.4 | -0.8 | -1.2 | ||||||||
| MFIs (excluding the Eurosystem) | -3.6 | -6.2 | -2.5 | ||||||||
| Other sectors | -20.2 | -12.3 | -4.3 | ||||||||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| Debt instruments | -36.8 | 31.6 | -5.3 | -43.9 | -20.9 | -64.8 | -25.6 | 58.8 | 33.3 | ||
| Bonds and notes | -24.7 | 38.1 | 13.4 | -37.2 | -7.8 | -44.9 | -20.2 | 40.8 | 20.7 | ||
| Eurosystem | -0.3 | -1.4 | -0.0 | ||||||||
| General government | -0.1 | -0.3 | -0.5 | ||||||||
| MFIs (excluding the Eurosystem) | -7.0 | -8.5 | -2.2 | ||||||||
| Other sectors | -17.2 | -27.0 | -17.5 | ||||||||
| Money market instruments | -12.1 | -6.6 | -18.7 | -6.8 | -13.1 | -19.9 | -5.4 | 18.0 | 12.6 | ||
| Eurosystem | -0.2 | 0.1 | 0.4 | ||||||||
| General government | 1.3 | -0.1 | 0.1 | ||||||||
| MFIs (excluding the Eurosystem) | -13.0 | -1.0 | -4.6 | ||||||||
| Other sectors | -0.3 | -5.8 | -1.3 | ||||||||
| FINANCIAL DERIVATIVES (NET) | -4.7 | -4.6 | -3.1 | ||||||||
| OTHER INVESTMENT | -77.4 | 60.2 | -17.2 | 92.0 | -11.9 | 80.1 | -108.8 | 20.1 | -88.7 | ||
| Eurosystem | -0.7 | -0.8 | -1.5 | 0.3 | 5.8 | 6.1 | -0.4 | 6.2 | 5.8 | ||
| Loans/currency and deposits | -0.7 | -0.8 | -1.5 | 0.3 | 5.8 | 6.1 | -0.4 | 6.3 | 5.8 | ||
| Other assets/liabilities | 0.0 | -0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | -0.0 | ||
| General government | 2.7 | -4.6 | -1.8 | -0.3 | 5.3 | 5.0 | 0.4 | -0.9 | -0.5 | ||
| Trade credits | -0.0 | 0.0 | -0.0 | -0.0 | 0.0 | -0.0 | 0.0 | -0.0 | -0.0 | ||
| Loans/currency and deposits | 2.7 | -4.1 | -1.4 | -0.1 | 4.8 | 4.7 | 0.4 | -0.8 | -0.4 | ||
| Other assets/liabilities | 0.1 | -0.4 | -0.4 | -0.2 | 0.5 | 0.4 | 0.1 | -0.1 | -0.1 | ||
| MFIs (excluding the Eurosystem) | -71.6 | 53.7 | -17.9 | 87.6 | -7.1 | 80.6 | -89.3 | 0.2 | -89.1 | ||
| Loans/currency and deposits | -71.0 | 53.9 | -17.1 | 87.9 | -5.7 | 82.1 | -94.3 | 9.9 | -84.5 | ||
| Other assets/liabilities | -0.6 | -0.2 | -0.8 | -0.2 | -1.3 | -1.6 | 5.0 | -9.6 | -4.6 | ||
| Other sectors | -7.8 | 11.8 | 4.0 | 4.4 | -16.0 | -11.6 | -19.5 | 14.5 | -5.0 | ||
| Trade credits | -1.7 | 2.3 | 0.6 | -1.3 | 0.9 | -0.3 | 0.2 | -3.0 | -2.8 | ||
| Loans/currency and deposits | -2.6 | 10.4 | 7.8 | 4.7 | -11.5 | -6.8 | -19.2 | 15.9 | -3.4 | ||
| Other assets/liabilities | -3.5 | -0.9 | -4.4 | 0.9 | -5.4 | -4.5 | -0.4 | 1.6 | 1.2 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| RESERVE ASSETS | 13.6 | 13.6 | 2.0 | 2.0 | -1.3 | -1.3 | |||||
| Monetary gold | 0.6 | 0.6 | 0.1 | 0.1 | 0.4 | 0.4 | |||||
| Special drawing rights | 0.0 | 0.0 | -0.0 | -0.0 | -0.1 | -0.1 | |||||
| Reserve position in the IMF | 1.8 | 1.8 | -0.7 | -0.7 | 0.3 | 0.3 | |||||
| Foreign exchange | 11.1 | 11.1 | 2.6 | 2.6 | -1.9 | -1.9 | |||||
| Currency and deposits | -2.9 | -2.9 | 3.0 | 3.0 | 1.2 | 1.2 | |||||
| with monetary authorities and the BIS | -1.0 | -1.0 | -1.1 | -1.1 | 2.3 | 2.3 | |||||
| with banks | -1.9 | -1.9 | 4.1 | 4.1 | -1.2 | -1.2 | |||||
| Securities | 14.1 | 14.1 | -0.4 | -0.4 | -3.1 | -3.1 | |||||
| Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Bonds and notes | 11.5 | 11.5 | -4.7 | -4.7 | -2.3 | -2.3 | |||||
| Money market instruments | 2.6 | 2.6 | > | 4.3 | 4.3 | -0.9 | -0.9 | ||||
| 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 | -29.2 | -13.6 | 22.5 | ||||||||