Table 1: Balance of payments of the euro area ( 1 )
(EUR billions)
| 2002 | 2003 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March | January – March | February | January – March | ||||||||||
| 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. | |||||||||||||
| CURRENT ACCOUNT | 142.0 | 134.5 | 7.4 | 416.5 | 404.6 | 12.0 | 136.5 | 135.3 | 1.2 | 410.6 | 412.7 | −2.1 | |
| Goods | 91.8 | 78.3 | 13.5 | 254.9 | 228.2 | 26.7 | 87.2 | 82.6 | 4.6 | 252.0 | 237.7 | 14.3 | |
| Services | 25.1 | 25.9 | −0.8 | 72.5 | 77.3 | −4.7 | 26.1 | 25.2 | 0.8 | 74.2 | 73.9 | 0.3 | |
| Income | 18.7 | 19.6 | −0.8 | 58.3 | 65.7 | −7.4 | 16.9 | 18.0 | −1.2 | 52.7 | 66.5 | −13.8 | |
| Current transfers | 6.3 | 10.8 | −4.4 | 30.8 | 33.4 | −2.6 | 6.4 | 9.5 | −3.1 | 31.6 | 34.6 | −2.9 | |
| CAPITAL ACCOUNT | 0.7 | 0.5 | 0.3 | 4.7 | 1.5 | 3.2 | 1.0 | 0.3 | 0.7 | 5.1 | 3.2 | 1.9 | |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | ||
| FINANCIAL ACCOUNT ( 2 ) | 17.9 | −8.2 | 3.1 | −26.3 | |||||||||
| DIRECT INVESTMENT ( 3 ) | −27.4 | 19.3 | −8.1 | −55.5 | 39.5 | −16.0 | −15.3 | 7.3 | −8.0 | −31.7 | 25.6 | −6.1 | |
| Equity capital and reinvested earnings | −27.9 | 20.2 | −7.7 | −41.6 | 26.3 | −15.3 | −4.3 | 2.7 | −1.6 | −16.0 | 16.6 | 0.6 | |
| Other capital, mostly intercompany loans | 0.5 | −0.9 | −0.4 | −13.9 | 13.1 | −0.8 | −11.0 | 4.7 | −6.4 | −15.7 | 9.0 | −6.7 | |
| PORTFOLIO INVESTMENT | −28.9 | 35.2 | 6.4 | −75.0 | 39.2 | −35.8 | −7.3 | 28.0 | 20.7 | −50.5 | 64.8 | 14.4 | |
| Equity | −9.9 | 11.7 | 1.9 | −32.1 | 34.5 | 2.3 | 6.7 | −8.8 | −2.1 | 8.6 | 8.1 | 16.7 | |
| Debt instruments | −19.0 | 23.5 | 4.5 | −42.9 | 4.8 | −38.1 | −14.0 | 36.8 | 22.8 | −59.1 | 56.7 | −2.4 | |
| Bonds and notes | −13.2 | 17.5 | 4.3 | −21.9 | 7.1 | −14.8 | −15.9 | 36.2 | 20.4 | −55.2 | 49.6 | −5.7 | |
| Money market instruments | −5.8 | 6.0 | 0.2 | −21.0 | −2.3 | −23.3 | 1.8 | 0.6 | 2.4 | −3.9 | 7.2 | 3.3 | |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | −56.3 | 54.6 | −1.7 | −130.5 | 78.7 | −51.8 | −22.6 | 35.3 | 12.7 | −82.2 | 90.4 | 8.3 | |
| FINANCIAL DERIVATIVES (NET) | −2.9 | 2.5 | 0.4 | 0.4 | |||||||||
| OTHER INVESTMENT | −9.2 | 31.9 | 22.7 | 19.8 | 24.3 | 44.1 | −18.7 | 3.7 | −15.0 | −111.0 | 64.0 | −47.0 | |
| Eurosystem | 0.4 | 2.4 | 2.8 | −0.4 | 1.2 | 0.8 | −0.5 | 0.0 | −0.5 | −0.6 | −4.4 | −5.0 | |
| General government | −0.2 | 2.1 | 1.9 | −0.6 | −8.3 | −8.9 | 4.5 | −0.1 | 4.3 | −1.7 | −9.2 | −10.9 | |
| MFIs (excluding the Eurosystem) | −1.4 | 12.9 | 11.5 | 18.7 | 25.8 | 44.4 | −8.8 | 0.7 | −8.0 | −57.5 | 58.7 | 1.2 | |
| Long-term | 6.2 | 3.8 | 10.0 | −2.5 | 11.4 | 8.9 | −2.4 | 2.1 | −0.3 | −8.7 | 17.5 | 8.8 | |
| Short-term | −7.5 | 9.1 | 1.6 | 21.2 | 14.4 | 35.5 | −6.4 | −1.4 | −7.8 | −48.7 | 41.2 | −7.5 | |
| Other sectors | −8.0 | 14.5 | 6.5 | 2.2 | 5.6 | 7.8 | −13.9 | 3.1 | −10.8 | −51.3 | 18.9 | −32.4 | |
| RESERVE ASSETS | −0.2 | −0.2 | −3.1 | −3.1 | 5.0 | 5.0 | 12.0 | 12.0 | |||||
| Errors and omissions | −25.6 | −6.9 | −4.9 | 26.6 | |||||||||