Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions; not seasonally adjusted)
| 2003 Q3 | 2003 Q2 | 2002 Q3 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 412.1 | 398.5 | 13.6 | 410.0 | 417.2 | −7.3 | 431.9 | 406.1 | 25.8 | ||
| Goods | 256.3 | 219.0 | 37.3 | 254.4 | 231.0 | 23.4 | 263.3 | 225.2 | 38.1 | ||
| Services | 85.8 | 81.1 | 4.7 | 79.2 | 74.3 | 4.9 | 91.3 | 84.2 | 7.0 | ||
| Income | 54.5 | 64.4 | −9.8 | 61.6 | 77.6 | −15.9 | 58.5 | 66.7 | −8.2 | ||
| Compensation of employees | 3.6 | 1.5 | 2.1 | 3.6 | 1.4 | 2.2 | 3.7 | 1.6 | 2.0 | ||
| Investment income | 50.9 | 62.9 | −12.0 | 58.0 | 76.1 | −18.1 | 54.9 | 65.1 | −10.2 | ||
| Direct investment | 12.9 | 13.8 | −1.0 | 16.0 | 17.5 | −1.5 | 13.4 | 12.5 | 1.0 | ||
| Income on equity | 10.7 | 12.4 | −1.7 | 13.1 | 15.2 | −2.1 | 12.0 | 11.1 | 0.9 | ||
| Income on debt | 2.1 | 1.4 | 0.7 | 3.0 | 2.3 | 0.7 | 1.4 | 1.4 | 0.1 | ||
| Portfolio investment | 21.5 | 31.0 | −9.5 | 23.5 | 37.6 | −14.2 | 21.0 | 30.6 | −9.5 | ||
| Income on equity | 4.8 | 10.3 | −5.5 | 7.9 | 21.1 | −13.1 | 4.5 | 10.6 | −6.1 | ||
| Income on debt | 16.7 | 20.7 | −4.0 | 15.6 | 16.6 | −1.0 | 16.5 | 20.0 | −3.5 | ||
| Other investment | 16.6 | 18.1 | −1.5 | 18.5 | 21.0 | −2.5 | 20.4 | 22.0 | −1.6 | ||
| Current transfers | 15.4 | 34.0 | −18.6 | 14.7 | 34.4 | −19.7 | 18.8 | 29.9 | −11.2 | ||
| CAPITAL ACCOUNT | 3.9 | 1.4 | 2.6 | 4.5 | 2.6 | 1.9 | 4.1 | 2.0 | 2.0 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | −8.8 | −33.0 | −53.6 | ||||||||
| DIRECT INVESTMENT ( 3 ) | −29.5 | 17.1 | −12.4 | −36.9 | 40.4 | 3.5 | −32.6 | 21.8 | −10.8 | ||
| Equity capital and reinvested earnings | −32.7 | 18.7 | −14.0 | −23.8 | 30.1 | 6.4 | −39.8 | 12.3 | −27.5 | ||
| Other capital, mostly intercompany loans | 3.2 | −1.6 | 1.6 | −13.1 | 10.3 | −2.8 | 7.2 | 9.5 | 16.7 | ||
| PORTFOLIO INVESTMENT | −67.5 | −0.9 | −68.4 | −102.9 | 160.3 | 57.4 | −21.6 | 41.5 | 19.9 | ||
| Equity | −23.6 | 21.4 | −2.2 | −32.9 | 29.3 | −3.6 | 12.7 | 6.4 | 19.1 | ||
| Eurosystem | −0.1 | −0.2 | −0.1 | ||||||||
| General government | −0.8 | −0.8 | −0.6 | ||||||||
| MFIs (excluding the Eurosystem) | −6.2 | 0.7 | 3.2 | ||||||||
| Other sectors | −16.5 | −32.7 | 10.1 | ||||||||
| Debt instruments | −43.9 | −22.2 | −66.2 | −70.0 | 130.9 | 61.0 | −34.3 | 35.1 | 0.8 | ||
| Bonds and notes | −39.1 | −10.5 | −49.5 | −59.7 | 117.2 | 57.6 | −19.1 | 8.1 | −11.0 | ||
| Eurosystem | −1.4 | −0.2 | −0.5 | ||||||||
| General government | −0.3 | 0.0 | −0.3 | ||||||||
| MFIs (excluding the Eurosystem) | −8.8 | −25.6 | −4.1 | ||||||||
| Other sectors | −28.6 | −33.8 | −14.2 | ||||||||
| Money market instruments | −4.9 | −11.8 | −16.6 | −10.3 | 13.7 | 3.4 | −15.2 | 27.0 | 11.8 | ||
| Eurosystem | 0.1 | 1.1 | 0.9 | ||||||||
| General government | −0.1 | 1.0 | 0.2 | ||||||||
| MFIs (excluding the Eurosystem) | −1.0 | −1.4 | −13.3 | ||||||||
| Other sectors | −3.9 | −11.0 | −2.9 | ||||||||
| FINANCIAL DERIVATIVES (NET) | −4.5 | −1.5 | −9.0 | ||||||||
| OTHER INVESTMENT | 84.7 | −10.2 | 74.5 | −123.5 | 29.2 | −94.3 | −59.9 | 10.8 | −49.1 | ||
| Eurosystem | 0.4 | 3.0 | 3.4 | 0.2 | 2.3 | 2.4 | 0.3 | 3.6 | 3.9 | ||
| Loans/currency and deposits | 0.4 | 3.0 | 3.4 | 0.2 | 2.3 | 2.4 | 0.3 | 3.6 | 3.9 | ||
| Other assets/liabilities | 0.0 | 0.0 | 0.0 | 0.0 | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | ||
| General government | −0.3 | 4.8 | 4.5 | −2.0 | 3.9 | 1.8 | −0.6 | −2.8 | −3.3 | ||
| Trade credits | −0.0 | 0.0 | −0.0 | −0.0 | 0.0 | 0.0 | −0.0 | −0.0 | −0.0 | ||
| Loans/currency and deposits | −0.1 | 4.7 | 4.6 | −1.7 | 3.6 | 1.9 | −0.3 | −2.7 | −3.0 | ||
| Other assets/liabilities | −0.2 | 0.1 | −0.1 | −0.3 | 0.3 | −0.0 | −0.2 | −0.0 | −0.3 | ||
| MFIs (excluding the Eurosystem) | 87.6 | −7.4 | 80.2 | −103.1 | 27.0 | −76.2 | −33.3 | 13.9 | −19.5 | ||
| Loans/currency and deposits | 87.9 | −6.1 | 81.8 | −103.8 | 28.6 | −75.2 | −31.0 | 11.8 | −19.2 | ||
| Other assets/liabilities | −0.3 | −1.3 | −1.6 | 0.7 | −1.6 | −1.0 | −2.3 | 2.1 | −0.3 | ||
| Other sectors | −3.0 | −10.6 | −13.6 | −18.5 | −3.9 | −22.4 | −26.3 | −3.9 | −30.2 | ||
| Trade credits | −1.4 | 0.5 | −0.9 | −1.1 | −0.4 | −1.5 | −1.8 | 1.9 | 0.1 | ||
| Loans/currency and deposits | −2.7 | −8.4 | −11.1 | −9.9 | −9.8 | −19.6 | −24.6 | −8.0 | −32.6 | ||
| Other assets/liabilities | 1.1 | −2.7 | −1.5 | −7.5 | 6.2 | −1.2 | 0.1 | 2.2 | 2.3 | ||
| RESERVE ASSETS | 1.9 | 1.9 | 1.9 | 1.9 | −4.6 | −4.6 | |||||
| Monetary gold | 0.1 | 0.1 | 0.0 | 0.0 | −0.1 | −0.1 | |||||
| Special drawing rights | −0.0 | −0.0 | 0.0 | 0.0 | −0.2 | −0.2 | |||||
| Reserve position in the IMF | −0.7 | −0.7 | −2.6 | −2.6 | 0.2 | 0.2 | |||||
| Foreign exchange | 2.5 | 2.5 | 4.4 | 4.4 | −4.6 | −4.6 | |||||
| Currency and deposits | 3.0 | 3.0 | −0.5 | −0.5 | −5.4 | −5.4 | |||||
| with monetary authorities and the BIS | −1.1 | −1.1 | −0.5 | −0.5 | −2.4 | −2.4 | |||||
| with banks | 4.1 | 4.1 | −0.0 | −0.0 | −3.0 | −3.0 | |||||
| Securities | −0.6 | −0.6 | 4.9 | 4.9 | 0.8 | 0.8 | |||||
| Equity | 0.0 | 0.0 | −0.1 | −0.1 | 0.0 | 0.0 | |||||
| Bonds and notes | −4.7 | −4.7 | 4.8 | 4.8 | 1.9 | 1.9 | |||||
| Money market instruments | 4.1 | 4.1 | 0.2 | 0.2 | −1.2 | −1.2 | |||||
| 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 | −7.3 | 38.4 | 25.8 | ||||||||