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

(EUR billions; non−seasonally adjusted data)

July 2004 June 2004 (revised) Monthly average, previous six months 12-month cumulated figures ending
January 2004 - June 2004 July 2004 July 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 154.7 151.6 3.1 157.5 152.1 5.4 145.6 141.9 3.7 1725.4 1673.8 51.6 1681.9 1649.2 32.7
Goods 98.3 84.6 13.7 99.7 87.5 12.2 91.9 81.5 10.4 1086.6 958.6 128.0 1042.5 929.0 113.5
Services 30.6 29.3 1.3 29.8 26.9 2.9 26.6 25.8 0.8 330.1 318.8 11.2 328.3 309.7 18.6
Income 20.8 26.4 -5.6 22.8 25.4 -2.6 19.4 22.7 -3.4 228.2 259.7 -31.5 226.8 273.8 -47.0
Current transfers 5.0 11.3 -6.3 5.2 12.3 -7.1 7.8 11.8 -4.0 80.5 136.7 -56.2 84.3 136.6 -52.4
CAPITAL ACCOUNT 1.7 0.6 1.2 1.3 0.5 0.8 1.7 0.6 1.1 23.9 6.7 17.2 19.3 11.1 8.2
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
FINANCIALACCOUNT2) -11.8 0.8; -4.8; -45.1; -122.3
DIRECTINVESTMENT3) -11.3 3.1 -8.3 -11.9 4.1 -7.8 -7.8 0.9 -6.9 -108.0 33.8 -74.2 -122.2 140.9 18.7
Equity capital and reinvested earnings -9.6 5.1 -4.5 -12.5 3.6 -8.9 -7.1 2.6 -4.4 -96.6 62.2 -34.3 -101.6 119.7 18.2
Other capital (mostly inter-company loans) -1.7 -2.0 -3.8 0.6 0.5 1.0 -0.7 -1.7 -2.4 -11.4 -28.5 -39.9 -20.7 21.2 0.5
PORTFOLIO INVESTMENT -33.0 2.5 -30.5 -12.6 43.8 31.2 -25.2 26.8 1.6 -284.6 248.7 -35.9 -223.4 305.9 82.5
Equity -2.9 9.1 6.2 -15.0 15.1 0.1 -8.9 3.7 -5.2 -93.3 91.0 -2.3 -19.8 57.9 38.1
Debt instruments -30.1 -6.6 -36.7 2.3 28.7 31.1 -16.3 23.1 6.8 -191.4 157.7 -33.6 -203.6 248.1 44.5
Bonds and notes -12.3 -3.2 -15.4 -5.3 24.7 19.4 -12.8 19.6 6.8 -129.9 154.8 24.9 -169.6 189.9 20.3
Money market instruments -17.8 -3.4 -21.2 7.6 4.1 11.7 -3.5 3.5 0.0 -61.4 2.9 -58.5 -34.0 58.2 24.2
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT -44.3 5.5 -38.7 -24.5 47.9 23.4 -32.9 27.7 -5.3 -392.6 282.5 -110.1 -345.7 446.9 101.2
FINANCIAL DERIVATIVES (NET) -0.9 0.1 0.8 -2.5 -10.7
OTHER INVESTMENT 56.8 -29.6 27.2 19.2 -40.8 -21.6 -34.0 32.6 -1.3 -169.4 216.1 46.8 -378.7 153.1 -225.6
Eurosystem -0.3 1.8 1.5 -0.0 1.4 1.3 -0.0 0.1 0.1 -1.0 5.1 4.0 -0.8 13.9 13.1
General government -0.4 -0.4 -0.9 -3.4 1.6 -1.8 -0.7 -0.8 -1.5 -0.0 -6.3 -6.3 -5.8 -4.8 -10.7
of which: currency and deposits -0.6 -0.6 -3.3 -3.3 -0.7 -0.7
MFIs (excluding the Eurosystem) 47.3 -12.2 35.1 28.0 -41.7 -13.7 -27.9 30.5 2.6 -146.6 215.2 68.6 -262.6 113.9 -148.7
long-term 6.9 -6.5 0.3 -1.8 2.2 0.4 -4.8 1.0 -3.8 -46.2 25.6 -20.5 -57.6 50.7 -6.9
short-term 40.4 -5.7 34.8 29.9 -43.9 -14.0 -23.2 29.6 6.4 -100.4 189.6 89.1 -205.0 63.1 -141.8
Other sectors 10.2 -18.7 -8.4 -5.5 -1.9 -7.4 -5.2 2.7 -2.5 -21.7 2.2 -19.6 -109.5 30.1 -79.3
of which: currency and deposits 4.7 4.7 -2.4 -2.4 -1.9 -1.9
RESERVE ASSETS 0.6 0.6 -1.1 -1.1 1.0 1.0 20.7 20.7 12.7 12.7
Errors and omissions 7.5 -7.1 -0.1 -23.7 81.4