Table 3: Quarterly balance of payments of the euro area ( 1 )
(EUR billions; not seasonally adjusted)
| 2003 Q2 | 2003 Q1 | 2002 Q2 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 408.3 | 415.3 | -7.0 | 414.3 | 411.8 | 2.4 | 432.6 | 430.0 | 2.6 | ||
| Goods | 253.5 | 228.3 | 25.1 | 252.6 | 236.0 | 16.6 | 267.6 | 236.3 | 31.3 | ||
| Services | 78.2 | 73.9 | 4.3 | 75.7 | 74.1 | 1.6 | 83.9 | 78.9 | 5.1 | ||
| Income | 61.4 | 78.6 | -17.2 | 53.4 | 66.1 | -12.7 | 65.6 | 80.4 | -14.9 | ||
| Compensation of employees | 3.6 | 1.4 | 2.2 | 3.6 | 1.2 | 2.3 | 3.5 | 1.5 | 2.0 | ||
| Investment income | 57.8 | 77.2 | -19.4 | 49.8 | 64.9 | -15.0 | 62.0 | 78.9 | -16.9 | ||
| Direct investment | 17.1 | 19.3 | -2.2 | 10.1 | 13.0 | -2.9 | 19.4 | 16.7 | 2.8 | ||
| Income on equity | 14.3 | 17.0 | -2.7 | 8.4 | 11.1 | -2.7 | 17.7 | 15.4 | 2.2 | ||
| Income on debt | 2.8 | 2.3 | 0.6 | 1.7 | 1.9 | -0.2 | 1.8 | 1.3 | 0.5 | ||
| Portfolio investment | 22.0 | 36.8 | -14.8 | 19.0 | 31.8 | -12.8 | 23.0 | 39.7 | -16.7 | ||
| Income on equity | 6.9 | 20.7 | -13.8 | 3.7 | 8.4 | -4.7 | 6.6 | 24.3 | -17.7 | ||
| Income on debt | 15.1 | 16.1 | -1.0 | 15.4 | 23.4 | -8.0 | 16.4 | 15.4 | 1.0 | ||
| Other investment | 18.7 | 21.2 | -2.4 | 20.7 | 20.1 | 0.6 | 19.6 | 22.5 | -3.0 | ||
| Current transfers | 15.2 | 34.4 | -19.2 | 32.6 | 35.7 | -3.1 | 15.5 | 34.4 | -18.9 | ||
| CAPITAL ACCOUNT | 4.4 | 2.6 | 1.8 | 5.3 | 3.4 | 2.0 | 5.0 | 1.6 | 3.4 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | -41.3 | -25.1 | -3.3 | ||||||||
| DIRECT INVESTMENT ( 3 ) | -30.1 | 35.4 | 5.4 | -36.5 | 35.6 | -0.9 | -45.3 | 38.5 | -6.8 | ||
| Equity capital and reinvested earnings | -21.2 | 29.4 | 8.3 | -19.3 | 25.6 | 6.3 | -35.2 | 21.1 | -14.2 | ||
| Other capital, mostly intercompany loans | -8.9 | 6.0 | -2.9 | -17.2 | 10.0 | -7.2 | -10.0 | 17.5 | 7.4 | ||
| PORTFOLIO INVESTMENT | -96.3 | 138.5 | 42.2 | -47.3 | 54.3 | 7.0 | -48.9 | 129.9 | 81.0 | ||
| Equity | -32.3 | 30.5 | -1.9 | 10.8 | 3.7 | 14.5 | -12.2 | 36.0 | 23.8 | ||
| Eurosystem | -0.2 | -0.1 | -0.1 | ||||||||
| General government | -0.8 | -0.6 | -1.2 | ||||||||
| MFIs (excluding the Eurosystem) | 0.7 | -3.7 | -3.7 | ||||||||
| Other sectors | -32.2 | 15.2 | -7.2 | ||||||||
| Debt instruments | -64.0 | 108.0 | 44.0 | -58.0 | 50.6 | -7.5 | -36.7 | 93.9 | 57.2 | ||
| Bonds and notes | -53.9 | 97.5 | 43.6 | -49.9 | 47.9 | -2.1 | -29.2 | 66.1 | 37.0 | ||
| Eurosystem | -0.2 | -0.4 | -0.3 | ||||||||
| General government | 0.0 | 0.2 | 0.2 | ||||||||
| MFIs (excluding the Eurosystem) | -21.2 | -22.9 | -3.1 | ||||||||
| Other sectors | -32.4 | -26.9 | -26.0 | ||||||||
| Money market instruments | -10.1 | 10.5 | 0.4 | -8.1 | 2.7 | -5.4 | -7.5 | 27.7 | 20.2 | ||
| Eurosystem | 1.1 | -1.4 | -0.0 | ||||||||
| General government | 1.0 | -1.6 | -0.1 | ||||||||
| MFIs (excluding the Eurosystem) | -4.4 | -7.3 | -1.9 | ||||||||
| Other sectors | -7.8 | 2.2 | -5.4 | ||||||||
| FINANCIAL DERIVATIVES (NET) | -2.8 | -2.5 | -3.1 | ||||||||
| OTHER INVESTMENT | -120.2 | 32.1 | -88.1 | -114.7 | 74.0 | -40.7 | -75.5 | -5.7 | -81.2 | ||
| Eurosystem | 0.2 | 2.3 | 2.4 | -0.6 | -4.4 | -5.0 | -0.6 | 3.4 | 2.8 | ||
| Loans/currency and deposits | 0.2 | 2.3 | 2.4 | -0.6 | -4.4 | -4.9 | -0.6 | 3.4 | 2.8 | ||
| Other assets/liabilities | 0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | 0.0 | -0.0 | -0.0 | ||
| General government | -1.5 | 3.9 | 2.3 | -1.8 | -8.4 | -10.2 | 0.9 | 3.8 | 4.7 | ||
| Trade credits | -0.0 | 0.0 | 0.0 | -0.0 | 0.0 | -0.0 | 1.4 | -0.0 | 1.4 | ||
| Loans/currency and deposits | -1.2 | 3.6 | 2.4 | -1.2 | -8.3 | -9.6 | -0.2 | 3.6 | 3.4 | ||
| Other assets/liabilities | -0.3 | 0.3 | -0.0 | -0.5 | -0.1 | -0.6 | -0.3 | 0.2 | -0.2 | ||
| MFIs (excluding the Eurosystem) | -103.2 | 27.0 | -76.2 | -65.4 | 60.2 | -5.3 | -65.2 | -12.3 | -77.5 | ||
| Loans/currency and deposits | -103.9 | 28.7 | -75.2 | -63.5 | 59.7 | -3.8 | -64.1 | -11.1 | -75.2 | ||
| Other assets/liabilities | 0.7 | -1.6 | -1.0 | -1.9 | 0.5 | -1.5 | -1.0 | -1.3 | -2.3 | ||
| Other sectors | -15.6 | -1.0 | -16.6 | -46.9 | 26.6 | -20.3 | -10.7 | -0.5 | -11.2 | ||
| Trade credits | -1.4 | -0.9 | -2.2 | -1.3 | 5.1 | 3.8 | -2.5 | -1.3 | -3.8 | ||
| Loans/currency and deposits | -6.7 | -6.4 | -13.2 | -39.8 | 18.2 | -21.6 | -8.5 | -0.2 | -8.8 | ||
| Other assets/liabilities | -7.5 | 6.3 | -1.2 | -5.8 | 3.2 | -2.6 | 0.3 | 1.0 | 1.4 | ||
| RESERVE ASSETS | 2.0 | 2.0 | 11.9 | 11.9 | 6.7 | 6.7 | |||||
| Monetary gold | 0.0 | 0.0 | 0.5 | 0.5 | 0.5 | 0.5 | |||||
| Special drawing rights | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.5 | |||||
| Reserve position in the IMF | -2.6 | -2.6 | -0.2 | -0.2 | -2.0 | -2.0 | |||||
| Foreign exchange | 4.5 | 4.5 | 11.5 | 11.5 | 7.8 | 7.8 | |||||
| Currency and deposits | -0.5 | -0.5 | 0.2 | 0.2 | 0.6 | 0.6 | |||||
| with monetary authorities and the BIS | -0.5 | -0.5 | 0.8 | 0.8 | -0.6 | -0.6 | |||||
| with banks | -0.0 | -0.0 | -0.6 | -0.6 | 1.2 | 1.2 | |||||
| Securities | 5.0 | 5.0 | 11.3 | 11.3 | 7.3 | 7.3 | |||||
| Equity | -0.1 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Bonds and notes | 4.8 | 4.8 | 9.6 | 9.6 | 4.2 | 4.2 | |||||
| Money market instruments | 0.2 | 0.2 | 1.7 | 1.7 | 3.1 | 3.1 | |||||
| Financial derivatives | 0.0 | 0.0 | 0.0 | 0.0 | -0.2 | -0.2 | |||||
| Other claims | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| ERRORS AND OMISSIONS | 46.5 | 20.7 | -2.6 | ||||||||