Table 3: Balance of payments of the euro area (Euro 12) ( 1 )
(EUR billions)
| 2000 Q4 | 2001 Q3 | 2001 Q4 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | |||
| Source: ECB. | |||||||||||
| ( 1 ) As from January 2001 the data refer to the Euro 12, i.e. they include Greece. Data for 2000 have been re-calculated to take into account the new composition of the euro area and are comparable with Euro 12 figures. | |||||||||||
| ( 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 | 438.9 | 459.9 | −21.1 | 424.7 | 417.3 | 7.4 | 435.0 | 420.1 | 15.0 | ||
| Goods | 272.0 | 268.8 | 3.2 | 255.1 | 230.3 | 24.8 | 267.5 | 231.9 | 35.7 | ||
| Services | 78.7 | 82.1 | −3.4 | 86.0 | 83.2 | 2.7 | 80.2 | 80.3 | −0.1 | ||
| Income | 72.8 | 76.8 | −4.0 | 69.0 | 76.9 | −7.9 | 72.0 | 75.7 | −3.7 | ||
| Compensation of employees | 3.6 | 1.4 | 2.2 | 3.3 | 1.7 | 1.7 | 3.6 | 1.5 | 2.0 | ||
| Investment income | 69.2 | 75.4 | −6.2 | 65.6 | 75.2 | −9.6 | 68.4 | 74.2 | −5.7 | ||
| Direct investment | 16.6 | 17.0 | −0.5 | 15.1 | 15.1 | −0.1 | 19.3 | 20.3 | −1.0 | ||
| Income on equity | 13.2 | 14.8 | −1.6 | 12.9 | 13.5 | −0.6 | 16.3 | 18.5 | −2.2 | ||
| Income on debt | 3.3 | 2.3 | 1.1 | 2.2 | 1.7 | 0.5 | 3.0 | 1.8 | 1.2 | ||
| Portfolio investment | 18.8 | 24.0 | −5.2 | 22.4 | 29.1 | −6.6 | 22.0 | 23.2 | −1.2 | ||
| Income on equity | 2.9 | 5.5 | −2.5 | 3.9 | 8.6 | −4.7 | 4.7 | 5.9 | −1.2 | ||
| Income on debt | 15.8 | 18.5 | −2.7 | 18.5 | 20.5 | −2.0 | 17.3 | 17.3 | 0.0 | ||
| Other investment | 33.9 | 34.4 | −0.6 | 28.1 | 31.0 | −2.9 | 27.2 | 30.6 | −3.5 | ||
| Current transfers | 15.4 | 32.2 | −16.8 | 14.7 | 26.9 | −12.2 | 15.3 | 32.2 | −16.9 | ||
| CAPITAL ACCOUNT | 6.2 | 2.5 | 3.7 | 2.7 | 1.7 | 1.0 | 4.0 | 3.0 | 1.0 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | 26.5 | −55.2 | −33.3 | ||||||||
| DIRECT INVESTMENT ( 3 ) | −93.8 | 79.8 | −14.1 | −46.6 | 24.1 | −22.4 | −35.2 | 45.4 | 10.1 | ||
| Equity capital and reinvested earnings | −68.5 | 32.7 | −35.8 | −28.0 | 15.7 | −12.4 | −28.6 | 16.5 | −12.1 | ||
| Other capital, mostly intercompany loans | −25.4 | 47.1 | 21.7 | −18.5 | 8.5 | −10.1 | −6.7 | 28.9 | 22.2 | ||
| PORTFOLIO INVESTMENT | −75.1 | 89.1 | 13.9 | −24.0 | 73.7 | 49.6 | −84.3 | 84.0 | −0.3 | ||
| Equity | −59.8 | 37.8 | −22.0 | −1.0 | 53.4 | 52.4 | −22.8 | 57.4 | 34.6 | ||
| Eurosystem | −0.0 | −0.1 | −0.2 | ||||||||
| General government | −0.6 | −0.4 | −0.5 | ||||||||
| MFIs (excluding the Eurosystem) | −5.0 | 3.3 | 4.7 | ||||||||
| Other sectors | −54.2 | −3.9 | −26.8 | ||||||||
| Debt instruments | −15.3 | 51.2 | 35.9 | −23.0 | 20.2 | −2.7 | −61.5 | 26.5 | −35.0 | ||
| Bonds and notes | −12.7 | 58.5 | 45.9 | −18.2 | 29.8 | 11.5 | −50.8 | 25.3 | −25.4 | ||
| Eurosystem | 1.0 | 1.0 | −0.7 | ||||||||
| General government | −0.0 | −0.1 | −0.3 | ||||||||
| MFIs (excluding the Eurosystem) | 4.4 | 4.2 | −34.3 | ||||||||
| Other sectors | −17.9 | −23.3 | −15.6 | ||||||||
| Money market instruments | −2.7 | −7.3 | −10.0 | −4.8 | −9.5 | −14.3 | −10.7 | 1.2 | −9.5 | ||
| Eurosystem | 0.6 | 0.1 | −0.3 | ||||||||
| General government | 0.9 | −0.5 | 1.9 | ||||||||
| MFIs (excluding the Eurosystem) | 0.7 | −13.4 | −3.7 | ||||||||
| Other sectors | −4.8 | 9.1 | −8.7 | ||||||||
| FINANCIAL DERIVATIVES (NET) | −8.5 | −12.0 | −7.3 | ||||||||
| OTHER INVESTMENT | −48.8 | 76.4 | 27.6 | −55.1 | −17.7 | −72.8 | −56.0 | 16.9 | −39.1 | ||
| Eurosystem | −0.9 | 1.4 | 0.5 | 1.0 | −0.9 | 0.0 | −0.4 | 3.7 | 3.4 | ||
| Loans/currency and deposits | −0.9 | 1.4 | 0.5 | 1.0 | −0.9 | 0.0 | −0.4 | 4.1 | 3.7 | ||
| Other assets/liabilities | 0.0 | −0.0 | −0.0 | 0.0 | −0.0 | −0.0 | 0.0 | −0.4 | −0.4 | ||
| General government | 5.7 | 2.5 | 8.2 | −0.1 | −0.0 | −0.1 | 1.8 | 4.2 | 6.1 | ||
| Trade credits | 0.1 | −0.0 | 0.1 | −0.0 | 0.0 | −0.0 | −0.0 | −0.0 | −0.0 | ||
| Loans/currency and deposits | 5.3 | 2.4 | 7.7 | 0.2 | 0.0 | 0.2 | 2.0 | 4.1 | 6.1 | ||
| Other assets/liabilities | 0.3 | 0.2 | 0.4 | −0.3 | −0.0 | −0.3 | −0.2 | 0.1 | −0.1 | ||
| MFIs (excluding the Eurosystem) | −63.0 | 63.9 | 0.9 | −53.0 | −30.1 | −83.1 | −43.4 | 6.6 | −36.8 | ||
| Loans/currency and deposits | −61.6 | 59.5 | −2.1 | −51.9 | −31.9 | −83.8 | −38.7 | 5.3 | −33.3 | ||
| Other assets/liabilities | −1.4 | 4.4 | 3.0 | −1.1 | 1.8 | 0.7 | −4.7 | 1.3 | −3.5 | ||
| Other sectors | 9.4 | 8.6 | 18.0 | −3.0 | 13.3 | 10.3 | −14.1 | 2.4 | −11.7 | ||
| Trade credits | −4.2 | 1.5 | −2.6 | −1.7 | −1.5 | −3.2 | 1.8 | 1.8 | 3.6 | ||
| Loans/currency and deposits | 17.5 | 4.7 | 22.1 | 0.3 | 13.6 | 13.9 | −15.1 | 0.1 | −15.0 | ||
| Other assets/liabilities | −3.9 | 2.4 | −1.5 | −1.7 | 1.3 | −0.4 | −0.8 | 0.4 | −0.4 | ||
| RESERVE ASSETS | 7.5 | 7.5 | 2.5 | 2.5 | 3.3 | 3.3 | |||||
| Monetary gold | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | |||||
| Special drawing rights | 0.3 | 0.3 | 0.0 | 0.0 | −0.1 | −0.1 | |||||
| Reserve position in the IMF | −0.6 | −0.6 | −4.5 | −4.5 | 0.9 | 0.9 | |||||
| Foreign exchange | 7.2 | 7.2 | 5.0 | 5.0 | 3.7 | 3.7 | |||||
| Currency and deposits | 0.8 | 0.8 | 0.5 | 0.5 | 5.7 | 5.7 | |||||
| with monetary authorities and the BIS | 1.1 | 1.1 | −0.9 | −0.9 | 2.7 | 2.7 | |||||
| with banks | −0.3 | −0.3 | 1.4 | 1.4 | 3.0 | 3.0 | |||||
| Securities | 6.4 | 6.4 | 4.5 | 4.5 | −2.1 | −2.1 | |||||
| Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Bonds and notes | 1.7 | 1.7 | 4.9 | 4.9 | 4.8 | 4.8 | |||||
| Money market instruments | 4.7 | 4.7 | −0.4 | −0.4 | −6.9 | −6.9 | |||||
| Financial derivatives | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Other claims | 0.5 | 0.5 | 1.7 | 1.7 | −1.3 | −1.3 | |||||
| ERRORS AND OMISSIONS | −9.1 | 46.7 | 17.4 | ||||||||