Table 3: Balance of payments of the euro area ( 1 )
(EUR billions)
| 2001 Q4 | 2002 Q3 | 2002 Q4 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 434.7 | 425.8 | 9.0 | 426.8 | 403.8 | 23.0 | 441.0 | 416.5 | 24.5 | ||
| Goods | 264.0 | 233.6 | 30.4 | 263.2 | 224.7 | 38.5 | 274.3 | 237.6 | 36.8 | ||
| Services | 83.5 | 83.3 | 0.2 | 89.8 | 83.9 | 5.9 | 84.9 | 81.0 | 4.0 | ||
| Income | 71.0 | 75.8 | −4.8 | 55.4 | 66.0 | −10.7 | 62.0 | 64.4 | −2.3 | ||
| Compensation of employees | 3.6 | 1.4 | 2.2 | 3.6 | 1.6 | 2.1 | 3.8 | 1.5 | 2.3 | ||
| Investment income | 67.4 | 74.3 | −7.0 | 51.8 | 64.5 | −12.7 | 58.2 | 62.9 | −4.6 | ||
| Direct investment | 19.5 | 22.2 | −2.7 | 10.9 | 11.8 | −0.9 | 17.4 | 14.3 | 3.1 | ||
| Income on equity | 16.4 | 20.1 | −3.8 | 9.5 | 10.5 | −1.0 | 15.2 | 12.5 | 2.6 | ||
| Income on debt | 3.1 | 2.1 | 1.0 | 1.4 | 1.3 | 0.1 | 2.2 | 1.8 | 0.4 | ||
| Portfolio investment | 22.2 | 22.3 | −0.1 | 20.5 | 31.0 | −10.5 | 20.1 | 25.9 | −5.7 | ||
| Income on equity | 4.8 | 6.3 | −1.5 | 4.4 | 10.4 | −6.0 | 4.9 | 10.0 | −5.0 | ||
| Income on debt | 17.4 | 16.0 | 1.3 | 16.1 | 20.6 | −4.5 | 15.2 | 15.9 | −0.7 | ||
| Other investment | 25.7 | 29.9 | −4.1 | 20.3 | 21.6 | −1.3 | 20.7 | 22.7 | −2.0 | ||
| Current transfers | 16.3 | 33.1 | −16.8 | 18.4 | 29.2 | −10.7 | 19.7 | 33.6 | −13.9 | ||
| CAPITAL ACCOUNT | 4.4 | 3.1 | 1.3 | 4.1 | 1.7 | 2.3 | 5.3 | 2.5 | 2.8 | ||
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |||
| FINANCIAL ACCOUNT ( 2 ) | −32.1 | −50.3 | −59.5 | ||||||||
| DIRECT INVESTMENT ( 3 ) | −28.0 | 45.9 | 18.0 | −32.5 | 20.5 | −12.0 | −39.5 | 31.3 | −8.3 | ||
| Equity capital and reinvested earnings | −25.2 | 15.6 | −9.6 | −36.2 | 12.2 | −24.1 | −39.1 | 33.5 | −5.6 | ||
| Other capital, mostly intercompany loans | −2.7 | 30.3 | 27.6 | 3.7 | 8.4 | 12.1 | −0.4 | −2.3 | −2.7 | ||
| PORTFOLIO INVESTMENT | −87.2 | 100.1 | 12.9 | −19.8 | 55.5 | 35.7 | −23.7 | 62.1 | 38.4 | ||
| Equity | −24.9 | 61.3 | 36.4 | 12.7 | 6.0 | 18.7 | −7.5 | 12.8 | 5.3 | ||
| Eurosystem | −0.1 | −0.1 | −0.1 | ||||||||
| General government | −0.5 | −0.6 | −1.2 | ||||||||
| MFIs (excluding the Eurosystem) | 4.8 | 2.8 | −4.0 | ||||||||
| Other sectors | −29.0 | 10.6 | −2.3 | ||||||||
| Debt instruments | −62.3 | 38.8 | −23.5 | −32.5 | 49.5 | 17.0 | −16.2 | 49.4 | 33.2 | ||
| Bonds and notes | −51.0 | 35.9 | −15.1 | −17.3 | 26.3 | 9.0 | −13.5 | 33.7 | 20.2 | ||
| Eurosystem | −0.7 | −1.1 | 2.1 | ||||||||
| General government | −0.3 | −0.3 | −0.4 | ||||||||
| MFIs (excluding the Eurosystem) | −37.8 | −2.9 | 3.0 | ||||||||
| Other sectors | −12.2 | −13.0 | −18.1 | ||||||||
| Money market instruments | −11.3 | 2.9 | −8.4 | −15.2 | 23.2 | 8.0 | −2.7 | 15.6 | 12.9 | ||
| Eurosystem | −0.3 | 0.9 | 0.4 | ||||||||
| General government | 1.9 | 0.2 | 0.1 | ||||||||
| MFIs (excluding the Eurosystem) | −3.6 | −13.3 | −6.8 | ||||||||
| Other sectors | −9.3 | −3.0 | 3.5 | ||||||||
| FINANCIAL DERIVATIVES (NET) | −6.6 | −9.6 | −3.9 | ||||||||
| OTHER INVESTMENT | −69.8 | 10.2 | −59.6 | −62.1 | 2.3 | −59.7 | −104.5 | 20.1 | −84.4 | ||
| Eurosystem | −0.4 | 3.7 | 3.4 | 0.3 | −0.1 | 0.1 | −0.4 | 2.5 | 2.1 | ||
| Loans/currency and deposits | −0.4 | 3.8 | 3.4 | 0.3 | −0.2 | 0.1 | −0.4 | 2.6 | 2.1 | ||
| Other assets/liabilities | 0.0 | −0.0 | −0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −0.0 | −0.0 | ||
| General government | 1.9 | 4.8 | 6.7 | −0.5 | −2.8 | −3.3 | 0.3 | −1.0 | −0.7 | ||
| Trade credits | −0.0 | −0.0 | −0.0 | −0.0 | −0.0 | −0.0 | 0.0 | −0.0 | 0.0 | ||
| Loans/currency and deposits | 2.1 | 4.7 | 6.8 | −0.3 | −2.7 | −3.0 | 0.2 | −0.9 | −0.6 | ||
| Other assets/liabilities | −0.1 | 0.1 | −0.1 | −0.2 | −0.0 | −0.3 | 0.1 | −0.1 | −0.1 | ||
| MFIs (excluding the Eurosystem) | −46.3 | 4.6 | −41.6 | −34.9 | 9.6 | −25.3 | −88.3 | 6.0 | −82.3 | ||
| Loans/currency and deposits | −41.6 | 3.3 | −38.2 | −32.6 | 7.6 | −25.0 | −93.4 | 15.6 | −77.7 | ||
| Other assets/liabilities | −4.7 | 1.3 | −3.4 | −2.3 | 2.0 | −0.3 | 5.0 | −9.7 | −4.6 | ||
| Other sectors | −25.2 | −2.9 | −28.1 | −26.9 | −4.3 | −31.2 | −16.1 | 12.7 | −3.4 | ||
| Trade credits | 2.6 | −1.2 | 1.4 | −2.8 | 0.9 | −1.9 | −2.0 | −1.4 | −3.4 | ||
| Loans/currency and deposits | −27.7 | −2.3 | −30.0 | −23.9 | −7.2 | −31.2 | −13.1 | 13.5 | 0.4 | ||
| Other assets/liabilities | −0.1 | 0.5 | 0.4 | −0.1 | 2.0 | 1.9 | −1.0 | 0.6 | −0.4 | ||
| RESERVE ASSETS | 3.3 | 3.3 | −4.6 | −4.6 | −1.3 | −1.3 | |||||
| Monetary gold | 0.1 | 0.1 | −0.1 | −0.1 | 0.4 | 0.4 | |||||
| Special drawing rights | −0.1 | −0.1 | −0.2 | −0.2 | −0.1 | −0.1 | |||||
| Reserve position in the IMF | 0.8 | 0.8 | 0.2 | 0.2 | 0.3 | 0.3 | |||||
| Foreign exchange | 2.4 | 2.4 | −4.6 | −4.6 | −1.9 | −1.9 | |||||
| Currency and deposits | 4.4 | 4.4 | −5.4 | −5.4 | 1.2 | 1.2 | |||||
| with monetary authorities and the BIS | 2.7 | 2.7 | −2.4 | −2.4 | 2.3 | 2.3 | |||||
| with banks | 1.7 | 1.7 | −3.0 | −3.0 | −1.2 | −1.2 | |||||
| Securities | −2.1 | −2.1 | 0.8 | 0.8 | −3.1 | −3.1 | |||||
| Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Bonds and notes | 4.8 | 4.8 | 1.9 | 1.9 | −2.2 | −2.2 | |||||
| Money market instruments | −6.9 | −6.9 | −1.2 | −1.2 | −0.9 | −0.9 | |||||
| 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 | 21.8 | 24.9 | 32.2 | ||||||||