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Table 3: Quarterly balance of payments of the euro area ( 1 )

(EUR billions; not seasonally adjusted)

2003 Q4 2003 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 429.9 411.4 18.5 412.6 401.1 11.5 440.4 422.5 18.0
Goods 269.8 239.9 29.9 257.1 220.2 36.8 274.2 239.7 34.4
Services 85.1 79.1 6.0 86.5 82.8 3.7 83.8 80.1 3.8
Income 56.1 60.8 -4.7 53.9 63.4 -9.4 61.8 68.1 -6.2
Compensation of employees 3.8 1.4 2.4 3.7 1.5 2.2 3.9 1.6 2.3
Investment income 52.3 59.4 -7.1 50.2 61.9 -11.6 58.0 66.5 -8.5
Direct investment 15.3 13.1 2.1 12.6 13.4 -0.8 16.3 17.4 -1.1
Income on equity 12.5 10.3 2.1 10.5 11.9 -1.4 13.8 14.6 -0.9
Income on debt 2.8 2.8 0.0 2.1 1.5 0.6 2.5 2.8 -0.3
Portfolio investment 21.4 26.0 -4.6 21.6 30.7 -9.1 21.2 26.3 -5.2
Income on equity 4.7 9.7 -5.0 4.8 10.3 -5.5 4.5 9.2 -4.7
Income on debt 16.7 16.3 0.4 16.8 20.4 -3.6 16.7 17.1 -0.5
Other investment 15.6 20.2 -4.6 16.1 17.8 -1.7 20.5 22.7 -2.3
Current transfers 19.0 31.6 -12.6 15.1 34.7 -19.6 20.6 34.6 -14.0
CAPITAL ACCOUNT 9.2 2.0 7.2 4.1 1.4 2.8 5.2 2.7 2.5
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
FINANCIAL ACCOUNT ( 2 ) 3.5 -0.6 -42.9
DIRECT INVESTMENT ( 3 ) -24.2 17.8 -6.4 -32.2 13.1 -19.1 -32.9 45.4 12.6
Equity capital and reinvested earnings -17.4 29.7 12.3 -34.4 15.9 -18.6 -29.5 46.0 16.4
Other capital, mostly intercompany loans -6.8 -11.9 -18.7 2.2 -2.8 -0.6 -3.3 -0.5 -3.8
PORTFOLIO INVESTMENT -61.0 79.2 18.2 -63.3 4.2 -59.1 -33.7 71.3 37.6
Equity -24.2 47.7 23.5 -19.4 25.1 5.7 -8.1 12.5 4.4
Eurosystem -0.0 -0.1 -0.2
General government -0.4 -0.8 -1.2
MFIs (excluding the Eurosystem) -3.6 -6.2 -2.5
Other sectors -20.2 -12.3 -4.3
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
Debt instruments -36.8 31.6 -5.3 -43.9 -20.9 -64.8 -25.6 58.8 33.3
Bonds and notes -24.7 38.1 13.4 -37.2 -7.8 -44.9 -20.2 40.8 20.7
Eurosystem -0.3 -1.4 -0.0
General government -0.1 -0.3 -0.5
MFIs (excluding the Eurosystem) -7.0 -8.5 -2.2
Other sectors -17.2 -27.0 -17.5
Money market instruments -12.1 -6.6 -18.7 -6.8 -13.1 -19.9 -5.4 18.0 12.6
Eurosystem -0.2 0.1 0.4
General government 1.3 -0.1 0.1
MFIs (excluding the Eurosystem) -13.0 -1.0 -4.6
Other sectors -0.3 -5.8 -1.3
FINANCIAL DERIVATIVES (NET) -4.7 -4.6 -3.1
OTHER INVESTMENT -77.4 60.2 -17.2 92.0 -11.9 80.1 -108.8 20.1 -88.7
Eurosystem -0.7 -0.8 -1.5 0.3 5.8 6.1 -0.4 6.2 5.8
Loans/currency and deposits -0.7 -0.8 -1.5 0.3 5.8 6.1 -0.4 6.3 5.8
Other assets/liabilities 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 -0.0
General government 2.7 -4.6 -1.8 -0.3 5.3 5.0 0.4 -0.9 -0.5
Trade credits -0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 -0.0 -0.0
Loans/currency and deposits 2.7 -4.1 -1.4 -0.1 4.8 4.7 0.4 -0.8 -0.4
Other assets/liabilities 0.1 -0.4 -0.4 -0.2 0.5 0.4 0.1 -0.1 -0.1
MFIs (excluding the Eurosystem) -71.6 53.7 -17.9 87.6 -7.1 80.6 -89.3 0.2 -89.1
Loans/currency and deposits -71.0 53.9 -17.1 87.9 -5.7 82.1 -94.3 9.9 -84.5
Other assets/liabilities -0.6 -0.2 -0.8 -0.2 -1.3 -1.6 5.0 -9.6 -4.6
Other sectors -7.8 11.8 4.0 4.4 -16.0 -11.6 -19.5 14.5 -5.0
Trade credits -1.7 2.3 0.6 -1.3 0.9 -0.3 0.2 -3.0 -2.8
Loans/currency and deposits -2.6 10.4 7.8 4.7 -11.5 -6.8 -19.2 15.9 -3.4
Other assets/liabilities -3.5 -0.9 -4.4 0.9 -5.4 -4.5 -0.4 1.6 1.2
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
RESERVE ASSETS 13.6 13.6 2.0 2.0 -1.3 -1.3
Monetary gold 0.6 0.6 0.1 0.1 0.4 0.4
Special drawing rights 0.0 0.0 -0.0 -0.0 -0.1 -0.1
Reserve position in the IMF 1.8 1.8 -0.7 -0.7 0.3 0.3
Foreign exchange 11.1 11.1 2.6 2.6 -1.9 -1.9
Currency and deposits -2.9 -2.9 3.0 3.0 1.2 1.2
with monetary authorities and the BIS -1.0 -1.0 -1.1 -1.1 2.3 2.3
with banks -1.9 -1.9 4.1 4.1 -1.2 -1.2
Securities 14.1 14.1 -0.4 -0.4 -3.1 -3.1
Equity 0.0 0.0 0.0 0.0 0.0 0.0
Bonds and notes 11.5 11.5 -4.7 -4.7 -2.3 -2.3
Money market instruments 2.6 2.6 > 4.3 4.3 -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 -29.2 -13.6 22.5