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

(EUR billions; non−seasonally adjusted data)

January 2005 December 2004 (revised) Monthly average, previous six months 12-month cumulated figures ending
July 2004 - December 2004 January 2005 January 2004
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 149.5 157.4 -7.9 161.7 154.4 7.3 152.5 148.7 3.8 1809.1 1772.0 37.1 1673.2 1649.1 24.0
Goods 87.3 86.9 0.4 97.7 90.1 7.6 96.5 88.9 7.6 1137.3 1036.3 101.0 1038.1 928.8 109.3
Services 25.9 26.3 -0.3 30.0 29.3 0.7 30.0 28.0 2.0 347.1 324.6 22.5 327.2 310.2 17.1
Income 18.7 23.4 -4.7 25.6 23.9 1.7 20.3 21.1 -0.8 243.5 271.3 -27.8 227.0 271.8 -44.9
Current transfers 17.6 20.9 -3.3 8.3 11.0 -2.7 5.6 10.7 -5.1 81.2 139.8 -58.7 80.9 138.3 -57.4
CAPITAL ACCOUNT 1.6 0.6 1.0 3.3 0.8 2.5 1.9 0.5 1.4 22.5 5.9 16.6 21.5 10.1 11.4
Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance
FINANCIALACCOUNT2) 24.3 4.1 1.3 38.4 -39.4
DIRECTINVESTMENT3) -10.9 -2.2 -13.1 4.9 0.8 5.8 -8.1 7.9 -0.2 -106.4 62.6 -43.8 -122.3 110.2 -12.1
Equity capital and reinvested earnings -6.9 3.0 -3.9 -5.7 6.3 0.5 -9.5 5.4 -4.1 -106.1 52.7 -53.4 -99.6 111.6 12.0
Other capital (mostly inter-company loans) -3.9 -5.2 -9.2 10.7 -5.4 5.2 1.4 2.4 3.9 -0.3 9.9 9.6 -22.7 -1.4 -24.1
PORTFOLIO INVESTMENT -54.3 36.1 -18.2 4.7 33.4 38.2 -21.5 27.7 6.2 -281.0 327.8 46.8 -304.4 336.8 32.5
Equity -16.0 10.5 -5.5 11.2 28.9 40.0 -3.1 17.9 14.9 -71.2 136.3 65.0 -80.5 100.0 19.5
Debt instruments -38.3 25.7 -12.6 -6.4 4.5 -1.9 -18.4 9.7 -8.7 -209.8 191.5 -18.3 -223.9 236.8 12.9
Bonds and notes -29.1 4.4 -24.7 -7.3 12.3 4.9 -13.0 13.0 0.0 -162.9 179.1 16.2 -184.1 210.3 26.2
Money market instruments -9.2 21.2 12.0 0.9 -7.7 -6.8 -5.4 -3.3 -8.7 -46.9 12.4 -34.5 -39.8 26.5 -13.2
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT -65.1 33.9 -31.2 9.7 34.3 43.9 -29.6 35.6 6.0 -387.5 390.4 2.9 -426.7 447.0 20.3
FINANCIAL DERIVATIVES (NET) -3.9 -3.0 -1.5 -8.4 -9.2
OTHER INVESTMENT -50.2 111.1 60.9 10.0 -48.4 -38.5 -15.6 11.5 -4.2 -281.0 310.9 29.9 -298.3 222.4 -75.9
Eurosystem 0.7 3.9 4.6 0.3 0.3 0.6 -0.1 1.1 1.0 0.7 8.3 9.0 -1.7 14.1 12.4
General government -1.5 2.6 1.1 2.5 -4.9 -2.4 0.6 -0.5 0.2 -2.8 1.1 -1.7 1.3 -2.3 -1.0
of which: currency and deposits -1.2 -1.2 2.3 2.3 0.6 0.6 -2.4 -2.4
MFIs (excluding the Eurosystem) -33.9 97.7 63.8 -4.8 -38.2 -43.0 -16.5 10.8 -5.7 -232.0 266.8 34.7 -219.1 210.7 -8.3
long-term -15.1 16.6 1.5 -10.1 -8.2 -18.3 -1.9 -0.9 -2.8 -38.1 14.1 -24.0 -57.2 66.1 8.9
short-term -18.8 81.1 62.3 5.3 -30.0 -24.7 -14.6 11.7 -2.9 -193.9 252.7 58.7 -161.9 144.6 -17.3
Other sectors -15.5 6.9 -8.6 12.0 -5.7 6.3 0.4 0.1 0.4 -46.9 34.8 -12.1 -78.7 -0.2 -78.9
of which: currency and deposits -12.5 -12.5 9.7 9.7 -0.6 -0.6 -27.3 -27.3
RESERVE ASSETS -1.5 -1.5 1.6 1.6 1.0 1.0 13.9 13.9 25.3 25.3
Errors and omissions -17.4 -13.9 -6.5 -92.0 4.0