Table 2: Monthly balance of payments of the euro area – non-seasonally adjusted data ( 1 )
(EUR billions)
| November 2003 | October 2003 (revised) | Monthly average, previous six months | 12-month cumulated figures ending | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May – October 2003 | November 2003 | November 2002 | |||||||||||||
| 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. | |||||||||||||||
| CURRENT ACCOUNT | 134.6 | 130.2 | 4.4 | 148.6 | 139.3 | 9.3 | 138.9 | 135.0 | 3.9 | 1664.6 | 1634.2 | 30.4 | 1733.3 | 1667.7 | 65.6 |
| Goods | 87.3 | 78.1 | 9.2 | 98.1 | 83.6 | 14.5 | 87.2 | 75.7 | 11.5 | 1032.7 | 922.0 | 110.7 | 1056.3 | 924.9 | 131.4 |
| Services | 24.6 | 23.8 | 0.9 | 28.7 | 26.0 | 2.6 | 28.0 | 26.1 | 1.9 | 323.0 | 307.1 | 16.0 | 333.3 | 321.3 | 12.0 |
| Income | 17.1 | 16.4 | 0.7 | 17.1 | 21.8 | −4.7 | 18.7 | 22.4 | −3.7 | 227.8 | 269.4 | −41.5 | 259.5 | 288.4 | −28.9 |
| Current transfers | 5.6 | 11.9 | −6.3 | 4.7 | 7.9 | −3.2 | 5.0 | 10.8 | −5.8 | 81.1 | 135.8 | −54.7 | 84.3 | 133.1 | −48.8 |
| CAPITAL ACCOUNT | 1.7 | 0.6 | 1.1 | 1.6 | 0.5 | 1.1 | 1.6 | 0.7 | 0.9 | 19.1 | 9.7 | 9.5 | 19.3 | 11.4 | 7.9 |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
| FINANCIAL ACCOUNT ( 2 ) | −0.3 | −4.4 | −10.4 | −87.3 | −85.3 | ||||||||||
| DIRECT INVESTMENT ( 3 ) | 1.7 | 4.8 | 6.5 | −11.8 | 1.3 | −10.6 | −8.6 | 8.1 | −0.5 | −124.3 | 104.1 | −20.2 | −248.8 | 215.2 | −33.6 |
| Equity capital and reinvested earnings | 4.1 | 5.0 | 9.1 | −6.7 | 5.3 | −1.4 | −9.2 | 7.7 | −1.4 | −96.7 | 96.2 | −0.5 | −205.3 | 152.0 | −53.3 |
| Other capital (mostly inter−company loans) | −2.4 | −0.2 | −2.6 | −5.1 | −4.0 | −9.1 | 0.6 | 0.3 | 0.9 | −27.5 | 7.8 | −19.7 | −43.6 | 63.2 | 19.7 |
| PORTFOLIO INVESTMENT | −26.8 | 22.5 | −4.3 | −34.2 | 60.9 | 26.7 | −30.6 | 28.7 | −1.8 | −300.9 | 318.7 | 17.8 | −165.0 | 257.1 | 92.1 |
| Equity | −7.1 | 15.9 | 8.8 | −14.4 | 27.6 | 13.3 | −10.1 | 10.7 | 0.6 | −75.2 | 96.8 | 21.6 | −39.4 | 105.4 | 66.0 |
| Debt instruments | −19.7 | 6.6 | −13.1 | −19.8 | 33.3 | 13.5 | −20.5 | 18.0 | −2.5 | −225.8 | 221.9 | −3.9 | −125.7 | 151.8 | 26.1 |
| Bonds and notes | −15.4 | 7.6 | −7.8 | −10.4 | 17.8 | 7.4 | −15.6 | 17.9 | 2.3 | −184.3 | 201.6 | 17.2 | −94.7 | 90.2 | −4.4 |
| Money market instruments | −4.3 | −1.0 | −5.3 | −9.4 | 15.5 | 6.1 | −4.9 | 0.1 | −4.8 | −41.4 | 20.3 | −21.1 | −31.0 | 61.5 | 30.5 |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | −25.1 | 27.3 | 2.2 | −46.0 | 62.2 | 16.2 | −39.2 | 36.8 | −2.4 | −425.2 | 422.8 | −2.4 | −413.9 | 472.3 | 58.5 |
| FINANCIAL DERIVATIVES (NET) | 0.4 | 1.9 | −0.1 | −8.7 | −8.4 | ||||||||||
| OTHER INVESTMENT | −36.6 | 28.3 | −8.3 | −47.9 | 25.3 | −22.7 | −6.8 | −1.7 | −8.4 | −190.4 | 93.9 | −96.4 | −221.0 | 81.0 | −140.0 |
| Eurosystem | 0.4 | −3.9 | −3.5 | −0.3 | −0.3 | −0.6 | 0.1 | 0.9 | 0.9 | −1.1 | −0.0 | −1.1 | 0.2 | 13.2 | 13.4 |
| General government | 1.0 | 1.6 | 2.5 | 1.7 | −1.8 | −0.2 | −0.2 | 0.7 | 0.4 | 0.8 | −2.0 | −1.2 | −2.3 | −6.4 | −8.7 |
| MFIs (excluding the Eurosystem) | −36.1 | 29.8 | −6.3 | −39.8 | 24.6 | −15.2 | −3.8 | −1.3 | −5.1 | −123.8 | 77.2 | −46.6 | −167.2 | 60.5 | −106.6 |
| long−term | −7.1 | 8.1 | 1.0 | −8.4 | 7.0 | −1.4 | −4.9 | 5.6 | 0.7 | −60.6 | 68.2 | 7.6 | −30.2 | 40.9 | 10.8 |
| short−term | −29.1 | 21.7 | −7.4 | −31.4 | 17.6 | −13.8 | 1.1 | −6.9 | −5.8 | −63.2 | 9.0 | −54.2 | −137.0 | 19.6 | −117.4 |
| Other sectors | −1.8 | 0.8 | −1.0 | −9.5 | 2.8 | −6.7 | −2.8 | −1.9 | −4.7 | −66.3 | 18.8 | −47.5 | −51.8 | 13.6 | −38.1 |
| RESERVE ASSETS | 5.5 | 5.5 | 0.2 | 0.2 | 0.5 | 0.5 | 20.3 | 20.3 | 4.6 | 4.6 | |||||
| Errors and omissions | −5.3 | −6.0 | 5.6 | 47.5 | 11.8 | ||||||||||