Table 3: International investment position of the euro area

(EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

	Q4 2014	Q1 2015	Q2 2015	Q3 2015					Q4 2015
				Transactions	Exchange rate changes	Price changes	Other volume changes1	Amounts outstanding	Transactions	Exchange rate changes	Price changes	Other volume changes1	Amounts outstanding	Percentage of GDP
					Net/Balance	-1,006	-813			-654	52	-131			76	49	-609	181	87	-57	-21	-418	-4
of which: Direct investment	1,814	2,386	2,211	-13	-97	-4	21	2,119	37	47	31	-60	2,174	21
of which: Portfolio investment	-3,199	-3,675	-3,339	92	-27	89	41	-3,144	137	9	-21	32	-2,988	-29
of which: Other investment	-187	-147	-159	-29	-4	-0	-1	-194	-43	25	-0	7	-206	-2
Assets	20,238	22,501	22,094	87	-240	-274	-15	21,653	31	278	64	75	22,101	213
Direct investment	8,490	9,480	9,383	119	-115	-11	8	9,384	115	109	25	62	9,695	93
Equity	5,843	6,480	6,375	104	-84	-10	9	6,393	117	73	19	9	6,611	64
Debt instruments	2,647	3,000	3,008	16	-31	-1	-1	2,991	-2	36	6	53	3,084	30
Portfolio investment	6,545	7,296	7,193	24	-104	-254	-5	6,855	106	97	105	6	7,169	69
Equity	2,430	2,752	2,708	-12	-59	-217	5	2,426	-5	50	108	-6	2,573	25
Investment fund shares	425	476	468	-1	-3	-10	1	454	2	7	5	3	471	5
Debt securitites	3,690	4,068	4,017	38	-42	-27	-11	3,975	109	41	-8	9	4,125	40
Short-term	593	642	626	-34	-4	-0	1	589	32	5	1	6	633	6
Long-term	3,097	3,426	3,391	71	-38	-26	-12	3,386	77	35	-9	4	3,492	34
Financial derivatives (net assets)	-46	-67	-26	-1	-	6	-13	-34	45	-	-55	1	-43	-0
Other investment	4,637	5,102	4,886	-58	-19	-0	-5	4,804	-239	65	-1	6	4,635	45
of which: Currency and deposits	2,585	2,824	2,648	-17	-12	-	-3	2,615	-166	27	-	3	2,480	24
Reserve assets	612	690	658	3	-2	-15	0	644	5	6	-10	-0	644	6
Liabilities	21,244	23,314	22,749	36	-108	-350	-64	22,262	-150	191	121	96	22,520	217
Direct investment	6,675	7,094	7,171	132	-18	-7	-13	7,265	78	62	-6	122	7,521	72
Equity	4,325	4,511	4,552	137	-8	-7	-27	4,647	65	33	-11	102	4,836	46
Debt instruments	2,350	2,583	2,619	-5	-9	-0	13	2,618	13	29	6	20	2,685	26
Portfolio investment	9,744	10,971	10,532	-67	-76	-343	-46	9,999	-31	89	126	-25	10,158	98
Equity	1,776	2,201	2,075	-28	-10	-198	-20	1,820	-17	9	98	-25	1,884	18
Investment fund shares	2,981	3,408	3,302	39	-52	-154	-6	3,130	69	38	61	-1	3,296	32
Debt securities	4,986	5,362	5,155	-79	-15	9	-20	5,050	-83	42	-33	1	4,977	48
Short-term	419	467	443	-10	-3	-1	1	430	-54	2	1	-1	378	4
Long-term	4,567	4,895	4,713	-69	-12	10	-22	4,620	-29	40	-34	1	4,600	44
Other investment	4,824	5,249	5,045	-29	-14	0	-5	4,997	-196	41	-0	-1	4,841	47
of which: Currency and deposits	2,866	3,159	3,057	-18	-11	-	5	3,033	-191	31	-	-8	2,866	28
Memo item: Gross external debt	12,156	13,190	12,815	-113	-39	9	-12	12,661	-266	111	-27	20	12,499	120
Memo item: Net external debt	973	777	674	-109	55	36	5	661	-138	-36	-24	-48	415	4
1)Other volume changes may partly account for breaks in the series arising from the introduction of the new statistical standards (BPM6).
Source: ECB.