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)

	Q2 2016	Q3 2016	Q4 2016	Q1 2017					Q2 2017
				Transactions	Exchange rate changes	Price changes	Other volume changes	Amounts outstanding	Transactions	Exchange rate changes	Price changes	Other volume changes	Amounts outstanding	Percentage of GDP
					Net/Balance	-1,053	-1,002			-797	62	113			113	-77	-585	49	-193	58	41	-630	-6
of which: Direct investment	1,769	1,884	2,069	-13	-4	83	10	2,146	-20	-69	-12	2	2,047	19
of which: Portfolio investment	-2,879	-2,781	-2,708	107	20	43	-68	-2,606	64	-83	85	36	-2,505	-23
of which: Other investment	-601	-769	-808	-51	97	-0	-27	-789	7	-23	0	-1	-806	-7
Assets	23,229	23,520	23,983	630	164	399	-13	25,162	209	-763	-19	-17	24,572	225
Direct investment	10,295	10,318	10,680	187	-27	193	22	11,055	51	-300	-24	-16	10,767	99
Equity	7,280	7,320	7,639	150	-17	194	40	8,006	24	-221	-8	-10	7,791	71
Debt instruments	3,016	2,998	3,041	37	-10	-1	-18	3,049	27	-78	-17	-5	2,976	27
Portfolio investment	7,425	7,682	7,862	172	17	218	-17	8,253	175	-269	20	-3	8,175	75
Equity	2,500	2,625	2,759	17	16	127	4	2,922	52	-123	53	2	2,907	27
Investment fund shares	457	461	488	12	-2	10	-5	503	6	-15	6	-0	501	5
Debt securitites	4,468	4,597	4,615	144	3	81	-16	4,827	116	-131	-39	-6	4,768	44
Short-term	647	652	644	47	-1	-1	-2	687	-12	-17	-8	1	650	6
Long-term	3,821	3,945	3,971	97	4	82	-13	4,141	129	-114	-31	-6	4,118	38
Financial derivatives (net assets)	-64	-62	-58	22	-	-35	8	-63	-1	-	10	5	-49	-0
Other investment	4,851	4,854	4,791	251	175	-0	-27	5,190	-13	-177	0	-4	4,996	46
of which: Currency and deposits	2,700	2,650	2,651	186	-12	-	-0	2,824	-25	-90	-	5	2,713	25
Reserve assets	722	727	708	-2	-1	22	0	727	-2	-17	-25	0	683	6
Liabilities	24,282	24,521	24,780	567	51	286	63	25,747	161	-570	-77	-59	25,201	231
Direct investment	8,526	8,434	8,611	200	-24	110	13	8,910	71	-231	-12	-18	8,720	80
Equity	5,443	5,423	5,515	85	-10	110	-10	5,691	18	-131	-12	-17	5,548	51
Debt instruments	3,083	3,011	3,096	115	-14	-0	23	3,219	52	-99	-0	-0	3,172	29
Portfolio investment	10,304	10,464	10,570	66	-3	176	51	10,859	111	-186	-65	-39	10,680	98
Equity	1,929	2,010	2,147	-5	10	134	26	2,312	38	-8	-17	-18	2,307	21
Investment fund shares	3,109	3,228	3,332	89	5	66	5	3,498	80	-84	-38	-2	3,454	32
Debt securities	5,266	5,226	5,091	-18	-18	-25	19	5,049	-8	-94	-10	-19	4,919	45
Short-term	472	464	431	46	-1	-1	3	479	3	-6	2	-2	474	4
Long-term	4,794	4,761	4,660	-65	-17	-24	16	4,571	-10	-87	-12	-17	4,445	41
Other investment	5,452	5,624	5,599	302	77	-0	0	5,978	-20	-154	-0	-2	5,802	53
of which: Currency and deposits	3,345	3,472	3,412	222	1	-	-23	3,613	-42	-87	-	7	3,491	32
Memo item: Gross external debt	13,796	13,856	13,782	398	46	-25	42	14,243	24	-347	-10	-22	13,889	127
Memo item: Net external debt	1,225	1,165	1,085	-30	-121	-105	101	928	-103	56	46	-8	919	8
Source: ECB.