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 2016	Q1 2017	Q2 2017	Q3 2017					Q4 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	-740	-445			-433	127	-126			55	27	-350	179	-80	178	-77	-150	-1.3
of which: Direct investment	2,036	2,151	2,128	-7	-42	7	10	2,096	51	-37	11	-71	2,050	18.4
of which: Portfolio investment	-2,629	-2,490	-2,450	134	-25	54	-8	-2,295	75	-24	170	-20	-2,095	-18.8
of which: Other investment	-797	-772	-748	9	-51	0	21	-768	45	-15	0	15	-724	-6.5
Assets	23,996	25,245	24,718	70	-352	96	23	24,555	147	-162	136	-28	24,648	220.8
Direct investment	10,743	11,172	10,918	-153	-149	8	-20	10,604	74	-78	-12	-28	10,561	94.6
Equity	7,633	8,056	7,900	-136	-109	14	-25	7,644	88	-53	5	-13	7,670	68.7
Debt instruments	3,110	3,116	3,019	-17	-41	-6	5	2,959	-13	-25	-16	-14	2,891	25.9
Portfolio investment	7,829	8,226	8,149	188	-127	94	10	8,314	102	-53	151	-14	8,499	76.1
Equity	2,726	2,885	2,868	48	-57	89	9	2,956	39	-20	134	-8	3,101	27.8
Investment fund shares	488	502	500	10	-7	6	2	510	-1	-3	12	1	518	4.6
Debt securitites	4,615	4,839	4,780	130	-62	0	-1	4,848	65	-30	5	-7	4,881	43.7
Short-term	640	684	647	18	-10	-6	-3	647	10	-6	-2	10	659	5.9
Long-term	3,975	4,155	4,133	112	-53	6	2	4,201	55	-24	6	-16	4,222	37.8
Financial derivatives (net assets)	-56	-61	-46	-10	-	-5	4	-57	6	-	1	-1	-51	-0.5
Other investment	4,773	5,181	5,014	45	-68	0	28	5,019	-38	-28	0	15	4,969	44.5
of which: Currency and deposits	2,656	2,828	2,734	-10	-33	-	15	2,706	-12	-20	-	-5	2,670	23.9
Reserve assets	708	727	683	1	-8	-1	-0	675	2	-4	-4	0	670	6.0
Liabilities	24,736	25,690	25,151	-57	-227	42	-4	24,905	-32	-83	-42	50	24,798	222.1
Direct investment	8,707	9,021	8,790	-146	-107	1	-29	8,508	24	-41	-23	43	8,511	76.2
Equity	5,560	5,747	5,606	-161	-58	1	-16	5,371	-8	-22	-18	40	5,363	48.0
Debt instruments	3,147	3,274	3,184	15	-49	-0	-13	3,137	31	-19	-5	4	3,148	28.2
Portfolio investment	10,459	10,716	10,599	54	-102	41	18	10,609	27	-29	-19	6	10,594	94.9
Equity	2,073	2,209	2,197	-14	-11	52	-11	2,212	16	3	-23	1	2,209	19.8
Investment fund shares	3,335	3,499	3,492	116	-40	6	3	3,577	113	-15	35	-3	3,707	33.2
Debt securities	5,051	5,008	4,910	-48	-51	-17	26	4,820	-103	-17	-31	8	4,678	41.9
Short-term	439	484	477	0	-2	2	-4	472	-49	-0	-2	-4	416	3.7
Long-term	4,612	4,524	4,433	-48	-49	-18	30	4,348	-53	-16	-29	12	4,262	38.2
Other investment	5,570	5,953	5,762	36	-17	-0	7	5,788	-83	-13	-0	0	5,693	51.0
of which: Currency and deposits	3,412	3,617	3,497	52	-33	-	-1	3,515	-48	-15	-	-6	3,446	30.9
Memo item: Gross external debt	13,763	14,232	13,852	3	-118	-17	20	13,741	-154	-48	-36	12	13,515	121.0
Memo item: Net external debt	1,016	848	810	-155	60	-10	-10	695	-167	37	-23	18	560	5.0
Source: ECB.