Table 2: Monthly balance of payments of the euro area ( 1 )
(EUR billions; non−seasonally adjusted data)
| May 2004 | April 2004 (revised) | Monthly average, previous six months | 12-month cumulated figures ending | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| November 2003 - April 2004 | May 2004 | May 2003 | |||||||||||||
| 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 | 143.4 | 140.3 | 3.2 | 145.9 | 145.5 | 0.3 | 142.7 | 138.8 | 3.8 | 1697.4 | 1649.7 | 47.7 | 1695.6 | 1653.3 | 42.3 |
| Goods | 92.4 | 81.3 | 11.1 | 94.1 | 83.5 | 10.7 | 88.9 | 79.6 | 9.3 | 1065.0 | 937.5 | 127.5 | 1051.6 | 932.5 | 119.2 |
| Services | 28.5 | 25.1 | 3.4 | 26.0 | 25.4 | 0.5 | 26.0 | 26.0 | 0.0 | 327.7 | 315.9 | 11.8 | 330.5 | 311.2 | 19.2 |
| Income | 17.6 | 23.2 | -5.6 | 21.1 | 27.8 | -6.7 | 19.2 | 21.4 | -2.2 | 223.8 | 259.0 | -35.2 | 228.6 | 275.1 | -46.5 |
| Current transfers | 5.0 | 10.7 | -5.8 | 4.7 | 8.9 | -4.2 | 8.5 | 11.9 | -3.4 | 80.9 | 137.3 | -56.4 | 84.9 | 134.5 | -49.6 |
| CAPITAL ACCOUNT | 2.7 | 0.3 | 2.3 | 1.1 | 0.4 | 0.7 | 2.3 | 0.7 | 1.6 | 24.8 | 7.2 | 17.6 | 18.2 | 11.0 | 7.3 |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
| FINANCIALACCOUNT2) | -8.5 | -8.5 | -4.3 | -61.6 | -139.5 | ||||||||||
| DIRECTINVESTMENT3) | -1.1 | 0.3 | -0.7 | -7.9 | 4.9 | -2.9 | -8.3 | 2.9 | -5.4 | -91.8 | 44.1 | -47.7 | -153.2 | 139.4 | -13.8 |
| Equity capital and reinvested earnings | -7.4 | 3.5 | -3.9 | -3.1 | 1.6 | -1.4 | -5.9 | 5.4 | -0.5 | -81.5 | 64.7 | -16.8 | -124.2 | 119.2 | -5.1 |
| Other capital (mostly inter-company loans) | 6.3 | -3.2 | 3.2 | -4.8 | 3.3 | -1.5 | -2.4 | -2.5 | -4.9 | -10.3 | -20.5 | -30.9 | -29.0 | 20.3 | -8.7 |
| PORTFOLIO INVESTMENT | -18.6 | -7.2 | -25.8 | -29.8 | 26.8 | -3.0 | -25.1 | 21.5 | -3.6 | -313.4 | 266.2 | -47.2 | -175.4 | 305.1 | 129.7 |
| Equity | -4.6 | -0.4 | -5.0 | -2.5 | -12.9 | -15.4 | -7.5 | 5.1 | -2.4 | -98.8 | 100.4 | 1.6 | -9.3 | 31.1 | 21.8 |
| Debt instruments | -14.0 | -6.8 | -20.8 | -27.3 | 39.7 | 12.3 | -17.5 | 16.4 | -1.2 | -214.6 | 165.8 | -48.8 | -166.1 | 274.0 | 107.9 |
| Bonds and notes | -16.4 | 11.5 | -4.9 | -8.7 | 27.2 | 18.4 | -11.5 | 14.7 | 3.2 | -158.2 | 172.0 | 13.8 | -127.9 | 190.4 | 62.6 |
| Money market instruments | 2.4 | -18.3 | -16.0 | -18.6 | 12.5 | -6.1 | -6.1 | 1.7 | -4.4 | -56.4 | -6.2 | -62.6 | -38.3 | 83.6 | 45.3 |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | -19.7 | -6.9 | -26.6 | -37.7 | 31.8 | -5.9 | -33.4 | 24.4 | -8.9 | -405.2 | 310.3 | -94.9 | -328.6 | 444.5 | 115.9 |
| FINANCIAL DERIVATIVES (NET) | -1.3 | -0.0 | 0.1 | -4.0 | -18.7 | ||||||||||
| OTHER INVESTMENT | 13.2 | 5.5 | 18.7 | -55.5 | 55.6 | 0.2 | -43.0 | 44.3 | 1.3 | -233.7 | 247.2 | 13.5 | -354.5 | 113.8 | -240.7 |
| Eurosystem | -0.1 | 0.1 | -0.0 | 0.6 | 0.6 | 1.1 | -0.1 | -0.4 | -0.5 | -1.2 | 6.8 | 5.7 | -0.1 | 18.5 | 18.4 |
| General government | 0.2 | 0.5 | 0.7 | -1.0 | -0.2 | -1.2 | 0.0 | -1.5 | -1.5 | 2.3 | -5.5 | -3.2 | -5.5 | -9.9 | -15.4 |
| of which: currency and deposits | 0.3 | 0.3 | -0.8 | -0.8 | |||||||||||
| MFIs (excluding the Eurosystem) | 16.4 | 10.8 | 27.1 | -53.1 | 55.3 | 2.2 | -40.5 | 40.4 | -0.1 | -214.9 | 242.9 | 28.0 | -233.8 | 59.4 | -174.4 |
| long-term | 1.6 | 2.8 | 4.5 | -8.3 | -2.1 | -10.4 | -6.6 | 3.5 | -3.0 | -62.3 | 45.7 | -16.6 | -40.7 | 41.0 | 0.3 |
| short-term | 14.7 | 7.9 | 22.7 | -44.9 | 57.4 | 12.5 | -33.9 | 36.9 | 3.0 | -152.6 | 197.2 | 44.6 | -193.1 | 18.4 | -174.7 |
| Other sectors | -3.2 | -5.9 | -9.1 | -1.8 | -0.1 | -1.9 | -2.5 | 5.8 | 3.3 | -20.0 | 3.1 | -16.9 | -115.0 | 45.8 | -69.3 |
| of which: currency and deposits | 3.9 | 3.9 | 5.4 | 5.4 | |||||||||||
| RESERVE ASSETS | 0.7 | 0.7 | -2.7 | -2.7 | 3.3 | 3.3 | 23.7 | 23.7 | 4.0 | 4.0 | |||||
| Errors and omissions | 3.0 | 7.5 | -1.1 | -3.7 | 90.0 | ||||||||||