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Table 2: Monthly balance of payments of the euro area ( 1 )
(EUR billions; non−seasonally adjusted data)
| January 2005 | December 2004 (revised) | Monthly average, previous six months | 12-month cumulated figures ending | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| July 2004 - December 2004 | January 2005 | January 2004 | |||||||||||||
| 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 | 149.5 | 157.4 | -7.9 | 161.7 | 154.4 | 7.3 | 152.5 | 148.7 | 3.8 | 1809.1 | 1772.0 | 37.1 | 1673.2 | 1649.1 | 24.0 |
| Goods | 87.3 | 86.9 | 0.4 | 97.7 | 90.1 | 7.6 | 96.5 | 88.9 | 7.6 | 1137.3 | 1036.3 | 101.0 | 1038.1 | 928.8 | 109.3 |
| Services | 25.9 | 26.3 | -0.3 | 30.0 | 29.3 | 0.7 | 30.0 | 28.0 | 2.0 | 347.1 | 324.6 | 22.5 | 327.2 | 310.2 | 17.1 |
| Income | 18.7 | 23.4 | -4.7 | 25.6 | 23.9 | 1.7 | 20.3 | 21.1 | -0.8 | 243.5 | 271.3 | -27.8 | 227.0 | 271.8 | -44.9 |
| Current transfers | 17.6 | 20.9 | -3.3 | 8.3 | 11.0 | -2.7 | 5.6 | 10.7 | -5.1 | 81.2 | 139.8 | -58.7 | 80.9 | 138.3 | -57.4 |
| CAPITAL ACCOUNT | 1.6 | 0.6 | 1.0 | 3.3 | 0.8 | 2.5 | 1.9 | 0.5 | 1.4 | 22.5 | 5.9 | 16.6 | 21.5 | 10.1 | 11.4 |
| Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | Assets | Liabilities | Balance | |
| FINANCIALACCOUNT2) | 24.3 | 4.1 | 1.3 | 38.4 | -39.4 | ||||||||||
| DIRECTINVESTMENT3) | -10.9 | -2.2 | -13.1 | 4.9 | 0.8 | 5.8 | -8.1 | 7.9 | -0.2 | -106.4 | 62.6 | -43.8 | -122.3 | 110.2 | -12.1 |
| Equity capital and reinvested earnings | -6.9 | 3.0 | -3.9 | -5.7 | 6.3 | 0.5 | -9.5 | 5.4 | -4.1 | -106.1 | 52.7 | -53.4 | -99.6 | 111.6 | 12.0 |
| Other capital (mostly inter-company loans) | -3.9 | -5.2 | -9.2 | 10.7 | -5.4 | 5.2 | 1.4 | 2.4 | 3.9 | -0.3 | 9.9 | 9.6 | -22.7 | -1.4 | -24.1 |
| PORTFOLIO INVESTMENT | -54.3 | 36.1 | -18.2 | 4.7 | 33.4 | 38.2 | -21.5 | 27.7 | 6.2 | -281.0 | 327.8 | 46.8 | -304.4 | 336.8 | 32.5 |
| Equity | -16.0 | 10.5 | -5.5 | 11.2 | 28.9 | 40.0 | -3.1 | 17.9 | 14.9 | -71.2 | 136.3 | 65.0 | -80.5 | 100.0 | 19.5 |
| Debt instruments | -38.3 | 25.7 | -12.6 | -6.4 | 4.5 | -1.9 | -18.4 | 9.7 | -8.7 | -209.8 | 191.5 | -18.3 | -223.9 | 236.8 | 12.9 |
| Bonds and notes | -29.1 | 4.4 | -24.7 | -7.3 | 12.3 | 4.9 | -13.0 | 13.0 | 0.0 | -162.9 | 179.1 | 16.2 | -184.1 | 210.3 | 26.2 |
| Money market instruments | -9.2 | 21.2 | 12.0 | 0.9 | -7.7 | -6.8 | -5.4 | -3.3 | -8.7 | -46.9 | 12.4 | -34.5 | -39.8 | 26.5 | -13.2 |
| MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT | -65.1 | 33.9 | -31.2 | 9.7 | 34.3 | 43.9 | -29.6 | 35.6 | 6.0 | -387.5 | 390.4 | 2.9 | -426.7 | 447.0 | 20.3 |
| FINANCIAL DERIVATIVES (NET) | -3.9 | -3.0 | -1.5 | -8.4 | -9.2 | ||||||||||
| OTHER INVESTMENT | -50.2 | 111.1 | 60.9 | 10.0 | -48.4 | -38.5 | -15.6 | 11.5 | -4.2 | -281.0 | 310.9 | 29.9 | -298.3 | 222.4 | -75.9 |
| Eurosystem | 0.7 | 3.9 | 4.6 | 0.3 | 0.3 | 0.6 | -0.1 | 1.1 | 1.0 | 0.7 | 8.3 | 9.0 | -1.7 | 14.1 | 12.4 |
| General government | -1.5 | 2.6 | 1.1 | 2.5 | -4.9 | -2.4 | 0.6 | -0.5 | 0.2 | -2.8 | 1.1 | -1.7 | 1.3 | -2.3 | -1.0 |
| of which: currency and deposits | -1.2 | -1.2 | 2.3 | 2.3 | 0.6 | 0.6 | -2.4 | -2.4 | |||||||
| MFIs (excluding the Eurosystem) | -33.9 | 97.7 | 63.8 | -4.8 | -38.2 | -43.0 | -16.5 | 10.8 | -5.7 | -232.0 | 266.8 | 34.7 | -219.1 | 210.7 | -8.3 |
| long-term | -15.1 | 16.6 | 1.5 | -10.1 | -8.2 | -18.3 | -1.9 | -0.9 | -2.8 | -38.1 | 14.1 | -24.0 | -57.2 | 66.1 | 8.9 |
| short-term | -18.8 | 81.1 | 62.3 | 5.3 | -30.0 | -24.7 | -14.6 | 11.7 | -2.9 | -193.9 | 252.7 | 58.7 | -161.9 | 144.6 | -17.3 |
| Other sectors | -15.5 | 6.9 | -8.6 | 12.0 | -5.7 | 6.3 | 0.4 | 0.1 | 0.4 | -46.9 | 34.8 | -12.1 | -78.7 | -0.2 | -78.9 |
| of which: currency and deposits | -12.5 | -12.5 | 9.7 | 9.7 | -0.6 | -0.6 | -27.3 | -27.3 | |||||||
| RESERVE ASSETS | -1.5 | -1.5 | 1.6 | 1.6 | 1.0 | 1.0 | 13.9 | 13.9 | 25.3 | 25.3 | |||||
| Errors and omissions | -17.4 | -13.9 | -6.5 | -92.0 | 4.0 | ||||||||||