Table 2: 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)
| Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 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 | -994 | -803 | -556 | 62 | -193 | 68 | 57 | -561 | 162 | -119 | 68 | -57 | -507 | -5 |
| of which: Direct investment | 1,879 | 2,057 | 2,157 | 9 | -73 | -19 | -69 | 2,004 | 16 | -41 | 10 | 0 | 1,990 | 18 |
| of which: Portfolio investment | -2,786 | -2,720 | -2,612 | 26 | -82 | 102 | 128 | -2,439 | 148 | -27 | 64 | -58 | -2,311 | -21 |
| of which: Other investment | -752 | -792 | -766 | 32 | -20 | 0 | -9 | -763 | 8 | -43 | 0 | -4 | -802 | -7 |
| Assets | 23,532 | 23,995 | 25,225 | 196 | -759 | -18 | 38 | 24,681 | 91 | -344 | 98 | -19 | 24,508 | 222 |
| Direct investment | 10,326 | 10,691 | 11,113 | 27 | -297 | -23 | 26 | 10,846 | -140 | -144 | 11 | -21 | 10,553 | 95 |
| Equity | 7,333 | 7,647 | 8,052 | 9 | -217 | -7 | 2 | 7,840 | -126 | -105 | 18 | -19 | 7,607 | 69 |
| Debt instruments | 2,993 | 3,044 | 3,061 | 18 | -81 | -17 | 24 | 3,006 | -14 | -39 | -6 | -1 | 2,945 | 27 |
| Portfolio investment | 7,688 | 7,864 | 8,256 | 171 | -269 | 20 | 20 | 8,198 | 191 | -127 | 93 | -0 | 8,354 | 76 |
| Equity | 2,628 | 2,760 | 2,923 | 50 | -123 | 53 | 19 | 2,922 | 47 | -57 | 87 | 0 | 2,999 | 27 |
| Investment fund shares | 462 | 489 | 505 | 5 | -15 | 6 | -0 | 500 | 10 | -7 | 6 | -0 | 508 | 5 |
| Debt securitites | 4,597 | 4,616 | 4,829 | 116 | -131 | -39 | 2 | 4,776 | 134 | -63 | 1 | -1 | 4,847 | 44 |
| Short-term | 652 | 644 | 686 | -13 | -17 | -8 | 1 | 649 | 18 | -10 | -6 | 0 | 651 | 6 |
| Long-term | 3,946 | 3,972 | 4,144 | 128 | -114 | -31 | 1 | 4,127 | 116 | -53 | 7 | -1 | 4,196 | 38 |
| Financial derivatives (net assets) | -61 | -56 | -62 | -2 | - | 11 | 7 | -47 | -11 | - | -6 | 4 | -59 | -1 |
| Other investment | 4,853 | 4,789 | 5,190 | 1 | -174 | -0 | -15 | 5,001 | 50 | -65 | 0 | -2 | 4,985 | 45 |
| of which: Currency and deposits | 2,649 | 2,649 | 2,824 | -15 | -90 | - | 5 | 2,724 | -5 | -31 | - | -2 | 2,685 | 24 |
| Reserve assets | 727 | 708 | 727 | -2 | -18 | -25 | -0 | 683 | 1 | -8 | -1 | -0 | 675 | 6 |
| Liabilities | 24,526 | 24,798 | 25,781 | 133 | -566 | -86 | -19 | 25,242 | -71 | -225 | 30 | 38 | 25,014 | 226 |
| Direct investment | 8,447 | 8,634 | 8,956 | 18 | -224 | -4 | 95 | 8,841 | -156 | -103 | 1 | -21 | 8,563 | 77 |
| Equity | 5,428 | 5,523 | 5,722 | 11 | -126 | -4 | 47 | 5,650 | -177 | -54 | 1 | -1 | 5,420 | 49 |
| Debt instruments | 3,018 | 3,110 | 3,234 | 7 | -99 | -0 | 49 | 3,191 | 21 | -49 | -0 | -20 | 3,143 | 28 |
| Portfolio investment | 10,474 | 10,584 | 10,869 | 145 | -187 | -82 | -108 | 10,637 | 43 | -100 | 29 | 57 | 10,665 | 97 |
| Equity | 2,007 | 2,134 | 2,286 | 41 | -8 | -23 | -39 | 2,257 | 5 | -11 | 45 | -2 | 2,294 | 21 |
| Investment fund shares | 3,227 | 3,342 | 3,516 | 123 | -84 | -37 | -14 | 3,505 | 111 | -40 | 6 | 13 | 3,595 | 33 |
| Debt securities | 5,240 | 5,109 | 5,066 | -19 | -95 | -22 | -55 | 4,875 | -74 | -50 | -22 | 46 | 4,776 | 43 |
| Short-term | 462 | 429 | 478 | 3 | -6 | 1 | -3 | 473 | -2 | -3 | 2 | -7 | 463 | 4 |
| Long-term | 4,778 | 4,679 | 4,589 | -22 | -89 | -23 | -52 | 4,402 | -72 | -47 | -24 | 53 | 4,313 | 39 |
| Other investment | 5,605 | 5,581 | 5,956 | -31 | -155 | -0 | -7 | 5,764 | 42 | -22 | -0 | 2 | 5,786 | 52 |
| of which: Currency and deposits | 3,471 | 3,412 | 3,616 | -41 | -87 | - | 8 | 3,496 | 58 | -33 | - | -7 | 3,514 | 32 |
| Memo item: Gross external debt | 13,859 | 13,796 | 14,252 | -42 | -349 | -22 | -13 | 13,826 | -10 | -121 | -22 | 28 | 13,701 | 124 |
| Memo item: Net external debt | 1,174 | 1,096 | 924 | -174 | 54 | 34 | -24 | 814 | -180 | 53 | -16 | 32 | 702 | 6 | Source: ECB. |
Table 2: 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)
| Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 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 | -994 | -803 | -556 | 62 | -193 | 68 | 57 | -561 | 162 | -119 | 68 | -57 | -507 | -5 |
| of which: Direct investment | 1,879 | 2,057 | 2,157 | 9 | -73 | -19 | -69 | 2,004 | 16 | -41 | 10 | 0 | 1,990 | 18 |
| of which: Portfolio investment | -2,786 | -2,720 | -2,612 | 26 | -82 | 102 | 128 | -2,439 | 148 | -27 | 64 | -58 | -2,311 | -21 |
| of which: Other investment | -752 | -792 | -766 | 32 | -20 | 0 | -9 | -763 | 8 | -43 | 0 | -4 | -802 | -7 |
| Assets | 23,532 | 23,995 | 25,225 | 196 | -759 | -18 | 38 | 24,681 | 91 | -344 | 98 | -19 | 24,508 | 222 |
| Direct investment | 10,326 | 10,691 | 11,113 | 27 | -297 | -23 | 26 | 10,846 | -140 | -144 | 11 | -21 | 10,553 | 95 |
| Equity | 7,333 | 7,647 | 8,052 | 9 | -217 | -7 | 2 | 7,840 | -126 | -105 | 18 | -19 | 7,607 | 69 |
| Debt instruments | 2,993 | 3,044 | 3,061 | 18 | -81 | -17 | 24 | 3,006 | -14 | -39 | -6 | -1 | 2,945 | 27 |
| Portfolio investment | 7,688 | 7,864 | 8,256 | 171 | -269 | 20 | 20 | 8,198 | 191 | -127 | 93 | -0 | 8,354 | 76 |
| Equity | 2,628 | 2,760 | 2,923 | 50 | -123 | 53 | 19 | 2,922 | 47 | -57 | 87 | 0 | 2,999 | 27 |
| Investment fund shares | 462 | 489 | 505 | 5 | -15 | 6 | -0 | 500 | 10 | -7 | 6 | -0 | 508 | 5 |
| Debt securitites | 4,597 | 4,616 | 4,829 | 116 | -131 | -39 | 2 | 4,776 | 134 | -63 | 1 | -1 | 4,847 | 44 |
| Short-term | 652 | 644 | 686 | -13 | -17 | -8 | 1 | 649 | 18 | -10 | -6 | 0 | 651 | 6 |
| Long-term | 3,946 | 3,972 | 4,144 | 128 | -114 | -31 | 1 | 4,127 | 116 | -53 | 7 | -1 | 4,196 | 38 |
| Financial derivatives (net assets) | -61 | -56 | -62 | -2 | - | 11 | 7 | -47 | -11 | - | -6 | 4 | -59 | -1 |
| Other investment | 4,853 | 4,789 | 5,190 | 1 | -174 | -0 | -15 | 5,001 | 50 | -65 | 0 | -2 | 4,985 | 45 |
| of which: Currency and deposits | 2,649 | 2,649 | 2,824 | -15 | -90 | - | 5 | 2,724 | -5 | -31 | - | -2 | 2,685 | 24 |
| Reserve assets | 727 | 708 | 727 | -2 | -18 | -25 | -0 | 683 | 1 | -8 | -1 | -0 | 675 | 6 |
| Liabilities | 24,526 | 24,798 | 25,781 | 133 | -566 | -86 | -19 | 25,242 | -71 | -225 | 30 | 38 | 25,014 | 226 |
| Direct investment | 8,447 | 8,634 | 8,956 | 18 | -224 | -4 | 95 | 8,841 | -156 | -103 | 1 | -21 | 8,563 | 77 |
| Equity | 5,428 | 5,523 | 5,722 | 11 | -126 | -4 | 47 | 5,650 | -177 | -54 | 1 | -1 | 5,420 | 49 |
| Debt instruments | 3,018 | 3,110 | 3,234 | 7 | -99 | -0 | 49 | 3,191 | 21 | -49 | -0 | -20 | 3,143 | 28 |
| Portfolio investment | 10,474 | 10,584 | 10,869 | 145 | -187 | -82 | -108 | 10,637 | 43 | -100 | 29 | 57 | 10,665 | 97 |
| Equity | 2,007 | 2,134 | 2,286 | 41 | -8 | -23 | -39 | 2,257 | 5 | -11 | 45 | -2 | 2,294 | 21 |
| Investment fund shares | 3,227 | 3,342 | 3,516 | 123 | -84 | -37 | -14 | 3,505 | 111 | -40 | 6 | 13 | 3,595 | 33 |
| Debt securities | 5,240 | 5,109 | 5,066 | -19 | -95 | -22 | -55 | 4,875 | -74 | -50 | -22 | 46 | 4,776 | 43 |
| Short-term | 462 | 429 | 478 | 3 | -6 | 1 | -3 | 473 | -2 | -3 | 2 | -7 | 463 | 4 |
| Long-term | 4,778 | 4,679 | 4,589 | -22 | -89 | -23 | -52 | 4,402 | -72 | -47 | -24 | 53 | 4,313 | 39 |
| Other investment | 5,605 | 5,581 | 5,956 | -31 | -155 | -0 | -7 | 5,764 | 42 | -22 | -0 | 2 | 5,786 | 52 |
| of which: Currency and deposits | 3,471 | 3,412 | 3,616 | -41 | -87 | - | 8 | 3,496 | 58 | -33 | - | -7 | 3,514 | 32 |
| Memo item: Gross external debt | 13,859 | 13,796 | 14,252 | -42 | -349 | -22 | -13 | 13,826 | -10 | -121 | -22 | 28 | 13,701 | 124 |
| Memo item: Net external debt | 1,174 | 1,096 | 924 | -174 | 54 | 34 | -24 | 814 | -180 | 53 | -16 | 32 | 702 | 6 | Source: ECB. |