Table 1: International investment position of the euro area, including breakdown of changes from end- 2005 to end- 2006
(EUR billions unless otherwise indicated; outstanding amounts at end-of-period, flows during period)
| 2003 | 2004 | 2005 | 2006 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Totalchanges | Transactions1) | Other changesin outstanding amountsreflecting: | End-of-periodoutstandingamounts | ||||||||||||
| as % of2005 i.i.p. | pricechanges | exchangeratechanges | otheradjustments | as % ofGDP | |||||||||||
| Source: ECB. | |||||||||||||||
| ( 1 ) In this table, contrary to the balance of payments sign convention, a positive (negative) number indicates an increase (decrease) of euro area assets. | |||||||||||||||
| Financial account balance/Net international investment position | -790.7 | -888.7 | -837.7 | -186.7 | -118.0 | - | 45.7 | -151.9 | 37.4 | -1,024.4 | -12.1 | ||||
| Direct investment | 85.1 | 78.2 | 361.8 | 55.3 | 136.4 | - | 29.4 | -80.3 | -30.2 | 417.1 | 4.9 | ||||
| Abroad | 2,169.3 | 2,321.2 | 2,809.4 | 266.5 | 334.3 | 11.9 | 75.6 | -65.9 | -77.5 | 3,075.9 | 36.5 | ||||
| Equity/reinvested earnings | 1,726.8 | 1,893.0 | 2,290.8 | 219.7 | 265.2 | 11.6 | 75.6 | -42.8 | -78.3 | 2,510.5 | 29.8 | ||||
| Other capital | 442.5 | 428.2 | 518.6 | 46.8 | 69.1 | 13.3 | 0.0 | -23.1 | 0.8 | 565.4 | 6.7 | ||||
| In the euro area | 2,084.2 | 2,243.0 | 2,447.6 | 211.2 | 197.9 | 8.1 | 46.2 | 14.4 | -47.3 | 2,658.8 | 31.5 | ||||
| Equity/reinvested earnings | 1,510.1 | 1,669.7 | 1,841.2 | 198.7 | 172.3 | 9.4 | 46.2 | 13.2 | -33.0 | 2,039.8 | 24.2 | ||||
| Other capital | 574.1 | 573.3 | 606.5 | 12.5 | 25.6 | 4.2 | 0.0 | 1.2 | -14.3 | 619.0 | 7.3 | ||||
| Portfolio investment | -930.5 | -1,044.7 | -1,233.9 | -290.0 | -276.4 | - | -5.2 | -33.8 | 25.3 | -1,523.9 | -18.1 | ||||
| Assets | 2,655.4 | 3,036.5 | 3,876.6 | 564.7 | 535.0 | 13.8 | 220.7 | -84.8 | -106.2 | 4,441.3 | 52.7 | ||||
| Equity securities | 1,090.6 | 1,249.8 | 1,725.0 | 287.0 | 156.3 | 9.1 | 248.6 | -47.0 | -70.9 | 2,012.0 | 23.9 | ||||
| Debt securities | 1,564.8 | 1,786.8 | 2,151.6 | 277.7 | 378.7 | 17.6 | -27.9 | -37.8 | -35.2 | 2,429.3 | 28.8 | ||||
| Bonds and notes | 1,323.4 | 1,499.8 | 1,835.6 | 215.9 | 309.5 | 16.9 | -27.9 | -26.9 | -38.7 | 2,051.5 | 24.3 | ||||
| Money market instruments | 241.3 | 287.0 | 316.0 | 61.8 | 69.2 | 21.9 | 0.0 | -10.9 | 3.5 | 377.8 | 4.5 | ||||
| Liabilities | 3,585.9 | 4,081.3 | 5,110.5 | 854.8 | 811.4 | 15.9 | 225.9 | -51.1 | -131.4 | 5,965.2 | 70.7 | ||||
| Equity securities | 1,571.4 | 1,766.2 | 2,434.4 | 498.1 | 309.2 | 12.7 | 297.4 | -46.5 | -62.0 | 2,932.5 | 34.8 | ||||
| Debt securities | 2,014.4 | 2,315.1 | 2,676.0 | 356.7 | 502.2 | 18.8 | -71.6 | -4.6 | -69.4 | 3,032.7 | 36.0 | ||||
| Bonds and notes | 1,774.4 | 2,089.1 | 2,371.1 | 367.6 | 500.1 | 21.1 | -71.6 | -4.7 | -56.2 | 2,738.8 | 32.5 | ||||
| Money market instruments | 240.0 | 226.0 | 304.9 | -10.9 | 2.1 | 0.7 | 0.0 | 0.1 | -13.2 | 293.9 | 3.5 | ||||
| Financial derivatives | -19.8 | -37.3 | -46.1 | 2.7 | -2.5 | - | 5.1 | 0.0 | 0.0 | -43.5 | -0.5 | ||||
| Other investment | -232.3 | -165.8 | -239.6 | 39.6 | 23.2 | - | 0.0 | -22.7 | 39.1 | -200.0 | -2.4 | ||||
| Assets | 2,706.1 | 3,002.7 | 3,769.1 | 623.0 | 721.5 | 19.1 | 0.0 | -126.3 | 27.8 | 4,392.0 | 52.1 | ||||
| Eurosystem | 5.9 | 5.1 | 5.8 | 3.0 | 2.9 | 50.2 | 0.0 | 0.0 | 0.1 | 8.8 | 0.1 | ||||
| General government | 127.5 | 130.5 | 127.6 | -10.5 | -1.8 | -1.4 | 0.0 | -2.2 | -6.5 | 117.1 | 1.4 | ||||
| MFIs excluding Eurosystem | 1,773.0 | 1,996.2 | 2,514.7 | 423.6 | 524.1 | 20.8 | 0.0 | -77.5 | -23.0 | 2,938.3 | 34.8 | ||||
| Other sectors | 799.6 | 870.9 | 1,121.0 | 206.9 | 196.2 | 17.5 | 0.0 | -46.6 | 57.2 | 1,327.9 | 15.7 | ||||
| Liabilities | 2,938.3 | 3,168.5 | 4,008.6 | 583.4 | 698.3 | 17.4 | 0.0 | -103.6 | -11.3 | 4,592.0 | 54.5 | ||||
| Eurosystem | 66.2 | 74.7 | 82.4 | 17.8 | 18.5 | 22.5 | 0.0 | 0.0 | -0.7 | 100.2 | 1.2 | ||||
| General government | 46.2 | 45.8 | 44.3 | 3.4 | 1.4 | 3.2 | 0.0 | 0.0 | 2.0 | 47.8 | 0.6 | ||||
| MFIs excluding Eurosystem | 2,273.2 | 2,465.4 | 3,098.0 | 369.3 | 495.7 | 16.0 | 0.0 | -88.6 | -37.8 | 3,467.3 | 41.1 | ||||
| Other sectors | 552.8 | 582.6 | 783.9 | 192.9 | 182.6 | 23.3 | 0.0 | -15.0 | 25.3 | 976.8 | 11.6 | ||||
| Reserve assets | 306.7 | 281.0 | 320.1 | 5.7 | 1.3 | 0.4 | 16.4 | -15.2 | 3.3 | 325.8 | 3.9 | ||||
| Breakdown of direct investment in equity | |||||||||||||||
| Abroad | - | - | 2,290.8 | 219.7 | 265.2 | 11.6 | 75.6 | -42.8 | -78.3 | 2,510.5 | 29.8 | ||||
| In listed companies (market value) | - | - | 166.2 | - | - | - | - | - | - | 199.2 | 2.4 | ||||
| In unlisted companies | - | - | 2,043.4 | - | - | - | - | - | - | 2,227.4 | 26.4 | ||||
| Real estate and other | - | - | 81.2 | - | - | - | - | - | - | 83.9 | 1.0 | ||||
| Memo: In listed companies (book value) | - | - | 87.5 | - | - | - | - | - | - | 111.3 | 1.3 | ||||
| In the euro area | - | - | 1,841.2 | 198.7 | 172.3 | 9.4 | 46.2 | 13.2 | -33.0 | 2,039.8 | 24.2 | ||||
| In listed companies (market value) | - | - | 57.4 | - | - | - | - | - | - | 67.2 | 0.8 | ||||
| In unlisted companies | - | - | 1,704.0 | - | - | - | - | - | - | 1,880.2 | 22.3 | ||||
| Real estate and other | - | - | 79.8 | - | - | - | - | - | - | 92.4 | 1.1 | ||||
| Memo: In listed companies (book value) | - | - | 23.3 | - | - | - | - | - | - | 24.3 | 0.3 | ||||