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)

	Q1 2016	Q2 2016	Q3 2016	Q4 2016					Q1 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	-1,019	-808			-743	84	123			-31	-89	-656	53	145	85	12	-361	-3
of which: Direct investment	1,714	1,665	1,769	17	75	21	-18	1,864	37	10	-5	149	2,054	19
of which: Portfolio investment	-2,883	-2,559	-2,476	93	31	-15	-73	-2,440	77	29	83	-127	-2,378	-22
of which: Other investment	-495	-571	-700	-46	8	0	5	-733	-73	107	-0	-13	-712	-7
Assets	22,268	22,883	23,116	95	486	3	-103	23,598	567	182	325	62	24,734	228
Direct investment	9,768	9,941	9,912	120	223	31	-38	10,246	147	-21	106	136	10,614	98
Equity	6,830	6,962	6,961	119	145	23	16	7,265	94	-11	106	128	7,581	70
Debt instruments	2,938	2,979	2,950	2	77	7	-55	2,982	53	-10	-0	8	3,032	28
Portfolio investment	7,105	7,430	7,690	15	146	10	23	7,884	168	15	213	-57	8,223	76
Equity	2,437	2,530	2,647	21	63	56	11	2,797	18	14	120	-39	2,910	27
Investment fund shares	440	449	454	4	12	7	4	481	12	-2	13	1	505	5
Debt securitites	4,228	4,451	4,589	-10	72	-53	8	4,606	138	3	80	-19	4,809	44
Short-term	632	645	652	-26	6	7	4	644	47	-1	-1	-4	684	6
Long-term	3,596	3,806	3,936	16	66	-60	4	3,962	92	4	81	-15	4,125	38
Financial derivatives (net assets)	-31	-65	-62	15	-	-4	-3	-54	15	-	-15	2	-51	-0
Other investment	4,751	4,855	4,850	-59	108	0	-85	4,814	239	188	-0	-19	5,222	48
of which: Currency and deposits	2,543	2,715	2,655	-45	60	-	10	2,681	173	52	-	-56	2,850	26
Reserve assets	675	722	727	5	9	-33	0	708	-3	-1	22	0	727	7
Liabilities	23,287	23,691	23,859	12	364	34	-15	24,254	514	36	241	51	25,095	232
Direct investment	8,053	8,276	8,143	103	148	9	-20	8,383	110	-31	111	-13	8,560	79
Equity	5,062	5,192	5,139	54	67	3	23	5,286	44	-13	107	27	5,451	50
Debt instruments	2,991	3,084	3,004	48	81	6	-43	3,096	67	-18	4	-41	3,109	29
Portfolio investment	9,988	9,989	10,166	-78	115	24	96	10,324	91	-13	130	70	10,601	98
Equity	1,725	1,713	1,807	-7	1	134	12	1,947	-9	6	105	58	2,107	19
Investment fund shares	3,046	3,163	3,292	32	47	20	9	3,401	91	5	67	10	3,573	33
Debt securities	5,217	5,113	5,067	-104	67	-130	75	4,976	9	-24	-42	2	4,921	45
Short-term	404	456	449	-20	5	-3	-10	422	47	-1	0	-14	454	4
Long-term	4,812	4,657	4,618	-83	62	-127	85	4,555	-38	-23	-42	15	4,467	41
Other investment	5,246	5,426	5,550	-13	100	0	-91	5,547	312	81	-0	-6	5,934	55
of which: Currency and deposits	3,150	3,344	3,476	-31	58	-	-89	3,414	222	11	-	-41	3,606	33
Memo item: Gross external debt	13,450	13,619	13,617	-68	249	-124	-59	13,616	388	39	-39	-45	13,960	129
Memo item: Net external debt	1,306	1,095	985	-4	-17	-74	73	963	-39	-141	-119	-17	647	6
Source: ECB.