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Euro area monthly balance of payments: July 2020 (444 KB)

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09/18/2020 | 08:40am EDT

Press release

18 September 2020

Euro area monthly balance of payments: July 2020

  • In July 2020 the current accountof the euro area recorded a surplus of €17 billion, compared with a surplus of €21 billion in June 2020.1
  • In the 12-month period to July 2020, the current account recorded a surplus of €259 billion (2.2% of euro area GDP), compared with a surplus of €304 billion (2.6% of euro area GDP) in the 12 months to July 2019.
  • In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €487 billion in the 12-month period to July 2020 (up from €160 billion in the 12 months to July 2019). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €406 billion (up from €188 billion).

1 References to the current account always relate to data that are seasonally and working day-adjusted, unless otherwise indicated, whereas references to the capital and financial accounts relate to data that are neither seasonally nor working day-adjusted.

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release / 18 September 2020

Euro area monthly balance of payments: July 2020

Chart 1

Euro area current account balance

(EUR billions unless otherwise indicated; working day and seasonally adjusted data)

Source: ECB.

The current account of the euro area recorded a surplus of €17 billion in July 2020, decreasing by €4 billion from the previous month (see Chart 1 and Table 1). Surpluses were recorded for goods (€30 billion) and services (€5 billion). Deficits were recorded for secondary income (€11 billion) and primary income (€6 billion).

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release / 18 September 2020

Euro area monthly balance of payments: July 2020

Table 1

Current account of the euro area

(EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)

Source: ECB.

Note: Discrepancies between totals and their components may be due to rounding.

Data for the current account of the euro area

In the 12 months to July 2020, the current account recorded a surplus of €259 billion (2.2% of euro area GDP), compared with a surplus of €304 billion (2.6% of euro area GDP) in the 12 months to July 2019. The decline was mainly driven by a reduction in the surplus for services (down from €86 billion to €30 billion), but also by a reduction in the surplus for primary income (down from €86 billion to €53 billion). These developments were partly offset by an increase in the surplus for goods (up from €293 billion to €323 billion) and a decrease in the deficit for secondary income (down from €160 billion to €147 billion).

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release / 18 September 2020

Euro area monthly balance of payments: July 2020

Chart 2

Selected items of the euro area financial account

(EUR billions; 12-month cumulated data)

Source: ECB.

Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

In direct investment, euro area residents made net investments of €54 billion in non-euro area assets in the 12-month period to July 2020, following net disinvestments of €221 billion in the 12 months to July 2019 (see Chart 2 and Table 2). At the same time, non-residents made net investments in euro area assets of €43 billion in the 12-month period to July 2020, following net disinvestments of €172 billion in the 12 months to July 2019.

In portfolio investment, net purchases of foreign debt securities by euro area residents increased to €364 billion in the 12-month period to July 2020, following net purchases of €175 billion in the 12 months to July 2019. Over the same period, euro area residents made net purchases of foreign equity of €123 billion, after recording net sales of €14 billion in the 12 months to July 2019. Non-residents made net purchases of euro area debt securities amounting to €52 billion in the 12 months to July 2020, down from net purchases of €61 billion in the 12 months to July 2019. Over the same period, non-residents' net purchases of euro area equity rose to €354 billion from €127 billion.

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Banco de España published this content on 18 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2020 11:39:03 UTC


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