Euro area monthly balance of payments: July 2022
20 September 2022
- Current account recorded €20 billion deficit in July 2022, down from €4 billion surplus in previous month
- Current account surplus amounted to €63 billion (0.5% of euro area GDP) in 12 months to July 2022, down from €370 billion (3.1%) one year earlier
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €74 billion and non-residents’ net sales of euro area portfolio investment securities totalled €138 billion in 12 months to July 2022
Chart 1
Euro area current account balance
The current account of the euro area recorded a deficit of €20 billion in July 2022, a decrease of €24 billion from the previous month (Chart 1 and Table 1). Deficits were recorded for goods (€18 billion) and secondary income (€15 billion). These were partly offset by surpluses for services (€10 billion) and primary income (€3 billion).
Table 1
Current account of the euro area
In the 12 months to July 2022, the current account recorded a surplus of €63 billion (0.5% of euro area GDP), compared with a surplus of €370 billion (3.1% of euro area GDP) in the 12 months to July 2021.
This decline was predominantly driven by a reduction in the surplus for goods (down from €383 billion to €60 billion) and, to a lesser extent, by a smaller surplus for primary income (down from €65 billion to €31 billion). This development was partly offset by a larger surplus for services (up from €83 billion to €132 billion) and a smaller deficit for secondary income (down from €161 billion to €160 billion).
Chart 2
Selected items of the euro area financial account
In direct investment, euro area residents made net investments of €114 billion in non-euro area assets in the 12-month period to July 2022, following net investments of €7 billion in the 12 months to July 2021 (Chart 2 and Table 2). Non-residents disinvested €100 billion in net terms from euro area assets in the 12-month period to July 2022, following net disinvestments of €26 billion in the 12 months to July 2021.
In portfolio investment, euro area residents switched from net purchases of non-euro area equity of €554 billion in the 12 months to July 2021 to net sales of €55 billion in the 12 months to July 2022. Over the same period, euro area residents’ net purchases of non-euro area debt securities decreased to €129 billion, down from €428 billion in the 12 months to July 2021. Non-residents’ net purchases of euro area equity decreased to €112 billion in the 12-month period to July 2022, down from €344 billion in the 12 months to July 2021. Over the same period, non-residents made net sales of euro area debt securities amounting to €249 billion, following net sales of €241 billion in the 12 months to July 2021.
Table 2
Financial account of the euro area
In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €377 billion in the 12 months to July 2022 (following net acquisitions of €45 billion in the 12 months to July 2021), while their net incurrence of liabilities increased to €858 billion (up from €453 billion in the 12 months to July 2021).
Chart 3
Monetary presentation of the balance of payments
THE MONETARY PRESENTATION OF THE BALANCE OF PAYMENTS (CHART 3) SHOWS THAT THE NET EXTERNAL ASSETS (ENHANCED) OF EURO AREA MFIS DECREASED BY €168 BILLION IN THE 12-MONTH PERIOD TO JULY 2022. THIS DECREASE WAS MAINLY DRIVEN BY EURO AREA NON-MFIS’ NET OUTFLOWS IN DIRECT INVESTMENT, PORTFOLIO INVESTMENT DEBT AND, TO A LESSER EXTENT, OTHER INVESTMENT. THESE DEVELOPMENTS WERE PARTLY OFFSET BY THE CURRENT AND CAPITAL ACCOUNTS SURPLUS AND BY EURO AREA NON-MFIS’ NET INFLOWS IN PORTFOLIO INVESTMENT EQUITY.IN JULY 2022 THE EUROSYSTEM’S STOCK OF RESERVE ASSETS INCREASED TO €1,129.1 BILLION, UP FROM €1,122.1 BILLION IN THE PREVIOUS MONTH (TABLE 3). THIS INCREASE WAS DRIVEN MOSTLY BY POSITIVE EXCHANGE RATE CHANGES (€9.4 BILLION) AND, TO A LESSER EXTENT, BY NET ACQUISITIONS OF ASSETS (€1.6 BILLION) THAT WERE PARTIALLY OFFSET BY NEGATIVE PRICE CHANGES (€3.9 BILLION).
Table 3
Reserve assets of the euro area
Data revisions
THIS PRESS RELEASE DOES NOT INCORPORATE REVISIONS TO THE DATA FOR PREVIOUS PERIODS.
Next releases:
- Quarterly balance of payments and international investment position: 5 October 2022 (reference data up to the second quarter of 2022)
- Monthly balance of payments: 20 October 2022 (reference data up to August 2022)
For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.
Notes
- Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
- Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.
European Central Bank
Directorate General Communications
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