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 2014	Q4 2014	Q1 2015	Q2 2015			Q3 2015
				Transactions	Other changes	Amounts outstanding	Transactions	Other changes	Amounts outstanding	Percentage of GDP
					Net/Balance			-1,163			-1,121	-1,006	38	119	-849	45	-71	-875	-8
of which: Direct investment	1,815	1,845	2,320	-43	-110	2,168	-31	-113	2,024	20
of which: Portfolio investment	-3,336	-3,363	-3,834	127	185	-3,522	121	57	-3,344	-32
of which: Other investment	-184	-172	-113	-45	30	-128	-46	11	-162	-2
Assets	19,137	19,875	21,842	61	-453	21,450	59	-162	21,347	207
Direct investment	7,744	8,248	8,953	97	-178	8,872	106	199	9,177	89
Equity	5,241	5,648	6,105	56	-133	6,028	105	134	6,267	61
Debt instruments	2,503	2,600	2,848	41	-45	2,844	1	65	2,911	28
Portfolio investment	6,234	6,467	7,225	128	-248	7,106	14	-339	6,781	66
Equity	2,260	2,361	2,678	41	-89	2,630	-13	-270	2,347	23
Investment fund shares	407	422	472	-4	-3	465	-7	-6	452	4
Debt securitites	3,568	3,684	4,075	91	-156	4,010	35	-63	3,981	39
Short-term	581	593	647	-5	-14	628	-35	-3	591	6
Long-term	2,987	3,091	3,429	95	-142	3,382	70	-60	3,391	33
Financial derivatives (net assets)	-55	-43	-69	1	43	-25	-2	-10	-37	-0
Other investment	4,616	4,590	5,043	-163	-43	4,836	-63	8	4,781	46
of which: Currency and deposits	2,536	2,552	2,795	-135	-35	2,626	-24	-6	2,596	25
Reserve assets	597	612	690	-2	-30	658	3	-17	644	6
Liabilities	20,301	20,995	22,848	23	-575	22,296	14	-88	22,222	215
Direct investment	5,930	6,403	6,633	140	-68	6,704	138	312	7,154	69
Equity	3,740	4,148	4,181	71	-33	4,219	133	217	4,569	44
Debt instruments	2,190	2,255	2,452	69	-35	2,485	5	95	2,585	25
Portfolio investment	9,571	9,830	11,059	2	-433	10,628	-107	-396	10,125	98
Equity	1,791	1,802	2,243	9	-135	2,116	-49	-213	1,855	18
Investment fund shares	2,912	2,992	3,412	17	-125	3,304	44	-222	3,126	30
Debt securities	4,869	5,036	5,405	-24	-173	5,208	-102	38	5,145	50
Short-term	461	409	444	-25	-2	416	-12	5	409	4
Long-term	4,407	4,626	4,962	1	-171	4,792	-90	33	4,735	46
Other investment	4,800	4,763	5,155	-118	-74	4,963	-17	-3	4,943	48
of which: Currency and deposits	2,902	2,866	3,159	-58	-44	3,058	-12	-13	3,032	29
Memo item: Gross external debt	11,854	12,048	13,008	-	-	12,653	-	-	12,669	123
Memo item: Net external debt	966	966	799	-	-	734	-	-	765	7
Source: ECB.