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 2015	Q4 2015	Q1 2016	Q2 2016					Q3 2016
				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	-1,311	-1,075			-1,077	62	100			143	-165	-937	166	-47	-46	-2	-867	-8
of which: Direct investment	1,656	1,731	1,678	-38	26	10	-67	1,610	125	-36	-21	15	1,693	16
of which: Portfolio investment	-3,309	-3,125	-2,997	157	51	84	-9	-2,716	168	-11	-2	-38	-2,598	-24
of which: Other investment	-257	-280	-411	-14	15	0	-89	-499	-161	1	-0	19	-639	-6
Assets	21,708	22,235	22,100	206	177	141	31	22,655	205	-79	77	-7	22,851	214
Direct investment	9,435	9,814	9,676	-13	53	-12	106	9,809	37	-49	-53	3	9,747	91
Equity	6,564	6,880	6,792	41	41	-23	53	6,904	61	-37	-50	1	6,879	64
Debt instruments	2,871	2,934	2,884	-54	12	11	53	2,904	-23	-12	-4	2	2,868	27
Portfolio investment	6,852	7,176	7,111	122	93	105	-3	7,428	138	-19	154	-13	7,690	72
Equity	2,416	2,575	2,439	18	47	27	4	2,534	20	-5	109	-5	2,652	25
Investment fund shares	451	466	437	-15	5	19	1	447	0	-2	7	-0	451	4
Debt securitites	3,984	4,135	4,236	120	41	60	-8	4,448	118	-12	39	-7	4,586	43
Short-term	590	637	631	8	8	-3	4	646	9	-1	-3	3	655	6
Long-term	3,395	3,498	3,605	112	33	63	-12	3,801	109	-11	42	-11	3,931	37
Financial derivatives (net assets)	-46	-45	-22	-45	-	12	0	-54	26	-	-23	2	-49	-0
Other investment	4,822	4,646	4,660	140	23	0	-72	4,750	-4	-10	0	1	4,737	44
of which: Currency and deposits	2,751	2,597	2,503	118	8	-	33	2,661	-59	-6	-	-1	2,596	24
Reserve assets	644	644	675	2	8	36	-0	722	8	-1	-1	-0	727	7
Liabilities	23,019	23,309	23,177	144	77	-1	196	23,592	39	-32	124	-6	23,717	222
Direct investment	7,780	8,082	7,998	25	27	-22	172	8,199	-88	-13	-33	-12	8,053	75
Equity	4,876	5,094	5,013	38	22	-27	103	5,149	-20	-2	-10	-13	5,104	48
Debt instruments	2,903	2,988	2,984	-14	5	5	69	3,050	-67	-11	-23	1	2,949	28
Portfolio investment	10,160	10,301	10,109	-34	43	21	6	10,144	-30	-8	156	25	10,288	96
Equity	1,819	1,904	1,778	28	1	-31	-2	1,775	-19	4	86	10	1,856	17
Investment fund shares	3,132	3,304	3,145	47	27	36	29	3,284	54	1	53	-1	3,391	32
Debt securities	5,209	5,093	5,185	-110	14	16	-21	5,085	-64	-12	17	16	5,041	47
Short-term	433	390	406	50	0	-0	3	459	1	-1	1	-6	454	4
Long-term	4,777	4,703	4,779	-160	14	16	-23	4,626	-65	-11	16	22	4,588	43
Other investment	5,079	4,926	5,071	153	7	0	17	5,249	157	-11	0	-19	5,376	50
of which: Currency and deposits	3,033	2,862	2,987	165	25	-	3	3,180	148	-9	-	-6	3,312	31
Memo item: Gross external debt	13,187	13,004	13,237	30	27	21	66	13,380	25	-34	-6	-1	13,363	125
Memo item: Net external debt	1,282	1,052	1,228	-177	-57	-51	94	1,036	-73	0	-41	3	926	9
Source: ECB.