Euro space month-to-month stability of payments_ Could 2023
Present account recorded €9 billion surplus in Could 2023, up from €4 billion in earlier month
Present account deficit amounted to €49 billion (0.4% of euro space GDP) in 12 months to Could 2023, in contrast with a surplus of €161 billion (1.3%) one yr earlier
In monetary account, euro space residents’ web acquisitions of non-euro space portfolio funding securities totalled €23 billion and non-residents’ web acquisitions of euro space portfolio funding securities totalled €281 billion in 12 months to Could 2023
Chart 1 Euro space present account stability (EUR billions until in any other case indicated; working day and seasonally adjusted knowledge) Supply: ECB.
The present account of the euro space recorded a surplus of €9 billion in Could 2023, a rise of €5 billion from the earlier month (Chart 1 and Desk 1). Surpluses have been recorded for items (€23 billion) and providers (€6 billion), whereas deficits occurred in secondary earnings (€12 billion) and first earnings (€8 billion).
Desk 1 Present account of the euro space (EUR billions until in any other case indicated; transactions; working day and seasonally adjusted knowledge) Supply: ECB. Word: Discrepancies between totals and their elements could also be attributable to rounding.
Within the 12 months to Could 2023, the present account recorded a deficit of €49 billion (0.4% of euro space GDP), in contrast with a surplus of €161 billion (1.3% of euro space GDP) one yr earlier. This improvement was primarily pushed by a change from a surplus (€88 billion) to a deficit (€8 billion) for main earnings, and by a discount within the surpluses for items (down from €106 billion to €31 billion) and providers (down from €131 billion to €93 billion). The deficit for secondary earnings remained broadly steady (up from €164 billion to €165 billion).
Chart 2 Chosen gadgets of the euro space monetary account (EUR billions; 12-month cumulated knowledge) Supply: ECB. Notes: For belongings, a constructive (adverse) quantity signifies web purchases (gross sales) of non-euro space devices by euro space traders. For liabilities, a constructive (adverse) quantity signifies web gross sales (purchases) of euro space devices by non-euro space traders.
In direct funding, euro space residents made web disinvestments of €203 billion in non-euro space belongings within the 12 months to Could 2023, following web investments of €327 billion one yr earlier (Chart 2 and Desk 2). Non-residents disinvested €258 billion in web phrases from euro space belongings within the 12 months to Could 2023, following web disinvestments of €68 billion one yr earlier.
In portfolio funding, euro space residents’ web gross sales of non-euro space fairness amounted to €71 billion within the 12 months to Could 2023 following web purchases of €84 billion one yr earlier. Over the identical interval, web purchases of non-euro space debt securities by euro-area residents amounted to €94 billion, down from €205 billion one yr earlier. Non-residents’ web purchases of euro space fairness amounted to €119 billion within the 12 months to Could 2023, down from €362 billion one yr earlier. Over the identical interval, non-residents made web purchases of euro space debt securities amounting to €162 billion, following web gross sales of €189 billion one yr earlier.
Desk 2 Monetary account of the euro space (EUR billions until in any other case indicated; transactions; non-working day and non-seasonally adjusted knowledge) Supply: ECB. Notes: Decreases in belongings and liabilities are proven with a minus signal. Web monetary derivatives are reported below belongings. “MFIs” stands for financial monetary establishments. Discrepancies between totals and their elements could also be attributable to rounding.
In different funding, euro space residents recorded web disposals of non-euro space belongings amounting to €94 billion within the 12 months to Could 2023 (following web acquisitions of €359 billion one yr earlier) they usually recorded web disposals of liabilities amounting to €308 billion (following web acquisitions of €815 billion one yr earlier).
Chart 3 Financial presentation of the stability of funds (EUR billions; 12-month cumulated knowledge) Supply: ECB. Notes: “MFI web exterior belongings (enhanced)” incorporates an adjustment to the MFI web exterior belongings (as reported within the consolidated MFI stability sheet gadgets statistics) based mostly on info on MFI long-term liabilities held by non-residents, accessible in b.o.p. statistics. B.o.p. transactions refer solely to transactions of non-MFI residents of the euro space. Monetary transactions are proven as liabilities web of belongings. “Different” contains monetary derivatives and statistical discrepancies.
The financial presentation of the stability of funds (Chart 3) exhibits that the online exterior belongings (enhanced) of euro space MFIs elevated by €187 billion within the 12 months to Could 2023. This enhance was primarily pushed by euro space non-MFIs’ web inflows in portfolio funding fairness, portfolio funding debt and different funding, and by different flows. These developments have been solely partly offset by euro space non-MFIs’ web outflows in direct funding.
InMay 2023 the Eurosystem’s inventory of reserve belongings elevated to €1,140.5 billion, up from €1,120.8 billion within the earlier month (Desk 3). This enhance was pushed by constructive value modifications and change fee modifications (each for €9.3 billion) and web acquisitions of belongings (€1.4 billion).
Desk 3 Reserve belongings of the euro space (EUR billions; quantities excellent on the finish of the interval, flows in the course of the interval; non-working day and non-seasonally adjusted knowledge) Supply: ECB. Notes: “Different reserve belongings” contains forex and deposits, securities, monetary derivatives (web) and different claims. Discrepancies between totals and their elements could also be attributable to rounding.
Information revisions
This press launch incorporates revisions to the information for April 2023. These revisions didn’t considerably alter the figures beforehand printed.
Subsequent releases:
Month-to-month stability of funds: 22 August 2023 (reference knowledge as much as June 2023)
Quarterly stability of funds: 5 October 2023 (reference knowledge as much as the second quarter of 2023)
For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.
Notes