Euro area monthly balance of payments: November 2021

Press release

January 19, 2022

Euro area monthly balance of payments: November 2021

• In November 2021, the current accountrecorded a surplus of 24 billion euros, after 19 billion the previous month
• Over the twelve-month period ending in November 2021, the transaction account commonrecorded a surplus of 320 billion euros (2.7% of eurozone GDP), after 195 billion (1.7%) a year earlier
• Regarding the financial account, net purchases of non-euro area portfolio investment securities by area residents amounted to €878 billion and net purchases of euro area portfolio investment securities by non-residents represented 165 billion over the twelve-month period ending in November 2021

European Central Bank

Directorate General Communication, Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Phone. : +49 69 1344 7455, email: [email protected], website : www.ecb.europa.eu

Reproduction authorized by citing the source

Translation: Bank of France

PRESS RELEASE / January 19, 2022

Euro area monthly balance of payments: November 2021

Chart 1

Euro area current account balance

(amounts in billions of euros unless otherwise indicated; cjo and cvs data)

Source: ECB.

In November 2021, the current account euro zone recorded a surplus of 24 billion euros, an increase of 5 billion compared to the previous month (Chart 1 and Table 1). Surpluses were recorded under services (23 billion euros) and goods (16 billion). They were partially offset by a deficit under the secondary income (15 billion euros), while the balance of the primary income has been balanced.

European Central Bank

Directorate General Communication, Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Phone. : +49 69 1344 7455, email: [email protected], website : www.ecb.europa.eu

Reproduction authorized by citing the source

Translation: Bank of France

PRESS RELEASE / January 19, 2022

Euro area monthly balance of payments: November 2021

Table 1

Euro area current account

(amounts in billions of euros unless otherwise indicated; transactions; cjo and cvs data)

Source: ECB.

Note: Differences between the total and the sum of the components may appear due to rounding differences.

Euro area current account data

Over the twelve-month period ending in November 2021, the current account recorded a surplus of €320 billion (2.7% of euro area GDP), after a surplus of €195 billion (1.7% of euro area GDP) over the twelve-month period ending in November 2020. This increase is mainly due to the change in the trade balance from services from a deficit of €12 billion to a surplus of €113 billion, and, to a lesser extent, by an increase in the surplus for primary income (from 33 billion to 51 billion). These changes were partially offset by a decline in the surplus for goods (from

332 billion euros to 321 billion) and by an increase in the deficit under the secondary income (from 158 billion to 165 billion).

European Central Bank

Directorate General Communication, Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Phone. : +49 69 1344 7455, email: [email protected], website : www.ecb.europa.eu

Reproduction authorized by citing the source

Translation: Bank of France

PRESS RELEASE / January 19, 2022

Euro area monthly balance of payments: November 2021

Chart 2

Selection of euro area financial account items

(amounts in billions of euros; cumulative data over twelve months)

Source: ECB.

Notes: On the asset side, a positive (negative) figure indicates net purchases (sales) of non-euro area instruments by euro area investors. On the liabilities side, a positive (negative) figure indicates net disposals (acquisitions) of euro area instruments by non-resident investors.

Regarding the direct investments, euro area residents made net investments of €53 billion in non-euro area assets in the 12-month period to November 2021, following net divestments of €45 billion in the 12-month period ending in November 2020 (Chart 2 and Table 2). Non-residents carried out net divestments in euro area assets of €100 billion in the 12 months to November 2021, after net purchases of €81 billion in the 12 months. ending in November 2020.

Regarding the portfolio investments, net purchases ofactions outside the euro area by residents of the area increased to €405 billion in the twelve months to November 2021, from €257 billion in the twelve months to November 2020. During the same period, net purchases of debt securities outside the euro area by euro area residents increased to €473 billion, after

283 billion over the twelve-month period ending in November 2020. Net purchases ofactions euro area by non-residents rose to €447 billion over the twelve-month period ending in November 2021, after €111 billion over the twelve-month period ending in November 2020. same period, non-residents carried out disposals

European Central Bank

Directorate General Communication, Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Phone. : +49 69 1344 7455, email: [email protected], website : www.ecb.europa.eu

Reproduction authorized by citing the source

Translation: Bank of France

PRESS RELEASE / January 19, 2022

Euro area monthly balance of payments: November 2021

net of debt securities of the euro zone to the tune of 283 billion euros, after net purchases

• 127 billion over the twelve-month period ending in November 2020.

Table 2

Euro area financial account

(amounts in billions of euros unless otherwise indicated; transactions; raw data)

Source: ECB.

Notes: Decreases in assets and liabilities appear with a negative sign. Net financial derivatives are recorded as assets. “MFI” stands for Monetary Financial Institutions. Differences between the total and the sum of the components may appear due to rounding differences.

Euro area financial account data

In the other investments, net acquisitions of non-euro area assets by euro area residents amounted to €158 billion in the 12-month period ending in November 2021 (after €231 billion in the 12-month period ending in ending in November 2020), while net increases in liabilities amounted to €816 billion (after

249 billion over the twelve-month period ending in November 2020).

European Central Bank

Directorate General Communication, Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Phone. : +49 69 1344 7455, email: [email protected], website : www.ecb.europa.eu

Reproduction authorized by citing the source

Translation: Bank of France