- 听recorded 鈧�26 billion surplus in February 2021, down from 鈧�35 billion in previous month
- 听surplus amounted to 鈧�259 billion (2.3% of euro area GDP) in 12 months to February 2021, down from 鈧�263 billion (2.2%) one year earlier
- 滨苍听, euro area residents鈥� net acquisitions of foreign portfolio investment securities totalled 鈧�804 billion and non-residents鈥� net sales of euro area portfolio investment securities totalled 鈧�21 billion in 12 months to February 2021
罢丑别听current account听of the euro area recorded a surplus of 鈧�26 billion in February 2021, decreasing by 鈧�9 billion from the previous month (see Chart 1 and Table 1). Surpluses were recorded for听goods听(鈧�32 billion) and听services听(鈧�11 billion). These were partly offset by deficits for听secondary income听(鈧�16 billion) and听primary income听(鈧�2 billion).
In the 12 months to February 2021, the听current account听recorded a surplus of 鈧�259 billion (2.3% of euro area GDP), compared with a surplus of 鈧�263 billion (2.2% of euro area GDP) in the 12 months to February 2020. This decline was driven by a reduction in the surplus for听primary income听(down from 鈧�48 billion to 鈧�18 billion) and an increase in the deficit for听secondary income听(up from 鈧�151 billion to 鈧�167 billion). These developments were partly offset by larger surpluses for听services听(up from 鈧�36 billion to 鈧�58 billion) and for听goods听(up from 鈧�330 billion to 鈧�350 billion).
滨苍听direct investment, euro area residents made net disinvestments of 鈧�16 billion in non-euro area assets in the 12-month period to February 2021, compared with net disinvestments of 鈧�10 billion in the 12 months to February 2020 (see Chart 2 and Table 2). Non-residents鈥� net investments in euro area assets increased to 鈧�168 billion in the 12-month period to February 2021, up from 鈧�107 billion in the 12 months to February 2020.
滨苍听portfolio investment, net purchases of foreign听debt securities听by euro area residents increased to 鈧�443 billion in the 12-month period to February 2021, following net purchases of 鈧�390 billion in the 12 months to February 2020. Over the same period, euro area residents鈥� net purchases of foreign听equity听increased to 鈧�361 billion from 鈧�81 billion in the 12 months to February 2020. Non-residents made net disposals of euro area听debt securities听amounting to 鈧�119 billion in the 12 months to February 2021, following net purchases of 鈧�230 billion in the 12 months to February 2020. Over the same period, non-residents鈥� net purchases of euro area听equity听decreased to 鈧�97 billion from 鈧�344 billion in the 12 months to February 2020.
In听other investment, euro area residents recorded net disposals of foreign assets amounting to 鈧�63 billion in the 12 months to February 2021 (following net purchases of 鈧�549 billion in the 12 months to February 2020), while their net incurrence of liabilities increased to 鈧�255 billion from 鈧�187 billion.
The monetary presentation of the balance of payments (see Chart 3) shows that the听net external assets (enhanced)听of euro area MFIs decreased by 鈧�78 billion in the 12-month period to February 2021. This decrease was mainly driven by euro area non-MFIs鈥� net outflows in听portfolio investment equity听补苍诲听portfolio investment听debt. These developments were partly offset by the听current and capital accounts听surplusand, to a lesser extent, euro area non-MFIs鈥� net inflows in听direct investment听补苍诲听other flows.
In February 2021 the Eurosystem鈥檚 stock of听reserve assets听decreased to 鈧�848.6 billion, down from 鈧�880.2 billion in the previous month (see Table 3). This decrease was driven by negative changes in the price of gold (鈧�29.4 billion) and to a lesser extent by net disposals of assets (鈧�1.6 billion).
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