瓜田黑料

• 听surplus at 鈧�292 billion (2.4% of euro area GDP) in 2021, up from 鈧�219 billion (1.9% of GDP) in 2020
• : largest bilateral current account surpluses vis-脿-vis听United Kingdom听(鈧�172 billion) and听厂飞颈迟锄别谤濒补苍诲听(鈧�77 billion),听largest deficit听vis-脿-vis听China听(鈧�83 billion)
• 听showed net liabilities of 鈧�180 billion (1.5% of euro area GDP)听at end of 2021

Current account

罢丑别听current account听surplus of theeuro area increased to 鈧�292 billion (2.4% of euro area GDP) in 2021, up from 鈧�219 billion (1.9% of GDP) in 2020 (Table听1). This increase mainly reflected larger surpluses for听services听(up from 鈧�6 billion to 鈧�96听billion) and听primary income听(up from 鈧�35听billion to 鈧�63听billion) and, to a lesser extent, a reduction in the deficit for听secondary income听(down from 鈧�163 billion to 鈧�158听billion). These developments were partly offset by a decline in the surplus for听goods听(down from 鈧�341听billion to 鈧�290听billion).

The increase in the surplus for听services听in 2021 was due to larger surpluses for听telecommunication, computer and information services听(up from 鈧�101 billion to 鈧�127听billion),听transport 蝉别谤惫颈肠别蝉听(up from 鈧�5 billion to 鈧�16 billion) and听travel 蝉别谤惫颈肠别蝉听(up from 鈧�11 billion to 鈧�19 billion) as well as due to a reduction in the deficit for听other business 蝉别谤惫颈肠别蝉听(down from 鈧�103 billion to 鈧�47 billion). Conversely, a lower surplus was recorded for听insurance, pension and financial services听(down from 鈧�15 billion to 鈧�10 billion) and the deficit for听other services听increased (up from 鈧�24听billion to 鈧�29 billion).

The increase in the听primary income听surplus in 2021 was driven by a larger surplus for听investment income听(up from 鈧�5 billion to 鈧�37 billion). This reflected larger surpluses for听direct investment 颈苍肠辞尘别听(up from 鈧�26听billion to 鈧�38 billion),听portfolio debt 颈苍肠辞尘别听(up from 鈧�41听billion to 鈧�50 billion) and听other investment听颈苍肠辞尘别听(up from 鈧�7 billion to 鈧�12 billion). Moreover, a smaller deficit was recorded for听portfolio equity听(down from 鈧�73 billion to 鈧�67 billion).

Data on the geographic counterparts of the euro area current account (Chart 1) show that in 2021 the euro area recorded its largest bilateral surpluses vis-脿-vis the听United Kingdom听(鈧�172 billion, up from 鈧�147 billion in 2020),听Switzerland听(鈧�77 billion, up from 鈧�58听billion) and the听United States听(鈧�56 billion, down from 鈧�74 billion). It also recorded a current account surplus vis-脿-vis a residual group of听other countries听(鈧�129 billion, down from 鈧�186 billion). The largest bilateral deficits were recorded vis-脿-vis听China听(鈧�83 billion, up from 鈧�80 billion),听EU Member States and EU institutions outside the euro area听(鈧�30 billion, down from 鈧�51 billion) and听offshore centres听(鈧�27听billion, down from 鈧�108 billion).

The most significant geographic changes in 2021 relative to 2020 in the components of the current account were as follows. 滨苍听goods听the deficit vis-脿-vis China increased from 鈧�93 billion to 鈧�112 billion, while larger surpluses were recorded vis-脿-vis the听United States听(up from 鈧�163 billion to 鈧�182 billion) and the听EU Member States and EU institutions outside the euro area听(up from 鈧�40 billion to 鈧�61 billion). Moreover, the听goods听balance vis-脿-vis the residual group of听other countries听turned from a surplus of 鈧�83 billion to a deficit of 鈧�1 billion. 滨苍听蝉别谤惫颈肠别蝉听the deficit vis-脿-vis听offshore centres听declined strongly (down from 鈧�90 billion to 鈧�27 billion), while the surplus vis-脿-vis the residual group of听other countries听increased from 鈧�76 billion to 鈧�99 billion. 滨苍听primary 颈苍肠辞尘别听a larger deficit was recorded vis-脿-vis the听United States听(up from 鈧�7 billion to 鈧�36 billion), while the surpluses widened vis-脿-vis the United Kingdom (up from 鈧�14 billion to 鈧�30 billion) and Switzerland (up from 鈧�9 billion to 鈧�24 billion). 滨苍听secondary income听the deficit vis-脿-vis the听EU Member States and EU institutions outside the euro area听decreased slightly from 鈧�96 billion to 鈧�90 billion.

International investment position

At the end of听the fourth quarter of 2021听the international investment position of the euro area recorded net liabilities of 鈧�180 billion vis-脿-vis the rest of the world (1.5% of euro area GDP), down from 鈧�272 billion in the previous quarter (Chart听2 and Table听2).

The decline in net liabilities of 鈧�92 billion reflected large but partly offsetting changes in the various investment components. Larger net assets were recorded for听portfolio debt听(up from 鈧�1.3 trillion to 鈧�1.6 trillion), while net liabilities remained stable in听portfolio equity听(鈧�3.4 trillion). Conversely, net assets in听direct investment听declined (down from 鈧�2.3 trillion to 鈧�2.2 trillion), while net liabilities increased in听other investment听(up from 鈧�1.3 trillion to 鈧�1.5 trillion).

The developments in the euro area鈥檚 net international investment position in the fourth quarter of 2021 were mainly driven by positive net flows owing to exchange rate changes and, to a lesser extent, transactions, which were partly offset by negative net price changes and other volume changes (Table 2 and Chart 3).

Theincrease in net assets for听portfolio debt听was mainly driven by positive net flows for transactions and exchange rate changes (Table 2). The decline in net assets for听direct investment听resulted from negative net flows in other volume changes (mostly reclassifications) and price changes. The stability in net liabilities for听portfolio equity听was mainly due to positive net flows in other volume changes (mostly reclassifications) that were largely offset by negative net transactions. Larger net liabilities for听other investment听were driven by negative net transactions.

At the end of the fourth quarter of 2021 the听gross external debt听of the euro area amounted to 鈧�16.0听trillion (around 131% of euro area GDP), up by 鈧�237 billion compared with the previous quarter.

At the end of 2021 the stock of euro area听direct investment assets听was 鈧�11.9 trillion, 25% of which was invested in the听United States听and 21% in the听United Kingdom听(see Table 3). The stock of听foreign direct investment liabilities听was 鈧�9.7 trillion, with 31% being investments originating from the听United States,听19% from the听United Kingdom听and 18% from听offshore centres.

滨苍听portfolio investment, euro area holdings of foreign securities amounted to 鈧�6.3 trillion in equity and 鈧�6.6 trillion in debt at the end of 2021. The largest holdings of equity securities by the euro area were in securities issued by residents of the听United States听(accounting for 52%), followed by those issued by residents of the听United Kingdom听补苍诲听offshore centres听(each accounting for 9%). For debt securities, the largest euro area holdings were in securities issued by residents of the听United States听(accounting for 35%), the听United Kingdom听(21%) and the听EU Member States and EU institutions outside the euro area听(14%).

On the听portfolio investment听liabilities side, non-residents鈥� holdings of securities issued by euro area residents stood at 鈧�9.7 trillion in equity and at 鈧�5.0 trillion in debt at the end of 2021. The largest holder countries of euro area equity securities were the听United States听(42%) and the听United Kingdom听(11%), while for euro area debt securities the largest holders were the听BRIC听group of countries听(18%), the听United States听(15%) and听Japan听(13%).

滨苍听other investment, euro area residents鈥� claims on non-residents amounted to 鈧�6.3 trillion, 31% of which was vis-脿-vis the听United Kingdom听and 23% vis-脿-vis the听United States. Euro area听other investment听liabilities amounted to 鈧�7.8 trillion, with the听United Kingdom听accounting for 30%, while the shares of the听EU Member States and EU institutions outside the euro area听and the听United States听were 19% and 15% respectively.