- 听recorded 鈧�20 billion deficit in July 2022, down from 鈧�4 billion surplus in previous month
- 听surplus amounted to 鈧�63 billion (0.5% of euro area GDP) in 12 months to July 2022, down from 鈧�370 billion (3.1%) one year earlier
- 滨苍听, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 鈧�74 billion and non-residents’ net sales of euro area portfolio investment securities totalled 鈧�138 billion in 12 months to July 2022
罢丑别听current account听of the euro area recorded a deficit of 鈧�20 billion in July 2022, a decrease of 鈧�24 billion from the previous month (Chart 1 and Table 1). Deficits were recorded for听goods听(鈧�18 billion) and听secondary income听(鈧�15 billion). These were partly offset by surpluses for听services听(鈧�10 billion) and听primary income听(鈧�3 billion).
Note: Discrepancies between totals and their components may be due to rounding.
In the 12 months to July 2022, the听current account听recorded a surplus of 鈧�63 billion (0.5% of euro area GDP), compared with a surplus of 鈧�370 billion (3.1% of euro area GDP) in the 12 months to July 2021.
This decline was predominantly driven by a reduction in the surplus for听goods听(down from 鈧�383 billion to 鈧�60 billion) and, to a lesser extent, by a smaller surplus for听primary income听(down from 鈧�65 billion to 鈧�31 billion). This development was partly offset by a larger surplus for听services听(up from 鈧�83 billion to 鈧�132 billion) and a smaller deficit for听secondary income听(down from 鈧�161 billion to 鈧�160 billion).
滨苍听direct investment, euro area residents made net investments of 鈧�114 billion in non-euro area assets in the 12-month period to July 2022, following net investments of 鈧�7 billion in the 12 months to July 2021 (Chart 2 and Table 2). Non-residents disinvested 鈧�100 billion in net terms from euro area assets in the 12-month period to July 2022, following net disinvestments of 鈧�26 billion in the 12 months to July 2021.
滨苍听portfolio investment, euro area residents switched from net purchases of non-euro area听equity听of 鈧�554 billion in the 12 months to July 2021 to net sales of 鈧�55 billion in the 12 months to July 2022. Over the same period, euro area residents’ net purchases of non-euro area听debt securities听decreased to 鈧�129 billion, down from 鈧�428 billion in the 12 months to July 2021. Non-residents’ net purchases of euro area听equity听decreased to 鈧�112 billion in the 12-month period to July 2022, down from 鈧�344 billion in the 12 months to July 2021. Over the same period, non-residents made net sales of euro area听debt securities听amounting to 鈧�249 billion, following net sales of 鈧�241 billion in the 12 months to July 2021.
In听other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to 鈧�377 billion in the 12 months to July 2022 (following net acquisitions of 鈧�45 billion in the 12 months to July 2021), while their net incurrence of liabilities increased to 鈧�858 billion (up from 鈧�453 billion in the 12 months to July 2021).
The monetary presentation of the balance of payments (Chart 3) shows that the听net external assets (enhanced)听of euro area MFIs decreased by 鈧�168 billion in the 12-month period to July 2022. This decrease was mainly driven by euro area non-MFIs’ net outflows in听direct investment,听portfolio investment debt听and, to a lesser extent,听other investment. These developments were partly offset by the听current and capital accounts听surplus and by euro area non-MFIs’ net inflows in听portfolio investment equity.
In July 2022 the Eurosystem’s stock of听reserve assets听increased to 鈧�1,129.1 billion, up from 鈧�1,122.1 billion in the previous month (Table 3). This increase was driven mostly by positive exchange rate changes (鈧�9.4 billion) and, to a lesser extent, by net acquisitions of assets (鈧�1.6 billion) that were partially offset by negative price changes (鈧�3.9 billion).
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