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e degli artt. 13 e 14 del Regolamento (UE) 2016/679 (“GDPR”), a coloro che si collegano alla presente edizione online del giornale Tribuna Economica di proprietà di AFC Editore Soc. Coop. 

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The current account of the euro area recorded a surplus of €8 billion in May 2020, decreasing by €6 billion from the previous month. Surpluses were recorded for goods (€17 billion), primary income (€5 billion) and services (€4 billion). These were partly offset by a deficit for secondary income (€18 billion).

Data for the current account of the euro area.   In the 12 months to May 2020, the current account recorded a surplus of €264 billion (2.2% of euro area GDP), compared with a surplus of €318 billion (2.7% of euro area GDP) in the 12 months to May 2019. This decline was mainly driven by a reduction in the surpluses for services (down from €99 billion to €31 billion) and primary income(down from €89 billion to €69 billion). These developments were partly offset by a larger surplus for goods (up from €289 billion to €317 billion) and a smaller deficit forsecondary income (down from €159 billion to €152 billion).

In direct investment, euro area residents made net investments of €49 billion in non-euro area assets in the 12-month period to May 2020, following net disinvestments of €156 billion in the 12 months to May 2019. At the same time, non-residents made net investments in euro area assets of €126 billion in the 12-month period to May 2020, following net disinvestments of €237 billion in the 12 months to May 2019.

In portfolio investment, net purchases of foreign debt securities by euro area residents increased to €382 billion in the 12-month period to May 2020, following net purchases of €106 billion in the 12 months to May 2019. Over the same period, euro area residents made net purchases in foreign equity of €86 billion, after net sales of €33 billion in the 12 months to May 2019. Non-residents made net purchases of euro areadebt securities (€38 billion) in the 12 months to May 2020, after recording net sales of €6 billion in the 12 months to May 2019. Over the same period, non-residents’ net purchases of euro area equity rose to €317 billion from €139 billion.

Data for the financial account of the euro area.   In other investment, euro area residents’ net acquisitions of foreign assets increased to €394 billion in the 12 months to May 2020 (following net acquisitions of €254 billion in the 12 months to May 2019), while their net incurrence of liabilities increased to €248 billion from €63 billion.

The monetary presentation of the balance of payments shows that the net external assets (enhanced) of euro area MFIs increased by €145 billion in the 12-month period to May 2020. This increase was mainly driven by current and capital accountssurpluses and, to a lesser extent, by euro area non-MFIs’ net inflows in direct investment and portfolio investment equity. These developments were partly offset by euro area non-MFIs’ net outflows in portfolio investment debt securities and by other flows, in particular other investment net outflows.

In May 2020 the Eurosystem’s stock of reserve assets decreased to €895.8 billion, down from €909.9 billion in the previous month (see Table 3). This decrease was largely driven by negative price and exchange rate changes (€7.9 billion and €7.8 billion respectively), which were only partly offset by net acquisitions of assets (€1.6 billion).