ECB - Euro area economic and financial developments by institutional sector Q32013 - January 2014

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ECB - Euro area economic and financial developments by institutional sector Q32013 - January 2014 …

ECB - Euro area economic and financial developments by institutional sector Q32013 - January 2014

• Household financing and financial investment were broadly unchanged from the previous quarter (at annual growth rates of 0.8% and 1.8% respectively).
• Non-financial corporations’ net entrepreneurial income (broadly equivalent to current profits) increased at a higher annual rate (2.3% after -1.1%), while their gross fixed capital formation continued to decrease at broadly unchanged rates (- 2.1% after - 2.2%).

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  • 1. 28 January 2014 PRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR – THIRD QUARTER 2013 • Household financing and financial investment were broadly unchanged from the previous quarter (at annual growth rates of 0.8% and 1.8% respectively). • Non-financial corporations’ net entrepreneurial income (broadly equivalent to current profits) increased at a higher annual rate (2.3% after -1.1%), while their gross fixed capital formation continued to decrease at broadly unchanged rates (-2.1% after -2.2%). In the third quarter of 2013 the annual growth rate 1 of household gross disposable income increased to 1.1% (second quarter: 0.1%, see Table 2). The annual growth rate of household consumption expenditure increased to 1.0% in the third quarter, compared with 0.6% in the second quarter. Reflecting these developments, the annual growth rate of household gross saving increased to 3.1% in the third quarter, from -2.3% in the second quarter. The household gross saving rate 2 was 13.0% in the third quarter of 2013, compared with 13.2% in the third quarter of 2012. The annual growth rate of household financing was broadly unchanged at 0.8% from the previous quarter (0.7%), and that of financial investment was unchanged at 1.8%. Household net worth 3 increased at a faster annual rate (0.6%) than in the previous quarter (0.1%). 1 The euro area accounts are expressed in current prices and are not seasonally adjusted. The growth rates are presented as year-on-year percentage changes (see the notes). 2 The household saving rate is based on four-quarter cumulated sums of both saving and gross disposable income (adjusted for the change in the net equity of households in pension fund reserves). 3 Households’ net worth consists of net financial assets and non-financial assets. Non-financial assets consist mainly of housing wealth (residential structures and land). They also include non-financial assets of unincorporated enterprises classified within the household sector.
  • 2. 2 The annual growth rate of net entrepreneurial income of non-financial corporations increased to 2.3% in the third quarter of 2013, from -1.1% in the previous quarter (see Table 3). The annual growth rate of gross fixed capital formation of non-financial corporations was broadly unchanged at -2.1% (second quarter: -2.2%). The annual growth rate of financing of non-financial corporations was broadly unchanged at 0.8% (second quarter: 0.7%) Non-financial corporations’ financial investment grew at a higher annual rate of 1.4% (second quarter: 1.1%). Debt of households and non-financial corporations as a percentage of GDP stood at 64.7% (third quarter 2012: 65.4) and 102.5%, (third quarter 2012: 104.4) respectively (see Tables 2 and 3). 4 Total euro area economy Euro area net disposable income increased at an annual rate of 0.8% in the third quarter of 2013, compared with 0.4% in the second quarter (see Chart 1 and Table 1). The annual growth rate of euro area gross fixed capital formation increased, becoming less negative, to -1.6% (second quarter: -2.9%) (see Chart 2). Gross capital formation declined only slightly in the third quarter (-0.2% year on year), from -3.8% in the second quarter (see Chart 3). The prolonged weakness in gross capital formation, accompanied by broadly unchanged euro area savings, led to a continued, though moderate, growth of net lending by the euro area to the rest of the world (corresponding to an increase in the current and capital account surplus). Households The annual growth rate of household gross disposable income increased to 1.1% in the third quarter of 2013 (second quarter: 0.1% see Table 2). This resulted mainly from increases in compensation of employees, gross operating surplus and mixed income, which were only partly offset by the negative effect of increasing taxes (see also Chart 4). The annual growth rate of household consumption expenditure increased to 1.0% in the third quarter, from 0.6% in the second quarter, while that of household gross saving turned positive to 3.1% from -2.3%. The household gross saving rate was 13.0% in the third quarter of 2013, compared to 13.2% in the third quarter of 2012. The annual growth rate of gross fixed capital formation of households was -1.1% in the third quarter (second quarter 2013: -3.0%). 4 The sum of the debt of the household sector and of the non-financial corporation sector (also referred to as “Private debt”), as a percentage of GDP is one of the headline indicators of the macroeconomic imbalance procedure (MIP). For non-financial corporations the definition of debt used by the MIP differs from the definition applied here as the MIP indicator is based on annual, consolidated (excluding debt financing within the NFC sector) data and pension fund reserve liabilities are excluded. In both cases, trade credits are not included (see Table 3).
  • 3. 3 The annual growth rate of household gross non-financial investment was -1.0% in the third quarter of 2013, compared with -4.1% in the second quarter (see Chart 5). This continued decline, together with the increase in gross savings, lead to an increase of household net lending. The annual growth rate of financing of households was broadly unchanged at 0.8% in the third quarter (second quarter: 0.7%), while loan financing was unchanged (0.0% year on year; second quarter 2013: -0.2%) (see Table 2). The growth of household financial investment was unchanged at 1.8%. Among the components, the annual growth rate of holdings of currency and deposits decreased to 3.0% (second quarter: 3.2%), while the annual growth rate of investment in debt securities declined, to -10.1%, from -9.5% in the second quarter. The annual growth rate of investment in shares and other equity increased to 2.5% (second quarter: 2.3%) and that of additions to life insurance and pension were broadly unchanged, at 2.8% (second quarter: 2.7%). Developments in household balance sheets reflect the acquisition of financial and nonfinancial assets and the incurrence of liabilities as well as valuation changes for financial and non-financial assets (see Chart 6 and Table 2). Household net worth increased at an annual rate of 0.6%, while it was unchanged in the previous quarter, as financial and nonfinancial investments exceeded the incurrence of debt and declines in valuation. In this respect, the decline in housing wealth, of -1.8% (after -2.9% previously), was partly offset by positive changes in the valuation of financial assets. The annual growth rate of the market value of household holdings of shares and other equity was broadly unchanged at 10.6% (second quarter: 10.5%). The household debt ratio, defined here as the outstanding amount of loans as percentage of household gross disposable income, decreased to 97.6% in the third quarter of 2013, from 98.2% in the third quarter of 2012 (as a percentage of GDP, debt stood at 64.7%, see Table 2). Non-financial corporations Net entrepreneurial income 5 of non-financial corporations increased at an annual rate of 2.3% in the third quarter, after decreasing (-1.1%) in the previous quarter (see Table 3). Net value added increased at a higher rate (1.2%) than in the previous quarter (0.5%). The annual growth rate of gross fixed capital formation was broadly unchanged at -2.1% in the third quarter (second quarter: -2.2%). The annual growth rate of total gross non-financial investment, which includes inventories, increased to 0.4% from -3.8% (see Chart 8). Net lending (+)/net borrowing (-) of non-financial corporations as a percentage of gross value added increased to 0.8% in the third quarter of 2013, from -0.6% in the third quarter of 2012 (see Table 3). 5 Net entrepreneurial income is broadly equivalent to current profits in business accounting (after the receipt and payment of interest and including the profits of foreign subsidiaries, but before the payment of income taxes and dividends).
  • 4. 4 The annual growth rate of financing of non-financial corporations was broadly unchanged at 0.8% in the third quarter (second quarter: 0.7%). The annual growth rate of non-financial corporations’ loan financing decreased to -1.0%, from -0.6% in the previous quarter. The growth rate of the issuance of debt securities decreased to 8.7% (second quarter: 9.4%). The non-financial corporation debt ratio, defined here as the outstanding amount of loans, debt securities and pension fund reserve liabilities as a percentage of GDP, decreased to 104.6% in the third quarter of 2013, from 106.5% in the third quarter of 2012. The annual growth rate of equity financing, via the issuance of quoted and unquoted shares and other equity, increased to 1.2% (second quarter: 1.0%). Financial investment of non-financial corporations increased at an annual rate of 1.4% in the third quarter of 2013 (second quarter: 1.1%). The annual growth rate of currency and deposits increased to 5.2% from 3.8%, and that of debt securities decreased to -9.3% from 8.9%. The annual growth rate of loans granted was unchanged at -0.4%, and that of investment in shares and other equity increased to 1.3% from 1.0%. Insurance corporations and pension funds The annual growth rate of insurance technical reserves, the major financing instrument of insurance corporations and pension funds, was broadly unchanged in the third quarter of 2013 at 2.9% (second quarter: 2.8%). The annual growth rate of the financial investment of insurance corporations and pension funds was unchanged at 3.1%. The growth rate of investment in debt securities decreased to 3.0% (from 3.5%), while the growth rate of investment in shares and other equity increased to 4.9% (after 3.7%). For media enquiries, please contact Elodie Nowodazkij, tel.: +49 69 1344 7390.
  • 5. 5 Notes  The annual growth rate of non-financial transactions and of outstanding financial assets and liabilities (stocks) is calculated as the percentage change between the value of the transaction or outstanding amount for a given quarter and that value recorded four quarters earlier. If non-financial transaction or end-of-quarter stock, its annual percentage change g ( xt ) =  ( xt − xt − 4 ) xt − 4 g ( xt ) xt is the value of a is calculated as: *100 The annual growth rate used to analyse financial transactions refers to the total value of transactions during the year in relation to the outstanding stock a year before. These growth rates for financial transactions exclude the effect on the outstanding stock of revaluations, reclassifications and other changes that do not arise from transactions. If instrument and Ft ft represents the value of transactions in a particular financial represents the value of the corresponding stock outstanding at the end of quarter t, then the annual growth rate g( ft ) is calculated as the sum of the transactions during the year divided by the outstanding stock a year ago:  3  ∑ f t −i g ( f t ) =  i =0 Ft − 4       * 100      A comprehensive set of tables is available at http://sdw.ecb.europa.eu/reports.do?node=1000002343 (ECB). The time series for the euro area accounts can be downloaded from the ECB’s Statistical Data Warehouse.  7 This press release incorporates revisions for the second quarter and for previous quarters.  6 The euro area accounts encompass integrated non-financial and financial accounts, including financial balance sheets. They are jointly compiled by the ECB and the European Commission (Eurostat), in close 6 cooperation with the national central banks and the national statistical institutes in the EU. The European sector accounts (i.e. for the EU and the euro area) follow the methodology of the European System of 7 Accounts 1995 (ESA 95). A detailed set of quarterly data is published in Tables 3.1-3.5, “Euro area accounts”, of the statistics section of the ECB’s Monthly Bulletin. Net lending for households and nonfinancial corporations may differ between the non-financial and the financial accounts, reflecting statistical discrepancies. The publication of the data on euro area economic and financial developments in the fourth quarter of 2013 is scheduled to take place on Wednesday, 30 April 2014 at 10 a.m. CET. See http://ec.europa.eu/eurostat/sectoraccounts (Eurostat) for the non-financial accounts of the EU. For more details, see http://forum.europa.eu.int/irc/dsis/nfaccount/info/data/esa95/en/titelen.htm. European Central Bank Directorate General Communications and Language Services, Global Media Relations Kaiserstrasse 29, D-60311 Frankfurt am Main Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404 Internet: http://www.ecb.europa.eu Reproduction is permitted provided that the source is acknowledged.
  • 6. Euro area Chart 1. Growth of euro area net disposable income and its allocation to sectors (annual percentage changes and percentage point contributions) households non-financial corporations 6 financial corporations government net disposable income 6 4 4 2 2 0 0 -2 -2 -4 -4 -6 -6 -8 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Chart 2. Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 -8 2013 Growth of euro area gross fixed capital formation and contributions by sector (annual percentage changes and percentage point contributions) households non-financial corporations financial corporations government gross fixed capital formation 6 6 2 2 -2 -2 -6 -6 -10 -10 -14 -14 -18 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Chart 3. Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 -18 2013 Growth of euro area gross capital formation and its financing by sectoral (gross) saving (annual percentage changes and percentage point contributions) foreign saving gross saving: government 15 gross saving: households gross saving: corporations gross capital formation: euro area 15 10 10 5 5 0 0 -5 -5 -10 -10 -15 -15 -20 -20 -25 -25 -30 Q3 Q4 Q1 2008 Q2 Q3 2009 Q4 Q1 Q2 Q3 2010 Q4 Q1 Q2 Q3 2011 Q4 Q1 Q2 Q3 2012 Q4 Q1 Q2 Q3 -30 2013 Sources: ECB and Eurostat. ECB Press Release - Annex January 2014 S 1
  • 7. Euro area households Chart 4. Growth of households' gross disposable income and contributions by income component (annual percentage changes and percentage point contributions) compensation of employees net property income and other transfers 6 taxes (-) gross operating surplus and mixed income net social benefits and contributions gross disposable income 6 4 4 2 2 0 0 -2 -2 -4 -4 -6 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Chart 5. Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 -6 2013 Growth of households' non-financial investment and contributions by source of internal and external financing (annual percentage changes and percentage point contributions) gross saving loan financing 30 financial investment and other (-) net capital transfers (receivable - payable) gross non-financial investment 30 20 20 10 10 0 0 -10 -10 -20 -20 -30 -30 -40 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Chart 6. Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 -40 2013 Growth of households' net worth and contributions by type of asset change (annual percentage changes and percentage point contributions) net acquisition of non-financial assets net acquisition of financial assets 6 other changes in non-financial assets other changes in financial assets net incurrence of liabilities (-) growth in net worth 6 2 2 -2 -2 -6 Q3 Q4 Q1 2008 Sources: ECB and Eurostat. S 2 ECB Press Release - Annex January 2014 Q2 Q3 2009 Q4 Q1 Q2 Q3 2010 Q4 Q1 Q2 Q3 2011 Q4 Q1 Q2 Q3 2012 Q4 Q1 Q2 Q3 2013 -6
  • 8. Euro area non-financial corporations Chart 7. Growth of net entrepreneurial income of non-financial corporations and contributions by component (annual percentage changes and percentage point contributions) net value added (at factor cost) property income receivable 30 compensation of employees (-) interest and rent payable (-) net entrepreneurial income 30 20 20 10 10 0 0 -10 -10 -20 -20 -30 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Chart 8. Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 -30 2013 Growth of non-financial investment of non-financial corp. and contributions by source of internal and external financing (annual percentage changes and percentage point contributions) gross saving plus capital transfers net lending/net borrowing (-) gross non-financial investment gross fixed capital formation 25 25 15 15 5 5 -5 -5 -15 -15 -25 -25 -35 -35 -45 Q3 Q4 Q1 2008 Q2 Q3 2009 Q4 Q1 Q2 Q3 2010 Q4 Q1 Q2 Q3 2011 Q4 Q1 Q2 Q3 2012 Q4 Q1 Q2 Q3 -45 2013 Sources: ECB and Eurostat. ECB Press Release - Annex January 2014 S 3
  • 9. Table 1. Income, consumption, saving, investment and net lending / net borrowing: euro area and contributions by sector (EUR billions) Non-financial transactions annual percentage changes 1) four-quarter-cumulated sums 2010 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 Net disposable income (NDI): Euro area Households 2) Non-financial corporations Financial corporations General government 7,655 5,696 156 180 1,622 7,871 5,819 93 230 1,730 7,902 5,840 64 229 1,770 7,918 5,831 58 228 1,801 7,913 5,833 62 217 1,801 7,922 5,833 57 208 1,824 7,938 5,848 57 204 1,829 0.4 0.0 0.8 1.1 5.1 Consumption expenditure: Euro area Households 2) General government collective consumption General government social transfers in kind 3) 7,315 5,291 772 1,251 7,477 5,441 774 1,262 7,517 5,469 776 1,272 7,520 5,474 774 1,272 7,522 5,470 775 1,277 7,535 5,478 775 1,282 7,555 5,491 776 1,287 340 461 155 125 -401 394 436 89 176 -306 385 429 59 176 -278 398 415 53 175 -245 392 420 58 164 -251 387 413 53 154 -233 1,419 386 800 42 191 1,462 395 827 44 197 1,488 400 844 44 200 1,497 402 849 44 202 1,504 403 854 45 203 9 12 64 60 -128 6 2 66 4 -66 9 0 65 15 -71 11 1 65 50 -105 1,760 554 927 44 234 1,817 565 982 48 221 1,783 557 972 46 208 20 4 19 0 -3 56 8 54 0 -6 -12 301 73 183 -569 -10 261 -54 175 -391 Net saving: Euro area Households 2) Non-financial corporations Financial corporations General government Consumption of fixed capital: Euro area Households 2) Non-financial corporations Financial corporations General government Net capital transfers (receivable - payable): Euro area Households 2) Non-financial corporations Financial corporations General government Gross fixed capital formation: Euro area Households 2) Non-financial corporations Financial corporations General government Net acquisition of other non-financial assets 4): Euro area Households 2) Non-financial corporations Financial corporations General government Net lending (+)/net borrowing (-): Euro area Households 2) Non-financial corporations Financial corporations General government S 4 2012 Q3 2013 Q3 1.2 100.0 73.9 0.8 2.9 22.4 100.0 73.7 0.7 2.6 23.0 0.7 0.6 0.3 1.5 1.1 1.0 0.5 1.9 95.1 69.2 9.8 16.1 95.2 69.2 9.8 16.2 384 417 53 149 -235 -3.8 -4.3 -3.4 5.7 4.9 5.4 0.7 2.2 -3.5 4.8 5.2 0.7 1.9 -3.0 1,511 404 858 45 204 1,519 405 863 45 205 2.0 1.2 2.2 2.5 2.5 2.1 1.4 2.4 3.0 2.1 18.8 5.1 10.7 0.6 2.5 19.1 5.1 10.9 0.6 2.6 11 0 68 55 -111 14 0 68 58 -112 15 -1 65 55 -104 0.1 0.0 0.8 0.2 -0.9 0.2 0.0 0.8 0.7 -1.3 1,765 553 963 47 202 1,736 547 943 48 198 1,723 542 938 45 197 1,716 541 933 44 198 22.6 7.1 12.3 0.6 2.6 21.6 6.8 11.8 0.6 2.5 20 4 24 0 -8 19 2 17 0 -1 9 2 9 0 -3 3 1 5 0 -3 10 1 11 0 -2 0.3 0.0 0.3 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 80 268 -28 188 -349 123 262 -12 223 -349 162 274 28 216 -355 186 274 36 212 -336 192 279 38 205 -329 1.0 3.4 -0.3 2.4 -4.4 2.4 3.5 0.5 2.6 -4.1 -2.9 -3.0 -2.2 -24.4 -1.1 -1.6 -1.1 -2.1 -8.6 0.6 Sources: ECB and Eurostat. 1) Annual percentage changes are calculated as 100*(x(t)-x(t-4))/x(t-4) where x(t) stands for the transaction x in quarter t, and x(t-4) for the transaction four quarters earlier. 2) Households and non-profit institutions serving households. 3) Transfers of goods and services by government units and non-profit institutions serving households (NPISHs) to individual households. 4) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). ECB Press Release - Annex January 2014 percentage of euro area NDI
  • 10. Table 2. Households 1) (EUR billions) Non-financial transactions annual percentage changes 2) four-quarter-cumulated sums percentage of HGDI, adjusted 3) 2010 Compensation of employees Gross operating surplus and mixed income Property income (receivable - payable) Net social benefits and contributions (rec. - pay.) Other current transfers (receivable - payable) Taxes (on income and wealth) (-) Gross disposable income (HGDI) +Adj. for change in net worth in pension fund 3) Gross disposable income (HGDI) plus adjustment 3) Consumption expenditure Gross saving Net capital transfers (receivable - payable) Gross fixed capital formation Net acquisition of other non-financial assets 4) Net lending (+)/net borrowing (-) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 4,521 1,449 788 104 71 850 6,082 56 6,138 5,291 847 12 554 4 301 4,634 1,491 820 83 70 884 6,214 58 6,272 5,441 831 2 565 8 261 4,679 1,495 828 91 68 920 6,240 58 6,298 5,469 829 0 557 4 268 4,684 1,495 825 91 71 934 6,233 58 6,290 5,474 816 1 553 2 262 4,691 1,498 819 95 74 941 6,235 58 6,293 5,470 823 0 547 2 274 4,697 1,503 812 100 75 952 6,236 58 6,294 5,478 817 0 542 1 274 4,706 1,511 816 105 74 959 6,253 60 6,313 5,491 822 -1 541 1 279 0.5 1.5 0.7 2.2 4.5 0.1 1.7 0.1 0.6 -2.3 3.5 1.1 12.9 1.2 1.0 3.1 -3.0 -1.1 74.3 23.7 13.1 1.4 1.1 14.6 99.1 0.9 100.0 86.8 13.2 0.0 8.8 0.1 4.3 74.5 23.9 12.9 1.7 1.2 15.2 99.1 0.9 100.0 87.0 13.0 0.0 8.6 0.0 4.4 Financial transactions annual growth rates 5) four-quarter-cumulated sums percentage of HGDI, adjusted 3) 2010 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 Financial investment Currency and deposits Debt securities Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Life insurance and pension fund reserves Other financial assets 6) Financing Loans Short-term Long-term Other liabilities 7) Net lending (+)/net borrowing (-) (financial accounts) 486 176 -16 52 25 78 -51 248 25 177 114 -19 134 62 309 370 172 98 -25 22 24 -71 115 9 104 88 -9 97 16 266 330 204 21 32 8 58 -35 108 -35 34 19 -10 29 15 297 344 237 -90 59 -1 56 4 129 9 51 14 -4 18 38 292 364 233 -138 103 6 60 37 147 19 41 0 -4 5 40 323 352 222 -138 93 -2 41 55 156 18 47 -11 -5 -6 57 305 340 209 -146 105 -14 56 64 166 6 54 -1 -4 2 55 286 1.8 3.2 -9.5 2.3 -0.4 1.9 4.3 2.7 1.8 3.0 -10.1 2.5 -2.0 2.5 4.9 2.8 0.7 -0.2 -1.4 -0.1 0.8 0.0 -1.1 0.0 2.5 2.3 5.2 3.2 0.3 0.5 0.1 0.9 -0.5 1.7 -0.6 0.5 0.3 -0.2 0.5 0.2 4.7 5.4 3.3 -2.3 1.7 -0.2 0.9 1.0 2.6 0.1 0.9 0.0 -0.1 0.0 0.9 4.5 Changes in financial wealth not due to transactions 80 -378 533 598 433 522 440 8.5 7.0 Balance sheet annual percentage changes 2) end-of-period stocks percentage of HGDI, adjusted or GDP 8) 3) 2010 Financial assets Currency and deposits Debt securities Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Life insurance and pension fund reserves Other financial assets 6) Liabilities Loans Short-term Long-term Other liabilities 7) Non-financial assets of which: Housing wealth Net worth Memo: Debt 9) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 18,804 6,624 1,438 4,384 776 2,237 1,371 5,489 870 6,732 6,107 360 5,748 618 30,286 28,783 42,358 6,107 18,788 6,810 1,448 4,041 670 2,128 1,243 5,619 870 6,829 6,196 359 5,837 625 30,618 29,069 42,578 6,196 19,401 6,934 1,444 4,287 730 2,236 1,321 5,840 896 6,838 6,184 348 5,836 647 30,186 28,621 42,750 6,184 19,709 7,046 1,419 4,437 748 2,345 1,343 5,928 880 6,859 6,185 351 5,834 666 29,955 28,386 42,805 6,185 19,939 7,081 1,349 4,585 771 2,418 1,396 6,021 903 6,870 6,159 343 5,816 703 29,505 27,925 42,574 6,159 19,963 7,141 1,328 4,572 759 2,411 1,402 6,020 902 6,864 6,159 350 5,809 697 29,551 27,962 42,650 6,159 20,154 7,140 1,296 4,741 831 2,472 1,438 6,082 895 6,864 6,158 343 5,815 698 29,713 28,115 43,003 6,158 4.4 3.2 -8.1 10.5 10.1 11.4 9.2 4.8 3.9 3.0 -10.3 10.6 13.8 10.5 8.9 4.1 0.1 -0.6 -2.1 -0.5 0.4 -0.4 -1.3 -0.4 -2.7 -2.9 0.0 -0.6 -1.6 -1.8 0.6 -0.4 308.1 110.1 22.9 68.1 11.6 35.5 21.0 92.7 14.2 108.6 98.2 5.5 92.7 10.3 479.3 454.4 678.8 65.4 319.3 113.1 20.5 75.1 13.2 39.2 22.8 96.3 14.2 108.7 97.6 5.4 92.1 11.1 470.7 445.4 681.2 64.7 Sources: ECB and Eurostat. 1) Households and non-profit institutions serving households. 2) Annual percentage changes are calculated as 100*(x(t)-x(t-4))/x(t-4) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-4) for the transaction or stock four quarters earlier. 3) Net adjustment for the change in net equity of households in pension fund reserves (receivable - payable). 4) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). 5) Annual growth rates for financial transactions are calculated as 100*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-4) where f(t) stands for the transactions in quarter t, and F(t-4) for the end-of-quarter stock value four quarters earlier. 6) Loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable. 7) Financial derivative’s net liabilities, pension fund reserves and other accounts payable. 8) As a percentage of gross domestic product in the case of debt. 9) Debt is equal to loans received. ECB Press Release - Annex January 2014 S 5
  • 11. Table 3. Non-financial corporations (EUR billions) Non-financial transactions annual percentage changes 1) four-quarter-cumulated sums percentage of GVA or NVA 2) 2010 Gross value added (GVA) Net value added (NVA) Net entrepreneurial income Net disposable income Adj. for change in net worth in pension fund Net saving Net capital transfers (receivable - payable) Consumption of fixed capital Gross fixed capital formation Net acquisition of other non-financial assets 3) Net lending (+)/net borrowing (-) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 4,662 3,862 1,288 156 -1 155 64 800 927 19 73 4,824 3,998 1,294 93 -4 89 66 827 982 54 -54 4,848 4,004 1,268 64 -5 59 65 844 972 24 -28 4,846 3,996 1,250 58 -5 53 65 849 963 17 -12 4,840 3,986 1,247 62 -5 58 68 854 943 9 28 4,849 3,991 1,243 57 -4 53 68 858 938 5 36 4,866 4,003 1,250 57 -4 53 65 863 933 11 38 0.8 0.5 -1.1 1.4 1.2 2.3 2.2 -2.2 2.4 -2.1 100.0 82.6 31.7 1.6 -0.1 1.5 1.3 17.4 20.0 0.5 -0.6 100.0 82.3 31.2 1.4 -0.1 1.3 1.3 17.7 19.2 0.2 0.8 Financial transactions annual growth rates 4) four-quarter-cumulated sums percentage of GVA 2010 Financial investment Currency and deposits Debt securities Loans Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Other financial assets 5) Financing Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Pension fund reserves Other liabilities 6) Net lending (+)/net borrowing (-) (financial accounts) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 645 87 7 147 217 43 200 -25 187 580 66 -5 70 111 -17 128 230 31 199 1 172 65 544 75 -8 150 243 25 250 -31 84 604 49 12 37 199 59 141 235 27 209 5 115 -60 258 51 -5 123 169 7 174 -12 -80 314 109 1 108 70 17 53 189 16 174 5 -60 -56 222 87 -5 70 106 4 108 -7 -35 265 119 0 120 2 1 1 183 27 156 4 -43 -43 259 64 -27 43 141 4 131 6 39 281 105 4 101 0 7 -7 145 11 135 4 26 -22 185 75 -30 -11 79 6 86 -14 73 181 91 -9 100 -56 -51 -5 129 21 108 4 12 5 244 103 -33 -12 103 8 114 -18 84 214 89 -1 90 -84 -78 -6 159 20 139 4 46 30 1.1 3.8 -8.9 -0.4 1.0 0.6 1.4 -3.9 1.4 5.2 -9.3 -0.4 1.3 0.8 1.8 -5.1 0.7 9.4 -8.8 11.5 -0.6 -2.1 -0.1 1.0 0.6 1.2 1.2 0.8 8.7 -0.9 9.6 -1.0 -3.3 -0.1 1.2 0.6 1.5 1.1 5.3 1.1 -0.1 2.5 3.5 0.1 3.6 -0.2 -1.6 6.5 2.3 0.0 2.2 1.4 0.3 1.1 3.9 0.3 3.6 0.1 -1.2 -1.1 5.0 2.1 -0.7 -0.3 2.1 0.2 2.3 -0.4 1.7 4.4 1.8 0.0 1.8 -1.7 -1.6 -0.1 3.3 0.4 2.9 0.1 0.9 0.6 Financial balance sheet annual percentage changes 1) end-of-period stocks percentage of GVA or GDP 5) 2010 Financial investment Currency and deposits Debt securities Loans Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Other financial assets 6) Financing Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Pension fund reserves Other liabilities 7) Memo: Debt 8) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 16,451 1,864 338 2,893 7,587 1,109 6,049 428 3,769 26,421 881 73 808 8,506 2,315 6,191 13,169 3,802 9,368 340 3,524 9,728 16,560 1,930 339 3,071 7,336 927 6,045 363 3,884 25,957 885 83 802 8,673 2,346 6,327 12,482 3,284 9,198 345 3,573 9,902 17,098 1,987 352 3,156 7,821 994 6,467 360 3,782 26,703 1,021 91 930 8,694 2,368 6,326 13,130 3,553 9,578 348 3,510 10,063 17,309 2,052 350 3,117 7,973 1,065 6,548 360 3,817 27,125 1,044 82 961 8,606 2,335 6,272 13,561 3,747 9,814 349 3,564 9,999 17,608 2,023 334 3,122 8,259 1,111 6,780 368 3,869 27,493 1,065 91 973 8,575 2,322 6,253 13,964 3,891 10,073 350 3,538 9,990 17,404 2,023 322 3,120 8,098 1,098 6,649 350 3,841 27,286 1,061 90 971 8,536 2,294 6,242 13,832 3,853 9,979 351 3,505 9,948 17,881 2,068 325 3,139 8,543 1,218 6,973 352 3,806 28,049 1,094 90 1,004 8,501 2,239 6,263 14,579 4,199 10,380 352 3,522 9,948 3.7 2.7 -5.5 -0.4 7.4 13.1 7.1 -1.7 4.6 4.1 -7.9 -0.5 9.2 22.5 7.8 -2.3 4.0 10.0 -8.5 12.1 -1.9 -4.2 -1.1 9.3 15.6 7.0 1.2 5.0 7.2 -0.4 7.9 -2.2 -5.4 -1.0 11.0 18.2 8.4 1.1 -0.7 -1.1 352.7 41.0 7.3 65.1 161.3 20.5 133.4 7.4 78.0 550.9 21.1 1.9 19.2 179.4 48.8 130.5 270.9 73.3 197.6 7.2 72.4 106.5 367.5 42.5 6.7 64.5 175.6 25.0 143.3 7.2 78.2 576.4 22.5 1.9 20.6 174.7 46.0 128.7 299.6 86.3 213.3 7.2 72.4 104.6 Sources: ECB and Eurostat. 1) Annual percentage changes are calculated as 100*(x(t)-x(t-4))/x(t-4) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-4) for the transaction or stock four quarters earlier. 2) As a percentage of net value added in the case of net entrepreneurial income and net saving. 3) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). 4) Annual growth rates for financial transactions are calculated as 100*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-4) where f(t) stands for the transactions in quarter t, and F(t-4) for the end-of-quarter stock value four quarters earlier. 5) As a percentage of gross domestic product in the case of debt. 6) Other accounts receivable, and prepayments of insurance premiums and reserves for outstanding claims. 7) Other accounts payable, financial derivative’s net liabilities and deposits. 8) Loans received, debt securities issued and pension fund reserves. Trade credits are not included as they are not available for all euro area countries (Trade credits are estimated to be about 25% of GDP). S 6 ECB Press Release - Annex January 2014
  • 12. Table 4. General government (EUR billions) Non-financial transactions annual percentage changes 1) four-quarter-cumulated sums percentage of GNDI 2010 Net disposable income (GNDI) Consumption expenditure Net saving Consumption of fixed capital Net capital transfers (receivable - payable) Gross fixed capital formation Net acquisition of other non-financial assets 2) Net lending (+)/net borrowing (-) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 1,622 2,023 -401 191 -128 234 -3 -569 1,730 2,036 -306 197 -66 221 -6 -391 1,770 2,048 -278 200 -71 208 -8 -349 1,801 2,046 -245 202 -105 202 -1 -349 1,801 2,052 -251 203 -111 198 -3 -355 1,824 2,057 -233 204 -112 197 -3 -336 1,829 2,064 -235 205 -104 198 -2 -329 5.1 1.0 1.2 1.4 2.5 2.1 -1.1 0.6 100.0 115.7 -15.7 11.3 -4.0 11.8 -0.4 -19.7 100.0 112.8 -12.8 11.2 -5.7 10.8 -0.1 -18.0 Financial transactions annual growth rates 3) four-quarter-cumulated sums percentage of GNDI 2010 Net acquisition of financial assets Financial investment 4) Currency and deposits Debt securities Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Other financial assets 5) Net incurrence of liabilities Financing 4) Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Other liabilities 6) Net lending (+)/net borrowing (-) (financial accounts) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 249 244 25 130 71 3 68 18 -6 21 3 5 818 787 22 461 -60 521 304 183 120 31 -569 99 35 37 -21 26 -10 36 -6 -5 1 -2 64 490 441 11 341 11 329 89 -41 131 49 -391 294 271 88 -9 168 16 153 24 -3 10 17 23 643 638 11 329 -44 373 298 -14 313 5 -349 380 363 18 -3 290 41 249 58 4 49 5 16 729 742 6 294 -42 336 443 -27 471 -13 -349 328 306 -32 4 266 36 230 69 4 59 6 22 683 679 12 332 -44 376 334 -35 369 4 -355 254 249 8 -10 205 10 195 47 20 25 2 5 590 585 8 376 -36 412 200 -68 268 6 -336 185 199 -29 -3 195 6 189 36 23 17 -3 -15 514 539 7 323 -25 348 209 -54 263 -26 -329 6.0 7.3 0.9 -2.1 29.7 9.0 33.4 3.3 10.5 2.3 1.1 4.4 5.8 -3.5 -0.7 28.3 6.3 31.5 2.5 11.6 1.5 -1.9 5.9 6.2 3.1 5.3 -5.0 6.5 9.6 -19.5 15.5 5.0 5.6 2.6 4.5 -3.5 5.3 10.1 -17.4 15.0 16.6 15.3 5.0 -0.5 9.5 0.9 8.6 1.3 -0.2 0.6 0.9 1.3 36.4 36.1 0.6 18.6 -2.5 21.1 16.9 -0.8 17.7 0.3 -19.7 10.1 10.9 -1.6 -0.2 10.6 0.3 10.3 2.0 1.3 0.9 -0.2 -0.8 28.1 29.5 0.4 17.7 -1.4 19.0 11.4 -3.0 14.4 -1.4 -18.0 Financial balance sheet annual percentage changes 1) end-of-period stocks percentage of GNDI 2010 Financial assets Financial investment 4) Currency and deposits Debt securities Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Other financial assets 5) Liabilities Financing 4) Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Other liabilities 6) Memo: Government debt (at nominal value) 7) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 3,800 3,120 686 501 519 82 437 1,414 264 984 165 680 9,068 8,481 264 6,496 702 5,794 1,721 370 1,351 587 7,833.0 3,871 3,122 724 467 542 66 476 1,390 205 1,028 157 749 9,431 8,786 275 6,698 714 5,984 1,813 329 1,483 645 8,228.1 4,191 3,411 806 456 689 88 600 1,460 199 1,083 178 780 10,243 9,572 275 7,231 705 6,527 2,066 312 1,754 671 8,529.4 4,325 3,557 744 483 812 99 713 1,518 209 1,136 173 769 10,588 9,940 281 7,397 670 6,727 2,263 302 1,960 647 8,596.2 4,419 3,616 774 473 826 96 730 1,543 207 1,155 180 803 10,756 10,072 271 7,554 691 6,863 2,247 288 1,960 684 8,750.5 4,508 3,715 858 471 873 106 766 1,514 228 1,106 179 792 10,884 10,205 276 7,647 676 6,971 2,281 280 2,001 679 8,875.1 4,428 3,663 778 464 869 87 783 1,551 261 1,106 184 765 10,727 10,141 282 7,581 678 6,904 2,278 258 2,019 586 8,841.9 6.8 8.3 0.8 1.5 26.5 0.8 31.2 6.1 18.6 3.6 7.3 5.7 7.4 -3.4 1.7 26.2 -1.9 30.4 6.3 30.8 2.2 3.7 8.1 8.4 3.1 8.2 -5.2 9.6 9.7 -19.4 15.6 4.7 5.9 2.7 4.8 -3.8 5.8 10.2 -17.3 15.2 236.8 192.7 45.5 25.8 38.9 5.0 33.9 82.5 11.3 61.2 10.0 44.1 578.7 540.8 15.5 408.6 39.8 368.8 116.7 17.6 99.1 37.9 242.1 200.3 42.6 25.4 47.5 4.7 42.8 84.8 14.3 60.5 10.1 41.8 586.4 554.4 15.4 414.5 37.1 377.4 124.5 14.1 110.4 32.0 Sources: ECB and Eurostat. 1) Annual percentage changes are calculated as 100*(x(t)-x(t-4))/x(t-4) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-4) for the transaction or stock four quarters earlier. 2) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets. 3) Annual growth rates for financial transactions are calculated as 100*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-4) where f(t) stands for the transactions in quarter t, and F(t-4) for the end-of-quarter stock value four quarters earlier. 4) In line with existing conventions, the financing of the government excludes the net incurrence of liabilities via financial derivatives, shares and other equity, pension fund reserves and other accounts payable, and the financial investment of the government excludes financial derivatives, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable. 5) Other accounts receivable, financial derivatives and prepayments of insurance premiums and reserves for outstanding claims. 6) Other accounts payable, pension fund reserves, financial derivatives and unquoted shares and other equity. 7) General government debt at nominal value and consolidated between sub-sectors of general government. ECB Press Release - Annex January 2014 S 7
  • 13. Table 5. Financial corporations (EUR billions) Non-financial transactions annual percentage changes 1) four-quarter-cumulated sums percentage of GVA or NVA 2) 2010 Gross value added (GVA) Net value added (NVA) Net entrepreneurial income Net disposable income Adj. for change in net worth in pension fund Net saving Net capital transfers (receivable - payable) Consumption of fixed capital Gross fixed capital formation Net acquisition of other non-financial assets 3) Net lending (+)/net borrowing (-) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 428 386 466 180 -55 125 60 42 44 0 183 428 385 501 230 -54 176 4 44 48 0 175 424 380 470 229 -53 176 15 44 46 0 188 422 378 463 228 -53 175 50 44 47 0 223 421 377 458 217 -53 164 55 45 48 0 216 421 377 453 208 -54 154 58 45 45 0 212 423 378 451 204 -55 149 55 45 44 0 205 0.2 -0.1 -2.8 1.2 0.9 -2.2 2.5 -24.4 3.0 -8.6 100.0 89.6 123.6 60.2 -14.0 46.2 3.5 10.4 10.9 0.1 44.3 100.0 89.3 119.5 54.0 -14.7 39.3 13.1 10.7 10.4 0.0 48.5 Financial transactions annual growth rates 4) four-quarter-cumulated sums percentage of GVA 2010 Financial investment Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Other financial assets 5) Financing Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Insurance technical reserves Other liabilities 6) Net lending (+)/net borrowing (-) (financial accounts) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2012 Q3 2013 Q3 1,427 91 199 -34 233 630 184 446 411 95 1,244 290 -153 -52 -101 210 80 129 565 40 285 240 283 50 183 2,777 1,788 288 91 197 331 73 257 346 24 2,602 1,838 110 69 41 119 60 58 408 64 355 -10 116 10 175 2,336 1,221 576 102 474 135 110 25 394 10 2,148 1,508 -27 52 -79 124 116 7 523 34 321 168 123 -103 188 1,159 50 476 -25 501 254 150 104 438 -58 937 221 -47 -30 -18 87 145 -58 618 35 285 299 148 -90 223 -459 -1,386 260 -60 319 238 102 136 420 9 -675 -1,413 -230 -33 -197 89 98 -9 706 24 338 344 167 6 216 -1,004 -1,938 435 -71 507 120 44 76 450 -72 -1,216 -1,940 -164 -22 -142 98 109 -11 687 54 267 366 176 -74 212 -1,379 -1,952 290 -115 405 -65 -99 34 457 -109 -1,584 -1,994 -219 -41 -178 -77 -8 -69 608 48 160 400 189 -90 205 -1.7 -12.6 3.3 -6.6 4.2 0.7 1.0 0.6 4.2 -2.3 -13.1 2.2 -10.8 3.3 -0.4 -2.3 0.2 4.1 -2.1 -7.6 -1.9 -2.8 -1.8 2.3 5.8 -0.5 6.0 8.7 6.9 5.2 2.8 -2.7 -7.9 -2.5 -5.3 -2.3 -1.8 -0.4 -2.8 5.1 6.8 4.0 5.6 2.9 550.9 288.0 135.8 24.0 111.8 31.8 25.9 5.9 93.0 2.3 506.6 355.6 -6.4 12.2 -18.6 29.2 27.4 1.7 123.4 8.1 75.7 39.5 29.1 -24.3 44.3 -326.3 -461.8 68.6 -27.2 95.8 -15.3 -23.4 8.1 108.0 -25.8 -374.8 -471.7 -51.9 -9.7 -42.2 -18.3 -2.0 -16.3 143.8 11.3 37.9 94.6 44.6 -21.4 48.5 Financial balance sheet annual percentage changes 1) end-of-period stocks 2010 Financial investment Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Other financial assets 5) Financing Currency and deposits Debt securities Short-term Long-term Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Insurance technical reserves Other liabilities 6) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 54,793 12,473 12,331 970 11,361 17,427 3,833 13,595 10,496 2,066 53,614 22,493 8,435 718 7,717 3,949 1,724 2,225 11,139 818 3,465 6,856 6,064 1,534 56,990 14,370 12,417 1,043 11,374 17,783 4,000 13,783 10,265 2,155 55,893 24,391 8,577 793 7,783 4,266 1,770 2,496 10,966 633 3,713 6,620 6,197 1,496 59,491 14,938 13,263 1,069 12,193 18,006 4,255 13,751 11,009 2,276 58,056 25,197 8,640 778 7,862 4,371 1,933 2,438 11,930 703 4,054 7,173 6,446 1,471 59,302 14,319 13,435 1,011 12,424 17,999 4,159 13,840 11,459 2,090 58,040 24,550 8,689 754 7,936 4,421 1,912 2,509 12,479 775 4,379 7,325 6,532 1,369 59,366 13,621 13,598 1,040 12,558 18,108 4,205 13,904 11,809 2,230 58,106 23,872 8,614 782 7,833 4,592 1,978 2,614 12,850 762 4,433 7,654 6,646 1,533 58,746 13,295 13,530 994 12,537 18,126 4,202 13,924 11,740 2,054 57,560 23,566 8,492 730 7,763 4,654 2,004 2,651 12,705 807 4,373 7,526 6,644 1,497 58,215 12,872 13,410 952 12,458 17,795 3,980 13,815 12,087 2,051 57,028 23,059 8,336 704 7,631 4,384 1,804 2,580 13,049 926 4,387 7,736 6,708 1,493 -1.0 -13.4 3.8 -7.5 4.8 0.6 -0.6 0.9 10.5 -2.1 -13.8 1.1 -10.9 2.2 -1.2 -6.5 0.5 9.8 -0.8 -8.2 -1.8 -6.7 -1.3 7.0 5.4 8.2 10.7 29.4 12.9 7.7 4.7 -1.8 -8.5 -3.5 -9.5 -2.9 0.3 -6.7 5.8 9.4 31.7 8.2 7.9 4.1 Sources: ECB and Eurostat. 1) Annual percentage changes are calculated as 100*(x(t)-x(t-4))/x(t-4) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-4) for the transaction or stock four quarters earlier. 2) As a percentage of net value added in the case of net entrepreneurial income and net saving. 3) Changes in inventories, acquisitions less disposals of valuables and acquisitions less disposals of non-produced non-financial assets (e.g. land). 4) Annual growth rates for financial transactions are calculated as 100*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-4) where f(t) stands for the transactions in quarter t, and F(t-4) for the end-of-quarter stock value four quarters earlier. 5) Monetary gold and SDRs, other accounts receivable, and prepayments of insurance premiums and reserves for outstanding claims. 6) Other accounts payable and financial derivative’s net liabilities. S 8 ECB Press Release - Annex January 2014
  • 14. Table 6. Insurance corporations and pension funds (EUR billions) Financial transactions annual growth rates 1) four-quarter-cumulated sums 2010 Financial investment Currency and deposits Debt securities Short-term Long-term Loans Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Other financial assets 2) Financing Debt securities Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Insurance technical reserves Other liabilities 3) Net lending (+)/net borrowing (-) (financial accounts) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 300 -14 194 11 183 32 69 -2 11 60 18 303 1 7 8 -1 6 0 6 280 10 -3 186 23 69 24 45 12 84 -12 13 83 -2 166 3 11 7 4 4 1 3 115 33 20 167 -14 91 12 79 15 70 -17 1 85 6 149 2 9 17 -8 2 2 0 127 9 18 235 -2 133 -5 137 8 89 -5 -2 95 7 189 7 -15 -8 -7 0 2 -2 151 46 45 213 -8 95 -2 96 12 96 2 -1 95 18 213 5 0 -3 3 2 2 0 167 38 0 221 -8 100 -14 115 11 94 0 0 94 24 220 3 -7 -9 2 2 3 -1 175 46 2 227 -15 91 -22 113 2 129 10 4 115 20 213 3 -23 -23 0 1 0 1 186 46 14 3.1 -1.0 3.5 -20.0 4.0 2.3 3.7 0.1 -0.1 5.5 3.1 -1.9 3.0 -28.5 3.9 0.4 4.9 2.6 0.9 6.3 3.1 6.7 -2.3 -4.5 1.9 0.5 2.5 -0.2 2.8 2.9 5.2 -7.2 -10.6 0.0 0.2 0.4 0.2 2.9 Financial balance sheet annual percentage changes 4) end-of-period stocks 2010 Financial investment Currency and deposits Debt securities Short-term Long-term Loans Shares and other equity Quoted shares Unquoted shares and other equity Mutual fund shares Other financial assets 2) Financing Debt securities Loans Short-term Long-term Shares and other equity Quoted shares Unquoted shares and other equity Insurance technical reserves Other liabilities 3) 2011 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q2 2013 Q3 6,753 796 2,690 51 2,638 467 2,416 421 415 1,580 384 6,918 43 297 187 109 444 123 320 5,999 135 6,799 804 2,737 76 2,661 479 2,396 375 420 1,600 384 6,994 46 305 190 115 401 97 303 6,130 112 7,334 804 3,018 77 2,941 487 2,633 388 438 1,808 392 7,311 49 319 214 105 444 117 325 6,383 116 7,428 802 3,071 72 2,999 488 2,681 403 429 1,849 386 7,411 55 289 181 107 472 133 338 6,469 126 7,574 812 3,088 67 3,021 488 2,784 412 432 1,940 402 7,577 55 306 195 112 490 136 353 6,581 145 7,529 796 3,079 57 3,023 485 2,761 409 432 1,920 407 7,593 52 305 194 111 498 140 357 6,578 161 7,631 791 3,095 55 3,040 487 2,859 424 437 1,998 400 7,669 52 299 190 108 512 148 363 6,642 164 5.9 -0.7 6.2 -19.4 6.9 1.7 9.0 9.7 -1.0 11.3 4.1 -1.6 2.6 -28.5 3.4 -0.1 8.6 9.4 -0.3 10.5 5.9 7.3 -1.6 -5.0 5.1 20.5 37.6 14.9 4.7 4.9 5.7 -6.5 -11.2 3.1 15.5 26.4 11.6 4.1 Source: ECB. 1) Annual growth rates for financial transactions are calculated as 100*(f(t)+f(t-1)+f(t-2)+f(t-3))/F(t-4) where f(t) stands for the transactions in quarter t, and F(t-4) for the end-of-quarter stock value four quarters earlier. 2) Other accounts receivable, and prepayments of insurance premiums and reserves for outstanding claims. 3) Other accounts payable and financial derivative’s net liabilities. 4) Annual percentage changes are calculated as 100*(x(t)-x(t-4))/x(t-4) where x(t) stands for the transaction or end-of-quarter stock x in quarter t, and x(t-4) for the transaction or stock four quarters earlier. ECB Press Release - Annex January 2014 S 9