Monthly Bulletin April 2008 - European Central Bank - Europa

EURO AREA
STATISTICS
Euro area
accounts
3.4 Non-financial corporations
(EUR billions; four-quarter cumulated flows; outstanding amounts at end-of-period)
Income and saving
2005 Q4- 2006 Q1- 2006 Q2- 2006 Q3- 2006 Q4-
2003 2004 2005 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3
Gross value added (basic prices) (+) 3,835.1 3,989.3 4,112.9 4,240.3 4,296.1 4,353.8 4,409.9 4,467.2
Compensation of employees (-) 2,313.0 2,382.6 2,445.6 2,518.8 2,544.8 2,574.4 2,606.7 2,634.9
Other taxes less subsidies on production (-) 58.7 65.2 71.1 72.9 72.7 74.7 77.1 78.1
= Gross operating surplus (+) 1,463.4 1,541.5 1,596.2 1,648.6 1,678.7 1,704.7 1,726.2 1,754.2
Consumption of fixed capital (-) 607.9 632.6 661.7 681.5 688.0 694.0 699.7 706.4
= Net operating surplus (+) 855.4 908.9 934.4 967.1 990.7 1,010.7 1,026.5 1,047.8
Property income receivable (+) 320.6 365.9 423.7 453.0 465.0 470.0 474.8 480.5
Interest receivable 126.6 121.9 132.5 149.3 154.7 159.1 163.7 166.9
Other property income receivable 194.1 244.1 291.2 303.7 310.3 311.0 311.1 313.6
Interest and rents payable (-) 228.6 226.4 235.1 265.0 278.2 290.3 301.5 311.1
= Net entrepreneurial income (+) 947.5 1,048.4 1,123.0 1,155.1 1,177.5 1,190.4 1,199.8 1,217.2
Distributed income (-) 692.6 753.6 839.4 878.9 906.1 913.8 921.4 929.0
Taxes on income and wealth payable (-) 117.1 135.7 148.1 169.5 184.3 189.1 197.7 206.2
Social contributions receivable (+) 73.3 73.5 74.1 76.3 76.7 77.3 74.7 72.5
Social benefits payable (-) 59.7 60.3 62.1 62.4 61.9 62.0 61.9 62.1
Other net transfers (-) 55.9 62.1 60.4 60.1 59.9 60.6 59.9 58.9
= Net saving 95.6 110.1 87.3 60.6 41.9 42.2 33.7 33.5
Investment, financing and saving
Net acquisition of non-financial assets (+) 193.8 211.8 237.2 287.5 288.0 301.6 316.8 329.7
Gross fixed capital formation (+) 803.6 840.8 888.8 936.7 950.3 973.2 993.8 1,012.0
Consumption of fixed capital (-) 607.9 632.6 661.7 681.5 688.0 694.0 699.7 706.4
Net acquisition of other non-financial assets (+) -1.8 3.6 10.1 32.3 25.8 22.5 22.7 24.1
Main items of financial investment (+)
Short-term assets 106.0 102.9 125.9 156.3 179.2 210.0 221.1 185.7
Currency and deposits 64.3 84.1 113.2 124.8 145.1 163.9 164.5 158.4
Money market fund shares 22.5 16.5 8.6 8.0 3.6 19.7 23.5 -9.4
Debt securities 1) 18.5 -2.5 4.4 24.1 31.0 27.1 34.2 37.5
Long-term assets 284.5 188.9 348.4 298.8 320.9 342.3 365.1 423.2
Deposits 43.4 0.6 30.7 20.2 21.4 29.4 29.1 16.8
Debt securities -46.4 -53.2 -27.5 -36.2 -22.5 -30.1 -34.8 -31.5
Shares and other equity 147.3 175.8 214.3 191.5 174.6 176.1 192.1 240.2
Other, mainly intercompany loans 140.2 65.7 130.9 123.2 147.4 166.8 178.7 197.7
Remaining net assets (+) 59.5 75.8 68.0 143.0 159.8 136.3 130.1 145.5
Main items of financing (-)
Debt 296.3 219.0 400.9 596.9 627.8 649.6 686.6 743.5
of which loans from euro area MFIs 102.8 172.5 264.6 425.1 448.7 444.9 484.6 521.6
of which debt securities 63.1 7.3 3.3 28.4 41.3 44.3 59.7 40.6
Shares and other equity 205.7 192.1 230.3 162.3 197.4 212.9 224.4 229.0
Quoted shares 19.0 11.9 100.5 37.8 34.3 46.5 66.2 74.1
Unquoted shares and other equity 186.7 180.1 129.8 124.5 163.1 166.4 158.2 154.9
Net capital transfers receivable (-) 46.3 58.3 61.1 65.9 80.8 85.5 86.2 75.8
= Net saving 95.6 110.1 87.3 60.6 41.9 42.2 33.7 33.5
Financial balance sheet
Financial assets
Short-term assets 1,307.5 1,368.0 1,499.8 1,603.2 1,672.7 1,711.8 1,766.3 1,780.9
Currency and deposits 1,028.9 1,102.6 1,220.7 1,276.9 1,356.8 1,364.8 1,405.0 1,428.9
Money market fund shares 143.8 163.7 176.3 194.4 185.8 204.2 205.2 185.6
Debt securities 1) 134.8 101.7 102.9 131.9 130.1 142.8 156.1 166.3
Long-term assets 6,424.8 6,907.1 8,029.6 8,781.6 9,206.2 9,511.2 9,885.7 9,793.4
Deposits 137.6 136.8 175.4 214.3 206.3 260.5 264.8 252.3
Debt securities 377.6 324.4 285.2 255.5 260.7 234.1 236.1 213.9
Shares and other equity 4,563.9 5,047.2 6,049.0 6,697.8 7,059.1 7,283.6 7,605.0 7,503.3
Other, mainly intercompany loans 1,345.7 1,398.7 1,520.0 1,614.0 1,680.2 1,733.0 1,779.9 1,823.9
Remaining net assets 230.9 268.0 265.2 304.2 301.0 358.9 369.1 376.1
Liabilities
Debt 6,037.5 6,221.0 6,632.8 7,103.9 7,244.9 7,431.3 7,685.3 7,843.8
of which loans from euro area MFIs 3,034.4 3,160.8 3,419.5 3,743.8 3,857.4 3,957.3 4,107.8 4,231.6
of which debt securities 628.2 667.8 671.3 696.9 698.8 710.4 742.9 733.0
Shares and other equity 8,241.7 9,172.2 10,715.8 11,634.5 12,349.5 12,770.6 13,416.1 13,201.4
Quoted shares 2,731.9 2,987.1 3,680.9 4,077.3 4,451.5 4,664.2 5,061.3 4,934.6
Unquoted shares and other equity 5,509.8 6,185.2 7,034.9 7,557.1 7,897.9 8,106.4 8,354.8 8,266.8
Sources: ECB and Eurostat.
1) Securities issued by MFIs with a maturity of less than two years and by other sectors with a maturity of less than one year.
ECB
Monthly Bulletin
April 2008S 33