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CSO statistical release, 27 June 2013, 11am

Balance of International Payments

Quarter 1 2013

   € million
 Merchandise BalanceInvisibles BalanceCurrent Account Balance
Q1 2013 7,458-6,2621,196
Q1 20128,401-9,105-705
Year 201236,368-29,1187,250
Year 201136,681-34,6792,002

Current account surplus of €1.2 billion in Q1 2013

Figure 1 BOP - Current Account balances

The Balance of Payments current account was €1,196m in surplus in the first quarter of 2013. This compares with a current account deficit of €705m for the corresponding quarter of 2012.  A merchandise surplus of €7,458m was partially offset by an invisibles deficit of €6,262m in the most recent quarter.

Between the first quarter of 2012 and the first quarter of 2013 the merchandise surplus declined by €943m, while the invisibles deficit decreased by €2,843m.  This latter decrease was mainly due to the income deficit declining by €2,346m (see Table 1).

Total service exports at €21,606m increased by €563m between Q1 2012 and Q1 2013. An increase in the exports of computer services (+€995m) was offset by declines in exports of trade related services (-€244m) and royalties/licences (-€141m).  Total service imports at €20,852m were unchanged between Q1 2012 and Q1 2013 - an increase of €869m in imports of royalties/licences was offset by decreases in imports of miscellaneous business services (-€512m), insurance services (-€151m) and financial services (-€125m) (see Table 2a).

The direct investment income abroad of Irish-resident businesses was unchanged between Q1 2012 and Q1 2013. In the same period outflows of direct investment income from foreign-owned enterprises in Ireland fell by €1,993m (see Table 2a).

In the financial account, direct investment in Ireland increased by €16.7bn in the first quarter of 2013 while direct investment abroad increased by€9.9bn.  Portfolio investment in foreign assets increased by €56.9bn while foreign portfolio investors invested €36.7bn during Q1 2013.  Other investment assets decreased by €1.6bn and corresponding liabilities increased by €8.7bn for the same period (see Table 2b).

Revised results for 2011 and 2012

New and updated information for 2011 and 2012 have led to revisions to the current account for those years.  The revised results are included in the 2012 National Income and Expenditure Release published today.  The financial accounts results for 2011 and 2012 have also been amended to reflect new and revised data.

Table 1 Summary of Current, Capital and Financial Account Balances€ million
Period     Balance on Current Account Balance on Capital Account Direct InvestmentPortfolio InvestmentOther 2 InvestmentReserve AssetsBalance on Financial AccountNet errors and omissions
Merchandise 1 Invisibles   
 Services IncomeCurrent TransfersTotal   
1998Year17,510-8,820-9,3821,319-16,883 627 840 4,422-8,4667,459-2,2801,135-2,602
1999Year22,170-10,176-12,9451,177-21,944 226 560 11,359-14,342-9741,746-2,2111,425
2000Year27,266-13,889-14,750994-27,645 -379 1,182 22,957-5,358-9,037-1428,420-9,223
2001Year30,494-13,259-18,295305-31,249 -757 703 6,241-25,15819,039-441-319372
2002Year35,442-13,779-23,664707-36,736 -1,295 512 19,444-37,97919,2633431,070-287
2003Year32,604-11,091-21,947432-32,606 -2 93 15,270-39,97721,5671,770-1,3721,280
2004Year31,423-10,203-22,481393-32,291 -867 279 -23,09514,28711,4301,1773,801-3,212
2005Year28,218-9,303-24,870265-33,908 -5,690 264 -36,99252,698-17,6651,472-4875,912
2006Year25,031-6,797-24,033-506-31,336 -6,304 223 -16,6348,13513,182874,7701,311
2007Year19,811-1,121-27,825-990-29,936 -10,124 39 2,602-7,28316,744-1212,051-1,966
2008Year23,811-7,670-25,155-1,154-33,979 -10,169 47 -24,167-45,74986,128-7816,132-6,010
2009Year32,469-6,900-27,907-1,424-36,231 -3,763 -1,252 -64922,626-23,11679-1,0606,074
2010Year35,751-6,639-25,918-1,412-33,969 1,782 -673 15,44685,965-94,14057,276-8,384
2011 3Year36,681-1,699-31,797-1,183-34,679 2,002 -263 17,77526,908-34,93732910,075-11,815
2012 3Year36,3683,206-31,117-1,207-29,118 7,250 -2,056 15,407-220-14,21012987-6,182
                  
2008Quarter 1 4,573-1,663-6,125-781-8,569 -3,997 23 -3,1918,1823,140748,205-4,231
 Quarter 25,814-1,417-6,390-570-8,377 -2,563 47 -3,077-5,54118,414-469,749-7,233
 Quarter 35,809-1,294-7,106-386-8,786 -2,976 -19 -9,276-12,08321,835-394372,558
 Quarter 47,615-3,296-5,534583-8,247 -633 -4 -8,623-36,30742,739-67-2,2592,896
2009Quarter 1 8,085-2,500-6,998-910-10,408 -2,323 -18 -1,107-2,33142941-2,9695,309
 Quarter 29,001-2,040-7,435-725-10,200 -1,199 -16 1,148-15,77623,345-628,654-7,439
 Quarter 38,198-611-7,414-495-8,520 -322 -25 -7,50826,570-22,0203-2,9543,301
 Quarter 47,185-1,749-6,060706-7,103 81 -1,193 6,81814,163-24,87097-3,7914,903
2010Quarter 1 8,870-1,587-7,444-838-9,869 -999 35 4,54719,821-32,13132-7,7318,696
 Quarter 29,687-1,847-7,387-588-9,822 -135 -11 2,972-8,56816,773-1911,158-11,013
 Quarter 39,741-1,164-6,515-657-8,336 1,405 -1 -1,354-19,58125,635-764,624-6,027
 Quarter 47,453-2,041-4,572671-5,942 1,511 -696 9,28194,293-104,41768-775-40
2011 3Quarter 1 8,648-1,438-7,786-711-9,935 -1,286 9 8,2037,063-11,577653,754-2,477
 Quarter 29,554-188-8,241-521-8,950 603 -14 7,37322,344-28,928-29760-1,350
 Quarter 310,08469-8,009-562-8,502 1,582 -16 6,622-19,45615,888243,078-4,644
 Quarter 48,395-142-7,761611-7,292 1,103 -242 -4,42316,957-10,3202692,483-3,344
2012 3Quarter 1 8,401179-8,538-746-9,105 -705 45 11,949-46,26630,86412-3,4424,102
 Quarter 2 10,0391,531-8,090-612-7,171 2,869 -2,093 -4,32933,544-22,446-66,763-7,539
 Quarter 39,3121,258-7,812-567-7,121 2,191 -11 12,7426,812-17,76411,790-3,971
 Quarter 48,616238-6,677718-5,721 2,895 3 -4,9555,690-4,8645-4,1241,226
2013Quarter 1 7,458754-6,192-824-6,262 1,196 37 6,853-20,20610,270-2-3,0851,851
1Adjusted for balance of payments purposes.
2Includes financial derivatives and also life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance
due to confidentiality constraints.
3Revised
Table 2a Current and Capital Accounts € million
2011 12012 12011 1 2012 12013
Item Year Quarter 1 Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
                
Current Account       
Merchandise 2Cr85,00785,85221,36021,80621,25920,582 21,68821,96221,51220,69019,690
 Db48,32649,48512,71212,25211,17512,187 13,28711,92312,20112,07412,232
                
ServicesCr81,46890,29518,96320,51420,27021,721 21,04322,99622,60223,65421,606
 Db83,16887,08920,40120,70320,20121,863 20,86521,46521,34323,41620,852
                
  TransportCr4,3524,6097191,2231,438972 8721,3211,4091,007777
 Db1,6451,675438423376408 468390415402421
  Tourism and Travel 3Cr3,0103,0224348321,129615 5068421,027647566
 Db4,8174,6091,0951,1961,557969 8651,0981,713933871
  CommunicationsCr47962796125132126 137153148189172
 Db9771,089238246247246 276295257261224
  InsuranceCr8,0578,9102,3251,9831,9271,822 2,2562,2052,2342,2152,210
 Db5,9866,2601,6581,5051,4521,371 1,6241,4681,5641,6041,473
  Financial servicesCr6,5947,0731,6301,5921,6281,744 1,7781,6971,7581,8401,756
 Db4,7064,6081,1501,1911,1761,189 1,2461,0511,1931,1181,121
  Computer services 4Cr31,41335,6817,1238,2837,1398,868 8,3578,9928,18810,1449,352
 Db502349117134122129 90858589104
  Royalties/LicencesCr3,6033,8888848448511,024 1,0021,035963888861
 Db29,36132,7557,0007,3757,0947,892 7,6048,3307,8718,9508,473
  Business servicesCr23,36925,9325,6045,4855,8796,401 5,9976,6156,7356,5855,774
 Db34,98235,5528,6588,5868,1299,609 8,6448,7038,19710,0088,116
      Trade relatedCr8,1519,0331,8861,7932,1522,320 1,9442,3652,4692,2551,700
 Db10,43211,8262,7192,5962,1942,923 3,0512,7612,7673,2472,971
      Operational leasingCr6,8127,4961,7341,7351,6691,674 1,7611,8871,9531,8951,790
 Db1,4531,492385418337313 321376396399384
      Misc. business services 5Cr8,4039,4031,9841,9562,0572,406 2,2922,3632,3132,4352,283
 Db23,09622,2335,5535,5715,5986,374 5,2725,5655,0346,3624,760
  Other services n.e.s.Cr594555148148147151 138137139141139
 Db19319248474850 4746495049
                
IncomeCr57,12057,247 13,87914,62514,12714,489 14,07115,03014,29913,847 13,434
 Db88,91788,363 21,66522,86622,13622,250 22,60923,11922,11120,524 19,625
                
  Compensation of EmployeesCr539545 125129151134 134137137137 137
Db685733 168175164178 185177183188 164
  Investment IncomeCr56,58356,699 13,75514,49613,97714,355 13,93614,89214,16113,710 13,296
Db88,23387,630 21,49722,69121,97222,073 22,42422,94221,92820,336 19,462
Direct investment incomeCr15,30517,481 3,2713,8813,7474,406 4,3294,6454,1744,333 4,375
Db42,46343,418 10,25911,00910,65710,538 11,92511,33210,8609,301 9,932
     Income on equityCr11,57413,782 2,4472,8332,7573,537 3,3333,6733,2193,557 3,461
Db38,04938,832 9,5909,9519,4989,010 10,81310,2259,6218,173 8,924
    Dividends & distributed Cr1,7452,682 170490** 30*** *
    branch profitsDb14,41616,862 3,0692,9062,1146,327 4,0454,3874,2684,162 4,170
    Reinvested earningsCr9,83011,100 2,2772,343** 3,303*** *
Db23,63221,969 6,5227,0447,3832,683 6,7685,8385,3534,010 4,753
   Income on debtCr3,7313,699 8241,048990869 996972955776 914
Db4,4134,584 6681,0581,1591,528 1,1121,1061,2381,128 1,008
  Portfolio investment incomeCr23,58625,232 5,9046,0825,9585,642 5,9696,6876,5456,031 6,128
Db30,75231,632 7,1668,0287,6687,890 7,1068,3958,0298,102 6,924
     Income on equityCr5,3426,340 1,2341,4931,3751,240 1,3501,8151,6901,485 1,565
 Db14,61818,607 3,1753,9293,6413,873 3,6545,0244,8065,123 4,065
     Income on debtCr18,24518,892 4,6704,5894,5844,402 4,6194,8724,8554,546 4,563
Db16,13613,025 3,9914,1004,0284,017 3,4523,3723,2232,978 2,860
  Other investment incomeCr17,69013,986 4,5794,5334,2714,307 3,6383,5603,4423,346 2,793
Db15,01712,581 4,0723,6543,6463,645 3,3933,2153,0402,933 2,606
               
Current TransfersCr5,4055,562 1,3678081,0212,209 1,2321,0721,1542,104 927
 Db6,5886,767 2,0781,3291,5831,598 1,9781,6841,7201,385 1,750
                
Current Account - TotalCr229,000238,955 55,57057,75356,67659,001 58,03461,06059,56660,295 55,657
Db226,999231,704 56,85657,15055,09457,899 58,73858,19157,37557,400 54,460
               
Current Account Balance 2,0027,250 -1,2866031,5821,103 -7052,8692,1912,895 1,196
                
Capital Account Balance -263-2,056 9-14-16-242 45-2,093-113 37
                
Memorandum Item:               
 Government IncomeCr133115 53352421 23382331 28
 Db4,3494,625 1,0421,1201,1331,054 1,0891,1151,1871,234 1,184
1Revised
2Adjusted for balance of payments purposes
3Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits
 - see Background Notes.
4Covers exports and imports of software that was not incorporated as part of computer hardware or physical media but separately transmited by electronic means.
The value of sales and purchases of additional software licences is also included.
5Covers mainly advertising, research and development and inter-affiliate management charges.
*Suppressed for confidentiality reasons
Table 2b Financial Account¹  € million
2011 22012 22011 2 2012 22013
Item Year Quarter 1 Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
                
Direct Investment Abroad838-14,413 -5,617-932-4,19811,585 -4,962-4,337-512-4,602 -9,855
In Ireland16,93729,820 13,8208,30510,820-16,008 16,911913,253-353 16,708
               
EquityAbroad14,3791,6652,6422,906** -1,346*** *
 In Ireland-29,82511,348-28,5674,1511,280-6,689 4,2883,5372,707816 11,200
Reinvested EarningsAbroad-9,830-11,100-2,277-2,343** -3,303*** *
In Ireland23,63221,9696,5227,0447,3832,683 6,7685,8385,3534,0104,753
Other CapitalAbroad-3,711-4,978 -5,982-1,495-4,6558,421 -313-465-1,098-3,102 -60
 In Ireland23,129-3,497 35,865-2,8912,157-12,002 5,855-9,3665,194-5,180 754
                
Portfolio InvestmentAssets-2,644-73,573 4,217-2,139-7,7092,987 -62,13330,285-20,029-21,696 -56,918
Liabilities29,55373,352 2,84624,484-11,74713,970 15,8673,25826,84127,386 36,712
               
EquityAssets6,272-11,467 -3,836-1,2787,4163,970 -5,9215,6211,395-12,562 -15,939
 Liabilities61,33981,797 17,86026,405-3,22420,298 27,0518,39220,07026,284 33,015
Debt InstrumentsAssets-8,916-62,106 8,053-861-15,125-983 -56,21224,664-21,424-9,134 -40,979
 Liabilities-31,785-8,446 -15,014-1,921-8,522-6,328 -11,185-5,1346,7711,102 3,697
 Bonds and notes Assets-2,463-55,606 11,505-8,655-2,276-3,037 -10,2631,385-11,900-34,828 -28,427
 Liabilities-18,333-11,626 -11,676779-1,312-6,124 -9,829-3,8314,652-2,618 1,749
 Money market instruments Assets-6,454-6,499 -3,4537,794-12,8492,054 -45,94823,279-9,52425,694 -12,552
 Liabilities-13,4523,180 -3,338-2,700-7,210-204 -1,356-1,3032,1193,720 1,948
                
Other InvestmentAssets13,81875,183 18,0521,866-7,2911,19161,220-16,31664129,6381,571
Liabilities-48,756-89,393 -29,629-30,79523,179-11,511-30,356-6,130-18,405-34,5028,699
               
Loans, currency and depositsAssets12,37074,678 18,332-322-3,857-1,78359,017-18,8592,53231,98815,612
 Liabilities-40,423-79,506 -24,020-28,54717,115-4,971-29,968-289-24,712-24,537-12,263
Other 3Assets1,448502 -2802,188-3,4342,9742,2022,543-1,892-2,351-14,041
 Liabilities-8,331-9,886 -5,609-2,2476,064-6,539-388-5,8416,308-9,96520,962
                
Reserve Assets 32912 65-292426912-615-2
               
Monetary gold 00 000000000
Special drawing rights 93-8 106-5-5-3-6-5-25-1
Reserve position in the IMF -1190 -11900000000
Foreign exchange  35520 78-242927218-130-1
Other 00 000000000
                
Balance on Financial Account 10,075987 3,7547603,0782,483 -3,4426,7631,790-4,124 -3,085
                
Net errors and omissions -11,815-6,182 -2,477-1,350-4,644-3,344 4,102-7,539-3,9711,226 1,851
Memorandum Item:         
Government financialAssets5,914-2,734 1,8133,651666-216 -753520-454-2,047 -958
  transactionsLiabilities22,49120,475 14,6623,0379963,796 5,4904,4988,5871,900 6,972
1Financial account transactions are categorised under two headings 'Assets' and 'Liabilities' for Portfolio Investment, Other Investment and Reserve Assets. For Direct Investment, a 'directional ' categorisation is used: 'Abroad' indicates direct investment by Irish investors in foreign companies; direct investment into Ireland is indicated by the heading 'In Ireland'. The sign convention used is: a minus sign in the 'Abroad' and 'Assets' columns means investments or acquisitions abroad (in enterprises, foreign securities, foreign deposits, etc.) by Irish investors exceeded their disinvestments or disposals in the period, while an entry without sign (less usual) means disinvestment exceeded investment; an entry without sign in the 'In Ireland' and 'Liabilities' columns means that investment transactions into Ireland or incurrences of liabilities to foreign investors exceeded disinvestment or extinctions of liabilities in the period, while a minus sign (less usual) indicates that disinvestment exceeded investment and liability extinctions exceeded incurrences.
2Revised
3Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.
*Suppressed for confidentiality reasons
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity € million
 2011 22012 22011 2 2012 22013
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
                
Current Account - TotalCr229,000238,95555,57057,75356,67659,00158,03461,06059,56660,29555,657
 Db226,999231,70456,85657,15055,09457,89958,73858,19157,37557,40054,460
             
Merchandise 3Cr85,00785,85221,36021,80621,25920,58221,68821,96221,51220,69019,690
Db48,32649,48512,71212,25211,17512,18713,28711,92312,20112,07412,232
            
ServicesCr81,46890,29518,96320,51420,27021,72121,04322,99622,60223,65421,606
Db83,16887,08920,40120,70320,20121,86320,86521,46521,34323,41620,852
            
        IFSCCr21,78623,6225,8095,4115,2805,2865,8525,8585,9485,9645,852
 Db13,95214,1023,5513,6483,3823,3713,5393,2983,5203,7453,446
        Non-IFSCCr59,68266,67313,15315,10414,99016,43515,19117,13816,65417,69015,754
Db69,21572,98716,85017,05416,81918,49217,32618,16717,82319,67117,406
            
IncomeCr57,12057,24713,87914,62514,12714,48914,07115,03014,29913,84713,434
Db88,91788,36321,66522,86622,13622,25022,60923,11922,11120,52419,625
            
        IFSCCr39,39238,8309,59310,1629,8959,7429,40210,1119,9529,3659,056
 Db42,11141,86310,39710,69510,36910,65010,32310,71710,63710,1869,474
        Non-IFSCCr17,72818,4164,2864,4634,2324,7474,6684,9194,3474,4824,378
Db46,80646,49911,26812,17111,76711,60012,28512,40211,47410,33810,151
            
Current TransfersCr5,4055,5621,3678081,0212,2091,2321,0721,1542,104927
Db6,5886,7672,0781,3291,5831,5981,9781,6841,7201,3851,750
            
        IFSC4Cr2,9013,3761,012618686585969904861642710
 Db2,9013,3761,012618686585969904861642710
        Non-IFSCCr2,5042,1863551903351,6242631682931,462217
 Db3,6873,3931,0667118971,0131,0097818607431,040
             
Balance on Current Account 2,0027,250-1,2866031,5821,103-7052,8692,1912,8951,196
             
Balance on Capital Account -263-2,0569-14-16-24245-2,093-11337
             
Financial Account 5               
Direct investmentAbroad838-14,413 -5,617-932-4,19811,585-4,962-4,337-512-4,602 -9,855
 In Ireland16,93729,820 13,8208,30510,820-16,00816,911913,253-353 16,708
               
        IFSCAbroad611-1,557 2623127543-3073-226-1,374 -220
 In Ireland16,0558,963 15,3198755,830-5,96910,456-6,34810,302-5,447 7,167
        Non-IFSCAbroad227-12,855 -5,879-963-4,47311,542-4,932-4,410-286-3,227 -9,635
 In Ireland88020,856 -1,5007,4294,990-10,0396,4556,3562,9525,093 9,541
               
Portfolio investmentAssets-2,644-73,573 4,217-2,139-7,7092,987-62,13330,285-20,029-21,696 -56,918
 Liabilities29,55373,352 2,84624,484-11,74713,97015,8673,25826,84127,386 36,712
               
        IFSCAssets-25,907-80,625 -4,422-11,522-10,376413-61,44025,162-22,532-21,815 -56,812
 Liabilities46,05786,536 5,54425,923-5,50620,09628,4628,35823,20126,515 31,611
        Non-IFSCAssets23,2637,053 8,6399,3832,6672,574-6935,1232,504119 -106
 Liabilities-16,504-13,186 -2,698-1,439-6,241-6,126-12,596-5,1003,639871 5,101
               
Other investment 6Assets13,81875,183 18,0521,866-7,2911,19161,220-16,31664129,638 1,571
 Liabilities-48,756-89,393 -29,629-30,79523,179-11,511-30,356-6,130-18,405-34,502 8,699
               
        IFSCAssets-25,61350,752 -3,546-4,151-8,298-9,61847,828-15,315-9,28427,523 -5,905
 Liabilities-20,136-40,022 -16,461-17,27723,249-9,647-8,956-7,151203-24,118 27,122
        Non-IFSCAssets39,43224,430 21,5996,0171,00710,80913,392-1,0019,9242,115 7,476
 Liabilities-28,618-49,371 -13,167-13,518-70-1,863-21,4001,021-18,608-10,384 -18,423
               
Reserve Assets 32912 65-292426912-615 -2
               
Balance on Financial Account 10,075987 3,7547603,0782,483 -3,4426,7631,790-4,124 -3,085
                
Net errors and omissions -11,815-6,182 -2,477-1,350-4,644-3,344 4,102-7,539-3,9711,226 1,851
1From the start of 2000 new international financial service projects are no longer subject to the earlier certification and licensing procedures in operation for location
in the IFSC and such projects can, therefore, locate anywhere in Ireland. Additions to existing IFSC projects, however, are still subject to the formal procedures.
For statistical analysis purposes this table still shows the 'IFSC/non-IFSC' breakdown and the activities of all international financial service enterprises are covered
under the IFSC heading.
2Revised
3Adjusted for balance of payments purposes.
4Current transfers to and from IFSC enterprises relate solely to non-life insurance transactions (see Background Notes).
5See footnote 1 on Table 2b.
6Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital
transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.
Table 4a Current and Capital Accounts showing geographical¹ detail  € million
  2011 22012 2 2011 2 2012 2 2013
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
                
Current Account - TotalCr229,000238,955 55,57057,75356,67659,001 58,03461,06059,56660,295 55,657
 Db226,999231,704 56,85657,15055,09457,899 58,73858,19157,37557,400 54,460
                
  Merchandise 3Cr85,00785,852 21,36021,80621,25920,582 21,68821,96221,51220,690 19,690
 Db48,32649,485 12,71212,25211,17512,187 13,28711,92312,20112,074 12,232
    EMUCr34,02935,326 9,0758,7778,5807,597 9,1109,0938,5668,557 7,136
 Db12,22711,793 3,1803,1312,8453,071 2,9432,8332,9513,066 3,228
    Non-EMUCr50,97750,526 12,28513,02912,67812,985 12,57812,86912,94612,133 12,553
 Db36,09937,692 9,5329,1218,3309,116 10,3449,0909,2499,009 9,004
    EU Cr50,75153,245 13,10812,85812,82011,965 13,79813,88812,66512,894 11,155
 Db34,50234,240 8,7138,4778,3518,961 8,5668,0888,5859,001 8,764
    Non-EU Cr34,25632,607 8,2528,9488,4398,617 7,8908,0748,8477,796 8,535
 Db13,82515,245 4,0003,7752,8243,226 4,7213,8353,6163,073 3,469
                
  ServicesCr81,46890,295 18,96320,51420,27021,721 21,04322,99622,60223,654 21,606
 Db83,16887,089 20,40120,70320,20121,863 20,86521,46521,34323,416 20,852
    EMUCr27,89629,128 6,8367,4137,0896,558 7,4587,2056,8267,639 6,769
 Db30,65334,019 6,7607,8477,5678,479 8,0508,5768,2059,188 7,563
    Non-EMUCr53,57261,168 12,12613,10213,18115,163 13,58615,79115,77616,015 14,837
 Db52,51553,069 13,64112,85612,63413,384 12,81412,88913,13814,228 13,289
    EU Cr47,42951,376 11,26512,68312,13111,350 12,32812,78112,57513,692 12,167
 Db42,32745,379 9,55510,74610,29011,736 10,81311,22710,95512,384 10,028
    Non-EU Cr34,03838,919 7,6987,8318,13810,371 8,71510,21510,0279,962 9,439
 Db40,84041,710 10,8469,9569,91110,127 10,05210,23810,38811,032 10,824
                
  IncomeCr57,12057,247 13,87914,62514,12714,489 14,07115,03014,29913,847 13,434
 Db88,91788,363 21,66522,86622,13622,250 22,60923,11922,11120,524 19,625
    EMUCr20,74719,704 4,9605,5295,2195,039 5,0245,1314,7274,822 4,552
 Db34,06930,590 8,5818,3109,0358,143 8,5587,6147,2767,142 6,542
    Non-EMUCr36,37537,543 8,9199,0978,9099,450 9,0479,8999,5729,025 8,882
 Db54,84757,772 13,08414,55613,10014,107 14,05015,50514,83513,382 13,084
    EU Cr32,78330,117 7,7488,4228,1968,417 7,6817,8717,3547,211 6,798
 Db51,73346,890 12,91213,06613,43512,320 12,69311,87711,55010,770 10,575
    Non-EU Cr24,33927,128 6,1316,2035,9326,073 6,3897,1586,9456,636 6,636
 Db37,18541,473 8,7539,8008,7019,931 9,91611,24210,5619,754 9,050
                
Current TransfersCr5,4055,562 1,3678081,0212,209 1,2321,0721,1542,104 927
 Db6,5886,767 2,0781,3291,5831,598 1,9781,6841,7201,385 1,750
    EMUCr1,0241,009 401207200216 374407280-52 289
 Db1,0731,051 413220212228 384417291-41 298
    Non-EMUCr4,3814,554 9666018211,993 8586668742,156 638
 Db5,5155,718 1,6651,1091,3711,370 1,5941,2671,4301,427 1,452
    EU Cr4,6413,923 1,1116388542,038 7467088381,631 793
 Db5,1714,481 1,6661,0511,2701,184 1,3701,1501,190771 1,512
    Non-EU Cr7631,637 256170166171 486364315472 134
 Db1,4172,287 412278312415 608534531614 239
                
Balance on Current Account 2,0027,250 -1,2866031,5821,103 -7052,8692,1912,895 1,196
                
Balance on Capital Account -263-2,056 9-14-16-242 45-2,093-113 37
                
1The term ‘EMU’ means the area represented by the 17 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2011 to
include Estonia. The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU27 area.
2Revised
3Adjusted for balance of payments purposes
Table 4b Financial Account¹ showing geographical² detail € million
  2011 32012 32011 3 2012 32013
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
       
Direct InvestmentAbroad838-14,413-5,617-932-4,19811,585-4,962-4,337-512-4,602-9,855
 In Ireland16,93729,82013,8208,30510,820-16,00816,911913,253-35316,708
             
EMUAbroad-7,377-3,202-7,109-915-279926-3,439298972-1,033-1,029
 In Ireland30,10816,70715,0163,7777,4413,8745,4776073,6826,9415,706
Non-EMUAbroad8,215-11,2091,492-17-3,91910,659-1,523-4,635-1,483-3,568-8,826
 In Ireland-13,17213,112-1,1974,5283,379-19,88211,434-5999,571-7,29411,002
EU Abroad-17,630-6,037-9,3711,429-8,798-890-3,418-191532-2,960-1,231
 In Ireland28,69420,652 16,4034,2868,119-11410,1186435,5234,36810,210
Non-EU Abroad18,468-8,3763,754-2,3614,60012,475-1,544-4,147-1,044-1,641-8,623
 In Ireland-11,7569,167-2,5834,0192,702-15,8946,793-6357,730-4,7216,498
             
Portfolio InvestmentAssets-2,644-73,5734,217-2,139-7,7092,987-62,13330,285-20,029-21,696-56,918
 Liabilities29,55373,3522,84624,484-11,74713,97015,8673,25826,84127,38636,712
             
EMUAssets23,622-29,4953,62911,132-2,60111,462-12,7553,534-17,319-2,955-18,489
 Liabilities21,741-7,5506,47515,6755,456-5,865-664-9,0585,381-3,20911,648
Non-EMUAssets-26,267-44,077588-13,272-5,108-8,475-49,37826,751-2,709-18,741-38,430
 Liabilities7,81180,902-3,6308,808-17,20219,83516,53112,31621,45930,59625,064
EU Assets26,848-37,8682,8089,083-2,98317,940-30,19820,126-21,476-6,320-16,139
 Liabilities19,258-4,477-2,64822,526-5,7565,136-1,058-14,7226,3934,91025,589
Non-EU Assets-29,493-35,7051,408-11,222-4,726-14,953-31,93510,1591,447-15,376-40,779
 Liabilities10,29477,8285,4941,957-5,9918,83416,92417,98020,44822,47611,123
                
Other Investment 4Assets13,81875,18318,0521,866-7,2911,19161,220-16,31664129,638 1,571
 Liabilities-48,756-89,393-29,629-30,79523,179-11,511-30,356-6,130-18,405-34,5028,699
             
EMUAssets-3,428104,256-2,5254,1626,229-11,29460,28310,1674,09129,715-4,012
 Liabilities-37,582-98,316 -16,385-26,4412,7362,508-44,8903,093-26,321-30,198-14,322
Non-EMUAssets17,246-29,07220,577-2,296-13,52012,485937-26,482-3,450-775,584
 Liabilities-11,1738,923-13,244-4,35420,443-14,01814,534-9,2237,916-4,30423,021
EU Assets9,493154,6716,3629,663-762-5,77076,8834,68129,15643,9514,566
 Liabilities-72,204-110,332-29,257-28,9734,884-18,858-38,233-3,111-28,572-40,416-11,589
Non-EU Assets4,325-79,49011,690-7,797-6,5296,961-15,664-20,997-28,516-14,313-2,994
 Liabilities23,44920,939-372-1,82118,2957,3477,877-3,01910,1675,91420,288
            
Reserve Assets 3291265-292426912-615-2
             
Balance on Financial Account 10,0759873,7547603,0782,483-3,4426,7631,790-4,124-3,085
                
Net errors and omissions -11,815-6,182 -2,477-1,350-4,644-3,344 4,102-7,539-3,9711,226 1,851    
1See footnote 1 on Table 2b.
2The term ‘EMU’ means the area represented by the 17 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2011 to include
Estonia. The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU27 area.
3Revised
4Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions
which cannot be shown in the Capital Account Balance due to confidentiality constraints.

Background Notes

Definition

The balance of payments (BOP) is a statistical statement that summarises, for a specific time period, the economic transactions of the residents of an economy with the rest of the world.

The balance of payments presentation consists of three tables or accounts, the Current Account, the Capital Account and the Financial Account. The current account consists of trade in merchandise and services, income inflows and outflows and current transfers. The capital account covers capital transfers and the acquisition and disposal of non-produced, non-financial assets. The financial account is concerned with transactions in foreign financial assets and liabilities, distinguishing the functional type of investment i.e. direct, portfolio and other investment (including transactions in financial derivatives) and reserve assets.

BOP transactions, in principle, should be recorded on an accruals basis using market valuation. In practice, the collection system (see below) is designed to adhere to this approach and, for the most part, the valuations reported are either market values or a close approximation.

For more detailed methodological information see the BOP Quarterly Statistical Compilation Methodology.

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