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For more information on this release:
E-mail: bop@cso.ie Annette Hayes (+353) 1 498 4319 John Flanagan (+353) 1 498 4054
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5201
CSO statistical release, 15 September 2017, 11am

Balance of International Payments

Quarter 2 2017

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q2 201723,360-24,232-872-1.2
Q2 201624,977-26,630-1,653-2.5
Q1-Q2 201749,159-41,4627,6982.8
Q1-Q2 201651,641-45,9625,6792.2

Current account deficit in Quarter 2 2017, mainly related to imports of intellectual property.

Balance of International Payments Q2 2017 Fig 1
go to full release

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, had a deficit in the second quarter of 2017 of €872m (-1.2% of GDP). A merchandise surplus of €23,360m was offset by a deficit of €24,232m on services and income. This deficit in the second quarter of 2017 of €872m followed a strong surplus in the first quarter of 2017 of €8,570m (12.6% of GDP). 

This pattern in the Balance of Payments current account in the first half of 2017 (i.e. a strong surplus in quarter one followed by a deficit in quarter two) can also be observed in the same period in 2016 and for both years these changes are significantly affected by the imports of intellectual property. 

This release contains a new table (see Table 2c) showing our economic relationship with the UK on a quarterly basis. This new data shows an improving goods and services trade surplus with the UK. While this trade surplus is largely offset by income outflows, the net effect, our current account balance with the UK, is improving in 2017.

 

In this release we have introduced a new Table 2c showing Ireland’s Balance of Payments with the UK. This new table gives a detailed account of our services trade and income flows with the UK on a quarterly basis.

 

X-axis labelMerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current account
Q1 201526.79-5.49-15.253-0.9865.061
Q2 201526.894-7.72-10.662-0.7947.718
Q3 201529.755-6.981-14.798-0.5937.383
Q4 201529.955-6.472-14.076-0.9658.441
Q1 201626.664-5.899-12.413-1.027.332
Q2 201624.977-15.141-10.725-0.764-1.653
Q3 201625.777-10.335-13.472-0.8161.154
Q4 201628.434-13.833-11.039-1.2022.36
Q1 201725.799-3.955-12.355-0.928.57
Q2 201723.36-7.723-15.34-1.169-0.872

Other points of note in the Quarter 2 2017 results are:

Current account (see Table 2a)

  • Merchandise exports were €45,537m in the second quarter of 2017, a decrease of €2,728m compared with the second quarter of 2016, mainly due to lower values for goods for processing abroad. Merchandise imports were €22,178m in the second quarter of 2017, a fall of €1,110m compared with the same period in 2016.
  • Service exports at €40,319m increased by €6,372m compared to the second quarter of 2016, mainly due to higher computer services exports.
  • Service imports at €48,042m were down €1,046m over the same period in 2016. However these figures were affected by continually high levels of research and development costs, including imports of intellectual property.
  • Investment income earned abroad at €19,945m, increased by €2,045m compared with one year earlier while investment income payable to foreign investors at €35,231m increased by €6,637m.

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland increased by €26,019m in the second quarter of 2017. This comprised an increase of €12,446m in reinvested earnings, an increase in equity of €5,430m and an increase in other capital of€8,143m.  Direct investment abroad increased by €22,644m in the quarter, where decreased other capital of €13,396m was more than offset by increases in equity of €32,676m and reinvested earnings of €3,364m.
  • Portfolio investment in foreign assets increased €38,963m in the quarter. Investment in foreign equity increased €27,452m and investment in foreign debt instruments increased €11,511m. Portfolio investment in Ireland increased by €95,725m, with Irish equity up €92,025m and Irish debt instruments up €3,700m in the quarter.
  • Other investment assets increased by €46,510m in the second quarter of 2017 split between the activities of IFSC enterprises with an increase of €38,483m and non-IFSC enterprises with an increase of €8,028m. 
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q1 201539.9-79.71943.4770.1083.765
Q2 2015-0.9636.557-2.580.3073.32
Q3 201513.545-24.86321.317-0.0249.975
Q4 2015-95.272-18.685119.3770.1035.523
Q1 201615.082-2.976-8.3091.0954.892
Q2 201612.6396.765-14.962-0.2244.217
Q3 2016-5.4899.861-7.8780.379-3.126
Q4 2016-8.79720.506-6.0780.2065.837
Q1 2017-4.097-24.89720.91-0.101-8.185
Q2 2017-3.375-56.76246.8230.163-13.152
Table 1 Summary of Current, Capital and Financial Account Balances € million
Period     Balance on Current Account Balance on Capital Account Direct InvestmentPortfolio InvestmentOther2 InvestmentReserve AssetsBalance on Financial AccountNet errors and omissions
Merchandise1 Invisibles   
 ServicesPrimary IncomeSecondary IncomeTotal   
1998Year17,510-8,426-9,7761,319-16,883 627 840 -4,4228,466-7,4592,280-1,135-2,602
1999Year22,170-9,723-13,3981,177-21,944 226 560 -11,35914,342974-1,7462,2111,425
2000Year28,312-13,312-15,327994-27,645 667 1,182 -22,9575,3589,037142-8,420-10,269
2001Year31,464-12,412-17,762-1,075-31,249 215 779 -6,24125,158-19,183441175-819
2002Year36,982-13,619-21,910-1,116-36,645 337 588 -19,44437,979-19,425-343-1,233-2,158
2003Year32,954-10,903-20,035-1,303-32,241 713 445 -15,27039,977-22,751-1,770186-972
2004Year34,588-12,141-21,345-1,255-34,741 -153 355 23,095-14,287-12,170-1,177-4,539-4,741
2005Year32,184-13,655-22,786-1,769-38,210 -6,026 340 37,660-52,69815,364-1,472-1,1474,539
2006Year27,194-12,313-22,723-2,063-37,099 -9,905 299 15,841-8,135-16,635-87-9,016590
2007Year28,698-12,384-26,630-2,510-41,524 -12,826 115 -1,6217,283-20,08612-14,413-1,702
2008Year32,622-16,468-25,141-2,729-44,339 -11,716 119 23,28845,749-85,93278-16,817-5,220
2009Year38,752-15,823-27,885-2,948-46,656 -7,904 14 -245-22,62619,433-79-3,5174,373
2010Year41,288-13,421-27,178-2,701-43,300 -2,012 91 -16,318-85,96590,883-5-11,404-9,484
2011Year41,257-9,096-32,312-2,660-44,067 -2,810 234 -18,698-26,90831,086-329-14,849-12,272
2012Year36,896-6,749-32,143-2,609-41,501 -4,605 86 -18,957-83311,025-12-8,777-4,257
2013Year34,506-637-27,093-2,922-30,652 3,855 -936 -12,99645,576-26,436106,1553,236
2014Year40,731-6,127-28,650-2,750-37,527 3,203 -6,769 3,031-56,66248,089136-5,404-1,839
2015Year113,394-26,663-54,789-3,338-84,790 28,603 -1,303 -42,790-116,710181,59149422,583-4,716
2016Year105,852-45,208-47,649-3,802-96,659 9,193 -5,063 13,43534,156-37,2271,45611,8207,689
                  
2010Quarter 1 10,235-2,824-7,978-879-11,681 -1,446 50 -4,772-19,82131,668-327,0438,439
 Quarter 210,555-3,342-8,026-590-11,957 -1,402 4 -3,2498,568-18,33819-13,001-11,602
 Quarter 311,985-2,955-7,152-704-10,811 1,174 14 1,17819,581-25,74576-4,910-6,098
 Quarter 48,513-4,300-4,022-528-8,850 -337 23 -9,475-94,293103,299-68-537-222
2011Quarter 1 10,624-2,926-8,278-841-12,046 -1,422 24 -8,453-7,06311,286-65-4,295-2,897
 Quarter 29,576-1,580-8,820-513-10,913 -1,336 1 -7,601-22,34427,15729-2,759-1,424
 Quarter 311,547-1,862-8,307-641-10,810 736 -1 -6,80219,456-16,652-24-4,022-4,757
 Quarter 49,510-2,729-6,906-664-10,299 -789 210 4,158-16,9579,295-269-3,772-3,194
2012Quarter 1 8,969-1,791-8,885-814-11,490 -2,522 61-12,78044,957-32,626-12-4612,001
 Quarter 2 9,275-2,571-8,400-603-11,574 -2,299 13,692-33,32021,0096-8,614-6,316
 Quarter 310,072-759-8,453-643-9,855 218 5-13,837-6,31517,833-1-2,319-2,542
 Quarter 48,580-1,628-6,405-549-8,582 -2 193,968-6,1554,809-52,6172,600
2013Quarter 1 7,726-533-7,213-828-8,574 -848 -207-4,3327,16562703,4604,515
 Quarter 2 9,638-545-8,170-699-9,414 225 -244-7,51912,668-5,7611-611-591
 Quarter 3 9,816646-7,157-663-7,174 2,642 -259-5738,371-5,94841,854-529
 Quarter 47,326-205-4,553-732-5,490 1,836 -226-57217,372-15,35451,452-159
2014Quarter 18,939-2,129-7,405-899-10,433 -1,495 -1,6913,678-19,85810,5160-5,664-2,479
 Quarter 211,286-1,562-7,936-608-10,106 1,181 -1,717-2,719-11,76719,01514,5315,067
 Quarter 310,985-63-7,796-545-8,404 2,580 -1,649468-22,62716,7832-5,374-6,305
 Quarter 49,521-2,373-5,513-698-8,584 937 -1,7121,604-2,4101,7751331,1031,878
2015Quarter 126,790-5,490-15,253-986-21,729 5,061 -70739,900-79,71943,4771083,765-589
 Quarter 226,894-7,720-10,662-794-19,176 7,718 -226-9636,557-2,5803073,320-4,172
 Quarter 329,755-6,981-14,798-593-22,372 7,383 10013,545-24,86321,317-249,9752,492
 Quarter 429,955-6,472-14,076-965-21,513 8,441 -470-95,272-18,685119,3771035,523-2,447
2016Quarter 126,664-5,899-12,413-1,020-19,332 7,332 -3,08615,082-2,976-8,3091,0954,892646
 Quarter 224,977-15,141-10,725-764-26,630 -1,653 -42412,6396,765-14,962-2244,2176,294
 Quarter 325,777-10,335-13,472-816-24,623 1,154 324-5,4899,861-7,878379-3,126-4,604
 Quarter 428,434-13,833-11,039-1,202-26,074 2,360 -1,877-8,79720,506-6,0782065,8375,353
2017Quarter 125,799-3,955-12,355-920-17,230 8,570 -11,133-4,097-24,89720,910-101-8,185-5,621
 Quarter 223,360-7,723-15,340-1,169-24,232 -872 -11,578-3,375-56,76246,823163-13,152-701
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.
Table 2a Current and Capital Accounts€ million
  20152016 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2
Current Account  
Merchandise 1Exports200,327194,07148,14448,26546,87150,79147,30245,537
Imports86,93388,21921,48023,28821,09422,35721,50222,178
         
  of which: Merchanting (net export)Exports6,4005,333 1,1581,3971,6201,1582,2181,906
         
ServicesExports126,283140,97132,25733,94737,13137,63636,88640,319
Imports152,947186,17938,15549,08847,46751,46940,84248,042
  Repairs and ProcessingExports1,5821,738 364397478499446455
 Imports1,8031,436 331386370349596583
  TransportExports6,5537,3001,1411,8532,8181,4881,1882,149
Imports2,7192,718679731647661627596
  Tourism and Travel 2Exports4,3204,6857161,2961,7189557081,433
Imports5,1345,6231,0751,3541,9201,2741,1951,407
  InsuranceExports10,3169,2432,3012,2902,2462,4062,4732,404
Imports7,1216,6361,7971,6091,6091,6211,6741,720
  Financial servicesExports11,36611,8692,7272,8683,0073,2673,3973,623
Imports7,4388,2331,9831,9782,0942,1782,4042,386
  Royalties/LicencesExports7,3298,6241,9372,0962,1862,4052,1062,313
Imports68,93672,16018,02617,69518,01018,42917,30718,002
  CommunicationsExports684643160163161159142143
Imports1,0301,095288259272276244279
  Computer services 3Exports57,47964,57714,97815,78715,64818,16417,25618,901
Imports1,1271,193299301278315307310
  Business servicesExports23,07230,3377,5296,8098,3947,6058,6248,398
Imports57,37586,82213,61124,71222,20026,29916,42022,691
     Research and developmentExports1,8134,1061,2428951,3506191,072539
 Imports18,62047,1453,97114,71213,09315,3696,18911,547
     Operational leasingExports12,10513,0543,1573,2883,3013,3083,1773,252
 Imports752946145294175332290282
     Misc. business services 4Exports9,15513,1773,1292,6263,7433,6794,3764,607
 Imports38,00338,7329,4959,7068,93210,5999,94110,862
  Other services n.e.s.Exports3,5861,956404388478686546500
Imports265264676367676668
          
Primary IncomeInflows61,95470,16816,44118,09715,31520,31517,69920,118
 Outflows116,743117,81728,85428,82228,78731,35430,05435,458
  Compensation of EmployeesInflows544544136136136136136136
Outflows634622155157158152158158
  Investment IncomeInflows59,84068,14716,28517,90015,05218,91017,50919,945
Outflows115,799116,88428,63028,59428,56031,10029,82235,231
      Direct investment incomeInflows15,60618,7404,9914,2723,0436,4344,3574,458
Outflows63,33358,65315,61612,16414,41116,46215,42316,576
          Income on equityInflows12,01515,5364,1163,5302,3375,5533,6033,733
Outflows57,48953,08814,23810,81113,06814,97113,86215,109
              Dividends & distributed Inflows1,4533,351 *317197*108369
                  branch profitsOutflows15,49119,363 7,5074,5244,0753,2572,4422,663
              Reinvested earningsInflows10,56212,184 *3,2122,140*3,4953,364
Outflows41,99933,724 6,7316,2878,99211,71411,42012,446
         Income on debtInflows3,5903,205875742707881753725
Outflows5,8435,5661,3781,3531,3441,4911,5611,466
      Portfolio investment incomeInflows36,78741,3099,38711,39210,23610,29410,83813,157
Outflows42,34747,80010,62313,86511,51411,79812,03816,005
          Income on equityInflows10,32412,6812,5494,4133,0702,6493,2205,015
 Outflows35,63840,5058,71512,0819,7189,99110,41914,386
         Income on debtInflows26,46428,6276,8386,9797,1657,6457,6188,141
Outflows6,7087,2941,9071,7851,7951,8071,6191,619
      Other investment incomeInflows7,4478,0981,9072,2361,7732,1822,3142,330
Outflows10,11810,4322,3922,5642,6352,8412,3612,650
Other primary incomeInflows1,5711,47921611271,2705538
Outflows3123106971691017469
          
Secondary IncomeInflows3,9894,4901,1171,0491,0591,2651,2991,143
 Outflows7,3278,2912,1371,8131,8752,4662,2192,312
           
Current Account - TotalInflows392,553409,69797,958101,357100,376110,006103,186107,118
Outflows363,950400,50490,626103,01099,222107,64694,616107,990
          
Current Account Balance 28,6039,1937,332-1,6531,1542,3608,570-872
           
Capital Account Balance -1,303-5,063-3,086-424324-1,877-11,133-11,578
            
Memorandum Item:    
 Government IncomeInflows12976 122019252223
 Outflows4,3973,909 1,066998960885 958939
1Adjusted for balance of payments purposes.
2Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see
 Background Notes.
3Covers exports and imports of software that were not incorporated as part of computer hardware or physical media but separately transmitted by electronic means.
The value of sales and purchases of additional software licences is also included.
4Covers mainly advertising and inter-affiliate management charges.
Table 2b Financial Account¹  € million
  20152016 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2
     
Direct Investment Abroad151,77626,563 31,894-3,760509-2,0804,59222,644
In Ireland194,56713,129 16,812-16,3985,9976,7188,68926,019
          
    EquityAbroad114,97744,22023,63414,551-1,3027,337-19,16032,676
 In Ireland139,74195,20641,3023,18010,43240,29224,2675,430
    Reinvested EarningsAbroad10,56212,184*3,2122,140* 3,4953,364
In Ireland41,99933,7246,7316,2878,99211,714 11,42012,446
    Other CapitalAbroad26,237-29,841*-21,523-329* 20,257-13,396
 In Ireland12,830-115,801 -31,221-25,865-13,427-45,288 -26,9998,143
           
Portfolio InvestmentAssets128,588119,622 13,11224,36733,28348,86075,93638,963
Liabilities245,29885,466 16,08817,60223,42228,354100,83395,725
          
    EquityAssets46,3124,027 593-21,25211,58513,10121,96127,452
 Liabilities184,702130,314 15,21448,55829,54536,99776,79192,025
     Debt InstrumentsAssets82,275115,596 12,51945,61921,69935,75953,97511,511
 Liabilities60,597-44,846 874-30,955-6,123-8,64224,0423,700
        Bonds and notes Assets66,00286,62915,13337,05514,86119,58032,16734,990
 Liabilities56,889-40,893252-30,728-6,282-4,13520,230367
        Money market instruments Assets16,27428,966-2,6148,5646,83716,17921,807-23,478
 Liabilities3,707-3,954 622-228159-4,5073,8123,333
           
Other InvestmentAssets87,064-48,720 -17,588-23,58988-7,631-13,43546,510
Liabilities-94,528-11,494 -9,279-8,6277,966-1,554-34,345-312
          
     Loans, currency and depositsAssets73,354-5,326 -20913,553-12,484-6,18616,98344,912
 Liabilities-50,94123,971 14,4281,0105,4793,0542901,423
     Other 2Assets13,710-43,397 -17,380-37,14212,571-1,446-30,4181,599
 Liabilities-43,587-35,466 -23,708-9,6362,486-4,608-34,635-1,735
           
Reserve Assets 4941,456 1,095-224379206-101163
          
     Monetary gold 10 000000
     Special drawing rights 2113 116-19133120
     Reserve position in the IMF 1730 73000000
     Foreign exchange  0416 023526243148
     Other 490198 249-20715141-15615
           
Balance on Financial Account 22,58311,820 4,8924,217-3,1265,837-8,185-13,152
           
Net errors and omissions -4,7167,689 6466,294-4,6045,353 -5,621-701
Memorandum Item:         
Government financialAssets-1,642-918 -822-100516-51248408
  transactionsLiabilities-619-6,495 3,286-7,516623-2,888 6,5432,184
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'.
2Includes 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 2c Current Account with UK   € million
20152016 20162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2
Current Account  
Merchandise 1Exports22,98120,386 4,8904,7484,7146,034 5,5985,925
Imports23,03321,474 5,1925,3615,0965,826 5,1265,704
         
  of which: Merchanting (net export)Exports616193 78701233 **
         
ServicesExports21,63122,497 5,2915,5276,1535,525 5,6316,541
Imports12,68411,840 3,0462,7642,9603,071 2,8982,959
  TransportExports2,2762,355 401596869489 369632
Imports528505 125125120134 125131
  Tourism and Travel 2Exports852828 220171249188 204273
Imports1,1491,177 267228336345 294251
  InsuranceExports2,5652,393 632602572588 607568
Imports1,6551,603 460416363362 382362
  Financial servicesExports3,8934,238 9741,0421,0701,152 1,2171,326
Imports1,449632 164154163151 168170
  Royalties/LicencesExports506858 105106296351 277310
Imports639595 176130150139 121111
  Computer services 3Exports6,9516,932 1,7991,8091,9051,419 1,6902,002
Imports164200 50514950 5150
  Business servicesExports3,3323,713 8849239001,006 9361,111
Imports6,4116,435 1,6311,4891,5991,716 1,4861,721
     (of which: Operational leasing)Exports820710 179175173183 169186
 Imports2934 78811 77
  Other Exports1,2551,179 276279293331 331319
Imports687693 172170179173 272164
           
Merchandise and Services TotalExports44,61242,882 10,18110,27510,86711,559 11,22912,465
Imports35,71633,315 8,2378,1258,0568,897 8,0248,663
           
Trade balanceNet8,8969,567 1,9442,1512,8122,661 3,2053,802
           
Primary IncomeInflows12,05713,644 3,3963,7592,8643,625 4,0124,154
 Outflows21,72423,943 5,7336,7915,8395,581 5,7347,396
  (of which: Investment Income)Inflows11,81413,401 3,3353,6982,8033,564 3,9514,093
Outflows21,37423,614 5,6496,7085,7555,503 5,6487,312
                       Direct investment incomeInflows9451,230 439512-218497 542378
Outflows3,4152,938 883815657583 547762
                       Portfolio investment incomeInflows8,0779,250 2,1512,3952,3232,381 2,6242,876
Outflows15,73717,765 3,9815,1614,4404,183 4,6025,941
                       Other investment incomeInflows2,7932,921 745791698686 785838
Outflows2,2222,911 784732658736 499609
          
Secondary IncomeInflows1,4721,857 516427475438 566544
 Outflows1,8162,245 600526575543 767823
            
Income balanceNet-10,011-10,687 -2,421-3,132-3,075-2,060 -1,923-3,521
           
Current Account - TotalInflows58,14258,383 14,09414,46114,20615,622 15,80717,163
Outflows59,25759,503 14,57015,44214,47015,021 14,52516,882
           
Current Account Balance with UK -1,115-1,120-477-981-263601 1,283281
           
            
1Adjusted for balance of payments purposes.
2Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see
 Background Notes.
3Covers exports and imports of software that were not incorporated as part of computer hardware or physical media but separately transmitted by electronic means.
The value of sales and purchases of additional software licences is also included.
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity € million
  20152016 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2
Current Account - TotalInflows392,553409,69797,958101,357100,376110,006 103,186107,118
 Outflows363,950400,50490,626103,01099,222107,646 94,616107,990
           
Merchandise 2Exports200,327194,07148,14448,26546,87150,791 47,30245,537
Imports86,93388,21921,48023,28821,09422,357 21,50222,178
          
ServicesExports126,283140,97132,25733,94737,13137,636 36,88640,319
Imports152,947186,17938,15549,08847,46751,469 40,84248,042
          
        IFSCExports33,56634,8668,3208,6828,7179,147 9,2029,658
 Imports18,73718,0904,4184,4024,4434,827 4,8655,008
        Non-IFSCExports92,719106,10423,93625,26628,41328,489 27,68430,661
Imports134,210168,08833,73744,68543,02446,642 35,97743,034
          
Primary IncomeInflows61,95470,16816,44118,09715,31520,315 17,69920,118
Outflows116,743117,81728,85428,82228,78731,354 30,05435,458
          
        IFSCInflows47,27353,38412,31914,54212,91313,610 14,35316,199
 Outflows51,51658,13013,35515,82814,47414,473 15,14017,719
        Non-IFSCInflows14,68016,7824,1213,5542,4026,705 3,3463,919
Outflows65,22859,68615,50012,99314,31216,881 14,91417,739
          
Secondary IncomeInflows3,9894,4901,1171,0491,0591,265 1,2991,143
Outflows7,3278,2912,1371,8131,8752,466 2,2192,312
         
        IFSC 3Inflows3,2343,7599278619101,061 1,045901
 Outflows3,2343,7599278619101,061 1,045901
        Non-IFSCInflows755729189188148204 253243
 Outflows4,0934,5311,2109529641,405 1,1731,411
          
Balance on Current Account 28,6039,1937,332-1,6531,1542,360 8,570-872
          
Balance on Capital Account -1,303-5,063-3,086-424324-1,877 -11,133-11,578
          
Financial Account 4          
Direct investmentAbroad151,77626,56331,894-3,760509-2,080 4,59222,644
 In Ireland194,56713,12916,812-16,3985,9976,718 8,68926,019
          
        IFSCAbroad52,74017,53615,0507196951,072 **
 In Ireland93,0521,24420,333-14,19715,448-20,340 -1,973-15,365
        Non-IFSCAbroad99,0369,02716,844-4,479-186-3,152 **
 In Ireland101,51611,884-3,521-2,202-9,45127,058 10,66241,383
          
Portfolio investmentAssets128,588119,62213,11224,36733,28348,860 75,93638,963
 Liabilities245,29885,46616,08817,60223,42228,354 100,83395,725
          
        IFSCAssets132,658111,25812,24022,22229,96046,836 72,73839,540
 Liabilities199,00296,5011,14926,74327,13141,478 94,64595,230
        Non-IFSCAssets-4,0738,3648722,1453,3232,024 3,197-577
 Liabilities46,296-11,03414,939-9,141-3,708-13,124 6,187495
          
Other investment 5Assets87,064-48,720-17,588-23,58988-7,631 -13,43546,510
 Liabilities-94,528-11,494-9,279-8,6277,966-1,554 -34,345-312
          
        IFSCAssets50,380-45,649-9,430-23,9082,468-14,779 -3,75538,483
 Liabilities-51,986-21,382-8,945-11,2854,404-5,556 -28,610729
        Non-IFSCAssets36,685-3,072-8,158319-2,3807,147 -9,6808,028
 Liabilities-42,5419,888-3352,6593,5624,002 -5,735-1,041
          
Reserve Assets 4941,4561,095-224379206 -101163
          
Balance on Financial Account 22,58311,820 4,8924,217-3,1265,837 -8,185-13,152
Net errors and omissions -4,7167,689 6466,294-4,6045,353 -5,621-701
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.
2Adjusted for balance of payments purposes.
3Secondary income flows to and from IFSC enterprises relate solely to non-life insurance transactions - see Background Notes.
4See footnote 1 on Table 2b.
5Includes 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
 20152016 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2
     
Current Account - TotalInflows392,553409,697 97,958101,357100,376110,006103,186107,118
 Outflows363,950400,504 90,626103,01099,222107,64694,616107,990
           
  Merchandise 2Exports200,327194,07148,14448,26546,87150,79147,30245,537
 Imports86,93388,21921,48023,28821,09422,35721,50222,178
      EMUExports54,51252,81713,23513,06212,47014,05013,47411,903
 Imports24,55227,3456,2306,8946,6637,5587,1257,741
      Non-EMUExports145,815141,25434,90935,20334,40136,74133,82733,634
 Imports62,38060,87515,25116,39414,43114,79914,37814,436
       EU Exports84,36279,36919,68419,33218,59021,76320,69419,327
 Imports49,74651,13712,00112,83012,30913,99712,85313,977
      Non-EU Exports115,963114,70128,46028,93228,28129,02826,60826,210
Imports37,18937,0819,48010,4578,7848,3608,6508,201
          
  ServicesExports126,283140,97132,25733,94737,13137,63636,88640,319
 Imports152,947186,17938,15549,08847,46751,46940,84248,042
      EMUExports38,70039,7268,8629,63811,5759,6519,89111,012
 Imports40,61841,9019,69410,89110,39810,91810,59312,295
      Non-EMUExports87,582101,24323,39424,30825,55627,98526,99529,307
 Imports112,329144,27828,46138,19737,06940,55130,24935,747
       EU Exports67,40769,64415,88817,04119,62917,08617,52419,774
 Imports55,30755,71113,18814,12513,87014,52813,99015,848
      Non-EU Exports58,87671,32616,36916,90517,50220,55019,36220,545
Imports97,640130,46924,96834,96333,59736,94126,85132,194
           
Primary IncomeInflows61,95470,16816,44118,09715,31520,31517,69920,118
 Outflows116,743117,81728,85428,82228,78731,35430,05435,458
      EMUInflows25,07028,6587,7426,5055,8538,5586,5667,345
 Outflows37,10438,7779,3729,16810,6369,6019,08112,736
      Non-EMUInflows36,88441,5108,69911,5929,46211,75711,13312,773
 Outflows79,63979,04019,48219,65418,15121,75320,97322,722
       EU Inflows41,36146,39511,77811,0159,51314,08911,44712,214
 Outflows60,81164,91915,61016,44116,96715,90115,69221,006
      Non-EU Inflows20,59323,7734,6637,0825,8026,2266,2527,904
 Outflows55,93352,89713,24412,38111,81915,45314,36214,452
           
Secondary IncomeInflows3,9894,4901,1171,0491,0591,2651,2991,143
 Outflows7,3278,2912,1371,8131,8752,4662,2192,312
      EMUInflows1,2951,435326351314444413277
 Outflows1,4781,611359435344473432347
      Non-EMUInflows2,6933,053790697745821886866
 Outflows5,8496,6811,7781,3781,5311,9941,7871,965
       EU Inflows3,0363,4568948288169181,034859
 Outflows5,4906,4931,7421,4421,4321,8771,7741,830
      Non-EU Inflows9531,034223221243347264285
 Outflows1,8361,797394371442590445482
           
Balance on Current Account 28,6039,1937,332-1,6531,1542,3608,570-872
           
Balance on Capital Account -1,303-5,063-3,086-424324-1,877-11,133-11,578
          
1The term ‘EMU’ means the area represented by the 19 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2015
to include Lithuania. The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. All data shown on this table relates
to EMU-19 and EU-28.
2Adjusted for balance of payments purposes.
Table 4b Financial Account¹ showing geographical² detail€ million
  20152016 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2
    
Direct InvestmentAbroad151,77626,56331,894-3,760509-2,080 4,59222,644
 In Ireland194,56713,12916,812-16,3985,9976,718 8,68926,019
           
      EMUAbroad63,453-3,85412,210-8,754-318-6,992 -2,97222,964
 In Ireland46,766-43,082-8,635-7,506-84-26,857 12,30036,092
      Non-EMUAbroad88,32330,41719,6844,9948274,912 7,564-320
 In Ireland147,80156,21125,447-8,8926,08233,574 -3,610-10,074
       EU Abroad66,6657,31019,679-6,352-166-5,851 -2,28926,393
 In Ireland44,451-41,082-38,111-59-4,0851,173 9,18438,451
      Non-EU Abroad85,11119,25512,2152,5936753,772 6,882-3,749
 In Ireland150,11754,21154,923-16,33910,0835,544 -495-12,432
           
Portfolio InvestmentAssets128,588119,62213,11224,36733,28348,860 75,93638,963
 Liabilities245,29885,46616,08817,60223,42228,354 100,83395,725
           
      EMUAssets33,36018,428-88-3,99912,18910,326 15,22211,691
 Liabilities101,70433,06210,705-4,36716,55610,168 40,50832,421
      Non-EMUAssets95,229101,19413,20028,36621,09438,534 60,71427,272
 Liabilities143,59452,4055,38321,9696,86718,186 60,32563,304
       EU Assets61,04050,8151,1434,63018,44926,593 38,64530,479
 Liabilities168,37480,14210,97211,80626,25831,106 87,71580,587
      Non-EU Assets67,54968,80811,96919,73714,83522,267 37,2908,484
 Liabilities76,9255,3255,1165,797-2,836-2,752 13,11815,139
            
Other Investment 3Assets87,064-48,720-17,588-23,58988-7,631 -13,43546,510
 Liabilities-94,528-11,494-9,279-8,6277,966-1,554 -34,345-312
           
      EMUAssets68,473-17,618-5,749-12,548-6,6047,283 4,58211,634
 Liabilities-9,3763,381-4,05711,229-5,7511,960 -838-4,574
      Non-EMUAssets18,590-31,103-11,839-11,0416,692-14,915 -18,01734,877
 Liabilities-85,152-14,877-5,223-19,85613,716-3,514 -33,5074,262
       EU Assets34,73142,3318,89233,0616,366-5,988 32,49831,566
 Liabilities-39,24343,4068,45015,3674,70414,885 10,4708,172
      Non-EU Assets52,333-91,052-26,480-56,650-6,279-1,643 -45,93314,945
 Liabilities-55,285-54,900-17,730-23,9943,262-16,438 -44,815-8,484
          
Reserve Assets 4941,4561,095-224379206 -101163
           
Balance on Financial Account 22,58311,8204,8924,217-3,1265,837 -8,185-13,152
            
Net errors and omissions -4,7167,689 6466,294-4,6045,353 -5,621-701
1See footnote 1 on Table 2b.
2The term ‘EMU’ means the area represented by the 19 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January
2015 to include Lithuania. The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. All data shown
on this table relates to EMU-19 and EU-28.
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.

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, as well as primary and secondary income account inflows and outflows. 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 Methodology Documents.Methodology Document (PDF 239KB)

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