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For more information on this release:

E-mail: bop@cso.ie Annette Hayes (+353) 1 498 4319 John Sheridan (+353) 1 498 4258

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information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-5201

CSO statistical release, 09 December 2016, 11am

Balance of International Payments

Quarter 3 2016

				€ million
	Merchandise Balance	Invisibles Balance	Current Account Balance	Current Account Balance as % of GDP
Q3 2016	24,509	-14,430	10,078	14.7
Q3 2015	28,898	-21,974	6,924	10.8
Q1-Q3 2016	75,750	-52,074	23,676	12.3
Q1-Q3 2015	81,604	-62,614	18,990	10.2

Current account surplus of €10bn in Quarter 3 2016

Balance of International Payments Q3 2016 Fig 1

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The Balance of Payments current account, a measure of Ireland’s financial flows with the rest of the world, had a surplus in the third quarter of 2016 of €10,078m. This is an increase from the €6,924m surplus in the third quarter of 2015, see Table 1. A surplus of €24,509m on merchandise was offset by a deficit of €14,430m on services and income in the quarter.

X-axis label	Merchandise	Services	Primary Income	Secondary Income	Balance on Current account
Q2 2014	11.286	-1.562	-7.936	-0.608	1.181
Q3 2014	10.985	-0.063	-7.796	-0.545	2.58
Q4 2014	9.521	-2.373	-5.513	-0.698	0.937
Q1 2015	26.225	-6.119	-14.691	-0.896	4.519
Q2 2015	26.481	-8.257	-9.956	-0.721	7.547
Q3 2015	28.898	-7.64	-13.813	-0.521	6.924
Q4 2015	28.964	-7.341	-13.455	-1	7.167
Q12016	26.574	-5.826	-11.132	-0.661	8.955
Q22016	24.667	-9.972	-9.501	-0.552	4.643
Q32016	24.509	-0.485	-13.22	-0.725	10.078

Other points of note are:

**Current account (see Table 2a)**

Compared with the third quarter of 2015, merchandise exports at €44,876m were down €4,521m while merchandise imports at €20,368m were down €131m.
Services exports at €34,709m were up €3,529m due to increased computer services exports and miscellaneous business services exports, increasing by €1,572m and €1,555m respectively. Service imports decreased by €3,625m to €35,195m mainly due to decreases in research and development payments.
Investment income earned abroad of €14,656m increased by €767m compared with one year earlier while investment income payable to foreign investors at €27,807m decreased by €194m.

Financial account (see Table 2b)

Direct investment in Ireland decreased by €5,212m in the third quarter of 2016, where an increase of €8,446 in equity and an increase of €8,137 in reinvested earnings was offset by a decrease in other capital of €21,795m.
Within Portfolio investment, increased investment in Irish equity of €29,605m was partially offset by decreased investment in Irish Debt Instruments of €5,976m.
Other investment assets decreased by €1,713m in the third quarter of 2016, where decreases in loans, currency and deposits were offset by increases in other assets. Other investment liabilities increased by €5,189m in the quarter.

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Balance on Financial Account
Q2 2014	-2.719	-11.767	19.015	0.001	4.531
Q3 2014	0.468	-22.627	16.783	0.002	-5.374
Q4 2014	1.604	-2.41	1.775	0.133	1.103
Q1 2015	39.441	-80.28	44.475	0.108	3.744
Q2 2015	2.14	6.111	-4.563	0.307	3.996
Q3 2015	13.711	-26.919	22.105	-0.024	8.873
Q42015	-75.163	-18.65	99.881	0.103	6.171
Q12016	16.22	-2.979	-6.22	0.936	7.957
Q22016	14.261	5.157	-16.16	-0.212	3.046
Q32016	6.303	11.236	-6.902	0.37	11.008

Show Table 1 Summary of Current, Capital, Financial Account Balances and Net Errors and Omissions

Table 1 Summary of Current, Capital and Financial Account Balances														€ million
Period							Balance on Current Account	Balance on Capital Account	Direct Investment	Portfolio Investment	Other² Investment	Reserve Assets	Balance on Financial Account	Net errors and omissions
		Merchandise¹	Invisibles
			Services	Primary Income	Secondary Income	Total
1998	Year	17,510	-8,426	-9,667	1,319	-16,774	736	840	-4,422	8,466	-7,459	2,280	-1,135	-2,602
1999	Year	22,170	-9,723	-13,398	1,177	-21,944	226	560	-11,359	14,342	974	-1,746	2,211	1,425
2000	Year	28,312	-13,312	-15,327	994	-27,645	667	1,182	-22,957	5,358	9,037	142	-8,420	-10,269
2001	Year	31,464	-12,412	-17,762	-1,075	-31,249	215	779	-6,241	25,158	-19,183	441	175	-819
2002	Year	36,982	-13,619	-21,910	-1,116	-36,645	337	588	-19,444	37,979	-19,425	-343	-1,233	-2,158
2003	Year	32,954	-10,903	-20,035	-1,303	-32,241	713	445	-15,270	39,977	-22,751	-1,770	186	-972
2004	Year	34,588	-12,141	-21,345	-1,255	-34,741	-153	355	23,095	-14,287	-12,170	-1,177	-4,539	-4,741
2005	Year	32,184	-13,655	-22,786	-1,769	-38,210	-6,026	340	37,660	-52,698	15,364	-1,472	-1,147	4,539
2006	Year	27,194	-12,313	-22,723	-2,063	-37,099	-9,905	299	15,841	-8,135	-16,635	-87	-9,016	590
2007	Year	28,698	-12,384	-26,630	-2,510	-41,524	-12,826	115	-1,621	7,283	-20,086	12	-14,413	-1,702
2008	Year	32,622	-16,468	-25,141	-2,729	-44,339	-11,716	119	23,288	45,749	-85,932	78	-16,817	-5,220
2009	Year	38,752	-15,823	-27,885	-2,948	-46,656	-7,904	14	-245	-22,626	19,433	-79	-3,517	4,373
2010	Year	41,288	-13,421	-27,178	-2,701	-43,300	-2,012	91	-16,318	-85,965	90,883	-5	-11,404	-9,484
2011	Year	41,257	-9,096	-32,312	-2,660	-44,067	-2,810	234	-18,698	-26,908	31,086	-329	-14,849	-12,272
2012	Year	36,896	-6,749	-32,143	-2,609	-41,501	-4,605	86	-18,957	-833	11,025	-12	-8,777	-4,257
2013	Year	34,506	-637	-27,093	-2,922	-30,652	3,855	-936	-12,996	45,576	-26,436	10	6,155	3,236
2014	Year	40,731	-6,127	-28,650	-2,750	-37,527	3,203	-6,769	3,031	-56,662	48,089	136	-5,404	-1,839
2015	Year	110,568	-29,357	-51,915	-3,138	-84,410	26,157	-1,255	-19,871	-119,738	161,898	494	22,784	-2,118

2009	Quarter 1	9,692	-4,189	-7,362	-960	-12,512	-2,820	-3	858	2,331	-1,326	-41	1,822	4,646
	Quarter 2	10,140	-3,835	-7,826	-748	-12,410	-2,270	-1	-1,409	15,776	-24,678	62	-10,249	-7,978
	Quarter 3	9,783	-2,514	-7,582	-633	-10,729	-946	-10	7,349	-26,570	21,337	-3	2,113	3,069
	Quarter 4	9,137	-5,285	-5,114	-607	-11,005	-1,868	28	-7,044	-14,163	24,100	-97	2,796	4,637
2010	Quarter 1	10,235	-2,824	-7,978	-879	-11,681	-1,446	50	-4,772	-19,821	31,668	-32	7,043	8,439
	Quarter 2	10,555	-3,342	-8,026	-590	-11,957	-1,402	4	-3,249	8,568	-18,338	19	-13,001	-11,602
	Quarter 3	11,985	-2,955	-7,152	-704	-10,811	1,174	14	1,178	19,581	-25,745	76	-4,910	-6,098
	Quarter 4	8,513	-4,300	-4,022	-528	-8,850	-337	23	-9,475	-94,293	103,299	-68	-537	-222
2011	Quarter 1	10,624	-2,926	-8,278	-841	-12,046	-1,422	24	-8,453	-7,063	11,286	-65	-4,295	-2,897
	Quarter 2	9,576	-1,580	-8,820	-513	-10,913	-1,336	1	-7,601	-22,344	27,157	29	-2,759	-1,424
	Quarter 3	11,547	-1,862	-8,307	-641	-10,810	736	-1	-6,802	19,456	-16,652	-24	-4,022	-4,757
	Quarter 4	9,510	-2,729	-6,906	-664	-10,299	-789	210	4,158	-16,957	9,295	-269	-3,772	-3,194
2012	Quarter 1	8,969	-1,791	-8,885	-814	-11,490	-2,522	61	-12,780	44,957	-32,626	-12	-461	2,001
	Quarter 2	9,275	-2,571	-8,400	-603	-11,574	-2,299	1	3,692	-33,320	21,009	6	-8,614	-6,316
	Quarter 3	10,072	-759	-8,453	-643	-9,855	218	5	-13,837	-6,315	17,833	-1	-2,319	-2,542
	Quarter 4	8,580	-1,628	-6,405	-549	-8,582	-2	19	3,968	-6,155	4,809	-5	2,617	2,600
2013	Quarter 1	7,726	-533	-7,213	-828	-8,574	-848	-207	-4,332	7,165	627	0	3,460	4,515
	Quarter 2	9,638	-545	-8,170	-699	-9,414	225	-244	-7,519	12,668	-5,761	1	-611	-591
	Quarter 3	9,816	646	-7,157	-663	-7,174	2,642	-259	-573	8,371	-5,948	4	1,854	-529
	Quarter 4	7,326	-205	-4,553	-732	-5,490	1,836	-226	-572	17,372	-15,354	5	1,452	-159
2014	Quarter 1	8,939	-2,129	-7,405	-899	-10,433	-1,495	-1,691	3,678	-19,858	10,516	0	-5,664	-2,479
	Quarter 2	11,286	-1,562	-7,936	-608	-10,106	1,181	-1,717	-2,719	-11,767	19,015	1	4,531	5,067
	Quarter 3	10,985	-63	-7,796	-545	-8,404	2,580	-1,649	468	-22,627	16,783	2	-5,374	-6,305
	Quarter 4	9,521	-2,373	-5,513	-698	-8,584	937	-1,712	1,604	-2,410	1,775	133	1,103	1,878
2015	Quarter 1	26,225	-6,119	-14,691	-896	-21,706	4,519	-294	39,441	-80,280	44,475	108	3,744	-480
	Quarter 2	26,481	-8,257	-9,956	-721	-18,934	7,547	-317	2,140	6,111	-4,563	307	3,996	-3,234
	Quarter 3	28,898	-7,640	-13,813	-521	-21,974	6,924	-324	13,711	-26,919	22,105	-24	8,873	2,273
	Quarter 4	28,964	-7,341	-13,455	-1,000	-21,796	7,167	-320	-75,163	-18,650	99,881	103	6,171	-677
2016	Quarter 1	26,574	-5,826	-11,132	-661	-17,619	8,955	-2,368	16,220	-2,979	-6,220	936	7,957	1,369
	Quarter 2	24,667	-9,972	-9,501	-552	-20,025	4,643	-1,236	14,261	5,157	-16,160	-212	3,046	-361
	Quarter 3	24,509	-485	-13,220	-725	-14,430	10,078	-392	6,303	11,236	-6,902	370	11,008	1,322
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.

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Show Table 2(a) Current and Capital Accounts

Table 2a Current and Capital Accounts										€ million
		2014	2015	2015				2016
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3
Current Account
Merchandise¹	Exports	114,461	195,592	46,478	47,201	49,397	52,516	45,796	45,661	44,876
	Imports	73,730	85,024	20,253	20,720	20,499	23,552	19,222	20,995	20,368

of which: Merchanting (net export)	Exports	3,506	7,727	2,309	1,882	1,925	1,611	1,701	1,527	1,915

Services	Exports	105,327	121,605	27,329	30,552	31,180	32,544	29,211	32,237	34,709
	Imports	111,453	150,963	33,449	38,809	38,820	39,885	35,037	42,208	35,195
Repairs and Processing	Exports	1,223	1,110	222	322	323	243	226	232	462
	Imports	1,255	1,400	325	399	367	309	241	277	301
Transport	Exports	5,193	5,936	842	1,549	2,305	1,240	975	1,552	2,356
	Imports	2,171	2,489	599	611	607	672	532	556	571
Tourism and Travel²	Exports	3,656	4,320	613	1,228	1,582	897	716	1,296	1,718
	Imports	4,826	5,121	908	1,254	1,793	1,166	1,071	1,350	1,917
Insurance	Exports	8,723	10,300	2,533	2,691	2,565	2,511	2,363	2,315	2,286
	Imports	5,703	7,090	1,765	1,819	1,827	1,679	1,904	1,594	1,622
Financial services	Exports	8,970	11,042	2,496	2,739	2,865	2,942	2,606	2,739	2,854
	Imports	6,892	6,991	1,590	1,705	1,769	1,927	1,675	1,679	1,787
Royalties/Licences	Exports	5,242	6,723	1,648	1,703	1,721	1,651	1,669	1,827	1,911
	Imports	48,288	67,765	15,398	17,239	16,687	18,441	17,492	17,216	16,771
Communications	Exports	569	668	171	169	164	164	159	162	162
	Imports	984	1,021	257	261	242	261	285	255	276
Computer services³	Exports	49,166	57,409	13,104	14,301	13,772	16,232	14,675	15,483	15,344
	Imports	639	916	215	231	239	231	196	199	175
Business services	Exports	20,705	21,958	5,299	5,296	5,275	6,088	5,425	6,138	7,055
	Imports	40,428	57,902	12,326	15,224	15,221	15,131	11,574	19,017	11,708
Research and development	Exports	2,277	1,758	410	401	477	470	554	898	587
	Imports	8,704	19,701	3,711	5,228	6,002	4,760	2,979	9,455	2,881
Operational leasing	Exports	9,442	11,751	2,835	2,888	2,932	3,096	2,901	3,002	3,048
	Imports	934	770	149	167	215	239	142	291	172
Misc. business services⁴	Exports	8,987	8,447	2,053	2,007	1,866	2,521	1,970	2,238	3,421
	Imports	30,791	37,432	8,466	9,828	9,005	10,133	8,452	9,272	8,654
Other services n.e.s.	Exports	1,882	2,139	401	552	609	577	397	493	561
	Imports	266	266	66	66	67	67	67	63	67

Primary Income	Inflows	62,705	61,665	15,369	15,023	14,419	16,854	15,874	17,822	14,812
	Outflows	91,353	113,581	30,060	24,979	28,233	30,309	27,006	27,323	28,032
Compensation of Employees	Inflows	546	542	135	136	135	136	136	130	136
	Outflows	703	633	156	165	163	149	154	155	156
Investment Income	Inflows	60,840	59,553	15,211	14,834	13,889	15,619	15,718	17,649	14,656
	Outflows	90,398	112,635	29,832	24,735	28,001	30,067	26,783	27,097	27,807
Direct investment income	Inflows	19,849	15,771	3,804	4,500	2,845	4,622	4,903	4,461	3,129
	Outflows	43,566	59,705	16,144	11,915	15,097	16,549	14,247	11,170	14,186
Income on equity	Inflows	16,647	12,140	2,898	3,600	1,973	3,669	4,010	3,703	2,410
	Outflows	38,399	53,947	14,752	10,373	13,684	15,138	12,900	9,813	12,803
Dividends & distributed	Inflows	2,447	1,277	*	*	88	293	159	*	94
branch profits	Outflows	13,949	15,166	4,764	4,179	2,680	3,543	7,956	4,028	4,666
Reinvested earnings	Inflows	14,199	10,863	*	*	1,885	3,376	3,851	*	2,317
	Outflows	24,449	38,781	9,988	6,194	11,004	11,595	4,944	5,785	8,137
Income on debt	Inflows	3,203	3,631	906	900	872	953	893	757	718
	Outflows	5,167	5,758	1,392	1,542	1,413	1,411	1,348	1,357	1,383
Portfolio investment income	Inflows	32,912	36,157	9,124	8,404	9,383	9,246	9,125	11,171	9,937
	Outflows	37,482	44,430	11,088	10,694	11,294	11,354	10,891	14,018	11,670
Income on equity	Inflows	8,998	10,324	2,733	2,268	2,969	2,354	2,564	4,465	3,108
	Outflows	28,802	35,740	8,871	8,584	9,127	9,158	8,698	11,991	9,708
Income on debt	Inflows	23,914	25,833	6,391	6,136	6,414	6,892	6,561	6,705	6,829
	Outflows	8,679	8,690	2,217	2,110	2,167	2,196	2,192	2,026	1,962
Other investment income	Inflows	8,080	7,624	2,282	1,930	1,661	1,751	1,690	2,017	1,591
	Outflows	9,352	8,499	2,599	2,126	1,610	2,164	1,645	1,910	1,951
Other primary income	Inflows	1,318	1,571	22	54	395	1,100	21	43	20
	Outflows	253	312	72	78	69	93	69	71	69

Secondary Income	Inflows	2,923	4,010	1,081	988	977	964	1,147	1,064	1,075
	Outflows	5,674	7,149	1,977	1,710	1,498	1,964	1,808	1,615	1,800

Current Account - Total	Inflows	285,414	382,873	90,257	93,764	95,974	102,878	92,028	96,784	95,472
	Outflows	282,212	356,716	85,739	86,217	89,050	95,710	83,073	92,142	85,395

Current Account Balance		3,203	26,157	4,519	7,547	6,924	7,167	8,955	4,643	10,078

Capital Account Balance		-6,769	-1,255	-294	-317	-324	-320	-2,368	-1,236	-392

Memorandum Item:
Government Income	Inflows	128	129	15	62	18	34	12	20	19
	Outflows	4,692	4,397	1,121	1,080	1,104	1,092	1,066	998	978
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 was 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.

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Open in Excel: Balance of International Payments Q3 2016 Table 2(a) (XLS 44KB)

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Show Table 2(b) Financial Account

Table 2b Financial Account¹										€ million
		2014	2015	2015				2016
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	31,231	149,937	51,969	24,627	18,595	54,746	33,299	-2,759	1,091
	In Ireland	28,200	169,809	12,528	22,487	4,884	129,910	17,079	-17,020	-5,212

Equity	Abroad	-2,076	113,321	50,585	21,372	-1,864	43,228	25,885	13,406	-2,411
	In Ireland	18,570	116,845	7,389	25,563	24,833	59,060	43,517	4,584	8,446
Reinvested Earnings	Abroad	14,199	10,863	*	*	1,885	3,376	3,851	*	2,317
	In Ireland	24,449	38,781	9,988	6,194	11,004	11,595	4,944	5,785	8,137
Other Capital	Abroad	19,110	25,754	*	*	18,574	8,142	3,563	*	1,185
	In Ireland	-14,818	14,181	-4,850	-9,271	-30,953	59,255	-31,381	-27,388	-21,795

Portfolio Investment	Assets	158,174	127,682	46,964	10,782	2,298	67,638	12,620	28,284	34,865
	Liabilities	214,836	247,421	127,244	4,672	29,217	86,288	15,599	23,128	23,629

Equity	Assets	68,737	46,379	14,609	22,106	6,978	2,686	221	-16,297	11,689
	Liabilities	182,827	186,857	106,339	-8,455	20,304	68,669	14,867	53,731	29,605
Debt Instruments	Assets	89,438	81,302	32,355	-11,324	-4,681	64,952	12,399	44,581	23,176
	Liabilities	32,008	60,563	20,905	13,127	8,912	17,619	732	-30,604	-5,976
Bonds and notes	Assets	21,667	65,277	5,303	13,805	14,356	31,813	15,028	37,795	14,730
	Liabilities	31,299	56,855	20,444	13,388	6,264	16,759	584	-30,088	-6,161
Money market instruments	Assets	67,771	16,025	27,052	-25,129	-19,037	33,139	-2,629	6,786	8,445
	Liabilities	709	3,707	461	-262	2,648	860	148	-516	185

Other Investment	Assets	82,088	87,335	52,171	-20,780	-34,777	90,721	-18,832	-23,930	-1,713
	Liabilities	33,999	-74,564	7,696	-16,218	-56,882	-9,160	-12,612	-7,770	5,189

Loans, currency and deposits	Assets	41,345	72,098	33,837	-11,055	915	48,401	-2,835	13,496	-14,138
	Liabilities	-3,165	-30,455	-26,505	-8,354	-17,823	22,227	10,562	708	2,228
Other ²	Assets	40,741	15,237	18,334	-9,725	-35,692	42,320	-15,997	-37,426	12,425
	Liabilities	37,165	-44,108	34,202	-7,864	-39,059	-31,387	-23,174	-8,477	2,962

Reserve Assets		136	494	108	307	-24	103	936	-212	370

Monetary gold		0	1	0	0	0	1	0	0	0
Special drawing rights		0	2	1	0	0	1	0	0	4
Reserve position in the IMF		-1	1	1	0	0	0	687	-7	0
Foreign exchange		0	0	1	-1	1	-1	0	2	352
Other		137	490	105	308	-25	102	249	-207	15

Balance on Financial Account		-5,404	22,784	3,744	3,996	8,873	6,171	7,957	3,046	11,008

Net errors and omissions		-1,839	-2,118	-480	-3,234	2,273	-677	1,369	-361	1,322
Memorandum Item:
Government financial	Assets	-6,528	-1,642	-763	-685	-114	-80	-822	-100	516
transactions	Liabilities	2,421	-619	744	1,356	10	-2,729	2,787	-7,516	623
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.

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Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity										€ million
		2014	2015	2015				2016
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3
Current Account - Total	Inflows	285,414	382,873	90,257	93,764	95,974	102,878	92,028	96,784	95,472
	Outflows	282,212	356,716	85,739	86,217	89,050	95,710	83,073	92,142	85,395

Merchandise ²	Exports	114,461	195,592	46,478	47,201	49,397	52,516	45,796	45,661	44,876
	Imports	73,730	85,024	20,253	20,720	20,499	23,552	19,222	20,995	20,368

Services	Exports	105,327	121,605	27,329	30,552	31,180	32,544	29,211	32,237	34,709
	Imports	111,453	150,963	33,449	38,809	38,820	39,885	35,037	42,208	35,195

IFSC	Exports	27,587	32,745	7,681	8,308	8,216	8,540	7,914	8,202	8,261
	Imports	15,516	17,278	4,083	4,346	4,533	4,316	4,172	4,100	4,092
Non-IFSC	Exports	77,740	88,860	19,648	22,244	22,964	24,004	21,297	24,035	26,448
	Imports	95,937	133,685	29,366	34,463	34,287	35,569	30,865	38,108	31,103

Primary Income	Inflows	62,705	61,665	15,369	15,023	14,419	16,854	15,874	17,822	14,812
	Outflows	91,353	113,581	30,060	24,979	28,233	30,309	27,006	27,323	28,032

IFSC	Inflows	43,345	46,822	12,187	10,946	11,703	11,986	11,767	14,073	12,412
	Outflows	47,559	51,727	13,664	11,962	13,348	12,753	12,777	15,130	13,834
Non-IFSC	Inflows	19,360	14,843	3,182	4,077	2,716	4,868	4,106	3,749	2,400
	Outflows	43,794	61,854	16,396	13,017	14,885	17,556	14,230	12,193	14,198

Secondary Income	Inflows	2,923	4,010	1,081	988	977	964	1,147	1,064	1,075
	Outflows	5,674	7,149	1,977	1,710	1,498	1,964	1,808	1,615	1,800

IFSC ³	Inflows	2,428	3,234	815	816	818	785	952	885	935
	Outflows	2,428	3,234	815	816	818	785	952	885	935
Non-IFSC	Inflows	496	774	266	172	158	178	195	179	140
	Outflows	3,247	3,912	1,162	893	679	1,178	856	731	865

Balance on Current Account		3,203	26,157	4,519	7,547	6,924	7,167	8,955	4,643	10,078

Balance on Capital Account		-6,769	-1,255	-294	-317	-324	-320	-2,368	-1,236	-392

Financial Account ⁴
Direct investment	Abroad	31,231	149,937	51,969	24,627	18,595	54,746	33,299	-2,759	1,091
	In Ireland	28,200	169,809	12,528	22,487	4,884	129,910	17,079	-17,020	-5,212

IFSC	Abroad	-2,956	52,592	1,844	3,774	-227	47,201	14,422	110	170
	In Ireland	7,229	70,599	5,075	6,625	-15,417	74,316	19,671	-16,927	15,431
Non-IFSC	Abroad	34,186	97,345	50,125	20,853	18,822	7,545	18,878	-2,869	921
	In Ireland	20,970	99,210	7,453	15,862	20,301	55,594	-2,591	-93	-20,643

Portfolio investment	Assets	158,174	127,682	46,964	10,782	2,298	67,638	12,620	28,284	34,865
	Liabilities	214,836	247,421	127,244	4,672	29,217	86,288	15,599	23,128	23,629

IFSC	Assets	151,076	131,711	47,352	11,141	7,140	66,078	11,958	26,851	32,310
	Liabilities	184,061	200,974	80,353	185	28,961	91,475	1,381	32,193	27,275
Non-IFSC	Assets	7,097	-4,029	-388	-359	-4,842	1,560	662	1,433	2,555
	Liabilities	30,774	46,445	46,891	4,486	255	-5,187	14,218	-9,065	-3,646

Other investment ⁵	Assets	82,088	87,335	52,171	-20,780	-34,777	90,721	-18,832	-23,930	-1,713
	Liabilities	33,999	-74,564	7,696	-16,218	-56,882	-9,160	-12,612	-7,770	5,189

IFSC	Assets	89,843	50,914	47,941	-20,848	-26,361	50,182	-9,412	-23,568	3,203
	Liabilities	76,765	-31,827	18,617	-12,359	-36,899	-1,186	-8,747	-10,995	3,633
Non-IFSC	Assets	-7,756	36,421	4,230	68	-8,416	40,539	-9,419	-362	-4,916
	Liabilities	-42,768	-42,737	-10,921	-3,858	-19,984	-7,974	-3,865	3,225	1,557

Reserve Assets		136	494	108	307	-24	103	936	-212	370

Balance on Financial Account		-5,404	22,784	3,744	3,996	8,873	6,171	7,957	3,046	11,008
Net errors and omissions		-1,839	-2,118	-480	-3,234	2,273	-677	1,369	-361	1,322
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.

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Table 4a Current and Capital Accounts showing geographical¹ detail										€ million
		2014	2015	2015				2016
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Current Account - Total	Inflows	285,414	382,873	90,257	93,764	95,974	102,878	92,028	96,784	95,472
	Outflows	282,212	356,716	85,739	86,217	89,050	95,710	83,073	92,142	85,395

Merchandise ²	Exports	114,461	195,592	46,478	47,201	49,397	52,516	45,796	45,661	44,876
	Imports	73,730	85,024	20,253	20,720	20,499	23,552	19,222	20,995	20,368
EMU	Exports	41,569	67,450	15,648	16,617	17,201	17,984	15,966	14,531	14,529
	Imports	23,088	27,433	6,376	6,616	6,282	8,159	6,539	7,298	7,630
Non-EMU	Exports	72,892	128,142	30,830	30,584	32,196	34,532	29,830	31,131	30,347
	Imports	50,641	57,592	13,877	14,104	14,217	15,394	12,683	13,696	12,737
EU	Exports	63,333	101,624	23,766	24,728	25,998	27,132	23,712	22,106	21,655
	Imports	50,747	57,354	13,509	13,962	13,609	16,274	13,489	14,506	13,947
Non-EU	Exports	51,127	93,968	22,712	22,473	23,399	25,384	22,083	23,556	23,221
	Imports	22,982	27,672	6,745	6,758	6,891	7,278	5,732	6,488	6,421

Services	Exports	105,327	121,605	27,329	30,552	31,180	32,544	29,211	32,237	34,709
	Imports	111,453	150,963	33,449	38,809	38,820	39,885	35,037	42,208	35,195
EMU	Exports	32,834	35,647	8,422	9,012	8,991	9,222	7,970	8,738	10,493
	Imports	34,340	39,830	8,792	10,600	9,948	10,490	8,937	9,952	10,117
Non-EMU	Exports	72,492	85,959	18,907	21,540	22,190	23,322	21,242	23,499	24,216
	Imports	77,113	111,132	24,656	28,209	28,872	29,395	26,100	32,256	25,078
EU	Exports	58,169	65,641	14,492	16,648	17,307	17,194	15,036	16,405	19,104
	Imports	47,829	53,655	12,254	13,810	13,510	14,081	12,206	12,938	13,247
Non-EU	Exports	47,157	55,964	12,837	13,904	13,873	15,350	14,175	15,832	15,606
	Imports	63,623	97,307	21,194	24,999	25,310	25,804	22,831	29,271	21,948

Primary Income	Inflows	62,705	61,665	15,369	15,023	14,419	16,854	15,874	17,822	14,812
	Outflows	91,353	113,581	30,060	24,979	28,233	30,309	27,006	27,323	28,032
EMU	Inflows	23,174	24,091	6,803	6,355	4,700	6,233	7,262	6,079	5,355
	Outflows	33,099	38,830	9,634	9,464	9,953	9,779	9,432	9,427	10,741
Non-EMU	Inflows	39,531	37,574	8,566	8,668	9,719	10,621	8,613	11,743	9,457
	Outflows	58,256	74,750	20,426	15,515	18,279	20,530	17,574	17,896	17,291
EU	Inflows	37,091	39,715	10,333	9,765	8,591	11,026	10,872	10,158	8,844
	Outflows	53,042	61,403	15,784	14,651	15,917	15,051	15,306	16,480	16,770
Non-EU	Inflows	25,613	21,950	5,036	5,258	5,828	5,828	5,002	7,665	5,968
	Outflows	38,312	52,178	14,276	10,328	12,316	15,258	11,700	10,844	11,262

Secondary Income	Inflows	2,923	4,010	1,081	988	977	964	1,147	1,064	1,075
	Outflows	5,674	7,149	1,977	1,710	1,498	1,964	1,808	1,615	1,800
EMU	Inflows	1,035	1,295	336	366	321	272	353	373	335
	Outflows	1,210	1,475	382	406	361	326	386	459	368
Non-EMU	Inflows	1,888	2,714	745	622	656	691	793	691	739
	Outflows	4,465	5,672	1,595	1,304	1,136	1,637	1,422	1,157	1,432
EU	Inflows	2,075	3,040	801	818	769	652	912	830	819
	Outflows	4,248	5,604	1,590	1,351	1,168	1,495	1,474	1,328	1,418
Non-EU	Inflows	849	970	280	171	207	312	234	234	255
	Outflows	1,426	1,545	388	359	330	468	334	287	382

Balance on Current Account		3,203	26,157	4,519	7,547	6,924	7,167	8,955	4,643	10,078

Balance on Capital Account		-6,769	-1,255	-294	-317	-324	-320	-2,368	-1,236	-392

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 EU28 area. All data shown on this table relates to EMU19 and EU28.
²Adjusted for balance of payments purposes

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Table 4b Financial Account¹ showing geographical² detail										€ million
		2014	2015	2015				2016
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	31,231	149,937	51,969	24,627	18,595	54,746	33,299	-2,759	1,091
	In Ireland	28,200	169,809	12,528	22,487	4,884	129,910	17,079	-17,020	-5,212

EMU	Abroad	40,755	61,461	48,015	7,934	3,554	1,958	13,828	-6,418	-169
	In Ireland	15,779	40,537	-1,740	-962	14,297	28,942	-5,473	-5,882	-2,088
Non-EMU	Abroad	-9,524	88,477	3,955	16,693	15,041	52,788	19,471	3,659	1,260
	In Ireland	12,420	129,272	14,268	23,449	-9,413	100,968	22,552	-11,138	-3,124
EU	Abroad	40,075	63,241	46,589	7,469	2,455	6,728	20,872	-6,408	246
	In Ireland	13,148	37,266	2,581	2,431	16,254	16,000	-34,686	1,441	-5,840
Non-EU	Abroad	-8,842	86,696	5,380	17,158	16,140	48,018	12,427	3,649	845
	In Ireland	15,052	132,542	9,947	20,056	-11,370	113,909	51,766	-18,461	627

Portfolio Investment	Assets	158,174	127,682	46,964	10,782	2,298	67,638	12,620	28,284	34,865
	Liabilities	214,836	247,421	127,244	4,672	29,217	86,288	15,599	23,128	23,629

EMU	Assets	37,448	34,754	26,797	-2,088	-4,964	15,009	-466	-3,805	11,632
	Liabilities	84,994	101,699	30,403	19,157	16,314	35,825	10,916	-3,008	16,914
Non-EMU	Assets	120,728	92,927	20,167	12,870	7,261	52,629	13,086	32,090	23,233
	Liabilities	129,842	145,722	96,841	-14,485	12,903	50,463	4,683	26,136	6,715
EU	Assets	77,065	62,473	35,105	-8,118	-3,740	39,226	1,222	5,277	17,630
	Liabilities	165,405	169,115	78,004	-4,960	9,582	86,489	9,862	11,991	26,822
Non-EU	Assets	81,109	65,210	11,859	18,901	6,038	28,412	11,398	23,008	17,235
	Liabilities	49,429	78,306	49,240	9,632	19,635	-201	5,737	11,137	-3,193

Other Investment ³	Assets	82,088	87,335	52,171	-20,780	-34,777	90,721	-18,832	-23,930	-1,713
	Liabilities	33,999	-74,564	7,696	-16,218	-56,882	-9,160	-12,612	-7,770	5,189

EMU	Assets	44,890	69,883	25,986	210	20,342	23,345	-5,473	-12,054	-8,374
	Liabilities	-8,911	-8,855	4,268	-11,549	-1,179	-395	-5,410	11,407	-8,193
Non-EMU	Assets	37,198	17,451	26,185	-20,990	-55,120	67,376	-13,359	-11,876	6,661
	Liabilities	42,910	-65,708	3,428	-4,668	-55,703	-8,765	-7,201	-19,177	13,383
EU	Assets	47,720	36,706	19,893	-5,517	-7,667	29,997	7,279	33,585	4,451
	Liabilities	15,012	-38,362	10,836	-16,287	-28,250	-4,661	4,812	15,888	2,330
Non-EU	Assets	34,367	50,628	32,278	-15,263	-27,111	60,724	-26,111	-57,515	-6,164
	Liabilities	18,988	-36,203	-3,140	69	-28,633	-4,499	-17,424	-23,658	2,859

Reserve Assets		136	494	108	307	-24	103	936	-212	370

Balance on Financial Account		-5,404	22,784	3,744	3,996	8,873	6,171	7,957	3,046	11,008

Net errors and omissions		-1,839	-2,118	-480	-3,234	2,273	-677	1,369	-361	1,322
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 EU28 area. All data shown on this table relates to EMU19 and EU28.
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.

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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.BOP Quarterly Statistical Compilation Methodology (PDF 239KB)

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Balance of International Payments

Quarter 3 2016

Current account surplus of €10bn in Quarter 3 2016

**Current account (see Table 2a)**

Financial account (see Table 2b)

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