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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 December 2017, 11am

Balance of International Payments

Quarter 3 2017

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q3 201728,205-13,71614,48818.7
Q3 201625,777-24,6231,1541.6
Q1-Q3 201777,364-55,17822,18610.2
Q1-Q3 201677,418-70,5856,8333.4

Current account surplus of €14.5bn in Quarter 3 2017.

Balance of International Payments Q3 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 surplus of €14,488m (18.7% of GDP) in the third quarter of 2017. A merchandise surplus of €28,205m was offset by a deficit of €13,716m on services and income. This surplus (€14,488m) in the third quarter of 2017 followed a deficit of €872m (-1.2% of GDP) in the second quarter of 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
Q3 201728.2051.612-14.276-1.05214.488

Other points of note in the Quarter 3 2017 results are:

Current account (see Table 2a)

  • Merchandise exports were €49,199m in the third quarter of 2017, an increase of €2,328m compared with the third quarter of 2016, mainly due to higher values for goods for processing abroad. Merchandise imports were €20,994m in the third quarter of 2017, a fall of €100m compared with the same period in 2016.
  • Service exports at €40,454m increased by €3,323m compared to the third quarter of 2016, mainly due to higher computer services and royalties exports.
  • Service imports at €38,842m were down €8,625m over the same period in 2016. These figures were affected by reduced levels of research and development costs, in particular intellectual property imports. Strong service exports along with reduced service imports have resulted in a services surplus of €1,612m in this quarter.  
  • Investment income earned abroad at €18,724m, increased by €3,672m compared with one year earlier while investment income payable to foreign investors at €33,026m increased by €4,466m.

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland increased by €9,802m in the third quarter of 2017. This comprised an increase of €13,889m in reinvested earnings, an increase in equity of €5,928m and a decrease in other capital of €10,015m.  Direct investment abroad increased by €10,943m in the quarter, where decreased equity of €6,841m was offset by increases in reinvested earnings of €4,259m and other capital of €13,525m.
  • Portfolio investment in foreign assets increased €63,741m in the quarter. Investment in foreign equity increased €26,558m and investment in foreign debt instruments increased €37,184m. Portfolio investment in Ireland increased by €58,718m, with Irish equity up €69,718m and Irish debt instruments down €11,000m in the quarter.
  • Other investment assets increased by €22,924m in the third quarter of 2017 split between the activities of IFSC enterprises with an increase of €21,361m and non-IFSC enterprises with an increase of €1,563m.
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
Q3 20171.1425.0231.4580.2357.857
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 35523,095-14,287-12,170-1,177-4,539-4,741
2005Year32,184-13,655-22,786-1,769-38,210 -6,026 34037,660-52,69815,364-1,472-1,1474,539
2006Year27,194-12,313-22,723-2,063-37,099 -9,905 29915,841-8,135-16,635-87-9,016590
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 11923,28845,749-85,93278-16,817-5,220
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 -6,7693,031-56,66248,089136-5,404-1,839
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 -5,06313,43534,156-37,2271,45611,8207,689
                  
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
 Quarter 328,2051,612-14,276-1,052-13,716 14,488 -3,0721,1425,0231,4582357,857-3,559
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
201520162016 2017
Item Year  Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account  
Merchandise 1Exports200,327194,07148,14448,26546,87150,79147,30245,53749,199
Imports86,93388,21921,48023,28821,09422,35721,50222,17820,994
          
  of which: Merchanting (net export)Exports6,4005,333 1,1581,3971,6201,1582,2181,9061,241
          
ServicesExports126,283140,97132,25733,94737,13137,63636,88640,31940,454
Imports152,947186,17938,15549,08847,46751,46940,84248,04238,842
  Repairs and ProcessingExports1,5821,738 364397478499446455523
 Imports1,8031,436 331386370349596583539
  TransportExports6,5537,3001,1411,8532,8181,4881,1882,1493,100
Imports2,7192,718679731647661627596605
  Tourism and Travel 2Exports4,3204,6857161,2961,7189557081,4331,734
Imports5,1345,6231,0751,3541,9201,2741,1951,4072,045
  InsuranceExports10,3169,2432,3012,2902,2462,4062,4732,4042,312
Imports7,1216,6361,7971,6091,6091,6211,6741,7201,640
  Financial servicesExports11,36611,8692,7272,8683,0073,2673,3973,6233,846
Imports7,4388,2331,9831,9782,0942,1782,4042,3862,199
  Royalties/LicencesExports7,3298,6241,9372,0962,1862,4052,1062,3133,489
Imports68,93672,16018,02617,69518,01018,42917,30718,00216,894
  CommunicationsExports684643160163161159142143138
Imports1,0301,095288259272276244279280
  Computer services 3Exports57,47964,57714,97815,78715,64818,16417,25618,90117,187
Imports1,1271,193299301278315307310309
  Business servicesExports23,07230,3377,5296,8098,3947,6058,6248,3987,527
Imports57,37586,82213,61124,71222,20026,29916,42022,69114,265
     Research and developmentExports1,8134,1061,2428951,3506191,072539543
 Imports18,62047,1453,97114,71213,09315,3696,18911,5473,640
     Operational leasingExports12,10513,0543,1573,2883,3013,3083,1773,2523,335
 Imports752946145294175332290282268
     Misc. business services 4Exports9,15513,1773,1292,6263,7433,6794,3764,6073,649
 Imports38,00338,7329,4959,7068,93210,5999,94110,86210,357
  Other services n.e.s.Exports3,5861,956404388478686546500598
Imports26526467636767666866
           
Primary IncomeInflows61,95470,16816,44118,09715,31520,31517,69920,11818,986
 Outflows116,743117,81728,85428,82228,78731,35430,05435,45833,262
  Compensation of EmployeesInflows544544136136136136136136140
Outflows634622155157158152158158156
  Investment IncomeInflows59,84068,14716,28517,90015,05218,91017,50919,94518,724
Outflows115,799116,88428,63028,59428,56031,10029,82235,23133,026
      Direct investment incomeInflows15,60618,7404,9914,2723,0436,4344,3574,4585,108
Outflows63,33358,65315,61612,16414,41116,46215,42316,57617,482
          Income on equityInflows12,01515,5364,1163,5302,3375,5533,6033,7334,393
Outflows57,48953,08814,23810,81113,06814,97113,86215,10916,120
              Dividends & distributed Inflows1,4533,351 *317197*108369134
                  branch profitsOutflows15,49119,363 7,5074,5244,0753,2572,4422,6632,231
              Reinvested earningsInflows10,56212,184 *3,2122,140*3,4953,3644,259
Outflows41,99933,724 6,7316,2878,99211,71411,42012,44613,889
         Income on debtInflows3,5903,205875742707881753725715
Outflows5,8435,5661,3781,3531,3441,4911,5611,4661,362
      Portfolio investment incomeInflows36,78741,3099,38711,39210,23610,29410,83813,15711,368
Outflows42,34747,80010,62313,86511,51411,79812,03816,00513,056
          Income on equityInflows10,32412,6812,5494,4133,0702,6493,2205,0153,489
 Outflows35,63840,5058,71512,0819,7189,99110,41914,38611,494
         Income on debtInflows26,46428,6276,8386,9797,1657,6457,6188,1417,879
Outflows6,7087,2941,9071,7851,7951,8071,6191,6191,562
      Other investment incomeInflows7,4478,0981,9072,2361,7732,1822,3142,3302,248
Outflows10,11810,4322,3922,5642,6352,8412,3612,6502,488
Other primary incomeInflows1,5711,47921611271,2705538123
Outflows312310697169101746979
          
Secondary IncomeInflows3,9894,4901,1171,0491,0591,2651,2991,1431,375
 Outflows7,3278,2912,1371,8131,8752,4662,2192,3122,428
           
Current Account - TotalInflows392,553409,69797,958101,357100,376110,006103,186107,118110,014
Outflows363,950400,50490,626103,01099,222107,64694,616107,99095,526
          
Current Account Balance 28,6039,1937,332-1,6531,1542,3608,570-87214,488
           
Capital Account Balance -1,303-5,063-3,086-424324-1,877-11,133-11,578-3,072
             
Memorandum Item:    
 Government IncomeInflows12976 12201925222326
 Outflows4,3973,909 1,066998960885 958939932
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
 2015201620162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
     
Direct Investment Abroad151,77626,563 31,894-3,760509-2,0804,59222,64410,943
In Ireland194,56713,129 16,812-16,3985,9976,7188,68926,0199,802
           
    EquityAbroad114,97744,22023,63414,551-1,3027,337-19,16032,676-6,841
 In Ireland139,74195,20641,3023,18010,43240,29224,2675,4305,928
    Reinvested EarningsAbroad10,56212,184*3,2122,140* 3,4953,3644,259
In Ireland41,99933,7246,7316,2878,99211,714 11,42012,44613,889
    Other CapitalAbroad26,237-29,841*-21,523-329* 20,257-13,39613,525
 In Ireland12,830-115,801 -31,221-25,865-13,427-45,288 -26,9998,143-10,015
            
Portfolio InvestmentAssets128,588119,622 13,11224,36733,28348,86075,93638,96363,741
Liabilities245,29885,466 16,08817,60223,42228,354100,83395,72558,718
           
    EquityAssets46,3124,027 593-21,25211,58513,10121,96127,45226,558
 Liabilities184,702130,314 15,21448,55829,54536,99776,79192,02569,718
     Debt InstrumentsAssets82,275115,596 12,51945,61921,69935,75953,97511,51137,184
 Liabilities60,597-44,846 874-30,955-6,123-8,64224,0423,700-11,000
        Bonds and notes Assets66,00286,62915,13337,05514,86119,58032,16734,99020,376
 Liabilities56,889-40,893252-30,728-6,282-4,13520,230367-10,071
        Money market instruments Assets16,27428,966-2,6148,5646,83716,17921,807-23,47816,808
 Liabilities3,707-3,954 622-228159-4,5073,8123,333-929
            
Other InvestmentAssets87,064-48,720 -17,588-23,58988-7,631-13,43546,51022,924
Liabilities-94,528-11,494 -9,279-8,6277,966-1,554-34,345-31221,467
           
     Loans, currency and depositsAssets73,354-5,326 -20913,553-12,484-6,18616,98344,91215,700
 Liabilities-50,94123,971 14,4281,0105,4793,0542901,42310,774
     Other 2Assets13,710-43,397 -17,380-37,14212,571-1,446-30,4181,5997,224
 Liabilities-43,587-35,466 -23,708-9,6362,486-4,608-34,635-1,73510,692
            
Reserve Assets 4941,456 1,095-224379206-101163235
           
     Monetary gold 10 0000000
     Special drawing rights 2113 116-19133120-39
     Reserve position in the IMF 1730 730000000
     Foreign exchange  0416 02352624314890
     Other 490198 249-20715141-15615185
            
Balance on Financial Account 22,58311,820 4,8924,217-3,1265,837-8,185-13,1527,857
            
Net errors and omissions -4,7167,689 6466,294-4,6045,353 -5,621-701-3,559
Memorandum Item:          
Government financialAssets-1,642-918 -822-100516-5124840829
  transactionsLiabilities-619-6,495 3,286-7,516623-2,888 6,5432,184-630
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
2015201620162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account  
Merchandise 1Exports22,98120,386 4,8904,7484,7146,034 5,5985,9255,116
Imports23,03321,474 5,1925,3615,0965,826 5,1265,7045,618
          
  of which: Merchanting (net export)Exports616193 78701233 **642
          
ServicesExports21,63122,497 5,2915,5276,1535,525 5,6316,5416,733
Imports12,68411,840 3,0462,7642,9603,071 2,8982,9592,878
  TransportExports2,2762,355 401596869489 369632866
Imports528505 125125120134 125131127
  Tourism and Travel 2Exports852828 220171249188 204273348
Imports1,1491,177 267228336345 294251363
  InsuranceExports2,5652,393 632602572588 607568553
Imports1,6551,603 460416363362 382362343
  Financial servicesExports3,8934,238 9741,0421,0701,152 1,2171,3261,474
Imports1,449632 164154163151 168170166
  Royalties/LicencesExports506858 105106296351 277310324
Imports639595 176130150139 121111131
  Computer services 3Exports6,9516,932 1,7991,8091,9051,419 1,6902,0021,815
Imports164200 50514950 515048
  Business servicesExports3,3323,713 8849239001,006 9361,111974
Imports6,4116,435 1,6311,4891,5991,716 1,4861,7211,534
     (of which: Operational leasing)Exports820710 179175173183 169186163
 Imports2934 78811 777
  Other Exports1,2551,179 276279293331 331319378
Imports687693 172170179173 272164165
            
Merchandise and Services TotalExports44,61242,882 10,18110,27510,86711,559 11,22912,46511,848
Imports35,71633,315 8,2378,1258,0568,897 8,0248,6638,496
            
Trade balanceNet8,8969,567 1,9442,1512,8122,661 3,2053,8023,353
            
Primary IncomeInflows12,05713,644 3,3963,7592,8643,625 4,0124,1544,134
 Outflows21,72423,943 5,7336,7915,8395,581 5,7347,3966,636
  (of which : Investment Income)Inflows11,81413,401 3,3353,6982,8033,564 3,9514,0934,071
Outflows21,37423,614 5,6496,7085,7555,503 5,6487,3126,554
                       Direct investment incomeInflows9451,230 439512-218497 542378433
Outflows3,4152,938 883815657583 547762717
                       Portfolio investment incomeInflows8,0779,250 2,1512,3952,3232,381 2,6242,8762,716
Outflows15,73717,765 3,9815,1614,4404,183 4,6025,9415,236
                       Other investment incomeInflows2,7932,921 745791698686 785838923
Outflows2,2222,911 784732658736 499609601
          
Secondary IncomeInflows1,4721,857 516427475438 566544549
 Outflows1,8162,245 600526575543 767823680
             
Income balanceNet-10,011-10,687 -2,421-3,132-3,075-2,060 -1,923-3,521-2,633
           
Current Account - TotalInflows58,14258,383 14,09414,46114,20615,622 15,80717,16316,532
Outflows59,25759,503 14,57015,44214,47015,021 14,52516,88215,812
            
Current Account Balance with UK -1,115-1,120-477-981-263601 1,283281720
          
             
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 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity€ million
 20152016 20162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account - TotalInflows392,553409,69797,958101,357100,376110,006 103,186107,118110,014
 Outflows363,950400,50490,626103,01099,222107,646 94,616107,99095,526
            
Merchandise2Exports200,327194,07148,14448,26546,87150,791 47,30245,53749,199
Imports86,93388,21921,48023,28821,09422,357 21,50222,17820,994
           
ServicesExports126,283140,97132,25733,94737,13137,636 36,88640,31940,454
Imports152,947186,17938,15549,08847,46751,469 40,84248,04238,842
           
        IFSCExports33,56634,8668,3208,6828,7179,147 9,2029,6589,627
 Imports18,73718,0904,4184,4024,4434,827 4,8655,0084,726
        Non-IFSCExports92,719106,10423,93625,26628,41328,489 27,68430,66130,828
Imports134,210168,08833,73744,68543,02446,642 35,97743,03434,117
           
Primary IncomeInflows61,95470,16816,44118,09715,31520,315 17,69920,11818,986
Outflows116,743117,81728,85428,82228,78731,354 30,05435,45833,262
           
        IFSCInflows47,27353,38412,31914,54212,91313,610 14,35316,19914,241
 Outflows51,51658,13013,35515,82814,47414,473 15,14017,71915,700
        Non-IFSCInflows14,68016,7824,1213,5542,4026,705 3,3463,9194,745
Outflows65,22859,68615,50012,99314,31216,881 14,91417,73917,562
           
Secondary IncomeInflows3,9894,4901,1171,0491,0591,265 1,2991,1431,375
Outflows7,3278,2912,1371,8131,8752,466 2,2192,3122,428
          
        IFSC3Inflows3,2343,7599278619101,061 1,0459011,235
 Outflows3,2343,7599278619101,061 1,0459011,235
        Non-IFSCInflows755729189188148204 253243141
 Outflows4,0934,5311,2109529641,405 1,1731,4111,193
           
Balance on Current Account 28,6039,1937,332-1,6531,1542,360 8,570-87214,488
           
Balance on Capital Account -1,303-5,063-3,086-424324-1,877 -11,133-11,578-3,072
           
Financial Account4           
Direct investmentAbroad151,77626,56331,894-3,760509-2,080 4,59222,64410,943
 In Ireland194,56713,12916,812-16,3985,9976,718 8,68926,0199,802
           
        IFSCAbroad52,74017,53615,0507196951,072 **83
 In Ireland93,0521,24420,333-14,19715,448-20,340 -1,973-15,365638
        Non-IFSCAbroad99,0369,02716,844-4,479-186-3,152 **10,860
 In Ireland101,51611,884-3,521-2,202-9,45127,058 10,66241,3839,164
           
Portfolio investmentAssets128,588119,62213,11224,36733,28348,860 75,93638,96363,741
 Liabilities245,29885,46616,08817,60223,42228,354 100,83395,72558,718
           
        IFSCAssets132,658111,25812,24022,22229,96046,836 72,73839,54060,963
 Liabilities199,00296,5011,14926,74327,13141,478 94,64595,23061,235
        Non-IFSCAssets-4,0738,3648722,1453,3232,024 3,197-5772,778
 Liabilities46,296-11,03414,939-9,141-3,708-13,124 6,187495-2,516
           
Other investment5Assets87,064-48,720-17,588-23,58988-7,631 -13,43546,51022,924
 Liabilities-94,528-11,494-9,279-8,6277,966-1,554 -34,345-31221,467
           
        IFSCAssets50,380-45,649-9,430-23,9082,468-14,779 -3,75538,48321,361
 Liabilities-51,986-21,382-8,945-11,2854,404-5,556 -28,61072917,549
        Non-IFSCAssets36,685-3,072-8,158319-2,3807,147 -9,6808,0281,563
 Liabilities-42,5419,888-3352,6593,5624,002 -5,735-1,0413,918
           
Reserve Assets 4941,4561,095-224379206 -101163235
           
Balance on Financial Account 22,58311,820 4,8924,217-3,1265,837 -8,185-13,1527,857
Net errors and omissions -4,7167,689 6466,294-4,6045,353 -5,621-701-3,559
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 2Quarter 3
     
Current Account - TotalInflows392,553409,697 97,958101,357100,376110,006103,186107,118110,014
 Outflows363,950400,504 90,626103,01099,222107,64694,616107,99095,526
            
  Merchandise 2Exports200,327194,07148,14448,26546,87150,79147,30245,53749,199
 Imports86,93388,21921,48023,28821,09422,35721,50222,17820,994
      EMUExports54,51252,81713,23513,06212,47014,05013,47411,90310,701
 Imports24,55227,3456,2306,8946,6637,5587,1257,7416,412
      Non-EMUExports145,815141,25434,90935,20334,40136,74133,82733,63438,498
 Imports62,38060,87515,25116,39414,43114,79914,37814,43614,582
       EU Exports84,36279,36919,68419,33218,59021,76320,69419,32717,249
 Imports49,74651,13712,00112,83012,30913,99712,85313,97712,519
      Non-EU Exports115,963114,70128,46028,93228,28129,02826,60826,21031,950
Imports37,18937,0819,48010,4578,7848,3608,6508,2018,475
           
  ServicesExports126,283140,97132,25733,94737,13137,63636,88640,31940,454
 Imports152,947186,17938,15549,08847,46751,46940,84248,04238,842
      EMUExports38,70039,7268,8629,63811,5759,6519,89111,01210,543
 Imports40,61841,9019,69410,89110,39810,91810,59312,29510,459
      Non-EMUExports87,582101,24323,39424,30825,55627,98526,99529,30729,911
 Imports112,329144,27828,46138,19737,06940,55130,24935,74728,384
       EU Exports67,40769,64415,88817,04119,62917,08617,52419,77419,418
 Imports55,30755,71113,18814,12513,87014,52813,99015,84813,917
      Non-EU Exports58,87671,32616,36916,90517,50220,55019,36220,54521,036
Imports97,640130,46924,96834,96333,59736,94126,85132,19424,926
            
Primary IncomeInflows61,95470,16816,44118,09715,31520,31517,69920,11818,986
 Outflows116,743117,81728,85428,82228,78731,35430,05435,45833,262
      EMUInflows25,07028,6587,7426,5055,8538,5586,5667,3457,169
 Outflows37,10438,7779,3729,16810,6369,6019,08112,73612,551
      Non-EMUInflows36,88441,5108,69911,5929,46211,75711,13312,77311,817
 Outflows79,63979,04019,48219,65418,15121,75320,97322,72220,711
       EU Inflows41,36146,39511,77811,0159,51314,08911,44712,21412,074
 Outflows60,81164,91915,61016,44116,96715,90115,69221,00620,012
      Non-EU Inflows20,59323,7734,6637,0825,8026,2266,2527,9046,912
 Outflows55,93352,89713,24412,38111,81915,45314,36214,45213,250
            
Secondary IncomeInflows3,9894,4901,1171,0491,0591,2651,2991,1431,375
 Outflows7,3278,2912,1371,8131,8752,4662,2192,3122,428
      EMUInflows1,2951,435326351314444413277493
 Outflows1,4781,611359435344473432347738
      Non-EMUInflows2,6933,053790697745821886866882
 Outflows5,8496,6811,7781,3781,5311,9941,7871,9651,690
       EU Inflows3,0363,4568948288169181,0348591,089
 Outflows5,4906,4931,7421,4421,4321,8771,7741,8301,972
      Non-EU Inflows9531,034223221243347264285287
 Outflows1,8361,797394371442590445482456
            
Balance on Current Account 28,6039,1937,332-1,6531,1542,3608,570-87214,488
            
Balance on Capital Account -1,303-5,063-3,086-424324-1,877-11,133-11,578-3,072
           
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 2Quarter 3
    
Direct InvestmentAbroad151,77626,56331,894-3,760509-2,080 4,59222,64410,943
 In Ireland194,56713,12916,812-16,3985,9976,718 8,68926,0199,802
            
      EMUAbroad63,453-3,85412,210-8,754-318-6,992 -2,97222,9644,602
 In Ireland46,766-43,082-8,635-7,506-84-26,857 12,30036,092802
      Non-EMUAbroad88,32330,41719,6844,9948274,912 7,564-3206,341
 In Ireland147,80156,21125,447-8,8926,08233,574 -3,610-10,0748,999
       EU Abroad66,6657,31019,679-6,352-166-5,851 -2,28926,3934,193
 In Ireland44,451-41,082-38,111-59-4,0851,173 9,18438,451-3,025
      Non-EU Abroad85,11119,25512,2152,5936753,772 6,882-3,7496,750
In Ireland150,11754,21154,923-16,33910,0835,544 -495-12,43212,827
           
Portfolio InvestmentAssets128,588119,62213,11224,36733,28348,860 75,93638,96363,741
Liabilities245,29885,46616,08817,60223,42228,354 100,83395,72558,718
           
      EMUAssets33,36018,428-88-3,99912,18910,326 15,22211,6916,247
 Liabilities101,70433,06210,705-4,36716,55610,168 40,50832,42114,354
      Non-EMUAssets95,229101,19413,20028,36621,09438,534 60,71427,27257,494
 Liabilities143,59452,4055,38321,9696,86718,186 60,32563,30444,365
       EU Assets61,04050,8151,1434,63018,44926,593 38,64530,4795,693
 Liabilities168,37480,14210,97211,80626,25831,106 87,71580,58745,465
      Non-EU Assets67,54968,80811,96919,73714,83522,267 37,2908,48458,048
Liabilities76,9255,3255,1165,797-2,836-2,752 13,11815,13913,254
             
Other Investment3Assets87,064-48,720-17,588-23,58988-7,631 -13,43546,51022,924
Liabilities-94,528-11,494-9,279-8,6277,966-1,554 -34,345-31221,467
           
      EMUAssets68,473-17,618-5,749-12,548-6,6047,283 4,58211,634-6,248
 Liabilities-9,3763,381-4,05711,229-5,7511,960 -838-4,5742,183
      Non-EMUAssets18,590-31,103-11,839-11,0416,692-14,915 -18,01734,87729,173
 Liabilities-85,152-14,877-5,223-19,85613,716-3,514 -33,5074,26219,284
       EU Assets34,73142,3318,89233,0616,366-5,988 32,49831,56620,585
 Liabilities-39,24343,4068,45015,3674,70414,885 10,4708,1724,520
      Non-EU Assets52,333-91,052-26,480-56,650-6,279-1,643 -45,93314,9452,340
Liabilities-55,285-54,900-17,730-23,9943,262-16,438 -44,815-8,48416,947
          
Reserve Assets 4941,4561,095-224379206 -101163235
           
Balance on Financial Account 22,58311,8204,8924,217-3,1265,837 -8,185-13,1527,857
             
Net errors and omissions -4,7167,689 6466,294-4,6045,353 -5,621-701-3,559
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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