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For more information on this release:
E-mail: bop@cso.ie Annette Hayes (+353) 1 498 4319 Christopher Sibley (+353) 1 498 4305
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 March 2018, 11am

Balance of International Payments

Quarter 4 and Year 2017

   € million
Merchandise BalanceServices and Income BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q4 201729,966-15,06214,90419.0
Q4 201628,434-26,0742,3603.1
Year 2017107,330-70,24037,09012.5
Year 2016105,852-96,6599,1933.3

Current account surplus of €15bn in Quarter 4 2017

Balance of International Payments 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 nearly €15bn in the fourth quarter of 2017. A merchandise surplus of €30bn was partially offset by a deficit of €15bn on services and income. This current account surplus in the fourth quarter of 2017 followed a similar surplus of €14.5bn in the third quarter of 2017.

For the year 2017, the current account surplus was €37bn, an increase of nearly €28bn on 2016, where large imports of intellectual property dominated the figures. The 2017 data is continuing on trend from 2015, where large globalisation events dramatically increased the Irish current account balance (see Table 1).

This release includes the 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
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
Q4 201729.966-2.097-11.825-1.1414.904

Other points of note in the Quarter 4 2017 results are:

Current account (see Table 2a)

  • Merchandise exports were €52,215m in the fourth quarter of 2017, an increase of €1,424m compared with the fourth quarter of 2016, mainly due to higher values for goods for processing abroad. Merchandise imports were €22,248m in the fourth quarter of 2017, a fall of €109m compared with the same period in 2016.
  • Service exports at €43,508m increased by €5,872m compared to the fourth quarter of 2016, mainly due to higher computer services exports.
  • Service imports at €45,605m were down €5,864m over the same period in 2016. These figures were affected by reduced levels of research and development costs, in particular intellectual property imports.
  • Investment income earned abroad at €20,204m, increased by €1,294m compared with one year earlier while investment income payable to foreign investors at €33,199m increased by €2,099m.

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland decreased by €18,798m in the fourth quarter of 2017. This comprised an increase of €13,506m in reinvested earnings, a decrease in equity of €35,497m and an increase in other capital of €3,193m.  Direct investment abroad decreased by €21,661m in the quarter, where a fall in equity of €8,479m and a fall in other capital of €19,451m were partially offset by increased reinvested earnings of €6,269m.
  • Portfolio investment in foreign assets increased €73,494m in the quarter. Investment in foreign equity increased €19,454m and investment in foreign debt instruments increased €54,040m. Portfolio investment in Ireland increased by €80,967m, with Irish equity up €72,840m and Irish debt instruments up €8,127m in the quarter.
  • Other investment assets increased by €32,161m in the fourth quarter of 2017 mainly due to the activities of IFSC enterprises with an increase of €29,584m.
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
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
Q4 2017-2.863-7.47322.910.10212.676
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
2017Year107,330-12,163-53,796-4,281-70,240 37,090 -26,848 -9,193-84,10992,101399-804-11,044
 
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 1 3,692-33,32021,0096-8,614-6,316
 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 19 3,968-6,1554,809-52,6172,600
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 -1,691 3,678-19,85810,5160-5,664-2,479
 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 -1,649 468-22,62716,7832-5,374-6,305
 Quarter 49,521-2,373-5,513-698-8,584 937 -1,712 1,604-2,4101,7751331,1031,878
2015Quarter 126,790-5,490-15,253-986-21,729 5,061 -707 39,900-79,71943,4771083,765-589
 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 7,383 100 13,545-24,86321,317-249,9752,492
 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 -3,086 15,082-2,976-8,3091,0954,892646
 Quarter 224,977-15,141-10,725-764-26,630 -1,653 -424 12,6396,765-14,962-2244,2176,294
 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 -3,072 1,1425,0231,4582357,857-3,559
 Quarter 429,966-2,097-11,825-1,140-15,062 14,904 -1,065 -2,863-7,47322,91010212,676-1,163
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
  20162017 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
Current Account
Merchandise1Exports194,071194,25348,14448,26546,87150,79147,30245,53749,19952,215
Imports88,21986,92221,48023,28821,09422,35721,50222,17820,99422,248
 
  of which: Merchanting (net export)Exports5,3337,426 1,1581,3971,6201,1582,2181,9061,2412,061
 
ServicesExports140,971161,16732,25733,94737,13137,63636,88640,31940,45443,508
Imports186,179173,33138,15549,08847,46751,46940,84248,04238,84245,605
  Repairs and ProcessingExports1,7381,806 364397478499446455523382
 Imports1,4362,299 331386370349596583539581
  TransportExports7,3008,0871,1411,8532,8181,4881,1882,1493,1001,650
Imports2,7182,485679731647661627596605657
  Tourism and Travel 2Exports4,6854,9447161,2961,7189557081,4331,7341,069
Imports5,6235,9011,0751,3541,9201,2741,1951,4072,0451,254
  InsuranceExports9,2439,7132,3012,2902,2462,4062,4732,4042,3122,524
Imports6,6366,8721,7971,6091,6091,6211,6741,7201,6401,838
  Financial servicesExports11,86914,4942,7272,8683,0073,2673,3973,6233,8463,628
Imports8,2339,2261,9831,9782,0942,1782,4042,3862,1992,237
  Royalties/LicencesExports8,62411,3251,9372,0962,1862,4052,1062,3133,4893,417
Imports72,16071,11418,02617,69518,01018,42917,30718,00216,89418,911
  CommunicationsExports643561160163161159142143138138
Imports1,0951,099288259272276244279280296
  Computer services3Exports64,57774,35814,97815,78715,64818,16417,25618,90117,18721,014
Imports1,1931,252299301278315307310309326
  Business servicesExports30,33733,6767,5296,8098,3947,6058,6248,3987,5279,127
Imports86,82272,81213,61124,71222,20026,29916,42022,69114,26519,436
     Research and developmentExports4,1063,6541,2428951,3506191,0725395431,500
 Imports47,14526,8103,97114,71213,09315,3696,18911,5473,6405,434
     Operational leasingExports13,05412,9143,1573,2883,3013,3083,1773,2523,3353,150
 Imports9461,107145294175332290282268267
     Misc. business services4Exports13,17717,1103,1292,6263,7433,6794,3764,6073,6494,478
 Imports38,73244,8969,4959,7068,93210,5999,94110,86210,35713,736
  Other services n.e.s.Exports1,9562,204404388478686546500598560
Imports2642686763676766686668
 
Primary IncomeInflows70,16878,43216,44118,09715,31520,31517,69920,11818,98621,629
 Outflows117,817132,22828,85428,82228,78731,35430,05435,45833,26233,454
  Compensation of EmployeesInflows544547136136136136136136140135
Outflows622632155157158152158158156160
  Investment IncomeInflows68,14776,38216,28517,90015,05218,91017,50919,94518,72420,204
Outflows116,884131,27828,63028,59428,56031,10029,82235,23133,02633,199
      Direct investment incomeInflows18,74020,9144,9914,2723,0436,4344,3574,4585,1086,991
Outflows58,65366,95615,61612,16414,41116,46215,42316,57617,48217,475
          Income on equityInflows15,53618,2214,1163,5302,3375,5533,6033,7334,3936,492
Outflows53,08861,25914,23810,81113,06814,97113,86215,10916,12016,168
              Dividends & distributed Inflows3,351833 *317197*108369134222
                  branch profitsOutflows19,3639,999 7,5074,5244,0753,2572,4422,6632,2312,663
              Reinvested earningsInflows12,18417,387 *3,2122,140*3,4953,3644,2596,269
Outflows33,72451,261 6,7316,2878,99211,71411,42012,44613,88913,506
         Income on debtInflows3,2052,692875742707881753725715499
Outflows5,5665,6951,3781,3531,3441,4911,5611,4661,3621,306
      Portfolio investment incomeInflows41,30946,4429,38711,39210,23610,29410,83813,15711,36811,079
Outflows47,80054,19110,62313,86511,51411,79812,03816,00513,05613,092
          Income on equityInflows12,68114,6542,5494,4133,0702,6493,2205,0153,4892,930
 Outflows40,50547,8668,71512,0819,7189,99110,41914,38611,49411,567
         Income on debtInflows28,62731,7876,8386,9797,1657,6457,6188,1417,8798,149
Outflows7,2946,3251,9071,7851,7951,8071,6191,6191,5621,525
      Other investment incomeInflows8,0989,0261,9072,2361,7732,1822,3142,3302,2482,134
Outflows10,43210,1312,3922,5642,6352,8412,3612,6502,4882,632
Other primary incomeInflows1,4791,50521611271,27055381231,289
Outflows31031769716910174697995
 
Secondary IncomeInflows4,4905,0911,1171,0491,0591,2651,2991,1431,3751,274
 Outflows8,2919,3722,1371,8131,8752,4662,2192,3122,4282,413
 
Current Account - TotalInflows409,697438,94397,958101,357100,376110,006103,186107,118110,014118,625
Outflows400,504401,85390,626103,01099,222107,64694,616107,99095,526103,721
 
Current Account Balance 9,19337,0907,332-1,6531,1542,3608,570-87214,48814,904
            
Capital Account Balance -5,063-26,848-3,086-424324-1,877-11,133-11,578-3,072-1,065
 
Memorandum Item:
 Government IncomeInflows7695 1220192522232624
 Outflows3,9093,697 1,066998960885 958939932868
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
 2016201720162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
 
Direct Investment Abroad26,56316,518 31,894-3,760509-2,0804,59222,64410,943-21,661
In Ireland13,12925,712 16,812-16,3985,9976,7188,68926,0199,802-18,798
            
    EquityAbroad44,220-1,80423,63414,551-1,3027,337-19,16032,676-6,841-8,479
 In Ireland95,20612841,3023,18010,43240,29224,2675,4305,928-35,497
    Reinvested EarningsAbroad12,18417,387*3,2122,140* 3,4953,3644,2596,269
In Ireland33,72451,2616,7316,2878,99211,714 11,42012,44613,88913,506
    Other CapitalAbroad-29,841935*-21,523-329* 20,257-13,39613,525-19,451
 In Ireland-115,801-25,678 -31,221-25,865-13,427-45,288 -26,9998,143-10,0153,193
 
Portfolio InvestmentAssets119,622252,134 13,11224,36733,28348,86075,93638,96363,74173,494
Liabilities85,466336,243 16,08817,60223,42228,354100,83395,72558,71880,967
 
    EquityAssets4,02795,425 593-21,25211,58513,10121,96127,45226,55819,454
 Liabilities130,314311,374 15,21448,55829,54536,99776,79192,02569,71872,840
     Debt InstrumentsAssets115,596156,710 12,51945,61921,69935,75953,97511,51137,18454,040
 Liabilities-44,84624,869 874-30,955-6,123-8,64224,0423,700-11,0008,127
        Bonds and notes Assets86,629112,86915,13337,05514,86119,58032,16734,99020,37625,336
 Liabilities-40,89321,039252-30,728-6,282-4,13520,230367-10,07110,513
        Money market instruments Assets28,96643,840-2,6148,5646,83716,17921,807-23,47816,80828,703
 Liabilities-3,9543,830 622-228159-4,5073,8123,333-929-2,386
 
Other InvestmentAssets-48,72088,160 -17,588-23,58988-7,631-13,43546,51022,92432,161
Liabilities-11,494-3,939 -9,279-8,6277,966-1,554-34,345-31221,4679,251
 
     Loans, currency and depositsAssets-5,326105,710 -20913,553-12,484-6,18616,98344,91215,70028,115
 Liabilities23,97114,984 14,4281,0105,4793,0542901,42310,7742,497
     Other2Assets-43,397-17,549 -17,380-37,14212,571-1,446-30,4181,5997,2244,046
 Liabilities-35,466-18,924 -23,708-9,6362,486-4,608-34,635-1,73510,6926,754
 
Reserve Assets 1,456399 1,095-224379206-101163235102
            
     Monetary gold 00 00000000
     Special drawing rights 113-43 116-19133120-39-16
     Reserve position in the IMF 7300 7300000000
     Foreign exchange  416158 02352624314890-123
     Other 198285 249-20715141-15615185241
 
Balance on Financial Account 11,820-804 4,8924,217-3,1265,837-8,185-13,1527,85712,676
 
Net errors and omissions 7,689-11,044 6466,294-4,6045,353 -5,621-701-3,559-1,163
Memorandum Item:
Government financialAssets-918427 -822-100516-5124840829-58
  transactionsLiabilities-6,495599 3,286-7,516623-2,888 6,5432,184-630-7,498
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
2016201720162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
Current Account
Merchandise1Exports20,38622,002 4,8904,7484,7146,034 5,5985,9255,1165,364
Imports21,47422,622 5,1925,3615,0965,826 5,1265,7045,6186,174
           
  of which: Merchanting (net export)Exports1932,727 78701233 **642*
 
ServicesExports22,49725,086 5,2915,5276,1535,525 5,6316,5416,7336,182
Imports11,84012,302 3,0462,7642,9603,071 2,8982,9592,8783,567
  TransportExports2,3552,349 401596869489 369632866483
Imports505525 125125120134 125131127142
  Tourism and Travel 2Exports8281,102 220171249188 204273348276
Imports1,1771,262 267228336345 294251363353
  InsuranceExports2,3932,298 632602572588 607568553570
Imports1,6031,471 460416363362 382362343384
  Financial servicesExports4,2385,277 9741,0421,0701,152 1,2171,3261,4741,259
Imports632668 164154163151 168170166164
  Royalties/LicencesExports8581,321 105106296351 277310324410
Imports595476 176130150139 121111131114
  Computer services3Exports6,9327,317 1,7991,8091,9051,419 1,6902,0021,8151,811
Imports200201 50514950 51504853
  Business servicesExports3,7133,979 8849239001,006 9361,111974958
Imports6,4356,933 1,6311,4891,5991,716 1,4861,7211,5342,193
     (of which: Operational leasing)Exports710695 179175173183 169186163177
 Imports3426 78811 7777
  Other Exports1,1791,443 276279293331 331319378415
Imports693765 172170179173 272164165164
 
Merchandise and Services TotalExports42,88247,088 10,18110,27510,86711,559 11,22912,46511,84811,545
Imports33,31534,924 8,2378,1258,0568,897 8,0248,6638,4969,741
 
Trade balanceNet9,56712,164 1,9442,1512,8122,661 3,2053,8023,3531,804
 
Primary IncomeInflows13,64416,980 3,3963,7592,8643,625 4,0124,1544,1344,680
 Outflows23,94325,714 5,7336,7915,8395,581 5,7347,3966,6365,949
  (of which : Investment Income)Inflows13,40116,735 3,3353,6982,8033,564 3,9514,0934,0714,620
Outflows23,61425,376 5,6496,7085,7555,503 5,6487,3126,5545,863
                       Direct investment incomeInflows1,2302,388 439512-218497 5423784331,034
Outflows2,9382,731 883815657583 547762717704
                       Portfolio investment incomeInflows9,25010,924 2,1512,3952,3232,381 2,6242,8762,7162,709
Outflows17,76520,355 3,9815,1614,4404,183 4,6025,9415,2364,576
                       Other investment incomeInflows2,9213,423 745791698686 785838923877
Outflows2,9112,291 784732658736 499609601582
 
Secondary IncomeInflows1,8572,068 516427475438 566544549409
 Outflows2,2452,811 600526575543 767823680541
 
Income balanceNet-10,687-9,476 -2,421-3,132-3,075-2,060 -1,923-3,521-2,633-1,400
            
Current Account - TotalInflows58,38366,137 14,09414,46114,20615,622 15,80717,16316,53216,635
Outflows59,50363,449 14,57015,44214,47015,021 14,52516,88215,81216,231
 
Current Account Balance with UK -1,1202,688-477-981-263601 1,283281720404
 
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
 20162017 20162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
Current Account - TotalInflows409,697438,94397,958101,357100,376110,006103,186107,118110,014118,625
 Outflows400,504401,85390,626103,01099,222107,64694,616107,99095,526103,721
 
Merchandise2Exports194,071194,25348,14448,26546,87150,79147,30245,53749,19952,215
Imports88,21986,92221,48023,28821,09422,35721,50222,17820,99422,248
 
ServicesExports140,971161,16732,25733,94737,13137,63636,88640,31940,45443,508
Imports186,179173,33138,15549,08847,46751,46940,84248,04238,84245,605
 
        IFSCExports34,86637,9308,3208,6828,7179,1479,2029,6589,6279,443
 Imports18,09019,6224,4184,4024,4434,8274,8655,0084,7265,023
        Non-IFSCExports106,104123,23823,93625,26628,41328,48927,68430,66130,82834,065
Imports168,088153,71033,73744,68543,02446,64235,97743,03434,11740,582
 
Primary IncomeInflows70,16878,43216,44118,09715,31520,31517,69920,11818,98621,629
Outflows117,817132,22828,85428,82228,78731,35430,05435,45833,26233,454
 
        IFSCInflows53,38458,71212,31914,54212,91313,61014,35316,19914,24113,919
 Outflows58,13063,24813,35515,82814,47414,47315,14017,71915,70014,689
        Non-IFSCInflows16,78219,7204,1213,5542,4026,7053,3463,9194,7457,710
Outflows59,68668,98015,50012,99314,31216,88114,91417,73917,56218,765
 
Secondary IncomeInflows4,4905,0911,1171,0491,0591,2651,2991,1431,3751,274
Outflows8,2919,3722,1371,8131,8752,4662,2192,3122,4282,413
 
        IFSC3Inflows3,7594,3489278619101,0611,0459011,2351,167
 Outflows3,7594,3489278619101,0611,0459011,2351,167
        Non-IFSCInflows729744189188148204253243141107
 Outflows4,5315,0241,2109529641,4051,1731,4111,1931,247
 
Balance on Current Account 9,19337,0907,332-1,6531,1542,3608,570-87214,48814,904
 
Balance on Capital Account -5,063-26,848-3,086-424324-1,877-11,133-11,578-3,072-1,065
 
Financial Account4
Direct investmentAbroad26,56316,51831,894-3,760509-2,0804,59222,64410,943-21,661
 In Ireland13,12925,71216,812-16,3985,9976,7188,68926,0199,802-18,798
            
        IFSCAbroad17,5367,22815,0507196951,072**831,325
 In Ireland1,2443,30620,333-14,19715,448-20,340-1,973-15,36563820,006
        Non-IFSCAbroad9,0279,28916,844-4,479-186-3,152**10,860-22,986
 In Ireland11,88422,405-3,521-2,202-9,45127,05810,66241,3839,164-38,804
 
Portfolio investmentAssets119,622252,13413,11224,36733,28348,86075,93638,96363,74173,494
 Liabilities85,466336,24316,08817,60223,42228,354100,83395,72558,71880,967
 
        IFSCAssets111,258244,70412,24022,22229,96046,83672,73839,54060,96371,463
 Liabilities96,501334,4611,14926,74327,13141,47894,64595,23061,23583,351
        Non-IFSCAssets8,3647,4298722,1453,3232,0243,197-5772,7782,031
 Liabilities-11,0341,78114,939-9,141-3,708-13,1246,187495-2,516-2,385
 
Other investment5Assets-48,72088,160-17,588-23,58988-7,631-13,43546,51022,92432,161
 Liabilities-11,494-3,939-9,279-8,6277,966-1,554-34,345-31221,4679,251
 
        IFSCAssets-45,64985,673-9,430-23,9082,468-14,779-3,75538,48321,36129,584
 Liabilities-21,3821,312-8,945-11,2854,404-5,556-28,61072917,54911,644
        Non-IFSCAssets-3,0722,488-8,158319-2,3807,147-9,6808,0281,5632,577
 Liabilities9,888-5,252-3352,6593,5624,002-5,735-1,0413,918-2,394
 
Reserve Assets 1,4563991,095-224379206-101163235102
 
Balance on Financial Account 11,820-804 4,8924,217-3,1265,837 -8,185-13,1527,85712,676
Net errors and omissions 7,689-11,044 6466,294-4,6045,353 -5,621-701-3,559-1,163
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
 20162017 20162017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4Quarter 1Quarter 2Quarter 3Quarter 4
 
Current Account - TotalInflows409,697438,943 97,958101,357100,376110,006103,186107,118110,014118,625
 Outflows400,504401,853 90,626103,01099,222107,64694,616107,99095,526103,721
 
  Merchandise2Exports194,071194,25348,14448,26546,87150,79147,30245,53749,19952,215
 Imports88,21986,92221,48023,28821,09422,35721,50222,17820,99422,248
      EMUExports52,81748,79613,23513,06212,47014,05013,47411,90310,70112,718
 Imports27,34528,0286,2306,8946,6637,5587,1257,7416,4126,750
      Non-EMUExports141,254145,45534,90935,20334,40136,74133,82733,63438,49839,496
 Imports60,87558,89515,25116,39414,43114,79914,37814,43614,58215,499
       EU Exports79,36976,95319,68419,33218,59021,76320,69419,32717,24919,683
 Imports51,13752,92212,00112,83012,30913,99712,85313,97712,51913,573
      Non-EU Exports114,701117,30028,46028,93228,28129,02826,60826,21031,95032,532
Imports37,08134,0019,48010,4578,7848,3608,6508,2018,4758,675
 
  ServicesExports140,971161,16732,25733,94737,13137,63636,88640,31940,45443,508
 Imports186,179173,33138,15549,08847,46751,46940,84248,04238,84245,605
      EMUExports39,72642,3468,8629,63811,5759,6519,89111,01210,54310,900
 Imports41,90145,8709,69410,89110,39810,91810,59312,29510,45912,523
      Non-EMUExports101,243118,82123,39424,30825,55627,98526,99529,30729,91132,608
 Imports144,278127,46228,46138,19737,06940,55130,24935,74728,38433,082
       EU Exports69,64476,31815,88817,04119,62917,08617,52419,77419,41819,602
 Imports55,71160,47313,18814,12513,87014,52813,99015,84813,91716,718
      Non-EU Exports71,32684,84816,36916,90517,50220,55019,36220,54521,03623,905
Imports130,469112,85824,96834,96333,59736,94126,85132,19424,92628,887
 
Primary IncomeInflows70,16878,43216,44118,09715,31520,31517,69920,11818,98621,629
 Outflows117,817132,22828,85428,82228,78731,35430,05435,45833,26233,454
      EMUInflows28,65829,3307,7426,5055,8538,5586,5667,3457,1698,250
 Outflows38,77745,6919,3729,16810,6369,6019,08112,73612,55111,323
      Non-EMUInflows41,51049,1028,69911,5929,46211,75711,13312,77311,81713,379
 Outflows79,04086,53719,48219,65418,15121,75320,97322,72220,71122,131
       EU Inflows46,39550,56711,77811,0159,51314,08911,44712,21412,07414,832
 Outflows64,91974,73315,61016,44116,96715,90115,69221,00620,01218,023
      Non-EU Inflows23,77327,8654,6637,0825,8026,2266,2527,9046,9126,797
 Outflows52,89757,49513,24412,38111,81915,45314,36214,45213,25015,431
 
Secondary IncomeInflows4,4905,0911,1171,0491,0591,2651,2991,1431,3751,274
 Outflows8,2919,3722,1371,8131,8752,4662,2192,3122,4282,413
      EMUInflows1,4351,776326351314444413277493593
 Outflows1,6112,362359435344473432347738845
      Non-EMUInflows3,0533,315790697745821886866882681
 Outflows6,6817,0101,7781,3781,5311,9941,7871,9651,6901,568
       EU Inflows3,4564,0368948288169181,0348591,0891,054
 Outflows6,4937,5361,7421,4421,4321,8771,7741,8301,9721,960
      Non-EU Inflows1,0341,056223221243347264285287220
 Outflows1,7971,837394371442590445482456454
 
Balance on Current Account 9,19337,0907,332-1,6531,1542,3608,570-87214,48814,904
             
Balance on Capital Account -5,063-26,848-3,086-424324-1,877-11,133-11,578-3,072-1,065
 
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
  20162017 2016 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
 
Direct InvestmentAbroad26,56316,51831,894-3,760509-2,080 4,59222,64410,943-21,661
 In Ireland13,12925,71216,812-16,3985,9976,718 8,68926,0199,802-18,798
 
      EMUAbroad-3,854-36,82412,210-8,754-318-6,992 -2,97222,9644,602-61,418
 In Ireland-43,08240,030-8,635-7,506-84-26,857 12,30036,092802-9,164
      Non-EMUAbroad30,41753,34219,6844,9948274,912 7,564-3206,34139,757
 In Ireland56,211-14,31925,447-8,8926,08233,574 -3,610-10,0748,999-9,634
       EU Abroad7,310-30,58519,679-6,352-166-5,851 -2,28926,3934,193-58,882
 In Ireland-41,08242,949-38,111-59-4,0851,173 9,18438,451-3,025-1,661
      Non-EU Abroad19,25547,10512,2152,5936753,772 6,882-3,7496,75037,222
In Ireland54,211-17,23754,923-16,33910,0835,544 -495-12,43212,827-17,137
 
Portfolio InvestmentAssets119,622252,13413,11224,36733,28348,860 75,93638,96363,74173,494
Liabilities85,466336,24316,08817,60223,42228,354 100,83395,72558,71880,967
 
      EMUAssets18,42842,948-88-3,99912,18910,326 15,22211,6916,2479,788
 Liabilities33,062112,36110,705-4,36716,55610,168 40,50832,42114,35425,078
      Non-EMUAssets101,194209,18513,20028,36621,09438,534 60,71427,27257,49463,705
 Liabilities52,405223,8835,38321,9696,86718,186 60,32563,30444,36555,889
       EU Assets50,815114,1831,1434,63018,44926,593 38,64530,4795,69339,366
 Liabilities80,142286,33010,97211,80626,25831,106 87,71580,58745,46572,563
      Non-EU Assets68,808137,95011,96919,73714,83522,267 37,2908,48458,04834,128
Liabilities5,32549,9155,1165,797-2,836-2,752 13,11815,13913,2548,404
 
Other Investment3Assets-48,72088,160-17,588-23,58988-7,631 -13,43546,51022,92432,161
Liabilities-11,494-3,939-9,279-8,6277,966-1,554 -34,345-31221,4679,251
 
      EMUAssets-17,618-670-5,749-12,548-6,6047,283 4,58211,634-6,248-10,638
 Liabilities3,381-9,340-4,05711,229-5,7511,960 -838-4,5742,183-6,111
      Non-EMUAssets-31,10388,832-11,839-11,0416,692-14,915 -18,01734,87729,17342,799
 Liabilities-14,8775,401-5,223-19,85613,716-3,514 -33,5074,26219,28415,362
       EU Assets42,331110,3108,89233,0616,366-5,988 32,49831,56620,58525,661
 Liabilities43,40636,5918,45015,3674,70414,885 10,4708,1724,52013,429
      Non-EU Assets-91,052-22,148-26,480-56,650-6,279-1,643 -45,93314,9452,3406,500
Liabilities-54,900-40,531-17,730-23,9943,262-16,438 -44,815-8,48416,947-4,179
 
Reserve Assets 1,4563991,095-224379206 -101163235102
 
Balance on Financial Account 11,820-8044,8924,217-3,1265,837 -8,185-13,1527,85712,676
 
Net errors and omissions 7,689-11,044 6466,294-4,6045,353 -5,621-701-3,559-1,163
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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