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Foreign Direct Investment Annual 2023

Direct investment in Ireland decreased by €50.3bn in 2023

Online ISSN: 2009-6747

CSO statistical publication, 20 December 2024, 11am

Key Findings

Foreign direct investment in Ireland decreased by €50.3bn to €1.3tn in 2023.
Investment from Europe and the US fell by €49.3bn and €15bn respectively, while there were increases in investment elsewhere.
Irish investment abroad rose by €37.3bn to €1.248tn.
Increased investment in Europe of €71.9bn was partially offset by lower investment in North America of €57.5bn.
The Services sector remained the largest sector for inward investment to Ireland in 2023, amounting to 65% of the total inward investment of €851bn.

Statistician's Comment

The Central Statistics Office (CSO) today (20 December 2024) published the Foreign Direct Investment Annual 2023.

Commenting on the release, Faris Bader, Statistician in the International Accounts Division said:

"The decrease in foreign direct investment in Ireland of €50.3bn to €1.3tn can be largely attributed to lower investment from Europe and the US, which was partially offset by increased investment from other countries. The fall in inward investment was seen almost entirely in the Manufacturing sector, predominantly in Pharmaceuticals, which decreased by €86.3bn. On the Services side, increases in Financial Intermediation (€15.3bn) and Wholesale and Retail Trade (€12.4bn) were partially offset by declining investment in other Services sectors. This resulted in an overall increase in investment in the Services sector of €14.9bn. Irish foreign direct investment abroad rose by €37.3bn to €1.248tn, with investment in Europe increasing by €71.9bn and investment in North America decreasing by €57.5bn. The growth in Irish foreign direct investment abroad was seen predominantly in the Services sector."

Foreign Direct Investment Annual		€ million
	2022	2023
Flows - Abroad	-28,070	10,442
Flows - In Ireland	-53,035	-2,475
Positions - Abroad - end year	1,210,999	1,248,317
Positions - In Ireland - end year	1,350,229	1,299,938
Positions - Net - end year	-139,230	-51,621
Net Income Flows	-150,266	-118,855

Open in Excel: Foreign Direct Investment Annual 2023 (XLS 32KB)

X-axis label	Inward	Outward
2022	1350.229	1210.999
2023	1299.938	1248.317

Irish stocks of direct investment abroad increased to €1,248bn at the end of 2023 from a stock position of €1,211bn at the end of 2022. The €37.3bn increase was seen primarily in Europe (€71.9bn) and was partially offset by decreases in North America (-€57.5bn).

The stock of direct investment abroad at the end of 2023 comprised of Equity Capital & Reinvested Earnings of €1,309bn and of Other Capital of -€61.1bn. In Europe, there were increases in Equity Capital & Reinvested Earnings of €66.7bn and in Other Capital of €5.2bn. These increases were spread across several European countries – see Table 1.

The stock of direct investment in Ireland decreased between the end of 2022 and end of 2023 from €1,350bn to €1,300bn. Decreased investment from Europe and the US of €49.3bn and €15bn respectively were partially offset by increases in investment elsewhere – see Table 2.

Ireland had net foreign liabilities of €51.6bn at the end of 2023, an increase of €87.6bn on the net foreign liabilities of €139bn at the end 2022.

X-axis label	United States	Other	Offshore Centres	UK	Netherlands	Switzerland
2023	514.2861	255.42389	262.6935	25.28116	150.3716	91.88175

X-axis label	United States	Ireland	Other	Offshore Centres	United Kingdom	France
2023	897.344685902	99.60890459	200.768564331	45.339	31.215518293	25.660026884

Table 1 Direct Investment Abroad End Year Positions Classified by Location of Investment

Table 1 Direct Investment¹ Abroad End Year Positions Classified by Location of Investment						€ million
Region/Country	2022 ²			2023
Region/Country	Equity Capital & Reinvested Earnings	Other Capital	Total	Equity Capital & Reinvested Earnings	Other Capital	Total
Europe	714,193	-39,378	674,815	780,939	-34,224	746,714
of which:
France	13,689	397	14,086	13,731	414	14,145
Germany	3,758	2,063	5,821	5,072	-901	4,171
Italy	2,937	-359	2,577	3,214	538	3,752
Luxembourg	383,156	-29,195	353,961	402,314	-29,646	372,668
Netherlands	83,998	2,556	86,555	98,025	1,431	99,457
Switzerland	-5,131	-6,354	-11,485	8,617	-5,111	3,507
United Kingdom	100,997	2,686	103,684	103,719	1,271	104,990
Offshore centres	..	..	80,794	..	..	93,281
EU 27³	..	..	497,168	570,553	-30,540	540,014
EMU 19⁴	519,883	-32,316	487,567	555,735	-30,139	525,597

Americas	..	..	387,967	350,570	-12,948	337,622
North America	..	..	314,355	266,079	-9,203	256,875
of which:
Canada	3,205	..	..	3,350	217	3,566
United States	..	..	..	262,729	-9,420	253,309
Central America	..	..	72,593	83,694	-3,920	79,774
of which:
Offshore centres	78,024	-6,258	71,766	82,903	-4,027	78,877
South America	887	132	1,019	797	176	973

Asia	42,155	-14,874	27,280	42,748	-12,067	30,681
Africa	..	..	..	..	..	..
Oceania and Polar Regions	..	..	..	5,348	-231	5,118
Not geographically allocated⁵	120,784	..	..	..	..	..

Total	..	..	1,210,999	1,309,423	-61,106	1,248,317
of which:
All offshore centres⁶	181,369	-11,601	169,768	206,117	-9,058	197,059
¹The sign convention used is: for year-end positions 'Abroad', an entry without sign indicates a net asset position, while a minus sign indicates a net liability position.
²Revised.
³For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁴The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁵This category covers data supplied by respondents without a geographical breakdown.
⁶This category overlaps with the regions referred to above and covers Andorra, Antigua and Barbuda, Anguilla, Netherlands Antilles, Barbados, Bahrain, Bermuda, Bahamas, Belize, Cook Islands, Curacao, Dominica, Grenada, Guernsey, Gibraltar, Hong Kong, Isle of Man, Jersey, Jamaica, St. Kitts and Nevis, St Maarten, Turks and Caicos Islands, Cayman Islands, Lebanon, Saint Lucia, Liechtenstein, Liberia, Marshall Islands, Montserrat, Maldives, Nauru, Niue, Panama, Philippines, Singapore, Saint Vincent and the Grenadines, British Virgin Islands, US Virgin Islands, Vanuatu, Samoa.
..Data suppressed for confidentiality reasons.

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Table 2 Direct Investment in Ireland End Year Positions Classified by Location of Investor

Table 2 Direct Investment¹ in Ireland End Year Positions Classified by Location of Investor						€ million
Region/Country	2022 ²			2023
Region/Country	Equity Capital & Reinvested Earnings	Other Capital	Total	Equity Capital & Reinvested Earnings	Other Capital	Total
Europe	..	..	484,614	424,135	11,226	435,361
of which:
Belgium	..	..	..	5,062	-14,970	-9,908
France	20,266	-39	20,226	18,446	1,691	20,137
Germany	..	..	3,788	12,007	-5,694	6,313
Italy	5,202	1,070	6,272	5,092	531	5,624
Luxembourg	..	..	116,184	73,175	10,518	83,692
Netherlands	..	..	171,870	120,723	29,648	150,372
Spain	1,404	2,923	4,327	1,350	3,762	5,112
Switzerland	115,388	..	..	117,236	-25,355	91,882
United Kingdom	35,840	-8,304	27,536	35,427	-10,146	25,281
Offshore centres	..	352	..	..	..	..
EU 27³	..	..	331,625	251,698	46,733	298,431
EMU 19⁴	293,141	35,542	328,683	249,336	45,788	295,124

North America	..	..	532,957	514,893	4,619	519,512
of which:
Canada	3,230	459	3,688	4,607	619	5,226
United States	..	..	529,269	510,286	4,000	514,286

Central America	111,105	..	..	117,084	86,002	203,087
of which:
Offshore centres	111,104	85,107	196,211	117,084	82,108	199,192

South America	-11	..	..	0	-801	-801
of which:
Brazil	0	..	..	0	-709	-709

Asia	..	..	62,675	28,749	41,488	70,237
of which:
China	..	..	9,212	..	..	9,282
Japan	31,409	4,040	35,449	14,516	4,146	18,662
Singapore	-264	10,429	10,165	..	..	34,646
Offshore centres⁵	592	10,505	11,096	4,162	33,618	37,780

Africa	351	-147	204	363	-74	289
Oceania and Polar Regions	..	..	1,159	..	..	..

Not geographically allocated⁶	60,832	..	..	..	..	..

Total	..	..	1,350,229	1,146,163	153,775	1,299,938
of which:
All offshore centres⁷	129,686	107,302	236,988	139,532	123,161	262,694
¹The sign convention used is: for year-end positions 'Abroad', an entry without sign indicates a net liability position, while a minus sign indicates a net asset position.
²Revised.
³For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁴The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁵This category overlaps with some of the regions referred to above.
⁶This category covers data supplied by respondents without a geographical breakdown.
⁷This category overlaps with the regions referred to above and covers Andorra, Antigua and Barbuda, Anguilla, Netherlands Antilles, Barbados, Bahrain, Bermuda, Bahamas, Belize, Cook Islands, Curacao, Dominica, Grenada, Guernsey, Gibraltar, Hong Kong, Isle of Man, Jersey, Jamaica, St. Kitts and Nevis, Cayman Islands, Lebanon, Saint Lucia, Liechtenstein, Liberia, Marshall Islands, Montserrat, Maldives, Nauru, Niue, Panama, Philippines, Singapore, St MaartenTurks and Caicos Islands, Saint Vincent and the Grenadines, British Virgin Islands, US Virgin Islands, Vanuatu, Samoa.
..Data suppressed for confidentiality reasons.

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Direct investment positions by immediate and ultimate investor

In line with international recommendations the geographic allocation of direct investment flows and stocks in Tables 1 to 9 is based on the country of location of the immediate owner of the direct investment enterprise.

An alternative presentation of the stock of direct investment in Ireland by ultimate investor displays a different geographic pattern. Figure 2 presents the value of investment stock in Ireland by location of the immediate owner (of the direct investment enterprise). Figure 3 presents the value of investment stock in Ireland by location of the ultimate investor. In 2023, the stock of investment from the US as ultimate investor at €897bn was €383bn greater than the stock of US investment presented by immediate owner (€514bn). This difference indicates that while a great deal of investment into Ireland comes directly from our European counter parts, this investment originates from enterprises located in the US.

Investment stock from Ireland as ultimate investor at €100bn primarily represents former US-based corporate inversion enterprises which are now located in Ireland (see figure 3).

For further analysis on FDI, that explores its impact on the Irish economy with respect to employment, wages and regional breakdowns, see the FDI in Ireland publication. This research publication also contains numerous statistics based on the location of the ultimate investor, pass-through FDI and round-tripping FDI.

Investment flows

Flows of direct investment into Ireland amounted to -€2.5bn in 2023. Equity flows of -€24.7bn and reinvested earnings flows of -€5.4bn were partially offset by other capital flows of €27.6bn. Flows to offshore centres flows were €30.7bn, while flows to Europe and the US were -€24.8bn and -€13.3bn respectively – see Table 4.

X-axis label	US	Offshore Centres	Belgium	Other	Netherlands	Luxembourg	UK
Flows	-13.33587	30.67697	2.193305	8.526114	-4.606734	-27.76086	1.831634

X-axis label	Total	Europe	US
2016	35.607	96.488	-55.433
2017	46.77	101.238	-53.064
2018	-10.176	-154.913	74.256
2019	133.485	67.936	-105.339
2020	90	34
2021	-9.805	-33.894
2022	-53.03496	-37.79638	9.879056
2023	-2.475441	-24.78928	-13.33587

Please note: The Inward FDI flows for US in years 2020 and 2021 are suppressed due to confidentiality requirements.

Direct investment abroad amounted to €10.4bn in 2023, compared to -€28.1bn in 2022. Increases in reinvested earnings of €43.8bn and in other capital of €16.3bn were partially offset by decreases in equity of €49.6bn – see Table 3.

Table 3 Direct Investment Flows Abroad Classified by Location of Investment

Table 3 Direct Investment¹ Flows Abroad Classified by Location of Investment								€ million
Region/Country	2022 ²				2023
Region/Country	Equity	Reinvested Earnings	Other Capital	Total	Equity	Reinvested Earnings	Other Capital	Total
Europe	-31,675	20,921	-6,352	-17,105	7,078	19,804	4,563	31,445
of which:
Belgium	..	..	-356	-17	-41	6	4,610	4,575
France	..	138	..	5,843	322	104	123	550
Germany	307	480	922	1,709	1,014	-346	-3,475	-2,807
Italy	79	71	4	154	220	-39	396	578
Luxembourg	-42,287	13,095	1,249	-27,943	-1,005	13,536	-1,870	10,661
Netherlands	-530	3,491	521	3,482	538	1,739	127	2,404
Spain	169	1	-139	30	-56	80	179	203
Switzerland	..	-153	..	2,916	47	-17	826	856
United Kingdom	1,996	1,844	-6,032	-2,192	3,811	2,569	79	6,459
EU 27³	-32,198	18,311	-4,332	-18,218	2,757	15,167	4,531	22,456
EMU 19⁴	-35,622	18,234	742	-16,646	3,106	15,041	629	18,776

Americas	-4,027	6,216	48,789	50,978	-57,430	5,402	3,798	-48,230
North America	-5,565	4,766	7,279	6,481	-55,312	5,087	1,709	-48,516
of which:
Canada	..	..	60	..	221	324	-199	347
United States	..	..	7,219	..	-55,534	4,763	1,908	-48,863
Central America	..	..	..	..	..	300	..	141
South America	..	..	..	..	..	15	..	146

Asia	..	-1,615	..	..	471	..	..	15,248
of which:
China	..	..	..	-39	..	-3,122	..	-1,426
Hong Kong	..	..	..	-277	..	39	..	2,238
Japan	..	..	-244	-410	..	..	-169	199

Africa	..	189	45	..	142	105	5	252
Oceania and Polar Regions	..	..	..	-469	..	290	..	388

Not geographically allocated⁵	..	..	..	-2,896	..	..	..	11,339

Total	-90,658	26,208	36,380	-28,070	-49,606	43,763	16,285	10,442
of which:
All offshore centres⁶	..	3,132	..	-16,413	887	..	..	19,747
¹Data are provided according to arithmetic sign conventions e.g. minus signs are used in cases where there is withdrawal of investment.
²Revised.
³For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁴The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁵This category covers data supplied by respondents without a geographical breakdown.
⁶This category overlaps with the regions referred to above and covers Andorra, Antigua and Barbuda, Anguilla, Netherlands Antilles, Barbados, Bahrain, Bermuda, Bahamas, Belize, Cook Islands, Curacao, Dominica, Grenada, Guernsey, Gibraltar, Hong Kong, Isle of Man, Jersey, Jamaica, St. Kitts and Nevis, St Maarten, Turks and Caicos Islands, Cayman Islands, Lebanon, Saint Lucia, Liechtenstein, Liberia, Marshall Islands, Montserrat, Maldives, Nauru, Niue, Panama, Philippines, Singapore, Saint Vincent and the Grenadines, British Virgin Islands, US Virgin Islands, Vanuatu, Samoa.
..Data suppressed for confidentiality reasons.

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Table 4 Direct Investment Flows into Ireland Classified by Location of Investor

Table 4 Direct Investment¹ Flows into Ireland Classified by Location of Investor								€ million
Region/Country	2022 ²				2023
Region/Country	Equity	Reinvested Earnings	Other Capital	Total	Equity	Reinvested Earnings	Other Capital	Total
Europe	-70,435	26,621	6,017	-37,796	-55,136	45,873	-15,526	-24,789
of which:
Belgium	..	2,176	..	8,822	143	1,884	167	2,193
France	758	1,402	-523	1,636	-1,072	1,957	1,640	2,524
Germany	-866	453	-1,271	-1,684	-807	1,248	2,422	2,863
Italy	..	1,271	..	1,372	-1,437	1,516	-831	-752
Luxembourg	-32,346	8,363	-2,335	-26,318	-46,079	15,160	3,159	-27,761
Netherlands	-1,670	-183	12,473	10,619	814	5,590	-11,011	-4,607
United Kingdom	-9,216	217	1,522	-7,476	-31	3,291	-1,429	1,832
EU 27³	-34,389	14,965	15,205	-4,220	-46,832	27,192	3,422	-16,218
EMU 19⁴	-34,093	14,635	15,714	-3,744	-46,724	27,935	2,219	-16,570

North America	-31,836	60,547	-19,056	9,656	13,389	-58,415	32,341	-12,686
of which:
Canada	..	-122	..	-224	..	-32	..	650
United States	..	60,669	..	9,879	..	-58,384	..	-13,336

Central America	-8,179	842	-20,819	-28,157	12,931	3,340	-9,760	6,511
of which:
Bermuda	365	-916	-5,060	-5,611	8,679	1,829	-5,686	4,822

South America	1	0	-657	-656	0	0	-314	-314
of which:
Brazil	0	0	-519	-519	0	0	-206	-206

Asia	..	..	..	7,839	4,150	2,140	19,537	25,828
of which:
China	..	236	..	818	17	..	..	18
Japan	1,547	2,250	-258	3,539	1,132	1,689	5	2,826

Africa	69	8	-167	-90	-2	..	..	83
Oceania and Polar Regions	..	..	..	..	7	..	..	387

Not geographically allocated⁵	..	..	..	..	4	1,592	909	2,505

Total	-109,292	91,358	-35,102	-53,035	-24,657	-5,420	27,602	-2,475
of which:
All offshore centres⁶	-32,192	4,017	-17,472	-45,647	15,785	5,289	9,603	30,677
¹Data are provided according to arithmetic sign conventions e.g. minus signs are used in cases where there is withdrawal of investment.
²Revised.
³For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁴The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁵This category covers data supplied by respondents without a geographical breakdown.
⁶This category overlaps with the regions referred to above and covers Andorra, Antigua and Barbuda, Anguilla, Netherlands Antilles, Barbados, Bahrain, Bermuda, Bahamas, Belize, Cook Islands, Curacao, Dominica, Grenada, Guernsey, Gibraltar, Hong Kong, Isle of Man, Jersey, Jamaica, St. Kitts and Nevis, St Maarten, Turks and Caicos Islands, Cayman Islands, Lebanon, Saint Lucia, Liechtenstein, Liberia, Marshall Islands, Montserrat, Maldives, Nauru, Niue, Panama, Philippines, Singapore, Saint Vincent and the Grenadines, British Virgin Islands, US Virgin Islands, Vanuatu, Samoa.
..Data suppressed for confidentiality reasons.

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Sectoral breakdown

Investment abroad by enterprises located in Ireland is primarily in the services sector – an investment position of €1,007bn at the end of 2023 is up €57bn compared to the position at the end of 2022. The stock of services sector investment into the EU was €491bn (49% of total services sector investment). Investment abroad in the manufacturing sector amounted to €198bn, down €35.3bn on the position at the end of 2022 – see table 7.

The services sector is also the largest sector for inward investment - at the end of 2023, the investment position was €851bn, up €14.9bn from the position at the end of 2022. The investment position in financial intermediation increased from €368bn at end of 2022 to €384bn at end of 2023, while investment in information and communication decreased from €201bn to €189bn. Investment in the manufacturing sector decreased by €65.7bn to a stock position of €447bn in the same period – see Table 8.

X-axis label	Manufacturing	Services
In Ireland	447.1189	851.0387
Abroad	198.2462	1006.829

Table 5 Direct Investment Flows Abroad Classified by Activity of Resident Investor

Table 5 Direct Investment¹ Flows Abroad Classified by Activity² of Resident Investor							€ million
Sector	NACE ²	2022 ³			2023
	NACE ²	Total	of which:		Total	of which:
	Section & Division	Total	EU 27⁴	EMU 19⁵	Total	EU 27⁴	EMU 19⁵
All Industries		-28,070	-18,218	-16,646	10,442	22,456	18,776
of which:
Agriculture, Forestry and Fishing; Mining and Quarrying; Construction	A, B & F	..	..	..	..	..	..

Total Manufacturing Sector	C	13,262	8,251	8,081	-31,017	3,902	3,713
Food, beverages and tobacco products	10, 11 & 12	..	..	..	..	..	..
Textiles and wood	13, 14 & 16 - 18	..	..	..	..	..	..
Basic pharmaceutical products and preparations	21	..	..	..	-54,310	770	739
Other manufacturing n.e.s.		..	1,133	968	20,771	1,649	1,575

Electricity, Gas, Steam and Air Conditioning supply	D	..	..	..	..	..	..

Total Services Sector	45 - 99	-42,915	-27,979	-26,137	39,753	18,549	15,015
Wholesale and retail trade; Repairs of motor vehicles	G	-215	..	..	740	-8	22
Transportation and storage	H	0	0	0	0	0	0
Information and communication	J	-20,521	..	..	508	-1,028	-1,124
Financial and insurance activities	K	-38,069	-38,688	-38,803	5,226	2,137	2,111
of which:
Activities of holding companies	64.2	-40,560	-39,839	..	-2,595	-31	-59
Other service activities⁶		15890.7021	9,284	10,795	33,279	17,448	14,007
¹Data are provided according to arithmetic sign conventions e.g. minus signs are used in cases where there is withdrawal of investment.
²The activity classification used in this release is the NACE Rev. 2 classification.
³Revised.
⁴For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁵The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁶This covers residual FDI service activity.
..Data suppressed for confidentiality reasons.

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Table 6 Direct Investment Flows into Ireland Classified by Activity of Resident Enterprise

Table 6 Direct Investment¹Flows into Ireland Classified by Activity²of Resident Enterprise													€ million
Sector	NACE ²	2022³						2023
	NACE ²		of which:						of which:
	Section & Division	Total	United States	Japan	EU 27⁴	EMU 19⁵	Offshore Centres	Total	United States	Japan	EU 27⁴	EMU 19⁵	Offshore Centres
All Industries		-53,035	9,879	3,539	-4,220	-3,744	-45,647	-2,475	-13,336	2,826	-16,218	-16,569	30,677
Agriculture, Forestry and Fishing; Mining and Quarrying; Construction	A, B & F	..	..	..	..	..	..	..	..	..	..	..	..
Total Manufacturing Sector	C	32,149	18,483	-141	9,224	8,875	8,165	-48,633	-11,943	469	-53,108	-53,181	31,522
Food, beverages and tobacco products	10, 11 & 12	2,390	-257	-2	..	..	..	..	-273	1	..	..	..
Textiles and wood	13, 14 & 16 - 18	..	-35	0	..	..	1	-45	0	0	0	0	0
Basic pharmaceutical products and preparations	21	12,878	..	..	5,738	5,450	-3,660	-70,922	..	-134	-54,208	-54,153	..
Other manufacturing n.e.s.		..	..	..	..	..	..	..	..	603	..	..	..

Electricity, Gas, Steam and Air Conditioning supply	D	..	..	..	..	..	..	..	..	..	..	..	..
Total Services Sector	45 - 99	-84,856	-8,620	3,680	-13,479	-12,634	-53,812	45,615	-1,408	2,357	36,854	36,596	-845
Wholesale and retail trade; Repairs of motor vehicles	G	-15,347	..	..	-275	-129	-12,154	5,157	605	-21	1,759	1,695	5,623
Transportation and storage	H	-494	-1	0	-51	..	1	..	..	..	..	..	0
Information and communication	J	-39,147	-31,368	5	1,139	999	-6,416	-7,402	-11,054	3	3,373	3,352	-4,829
Financial intermediation	64	-47,486	17,895	1,068	-19,689	-19,255	-35,928	43,059	-3,923	202	29,981	29,351	..
of which:
Activities of holding companies	64.2	-14,808	..	0	..	..	-39,242	5,657	44	-3	..	..	939
Insurance, reinsurance and pension funding	65	3,278	..	30	789	989	-1,138	6,970	3,128	12	-944	-677	2,533
Other financial activities	66	..	..	..	..	894	-23	1,768	111	0	1,160	1,160	..
Other services activities⁶		..	..	2,571	..	..	1,845	..	..	..	..	..	..
¹Data are provided according to arithmetic sign conventions. e.g. minus signs are used in cases where there is withdrawal of investment.
²The activity classification used in this release is the NACE Rev. 2 classification.
³Revised.
⁴For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁵The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁶This covers residual FDI service activity.
..Data suppressed for confidentiality reasons.

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Table 7 Direct Investment Abroad End Year Positions Classified by Activity of Resident Investor

Table 7 Direct Investment¹ Abroad End Year Positions Classified by Activity² of Resident Investor							€ million
Sector	NACE²	2022 ³			2023
	NACE²		of which:			of which:
	Section & Division	Total	EU 27⁴	EMU 19⁵	Total	EU 27⁴	EMU 19⁵
All Industries		1,210,999	497,168	487,567	1,248,317	540,014	525,597
of which:
Agriculture, Forestry and Fishing; Mining and Quarrying; Construction	A, B & F	..	..	..	..	..	..

Total Manufacturing Sector	C	233,527	32,496	30,463	198,246	31,571	29,396
Food, beverages and tobacco products	10, 11 & 12	..	..	..	37,130	..	..
Textiles and wood	13, 14 & 16 - 18	..	..	..	..	..	..
Basic pharmaceutical products and preparations	21	..	..	..	..	8,686	8,552
Other manufacturing n.e.s.		63,988	3,719	1,839	86,301	5,226	3,310

Electricity, Gas, Steam and Air Conditioning supply	D	..	..	..	..	..	..

Total Services Sector	45 - 99	949,812	455,503	447,835	1,006,829	491,468	479,010
Wholesale and retail trade; Repairs of motor vehicles	G	6,985	1,335	1,277	7,756	1,230	1,203
Transportation and storage	H	..	..	..	..	0	0
Information and communication	J	..	..	..	..	..	..
Financial and insurance activities	K	223,006	68,625	67,082	211,145	62,192	60,616
of which:
Activities of holding companies	64.2	132,121	59,684	59,280	118,652	..	..
Other service activities⁶		685,058	..	..	748,713	..	..
¹The sign convention used is: for year-end positions 'Abroad', an entry without sign indicates a net asset position, while a minus sign indicates a net liability position.
²The activity classification used in this release is the NACE Rev. 2 classification.
³Revised.
⁴For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁵The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁶This covers residual FDI service activity.
..Data suppressed for confidentiality reasons.

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Table 8 Direct Investment in Ireland End Year Positions Classified by Activity of Resident Enterprise

Table 8 Direct Investment¹ in Ireland End Year Positions Classified by Activity² of Resident Enterprise													€ million
Sector	NACE ²	2022 ³						2023
	NACE ²		of which:						of which:
	Section & Division	Total	United States	Japan	EU 27⁴	EMU 19⁵	Offshore Centres	Total	United States	Japan	EU 27⁴	EMU 19⁵	Offshore Centres
All Industries		1,350,229	529,269	35,449	331,625	328,683	236,988	1,299,938	514,286	18,662	298,431	295,124	262,694
Agriculture, Forestry and Fishing	A	..	..	0	..	..	0	..	..	0	..	..	0
Mining and Quarrying; Construction	B	..	..	..	..	..	..	..	..	..	..	..	..
Total Manufacturing	C	512,800	174,012	-574	163,645	162,785	119,926	447,119	167,101	-82	97,023	96,101	135,472
Food, beverages and tobacco products	10, 11 & 12	..	-36	-4	..	..	..	..	205	..	..	..	..
Textiles and wood	13, 14 & 16 - 18	..	..	..	..	..	..	..	..	..	..	..	..
Basic pharmaceutical products and preparations	21	281,286	..	222	..	..	27,313	194,980	..	101	22,543	21,975	..
Metal and mechanical products	24, 25, 26 & 28	104,468	..	-721	22,460	22,251	6,937	128,164	..	-88	..	27,694	..
Other manufacturing		..	281	..	46,251	..	..	46,472	3,076	-92	40,343	40,288	797

Electricity, Gas, Steam and Air Conditioning supply	D	..	..	..	..	..	..	..	..	..	..	..	..
Total Services Sector	45 - 99	836,107	355,256	36,022	167,789	165,897	117,062	851,039	347,185	18,745	201,197	199,022	127,222
Wholesale and retail trade; Repairs of motor vehicles	G	10,675	3,456	..	4,439	4,581	-3,483	23,084	3,171	..	5,228	5,329	11,445
Information and communication	J	201,306	152,557	..	..	6,748	..	189,371	143,987	..	4,683	..	..
Financial intermediation	64	368,256	128,436	..	60,340	58,407	43,619	383,541	122,721	4,848	91,991	89,595	55,733
of which:
Activities of holding companies	64.2	98,616	..	0	..	..	26,727	91,262	8,339	-3	..	..	24,987
Insurance services	65	35,696	..	450	..	..	..	39,167	6,315	445	..	15,622	9,373
Administrative and support activities	N	136,035	66,978	11,648	31,493	..	12,564	131,333	64,325	13,369	..	..	..
Other services activities⁶		84,140	..	16	48,403	48,476	20,737	84,542	6,666	37	57,173	57,209	6,483
¹The sign convention used is: for year-end positions 'In Ireland' an entry without sign indicates a net liability position, while a minus sign indicates a net asset position.
²The activity classification used in this release is the NACE Rev. 2 classification.
³Revised.
⁴For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁵The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁶This covers residual FDI service activity.
..Data suppressed for confidentiality reasons.

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Direct investment income

Income outflows of foreign owned direct investment enterprises were €182bn in 2023, a decrease of €4.8bn compared with 2022. Earnings of European owned companies were €76.9bn in 2023, up €12.8bn from 2022. Income earned abroad by investors located in Ireland was €63bn in 2023, up €26.6bn from 2022. Income earned abroad was spread across geographies – see Table 9.

Table 9 Direct Investment Income Flows Classified by Geographic Location of Creditor/Debtor

Table 9 Direct Investment Income¹ Flows Classified by Geographic Location of Creditor/Debtor						€ million
Region/Country	2022 ²			2023
Region/Country	Inflows	Outflows	Net	Inflows	Outflows	Net
Europe	24,814	64,054	-39,240	26,524	76,881	-50,357
of which:
Belgium	144	2,500	-2,356	34	2,338	-2,304
France	288	2,256	-1,968	603	2,622	-2,019
Germany	519	702	-183	219	1,692	-1,474
Italy	..	..	-1,320	212	1,780	-1,568
Luxembourg	..	..	-1,208	..	..	-5,971
Netherlands	..	..	-8,567	..	..	-11,568
Spain	..	..	335	..	..	262
Switzerland	..	..	-24,095	..	..	-24,071
United Kingdom	..	..	2,002	4,812	4,589	223
EU 27³	20,586	36,035	-15,449	19,435	44,566	-25,132
EMU 19⁴	..	..	-15,427	19,015	43,989	-24,974

Americas	7,847	118,465	-110,618	10,252	99,682	-89,430
of which:
Canada	..	..	200	..	..	-264
United States	..	..	-104,562	..	..	-81,691
Offshore centres	1,424	9,275	-7,851	432	8,803	-8,370

Asia	..	..	-787	..	..	17,120
of which:
Japan	..	..	-1,629	..	..	-1,726

Africa	..	..	195	..	..	141
Oceania and Polar Regions	556	29	526	..	..	515
Not geographically allocated⁵	..	..	-593	..	..	3,155

Total	36,475	186,741	-150,266	63,064	181,919	-118,855
of which:
Offshore centres⁶	..	..	-7,835	..	..	10,799
¹Income on equity and other direct investment capital.
²Revised.
³For analytical purposes, additional details are given of transactions between residents of Ireland and residents of the EU27 area.
⁴The relevant EMU countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain.
⁵This category covers data supplied by respondents without a geographical breakdown.
⁶This category overlaps with the regions referred to above and covers Andorra, Antigua and Barbuda, Anguilla, Netherlands Antilles, Barbados, Bahrain, Bermuda, Bahamas, Belize, Cook Islands, Curacao, Dominica, Grenada, Guernsey, Gibraltar, Hong Kong, Isle of Man, Jersey, Jamaica, St. Kitts and Nevis, Cayman Islands, Lebanon, Saint Lucia, Liechtenstein, Liberia, Marshall Islands, Montserrat, Maldives Nauru, Niue, Panama, Philippines, Singapore, St MaartenTurks and Caicos Islands, Saint Vincent and the Grenadines, British Virgin Islands, US Virgin Islands, Vanuatu, Samoa.
..Data suppressed for confidentiality reasons.

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Foreign Direct Investment Annual 2023