Open in Excel:
Current account deficit of €15.2bn in quarter 1 2020
The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a deficit of €15.2bn in the first quarter of 2020. Large imports of intellectual property in the quarter, similar to Q2 and Q4 2019 have put the account in deficit.
null
| Current Account |
Q4 2017 | 15.9244761416053 |
Q1 2018 | 14.3462968690652 |
Q2 2018 | 13.7409318355348 |
Q3 2018 | 13.5071542511826 |
Q4 2018 | 1.17048719979101 |
Q1 2019 | 13.0905654005477 |
Q2 2019 | -32.1864599948528 |
Q3 2019 | 12.3080021466983 |
Q4 2019 | -31.5526521409239 |
Q1 2020 | -17.0540949811843 |
---|
normal
| Merchandise | Services | Primary Income | Secondary Income | Balance on Current Account |
Q4 2017 | 30.723 | -1.571 | -15.63 | -0.694 | 12.827 |
Q1 2018 | 29.06 | -0.151 | -16.681 | -0.902 | 11.325 |
Q2 2018 | 28.803 | -0.986 | -16.269 | -0.987 | 10.561 |
Q3 2018 | 28.22 | 0.527 | -16.561 | -0.759 | 11.427 |
Q4 2018 | 26.877 | -4.961 | -20.22 | -0.718 | 0.979 |
Q1 2019 | 32.151 | -1.224 | -18.682 | -1.256 | 10.99 |
Q2 2019 | 28.157 | -33.412 | -20.708 | -0.575 | -26.538 |
Q3 2019 | 33.207 | -0.312 | -20.924 | -0.811 | 11.16 |
Q4 2019 | 29.253 | -37.905 | -19.16 | -0.629 | -28.441 |
Q1 2020 | 34.409 | -29.29 | -19.227 | -1.1 | -15.208 |
---|
Other points of note in the Quarter 1 2020 results are:
Current account (see Table 1.3)
- Merchandise exports were €59,452m in the first quarter of 2020, an increase of €2,307m compared with the first quarter of 2019. Merchandise imports were €25,043m in the first quarter of 2020, an increase of €49m over the same period in 2019.
- Service exports at €51,519m increased by €5,035m compared to the first quarter of 2019, mainly due to higher computer services exports (which increased by €4,627m).
- Service imports at €80,808m were up €33,100m over the same period in 2019 due to a sizeable increase in R&D related intellectual property imports.
- Ireland’s trade balance at €5,119m, all goods and services exports less all goods and services imports, decreased by €25,809m in the first quarter of 2020 over the same period in 2019.
- Investment income earned abroad at €25,497m, increased by €3,130m compared with one year earlier while investment income payable to foreign investors at €44,963m increased by €3,674m, mainly due to increased profits in the manufacturing sector. The overall income balance for the quarter at -€20,327m decreased by €389m compared with the same period in 2019.
normal
| Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Balance on Financial Account |
Q4 2017 | -31.389 | -1.059 | 47.706 | 0.102 | 15.36 |
Q1 2018 | 11.865 | 9.333 | -21.878 | -0.022 | -0.702 |
Q2 2018 | 9.67 | -27.047 | 35.166 | 0.005 | 17.794 |
Q3 2018 | 10.784 | -2.409 | 1.68 | 0.209 | 10.265 |
Q4 2018 | -7.918 | 14.452 | -47.944 | 0.578 | -40.832 |
Q1 2019 | 2.627 | -3.748 | 12.795 | 0.002 | 11.675 |
Q2 2019 | -49.036 | -14.059 | 25.315 | 0.121 | -37.659 |
Q3 2019 | -1.639 | 34.764 | -35.408 | 0.125 | -2.157 |
Q4 2019 | -5.668 | 20.234 | -52.979 | 0.181 | -38.231 |
Q1 2020 | -13.153 | -105.501 | 96.287 | 0.138 | -22.228 |
---|
Financial account (see Tables 1.4 and 1.5)
- Direct investment in Ireland increased by €2,409m in the first quarter of 2020. This was due to equity investment of €6,078m and reinvested earnings of €9,711m which were offset be a decrease in other capital of €13,380m. Direct investment abroad decreased by €10,744m in the quarter, mainly due to decreased other capital investment abroad of €26,195m.
- Portfolio investment in foreign assets decreased by €114,047m in the quarter. Investment in foreign equity decreased by €12,238m while investment in foreign debt instruments decreased by €101,809m. Portfolio investment in Ireland decreased by €8,546m, mainly due to decreased purchase of Irish equity of €17,525m.
- Other investment assets and liabilities increased by €194,093m and €97,806m respectively in the first quarter of 2020 due to a significant increase in both IFSC enterprise assets and liabilities.
Table 1.2 Summary of Current, Capital and Financial Account Balances
Table 1.3 Current and Capital Accounts
Table 1.4 Financial Account
Table 1.5 Current, Capital and Financial Accounts showing IFSC and non-IFSC activity
Table 1.6 Current and Capital Accounts showing geographical detail
Table 1.7 Financial Account showing geographical detail
Next Chapter >> Goods and Services