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Balance of International Payments

Balance of International Payments

Current account balance of €22.6bn in Quarter 1 2024

Online ISSN: 2565-6384
CSO statistical publication, , 11am
Table 1.1 Balance of International Payments€ million
 Merchandise BalanceServices and Income BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q1 202355,993-42,42213,57210.8
Q1 202438,814-16,24722,56818.5
 
Q1-Q4 2022202,282-147,69554,58910.8
Q1-Q4 2023161,668-111,87449,7969.9

Balance of Payments Current Account

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a surplus of €22.6bn in the first quarter of 2024 up €9bn on the Q12023 surplus of €13.6bn. A decreased merchandise and services balance was exceeded by an increased income balance.

Current Account
Q4 20213.37455124560402
Q1 202213.5198401890292
Q2 202211.3119912946522
Q3 20227.1614478667581
Q4 202211.5106290265595
Q1 202310.7755909848446
Q2 202312.6215208088823
Q3 202316.1736638887075
Q4 2023-0.306113505368522
Q1 202418.5321415683646
MerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current Account
Q4 202141.343-12.772-23.334-1.4273.811
Q1 202246.266.967-36.005-1.18116.042
Q2 202247.9371.245-34.184-1.19313.805
Q3 202253.584-2.018-40.823-1.1469.598
Q4 202254.501-6.428-31.754-1.17515.144
Q1 202355.993-0.825-40.407-1.1913.572
Q2 202338.4797.404-28.868-1.18415.831
Q3 202337.4168.596-24.18-1.05820.775
Q4 202329.78-7.676-21.098-1.388-0.382
Q1 202438.8147.752-22.835-1.16422.568

Current account (see Table 1.3)

  • Merchandise exports were €75,526m in the first quarter of 2024, a decrease of €13,451m compared with the first quarter of 2023. Merchandise imports were €36,711m in the first quarter of 2024, an increase of €3,727m over the same period in 2023.
  • Service exports at €102,889m increased by €19,695m compared to the first quarter of 2023, mainly due to higher computer services exports (which increased by €11,420m).
  • Service imports at €95,137m were up €11,118m over the same period in 2023, due to an increase in business, computer and other services imports.
  • Ireland’s trade balance at €46,567m, all goods and services exports less all goods and services imports fell by €8,601m in the first quarter of 2024 over the same period in 2023.
  • Investment income earned abroad at €65,658m, increased by €19,776m compared with one year earlier while investment income payable to foreign investors at €88,502m increased by €2,057m. The overall income balance for the quarter at -€23,999m increased by €17,598m compared with the same period in 2023.
Direct InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q4 202119.485-15.8192.9130.6547.233
Q1 202215.397-38.23140.334-0.12917.37
Q2 202224.269-24.51911.8950.03311.677
Q3 2022-22.262-47.11377.4330.6038.66
Q4 202215.314-27.91726.274-0.02213.647
Q1 20238.547-27.99629.1960.0119.759
Q2 20233.84681.661-83.786-0.0241.696
Q3 2023-16.53945.584-9.69-0.52918.826
Q4 20236.523-44.85338.0780.107-0.146
Q1 202416.53931.394-35.659-0.08512.188

Financial account (see Tables 1.4 and 1.5)

  • Direct investment in Ireland decreased by €1,563m in the first quarter of 2024. This was due to decreased equity of €15,050m which was offset by an increase in reinvestment of earnings and other capital investment of €6,770m and €6,717m. Direct investment abroad increased by €14,975m in the quarter, mainly due to increased reinvestment of earnings investment.
  • Portfolio investment in foreign assets increased by €74,078m in the first quarter of 2024 mainly due to increases in both Equity and investment in foreign debt instruments of €34,122m and €39,956m. Portfolio investment in Ireland increased by €42,684m mainly due to increased investment in equity investment of €32,148m.
  • Other investment assets grew by €5,258m while other investment liabilities grew by €40,917m in the first quarter of 2024.
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 Account activity classified by Institutional Sector

Table 1.6 Current and Capital Accounts showing geographical detail

Table 1.7 Financial Account showing geographical detail