Balance of International Payments
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.
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| Current Account |
Q4 2021 | 3.37455124560402 |
Q1 2022 | 13.5198401890292 |
Q2 2022 | 11.3119912946522 |
Q3 2022 | 7.1614478667581 |
Q4 2022 | 11.5106290265595 |
Q1 2023 | 10.7755909848446 |
Q2 2023 | 12.6215208088823 |
Q3 2023 | 16.1736638887075 |
Q4 2023 | -0.306113505368522 |
Q1 2024 | 18.5321415683646 |
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normal
| Merchandise | Services | Primary Income | Secondary Income | Balance on Current Account |
Q4 2021 | 41.343 | -12.772 | -23.334 | -1.427 | 3.811 |
Q1 2022 | 46.26 | 6.967 | -36.005 | -1.181 | 16.042 |
Q2 2022 | 47.937 | 1.245 | -34.184 | -1.193 | 13.805 |
Q3 2022 | 53.584 | -2.018 | -40.823 | -1.146 | 9.598 |
Q4 2022 | 54.501 | -6.428 | -31.754 | -1.175 | 15.144 |
Q1 2023 | 55.993 | -0.825 | -40.407 | -1.19 | 13.572 |
Q2 2023 | 38.479 | 7.404 | -28.868 | -1.184 | 15.831 |
Q3 2023 | 37.416 | 8.596 | -24.18 | -1.058 | 20.775 |
Q4 2023 | 29.78 | -7.676 | -21.098 | -1.388 | -0.382 |
Q1 2024 | 38.814 | 7.752 | -22.835 | -1.164 | 22.568 |
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- 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.
normal
| Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Balance on Financial Account |
Q4 2021 | 19.485 | -15.819 | 2.913 | 0.654 | 7.233 |
Q1 2022 | 15.397 | -38.231 | 40.334 | -0.129 | 17.37 |
Q2 2022 | 24.269 | -24.519 | 11.895 | 0.033 | 11.677 |
Q3 2022 | -22.262 | -47.113 | 77.433 | 0.603 | 8.66 |
Q4 2022 | 15.314 | -27.917 | 26.274 | -0.022 | 13.647 |
Q1 2023 | 8.547 | -27.996 | 29.196 | 0.011 | 9.759 |
Q2 2023 | 3.846 | 81.661 | -83.786 | -0.024 | 1.696 |
Q3 2023 | -16.539 | 45.584 | -9.69 | -0.529 | 18.826 |
Q4 2023 | 6.523 | -44.853 | 38.078 | 0.107 | -0.146 |
Q1 2024 | 16.539 | 31.394 | -35.659 | -0.085 | 12.188 |
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- 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
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