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 €17.4bn in the first quarter of 2026, an increase of €12.6bn compared with the Q1 2026 surplus of €5.8bn due to decreases in merchandise exports being offset by lower outflows of investment income.
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| Current Account |
| Q4 2023 | -0.966335725857536 |
| Q1 2024 | 13.4756457374933 |
| Q2 2024 | 26.0444613739206 |
| Q3 2024 | 13.7311396286923 |
| Q4 2024 | 12.0023685891976 |
| Q1 2025 | 3.49086051477469 |
| Q2 2025 | 12.2461749409089 |
| Q3 2025 | 8.75904593532295 |
| Q4 2025 | 8.36366431040273 |
| Q1 2026 | 12.4650237344041 |
|---|
normal
| Merchandise | Services | Primary Income | Secondary Income | Balance on Current Account |
| Q4 2023 | 29.524 | -5.964 | -23.578 | -1.227 | -1.246 |
| Q1 2024 | 39.06 | 14.876 | -34.858 | -1.167 | 17.912 |
| Q2 2024 | 38.578 | 26.524 | -28.731 | -1.161 | 35.211 |
| Q3 2024 | 42.911 | 11.427 | -33.6 | -1.041 | 19.696 |
| Q4 2024 | 55.004 | 6.863 | -42.496 | -1.219 | 18.152 |
| Q1 2025 | 74.219 | -0.375 | -66.959 | -1.048 | 5.837 |
| Q2 2025 | 58.431 | 12.44 | -50.128 | -1.249 | 19.494 |
| Q3 2025 | 55.39766 | 6.14429 | -46.38166 | -1.21934 | 13.94096 |
| Q4 2025 | 42.23457 | 8.09596 | -36.44474 | -1.07849 | 12.80731 |
| Q1 2026 | 30.6024 | 9.92963 | -21.52367 | -1.56645 | 17.44191 |
|---|
- Merchandise exports were €77,050m in the first quarter of 2026, a decrease of €36,029m compared with the first quarter of 2025. Merchandise imports were €46,448m in first quarter of 2026, an increase of €7,588m over the same period in 2025.
- Service exports at €126,791m increased by €11,528m compared to the first quarter of 2025, mainly due to increased computer services exports which increased by €9,299m.
- Service imports at €116,861m were up €1,223m over the same period in 2025, mainly due to higher royalty imports which increased by €5,372m offset by business services imports which fell by €8,937m.
- Ireland’s trade balance at €40,532m, all goods and services exports less all goods and services imports decreased by €33,312m in the first quarter of 2026 over the same period in 2025.
- Investment income earned abroad at €78,201m, increased by €6,911m compared with one year earlier while investment income payable to foreign investors at €99,735m decreased by €38,559m. The overall income balance for the quarter at -€23,090m increased by €44,917m compared with the same period in 2025.
normal
| Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Balance on Financial Account |
| Q4 2023 | 13.168 | -8.961 | 1.241 | 0.107 | 5.555 |
| Q1 2024 | 20.348 | 29.638 | -39.238 | -0.085 | 10.661 |
| Q2 2024 | 47.519 | -5.109 | -1.509 | 0.007 | 40.907 |
| Q3 2024 | -16.847 | 23.753 | 10.03 | -0.305 | 16.631 |
| Q4 2024 | 11.109 | 14.697 | -0.964 | 0.245 | 25.087 |
| Q1 2025 | -3.788 | 6.626 | 11.949 | 0.238 | 15.027 |
| Q2 2025 | 38.802 | 42.133 | -60.351 | -0.291 | 20.292 |
| Q3 2025 | -19.13748 | 30.78753 | -5.26889 | 0.10691 | 6.48806 |
| Q4 2025 | 18.63611 | -7.46037 | -2.29905 | -0.0545 | 8.82218000000002 |
| Q1 2026 | -4.48572 | -44.50467 | 51.74049 | 0.01821 | 2.76831 |
|---|
- Direct investment in Ireland increased by €25,451m in the first quarter of 2026. This was due to increases in other capital investment of €27,548m and equity investment of €1,994m offset by reinvested earnings of -€4,091m.
- Direct investment abroad increased by €20,965m in the quarter, due to increases in other capital investment of €11,048m and equity investment of €10,968m offset by reinvested earnings of -€1,051m.
- Portfolio investment in foreign assets increased by €162,402m in the quarter due to increased investment in foreign equity and debt instruments (up €84,926m and €77,476m respectively). Portfolio investment in Ireland increased by €206,907m mainly due to an increase in equity investment of €200,156m as well as increased debt instruments of €6,752m.
- Other investment assets grew by €146,106m while other investment liabilities also increased by €94,365m in the first quarter of 2026.
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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