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International Accounts Q1 2026 Final

Accounts with the UK and US

Accounts with the UK and the US

Current Accounts with UK and US show deficits

Online ISSN: 2565-6384

CSO statistical release, 02 July 2026, 11am

Current account with UK shows a deficit of €1.2bn in Quarter 1 2026

	Merchandise	Services	Income	Current Account
Q4 2023	-2.397	5.017	-7.386	-4.766
Q1 2024	-0.766	3.687	-7.872	-4.951
Q2 2024	-1.131	4.398	-9.789	-6.522
Q3 2024	-1.176	6.099	-9.642	-4.72
Q4 2024	-1.6925	5.59348	-10.77937	-6.87839
Q1 2025	-1.55032	5.02177	-9.55936	-6.08792
Q2 2025	-1.36897	5.20477	-10.67096	-6.83517
Q3 2025	-1.63091	5.84228	-8.78644	-4.57508
Q4 2025	-0.511139999999999	6.44649	-7.17718	-1.24183
Q1 2026	0.995719999999999	5.41187	-7.58675	-1.17916

Current account with UK (See Table 4.1)

Merchandise exports were €8,570m in the first quarter of 2026, an increase of €2,147m compared with the first quarter of 2025.
Merchandise imports were €7,574m in the first quarter of 2026, a decrease of €399m compared with the same period in 2025.
Services exports at €14,587m increased by €1,231m compared to the first quarter of 2025, mainly due to financial services and computer services exports.
Services imports at €9,175m were up €841m over that same period in 2025, these figures were affected by increased levels of business services imports.
Investment income earned in UK at €12,534m, increased by €1,175m compared with one year earlier and investment income payable to UK investors at €20,140m decreased by €792m.
When these effects are combined, the trade balance with the UK has increased by €2,936m and net income outflows have decreased by €1,973m, compared with the first quarter of 2025. The result is a deficit of €1,179m in the first quarter of 2026, compared to a deficit of €6,088m in the same period in 2025.

The experimental table on foreign direct investment with UK (See Table 3.2); shows that direct investment in Ireland from the UK has decreased by €3,476m in the first quarter of 2026 mainly due to a decrease in other capital investment in Ireland from the UK. Direct investment abroad from Ireland to the UK has increased by €5,997m in the first quarter of 2026.

Table 4.1 Current Account with UK

Table 4.1 Current Account with UK												€ million
		2024	2025	2024				2025				2026
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1
Current Account
Merchandise¹	Exports	27,128	26,677	7,409	6,571	6,492	6,656	6,423	6,384	6,204	7,666	8,570
	Imports	31,895	31,738	8,175	7,702	7,668	8,348	7,973	7,753	7,835	8,177	7,574

of which: Merchanting (net export)	Exports	3,942	4,900	979	911	1,015	1,037	1,283	958	988	1,671	1,803

Services	Exports	55,281	60,313	12,533	13,098	14,580	15,071	13,356	14,533	15,632	16,792	14,587
	Imports	35,504	37,798	8,846	8,700	8,481	9,477	8,334	9,329	9,790	10,345	9,175
Transport	Exports	3,883	3,497	676	973	1,407	827	620	1,126	897	854	604
	Imports	1,014	997	254	243	247	271	256	244	238	259	245
Tourism and Travel²	Exports	1,225	1,182	201	325	414	285	189	293	384	315	231
	Imports	2,312	2,362	537	605	570	601	458	578	700	626	593
Insurance	Exports	3,286	3,453	730	831	829	896	852	980	815	807	781
	Imports	2,237	2,547	508	542	482	704	460	660	633	794	504
Financial services	Exports	8,152	9,259	2,158	1,924	1,943	2,127	2,032	2,314	2,506	2,407	2,260
	Imports	10,253	10,976	2,773	2,506	2,335	2,640	2,407	2,854	2,866	2,849	2,571
Royalties/Licences	Exports	957	741	186	180	272	319	-40	166	271	345	273
	Imports	305	376	36	96	82	91	50	102	117	107	52
Computer services³	Exports	24,170	26,597	5,609	5,682	5,990	6,890	6,233	6,071	6,838	7,455	7,276
	Imports	1,162	1,400	279	293	332	258	293	405	353	349	377
Business services	Exports	7,392	8,453	1,597	1,686	1,957	2,151	1,853	2,115	2,041	2,443	2,354
	Imports	16,590	17,836	4,061	4,011	3,990	4,528	4,126	4,233	4,659	4,817	4,706
(of which: Operational leasing)	Exports	1,042	992	250	262	259	271	250	245	250	248	233
	Imports	134	138	..	..	..	..	35	34	34	34	34
Other	Exports	6,216	7,131	1,375	1,497	1,768	1,576	1,617	1,470	1,879	2,165	808
	Imports	1,631	1,304	398	404	445	384	283	251	225	545	127

Merchandise and Services Total	Exports	82,409	86,990	19,941	19,669	21,071	21,727	19,778	20,918	21,837	24,458	23,156
	Imports	67,399	69,536	17,021	16,402	16,150	17,826	16,307	17,082	17,625	18,522	16,749

Trade balance	Net	15,010	17,454	2,920	3,267	4,922	3,901	3,471	3,836	4,211	5,935	6,408

Primary Income	Inflows	46,395	47,510	11,435	12,933	11,684	10,344	11,437	11,881	11,734	12,459	12,616
	Outflows	84,959	84,198	19,427	22,843	21,446	21,243	21,116	22,671	20,647	19,764	20,328
(of which : Investment Income)	Inflows	46,111	47,205	11,364	12,863	11,612	10,271	11,359	11,804	11,658	12,384	12,534
	Outflows	84,275	83,474	19,257	22,675	21,275	21,067	20,932	22,493	20,469	19,581	20,140
Direct investment income	Inflows	3,480	6,872	1,142	1,884	847	-394	996	1,532	1,689	2,654	3,039
	Outflows	6,433	7,228	1,112	1,675	1,739	1,906	1,506	1,798	2,162	1,763	1,507
Portfolio investment income	Inflows	24,153	23,905	5,631	6,340	6,124	6,057	6,139	6,182	5,706	5,878	5,836
	Outflows	70,293	68,269	16,276	19,064	17,750	17,203	17,447	18,774	16,117	15,929	16,900
Other investment income	Inflows	18,478	16,428	4,592	4,638	4,640	4,607	4,224	4,090	4,262	3,852	3,659
	Outflows	7,550	7,977	1,870	1,936	1,786	1,958	1,979	1,921	2,189	1,889	1,733

Secondary Income	Inflows	2,416	2,090	579	569	487	781	548	556	528	459	540
	Outflows	1,934	1,597	459	448	367	661	428	436	401	331	414

Income balance	Net	-38,082	-36,194	-7,872	-9,789	-9,642	-10,779	-9,559	-10,671	-8,786	-7,177	-7,587

Current Account - Total	Inflows	131,220	136,591	31,955	33,172	33,242	32,851	31,763	33,354	34,098	37,375	36,312
	Outflows	154,292	155,331	36,906	39,693	37,962	39,730	37,851	40,189	38,673	38,617	37,491

Current Account Balance with UK	Net	-23,072	-18,740	-4,951	-6,522	-4,720	-6,878	-6,088	-6,835	-4,575	-1,242	-1,179
¹Adjusted for balance of payments purposes.
²Under the credit item, passenger fate receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers exports and imports of sofware that were not incorporated as part of computer hardware or physical media but separately transmitted by electronic means. The value of sales and purchases of additional software licences is also included.
.. Data suppressed for confidentiality reasons.

Open in Excel: International Accounts Q1 2026 Table 4.1 (XLS 17KB)

Visit Table BPQ35 on PxStat

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Table 4.2 Foreign Direct Investment with UK

Current account with US shows a deficit of €64.0bn in Quarter 1 2026

	Merchandise	Services	Income	Current Account
Q1 2024	13.3	-32.468	-14.496	-33.664
Q2 2024	14.953	-38.726	-9.558	-33.33
Q3 2024	18.743	-40.489	-11.448	-33.194
Q4 2024	17.942	-47.699	-26.952	-56.709
Q1 2025	39.057	-53.239	-23.441	-37.622
Q2 2025	20.992	-44.157	-21.817	-44.982
Q3 2025	19.699	-50.538	-21.686	-52.526
Q4 2025	16.927	-55.492	-32.097	-70.662
Q1 2026	7.893	-51.381	-20.482	-63.97

Current account with US (See Table 4.3)

Merchandise exports were €13,807m in the first quarter of 2026 a decrease of €28,265m compared with the first quarter of 2025.
Merchandise imports were €5,914m in the first quarter of 2026, an increase of €2,900m compared with the first quarter of 2025.
Services exports at €13,621m decreased by €2,057m compared to the first quarter of 2025.
Services imports at €65,002m were down €3,914m over that same period in 2025.
Investment income earned in the US at €24,067m, increased by €280m compared with one year earlier while investment income payable to US investors at €44,623m decreased by €2,669m.
When these effects are combined, the trade balance with the US has decreased by €29,307m and net income outflows have decreased by €2,959m, compared with the first quarter of 2025. The result is a current account balance deficit of €63,970m in the first quarter of 2026, up from a deficit of €37,622m in the first quarter of 2025.

These tables showing the Current Account with the US annually and quarterly follow on from our note on Ireland’s Current Account with the US.

Table 4.3 Current Account with US - Annual

Table 4.3 Current Account with US - Annual										€ million
Item		2017	2018	2019	2020	2021	2022	2023	2024	2025
Current Account
Merchandise¹	Exports	43,001	51,906	63,899	66,269	53,052	65,570	61,043	80,506	109,364
	Imports	14,943	16,844	19,199	14,878	11,692	12,383	11,076	15,567	12,690
Net Merchandise		28,058	35,062	44,700	51,391	41,360	53,187	49,967	64,939	96,674

of which: International Trade	Exports	33,284	39,347	47,281	50,661	52,700	63,286	54,089	73,632	111,538
	Imports	14,398	15,334	14,412	11,475	14,897	18,831	20,582	20,685	20,441
of which: Goods for Processing	Exports	11,489	11,140	14,112	9,669	5,878	789	2,230	2,961	6,919
	Imports	518	1,538	4,697	-1,951	-4,355	-6,608	-9,776	-5,413	-8,048

Services	Exports	19,851	26,420	37,578	42,795	47,094	47,558	56,771	65,495	61,451
	Imports	48,645	49,985	58,252	110,973	144,473	174,675	187,752	224,877	264,877
Net Services		-28,794	-23,565	-20,674	-68,178	-97,379	-127,117	-130,980	-159,382	-203,425

Merchandise and Services Total	Exports	62,852	78,326	101,477	109,064	100,146	113,128	117,814	146,002	170,816
	Imports	63,588	66,829	77,451	125,851	156,165	187,058	198,827	240,444	277,567

Trade balance	Net	-736	11,497	24,026	-16,787	-56,019	-73,930	-81,013	-94,442	-106,751

Primary Income	Inflows	21,794	23,879	29,838	27,737	36,295	45,946	74,878	96,862	94,058
	Outflows	28,138	29,154	34,017	29,371	94,758	136,401	137,096	159,558	193,360
Net Primary Income		-6,344	-5,275	-4,179	-1,634	-58,463	-90,455	-62,219	-62,696	-99,302

of which: Investment Income	Inflows	21,736	23,820	29,781	27,710	36,279	45,901	74,832	96,807	93,999
	Outflows	28,117	29,140	34,006	29,360	94,747	136,385	137,077	159,515	193,315
Direct investment income	Inflows	2,270	909	2,078	4,194	6,392	6,493	9,749	18,558	14,868
	Outflows	10,803	11,517	11,784	11,075	75,711	111,640	99,538	112,715	148,272
Portfolio investment income	Inflows	16,398	18,760	21,685	20,002	25,030	31,782	41,992	50,421	53,976
	Outflows	13,675	14,349	17,427	14,895	14,287	19,381	28,382	29,624	26,127
Other investment income	Inflows	3,068	4,151	6,018	3,514	4,857	7,626	23,091	27,828	25,155
	Outflows	3,639	3,274	4,795	3,390	4,749	5,364	9,157	17,176	18,916

Secondary Income	Inflows	582	526	565	687	347	1,078	975	962	1,455
	Outflows	448	397	416	545	138	873	773	720	1,193

Income balance	Net	-6,210	-5,146	-4,030	-1,492	-58,254	-90,250	-62,016	-62,454	-99,041

Current Account - Total	Inflows	85,228	102,731	131,880	137,488	136,788	160,152	193,667	243,826	266,329
	Outflows	92,174	96,380	111,884	155,767	251,061	324,332	336,696	400,723	472,120

Current Account Balance with US	Net	-6,946	6,351	19,996	-18,279	-114,273	-164,180	-143,030	-156,897	-205,791
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q1 2026 Table 4.3 (XLS 13KB)

Table 4.4 Current Account with US - Quarterly

Table 4.4 Current Account with US - Quarterly												€ million
		2024	2025	2024				2025				2026
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1
Current Account
Merchandise¹	Exports	80,506	109,364	16,248	19,953	23,597	20,708	42,072	24,285	23,698	19,310	13,807
	Imports	15,567	12,690	2,948	5,000	4,854	2,766	3,015	3,293	3,999	2,383	5,914
Net Merchandise		64,939	96,674	13,300	14,953	18,743	17,942	39,057	20,992	19,699	16,927	7,893

of which: International Trade	Exports	73,632	111,538	15,790	17,936	19,178	20,729	50,752	24,441	24,530	11,814	12,018
	Imports	20,685	20,441	4,382	5,526	6,166	4,610	5,427	4,447	5,299	5,268	5,324
of which: Goods for Processing	Exports	2,961	6,919	201	1,616	1,708	-563	833	2,401	2,025	1,660	1,568
	Imports	-5,413	-8,048	-1,502	-621	-1,412	-1,879	-2,478	-1,258	-1,397	-2,915	537

Services	Exports	65,495	61,451	16,670	15,668	15,158	18,000	15,678	15,534	13,753	16,486	13,621
	Imports	224,877	264,877	49,138	54,393	55,647	65,699	68,917	59,691	64,291	71,978	65,002
Net Services		-159,382	-203,425	-32,468	-38,726	-40,489	-47,699	-53,239	-44,157	-50,538	-55,492	-51,381

Merchandise and Services Total	Exports	146,002	170,816	32,918	35,621	38,755	38,708	57,750	39,819	37,451	35,796	27,428
	Imports	240,444	277,567	52,086	59,393	60,501	68,465	71,931	62,984	68,290	74,361	70,917

Trade balance	Net	-94,442	-106,751	-19,168	-23,772	-21,746	-29,757	-14,181	-23,165	-30,840	-38,565	-43,488

Primary Income	Inflows	96,862	94,058	22,504	28,112	23,446	22,800	23,801	24,558	22,240	23,459	24,080
	Outflows	159,558	193,360	37,061	37,730	34,954	49,813	47,302	46,436	43,993	55,630	44,632
Net Primary Income		-62,696	-99,302	-14,557	-9,618	-11,509	-27,013	-23,501	-21,877	-21,753	-32,171	-20,552

of which: Investment Income	Inflows	96,807	93,999	22,491	28,098	23,432	22,786	23,787	24,544	22,225	23,444	24,067
	Outflows	159,515	193,315	37,051	37,719	34,943	49,802	47,292	46,426	43,983	55,615	44,623
Direct investment income	Inflows	18,558	14,868	5,013	5,427	4,088	4,031	3,717	2,642	3,603	4,906	4,060
	Outflows	112,715	148,272	26,458	24,206	23,869	38,181	35,715	34,916	33,252	44,390	33,138
Portfolio investment income	Inflows	50,421	53,976	11,304	14,018	12,669	12,430	13,595	15,655	12,592	12,134	13,442
	Outflows	29,624	26,127	8,041	8,380	6,205	6,999	6,721	7,022	6,071	6,313	6,641
Other investment income	Inflows	27,828	25,155	6,174	8,654	6,675	6,325	6,475	6,247	6,030	6,404	6,565
	Outflows	17,176	18,916	2,552	5,133	4,868	4,622	4,855	4,488	4,660	4,913	4,843

Secondary Income	Inflows	962	1,455	275	341	230	117	381	352	342	379	312
	Outflows	720	1,193	214	280	170	56	321	292	276	305	242

Income balance	Net	-62,454	-99,041	-14,496	-9,558	-11,448	-26,952	-23,441	-21,817	-21,686	-32,097	-20,482

Current Account - Total	Inflows	243,826	266,329	55,697	64,073	62,431	61,625	81,932	64,729	60,033	59,634	51,820
	Outflows	400,723	472,120	89,361	97,403	95,624	118,334	119,554	109,711	112,559	130,296	115,791

Current Account Balance with US	Net	-156,897	-205,791	-33,664	-33,330	-33,194	-56,709	-37,622	-44,982	-52,526	-70,662	-63,970
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q1 2026 Table 4.4 (XLS 15KB)

Net IIP vis-à-vis the US stands at €1.4 trillion in Q1 2026

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q12024	51	679	102	3	835
Q22024	10	796	125	3	933
Q32024	42	845	123	3	1013
Q42024	45	961	110	3	1119
Q12025	13	996	142	3	1155
Q22025	40	1016	112	3	1172
Q32025	12	1212	112	3	1338
Q42025	4	1213	117	3	1337
Q12026	-83	1262	208	3	1389

Net IIP vis-à-vis the US (see Table 4.5)

At the end of Q1 2026, Ireland's net international investment position vis-à-vis the United States stood at €1,389bn, up from €1,337bn in Q4 2025. The quarter-on-quarter increase in NIIP vis-à-vis the US was mainly driven by a larger increase in the stock of foreign financial assets, than the increase in foreign financial assets. The movements in the stock of foreign financial assets and liabilities were mainly driven by transactions.

Table 4.5 International Investment Position (IIP) vis-à-vis the United States classified by Functional Category - Quarterly

Table 4.6 International Investment Position (IIP) vis-à-vis the United States classified by Functional Category - Annual

Next chapter: Foreign Direct Investment

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Table 4.2 Foreign Direct Investment with UK¹												€ million
		2024	2025	2024				2025				2026
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1

Direct Investment	Abroad	7,816	20,889	-1,454	3,130	-71	6,211	4,495	1,726	5,368	9,301	5,997
	In Ireland	-276	3,200	-664	-467	412	443	-2,037	1,368	-255	4,125	-3,476

Equity	Abroad	7,931	18,456	-758	1,306	..	..	4,272	618	5,773	7,793	3,137
	In Ireland	-126	-1,915	-198	-30	-222	323	-692	358	-808	-773	-328
Reinvested Earnings	Abroad	1,239	4,212	865	1,563	..	..	823	-2	1,003	2,388	2,885
	In Ireland	3,444	3,954	601	167	1,126	1,550	989	252	1,310	1,403	585
Other Capital	Abroad	-1,353	-1,778	-1,561	261	419	-473	-599	1,110	-1,409	-880	-25
	In Ireland	-3,594	1,161	-1,067	-604	-493	-1,429	-2,334	758	-758	3,494	-3,733
¹For Direct Investment, a 'directional' categorisation is used: 'Abroad' 'indicates direct investment by Irish investors in British companies; British direct investment into Ireland is indicated by the heading 'In Ireland'.

Table 4.5 International Investment Position (IIP) vis-à-vis the United States classified by Functional Category - Quarterly									€ million
Item	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025	Q32025	Q42025	Q12026
Foreign Assets
Direct Investment Abroad¹	429,722	394,118	390,933	444,134	377,141	383,535	366,797	372,542	324,092
Portfolio Investment	1,795,549	1,905,340	1,990,298	2,238,985	2,202,765	2,204,785	2,396,207	2,432,134	2,457,033
Other Investment²	537,951	597,209	596,075	638,661	726,868	685,287	674,783	762,311	939,218
Reserve Assets	2,800	2,932	2,630	3,010	2,905	2,745	2,602	2,836	2,733
Total Foreign Assets	2,766,022	2,899,599	2,979,936	3,324,790	3,309,679	3,276,351	3,440,388	3,569,823	3,723,076

Foreign Liabilities
Direct Investment in Ireland¹	379,136	384,333	349,156	399,193	364,090	343,067	354,821	368,581	407,387
Portfolio Investment	1,116,445	1,109,687	1,145,099	1,278,052	1,206,358	1,188,341	1,184,346	1,218,873	1,195,470
Other Investment²	435,823	472,198	472,824	528,518	584,716	573,002	562,896	645,183	731,597
Total Foreign Liabilities	1,931,404	1,966,218	1,967,079	2,205,764	2,155,165	2,104,409	2,102,063	2,232,636	2,334,454

Net International Investment Position (IIP)
Direct Investment¹	50,586	9,784	41,777	44,940	13,050	40,468	11,975	3,961	-83,295
Portfolio Investment	679,104	795,653	845,200	960,932	996,407	1,016,444	1,211,861	1,213,261	1,261,563
Other Investment²	102,129	125,011	123,251	110,143	142,152	112,285	111,887	117,129	207,621
Reserve Assets	2,800	2,932	2,630	3,010	2,905	2,745	2,602	2,836	2,733

Total (Net IIP)	834,619	933,381	1,012,857	1,119,026	1,154,514	1,171,941	1,338,325	1,337,187	1,388,622
¹Reflecting the directional principle for reclassifying Direct Investment (see Background Notes).
²Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.

Table 4.6 International Investment Position (IIP) vis-à-vis the United States classified by Functional Category - Annual									€ million
Item	2017	2018	2019	2020	2021	2022	2023	2024	2025
Foreign Assets
Direct Investment Abroad¹	98,884	90,979	98,489	213,248	271,288	310,724	204,753	444,134	372,542
Portfolio Investment	771,152	843,190	1,070,286	1,185,446	1,599,756	1,408,068	1,746,378	2,238,985	2,432,134
Other Investment²	281,314	325,675	386,699	375,871	437,295	479,064	508,123	638,661	762,311
Reserve Assets	444	628	1,097	1,845	2,504	2,648	2,817	3,010	2,836
Total Foreign Assets	1,151,794	1,260,472	1,556,571	1,776,410	2,310,842	2,200,504	2,462,071	3,324,790	3,569,823

Foreign Liabilities
Direct Investment in Ireland¹	210,200	300,859	210,968	268,626	448,735	529,269	494,410	399,193	368,581
Portfolio Investment	669,832	692,940	873,504	778,199	1,065,165	894,392	1,006,568	1,278,052	1,218,873
Other Investment²	258,296	304,646	341,194	349,226	361,432	391,906	425,708	528,518	645,183
Total Foreign Liabilities	1,138,328	1,298,445	1,425,666	1,396,051	1,875,331	1,815,567	1,926,687	2,205,764	2,232,636

Net International Investment Position (IIP)
Direct Investment¹	-111,316	-209,880	-112,479	-55,378	-177,447	-218,545	-289,657	44,940	3,961
Portfolio Investment	101,319	150,250	196,782	407,247	534,591	513,676	739,810	960,932	1,213,261
Other Investment²	23,018	21,029	45,505	26,645	75,864	87,158	82,415	110,143	117,129
Reserve Assets	444	628	1,097	1,845	2,504	2,648	2,817	3,010	2,836

Total (Net IIP)	13,465	-37,973	130,904	380,359	435,511	384,937	535,384	1,119,026	1,337,187
¹Reflecting the directional principle for reclassifying Direct Investment (see Background Notes).
²Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.