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International Accounts Q2 2019

Balance of International Payments

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Large imports of intellectual property bring current account balance to -€26.5bn in Quarter 2 2019

Table 1.1 Balance of International Payments				€ million
	Merchandise Balance	Services and Income Balance	Current Account Balance	Current Account Balance as % of GDP
Q2 2018	28,803	-18,242	10,561	13.7
Q2 2019	28,157	-54,695	-26,538	-32.0

Q1+Q2 2018	57,863	-35,976	21,886	14.0
Q1+Q2 2019	60,308	-75,857	-15,548	-9.3

Open in Excel: International Accounts Q2 2019 Table 1.1 (XLS 24KB)

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a large deficit in the second quarter of 2019. Large imports of intellectual property have brought the surplus in the previous quarter to a deficit in quarter 2 2019, despite significant growth in computer service exports.

	Current Account
Q1 2016	1.08381713228808
Q2 2016	-7.14072128705424
Q3 2016	-1.77829680155542
Q4 2016	-8.51023414768543
Q1 2017	8.69115409372204
Q2 2017	-45.5378863680057
Q3 2017	18.4851609171481
Q4 2017	15.9244761416053
Q1 2018	14.3462968690652
Q2 2018	13.7409318355348
Q3 2018	13.5071542511826
Q4 2018	1.17048719979101
Q1 2019	13.1484178789591
Q2 2019	-32.0314722856766

	Merchandise	Services	Primary Income	Secondary Income	Balance on Current Account
Q1 2017	25.187	-3.437	-15.139	-0.616	5.994
Q2 2017	24.546	-38.743	-16.392	-1.17	-31.759
Q3 2017	28.663	0.26	-13.902	-0.626	14.395
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

Other points of note in the Quarter 2 2019 results are:

Current account (see Table 1.3)

Merchandise exports were €54,971m in the second quarter of 2019, an increase of €1,273m compared with the second quarter of 2018. Merchandise imports were €26,814m in the second quarter of 2019, an increase of €1,920m compared with the same period in 2018.
Service exports, at €52,678m, increased by €8,977m compared to the second quarter of 2018, mainly due to higher computer services exports.
Service imports at €86,090m were up €41,403m over the same period in 2018. These figures were mainly explained by increased imports of intellectual property.
Ireland’s trade balance at -€5,256m, all goods and services exports less all goods and services imports, decreased by €33,073m in the second quarter of 2019, over the same period in 2018, mainly due to intellectual property imports.
Investment income earned abroad at €23,909m, increased by €1,266m compared with one year earlier while investment income payable to foreign investors at €44,731m increased by €5,535m, mainly due to increased profits in the information and communications sector. The overall income balance for the quarter at -€21,283m was €4,027m lower than the same period in 2018.

	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Balance on Financial Account
Q1 2017	-2.307	-15.609	6.19	-0.101	-11.827
Q2 2017	-21.375	-41.427	28.371	0.163	-34.268
Q3 2017	6.488	0.452	6.86	0.235	14.035
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

Financial account (see Tables 1.4 and 1.5)

Direct investment in Ireland decreased by €12,705m in the second quarter of 2019. This change was driven by decreases in equity of €49,135m, while this was offset by an increase in reinvested earnings of €19,332m and an increase in other capital of €17,098m. Direct investment abroad decreased by €61,740m in the quarter, mainly as a result of a reduction in other capital of €64,038m.
Portfolio investment in foreign assets increased by €30,773m in the quarter. Investment in foreign equity increased by €9,254m while investment in foreign debt instruments increased by €21,519m. Portfolio investment in Ireland increased by €44,832m, mainly due to increased purchase of Irish equity of €45,099m.
Other investment assets increased by €44,181m while other investment liabilities increased by €18,866m in the second quarter of 2019, both mainly due to the activity of IFSC enterprises.

Table 1.2 Summary of Current, Capital and Financial Account Balances

Table 1.2 Summary of Current, Capital and Financial Account Balances														€ million
Period							Balance on Current Account	Balance on Capital Account	Direct Investment	Portfolio Investment	Other² Investment	Reserve Assets	Balance on Financial Account	Net errors and omissions
		Merchandise¹	services and income balance
			Services	Primary Income	Secondary Income	Total
2002	Year	36,982	-13,619	-21,910	-1,116	-36,645	337	588	-19,444	37,979	-19,425	-343	-1,233	-2,158
2003	Year	32,954	-10,903	-20,035	-1,303	-32,241	713	445	-15,270	39,977	-22,751	-1,770	186	-972
2004	Year	34,588	-12,141	-21,345	-1,255	-34,741	-153	355	23,095	-14,287	-12,170	-1,177	-4,539	-4,741
2005	Year	32,184	-13,655	-22,786	-1,769	-38,210	-6,026	340	37,660	-52,698	15,364	-1,472	-1,147	4,539
2006	Year	27,194	-12,313	-22,723	-2,063	-37,099	-9,905	299	15,841	-8,135	-16,635	-87	-9,016	590
2007	Year	28,698	-12,384	-26,630	-2,510	-41,524	-12,826	115	-1,621	7,283	-20,086	12	-14,413	-1,702
2008	Year	32,622	-16,468	-25,141	-2,729	-44,339	-11,716	119	23,288	45,749	-85,932	78	-16,817	-5,220
2009	Year	38,752	-15,823	-27,885	-2,948	-46,656	-7,904	14	-245	-22,626	19,433	-79	-3,517	4,373
2010	Year	41,288	-13,421	-27,178	-2,701	-43,300	-2,012	91	-16,318	-85,965	90,883	-5	-11,404	-9,484
2011	Year	41,257	-9,096	-32,312	-2,660	-44,067	-2,810	234	-18,698	-26,908	31,086	-329	-14,849	-12,272
2012	Year	36,896	-6,282	-33,939	-2,609	-42,830	-5,934	86	-20,497	-767	10,952	-12	-10,324	-4,476
2013	Year	34,506	-718	-28,069	-2,931	-31,718	2,787	-936	-16,137	35,737	-15,467	10	4,143	2,289
2014	Year	40,731	-5,546	-30,341	-2,750	-38,637	2,093	-6,769	-5,279	-27,862	20,506	136	-12,498	-7,824
2015	Year	113,394	-37,715	-60,785	-3,338	-101,838	11,556	-1,303	-44,510	-88,281	138,621	494	6,321	-3,930
2016	Year	106,088	-63,735	-49,912	-3,813	-117,460	-11,373	-4,331	-8,430	27,711	-29,073	1,456	-8,335	7,368
2017	Year	109,119	-43,491	-61,063	-3,106	-107,660	1,457	-25,855	-48,583	-57,643	89,127	399	-16,700	7,697
2018	Year	112,960	-5,571	-69,731	-3,366	-78,668	34,292	-53,038	24,401	-5,671	-32,976	770	-13,475	5,270

2015	Quarter 1	26,790	-5,794	-16,013	-986	-22,793	3,998	-707	38,272	-72,519	36,581	108	2,441	-849
	Quarter 2	26,894	-8,024	-11,422	-794	-20,240	6,654	-226	-2,591	13,757	-9,476	307	1,996	-4,432
	Quarter 3	29,755	-7,431	-17,792	-593	-25,816	3,939	100	9,983	-17,663	14,477	-24	6,773	2,735
	Quarter 4	29,955	-16,466	-15,558	-965	-32,989	-3,035	-470	-90,174	-11,856	97,039	103	-4,889	-1,384
2016	Quarter 1	27,290	-14,564	-11,001	-1,020	-26,585	705	-2,670	12,279	-7,497	1,420	1,095	7,297	9,262
	Quarter 2	24,440	-16,885	-11,342	-768	-28,995	-4,555	-586	-293	2,933	-14,069	-224	-11,653	-6,513
	Quarter 3	26,315	-12,294	-14,425	-820	-27,539	-1,224	161	-10,522	10,385	-7,662	379	-7,420	-6,357
	Quarter 4	28,043	-19,992	-13,144	-1,205	-34,341	-6,299	-1,236	-9,894	21,890	-8,762	206	3,441	10,976
2017	Quarter 1	25,187	-3,437	-15,139	-616	-19,192	5,994	-8,538	-2,307	-15,609	6,190	-101	-11,827	-9,283
	Quarter 2	24,546	-38,743	-16,392	-1,170	-56,305	-31,759	-12,079	-21,375	-41,427	28,371	163	-34,268	9,570
	Quarter 3	28,663	260	-13,902	-626	-14,268	14,395	-4,640	6,488	452	6,860	235	14,035	4,279
	Quarter 4	30,723	-1,571	-15,630	-694	-17,895	12,827	-598	-31,389	-1,059	47,706	102	15,360	3,131
2018	Quarter 1	29,060	-151	-16,681	-902	-17,734	11,325	-436	11,865	9,333	-21,878	-22	-702	-11,591
	Quarter 2	28,803	-986	-16,269	-987	-18,242	10,561	-377	9,670	-27,047	35,166	5	17,794	7,610
	Quarter 3	28,220	527	-16,561	-759	-16,793	11,427	-44	10,784	-2,409	1,680	209	10,265	-1,119
	Quarter 4	26,877	-4,961	-20,220	-718	-25,899	979	-52,181	-7,918	14,452	-47,944	578	-40,832	10,370
2019	Quarter 1	32,151	-1,224	-18,682	-1,256	-21,162	10,990	-6,743	2,627	-3,748	12,795	2	11,675	7,428
	Quarter 2	28,157	-33,412	-20,708	-575	-54,695	-26,538	-17,220	-49,036	-14,059	25,315	121	-37,659	6,100
¹Adjusted for balance of payments purposes.
²Includes financial derivatives and also life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

Open in Excel: International Accounts Q2 2019 Table 1.2 (XLS 21KB)

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Table 1.3 Current and Capital Accounts

Table 1.3 Current and Capital Accounts									€ million
		2017	2018	2018				2019
Item				Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹	Exports	197,824	216,307	51,390	53,698	53,773	57,446	57,145	54,971
	Imports	88,705	103,346	22,331	24,894	25,553	30,568	24,994	26,814

International trade	Exports	122,747	140,626	33,837	35,564	34,090	37,135	38,018	38,562
	Imports	80,510	88,611	19,490	21,245	22,304	25,572	19,803	21,313
Goods for processing	Exports	64,962	68,196	15,979	15,884	17,932	18,401	17,500	14,622
	Imports	4,744	11,514	2,300	2,831	2,322	4,061	4,308	4,317
Other conceptual adjustments	Exports	358	-1,002	-375	333	-200	-760	-1	-387
	Imports	3,452	3,222	541	818	928	935	882	1,184
Merchanting (net export)	Exports	9,759	8,488	1,950	1,916	1,952	2,670	1,628	2,174

Services	Exports	161,831	180,077	39,696	43,701	46,004	50,676	46,484	52,678
	Imports	205,323	185,647	39,847	44,687	45,476	55,637	47,708	86,090
Repairs and Processing	Exports	1,994	1,899	439	463	430	567	488	498
	Imports	4,765	5,452	976	1,093	1,281	2,102	1,561	1,305
Transport	Exports	8,088	7,746	1,238	2,112	2,832	1,564	1,150	2,134
	Imports	2,599	3,109	681	733	753	942	767	811
Tourism and Travel²	Exports	4,972	5,237	817	1,500	1,847	1,073	774	1,536
	Imports	5,814	6,270	1,195	1,566	2,091	1,418	1,403	1,831
Insurance	Exports	9,747	9,664	2,547	2,433	2,307	2,377	2,531	2,457
	Imports	6,967	8,040	2,139	2,027	1,926	1,948	2,211	2,045
Financial services	Exports	15,544	15,354	3,921	3,819	3,805	3,809	3,845	3,896
	Imports	12,923	12,851	3,286	3,202	3,166	3,197	3,452	3,344
Royalties/Licences	Exports	9,100	11,777	2,540	3,299	3,025	2,913	2,040	2,560
	Imports	66,662	72,180	16,458	17,940	18,076	19,706	18,798	20,591
of which: Pharmaceutical products and preparations	Exports	603	84	32	16	18	18	17	14
	Imports	18,888	15,369	3,545	4,152	3,656	4,016	3,877	5,195
Information and communication	Exports	2,472	4,135	1,111	1,407	1,010	607	355	468
	Imports	33,705	40,608	8,858	9,768	10,234	11,748	11,105	11,671
Communications	Exports	657	415	112	107	103	93	88	88
	Imports	693	570	139	139	144	148	140	126
Computer services³	Exports	68,080	86,222	18,723	20,295	21,357	25,847	24,463	27,173
	Imports	3,232	4,331	809	1,090	1,088	1,344	1,091	1,083
Business services	Exports	39,553	38,025	8,490	8,799	9,305	11,431	10,802	11,158
	Imports	101,024	72,155	13,993	16,725	16,779	24,658	18,103	54,769
Research and development	Exports	6,729	2,988	607	588	573	1,220	787	637
	Imports	55,157	22,901	3,569	4,391	4,875	10,066	4,370	*
of which: IP related	Exports	4,508	692	82	*	35	*	185	18
	Imports	41,477	5,353	124	*	143	*	146	*
Operational leasing	Exports	13,542	12,910	3,015	3,111	3,312	3,472	3,380	3,535
	Imports	915	728	168	171	197	192	274	270
Misc. business services⁴	Exports	19,282	22,126	4,868	5,100	5,420	6,738	6,635	6,986
	Imports	44,952	48,526	10,256	12,163	11,707	14,400	13,458	*
Other services n.e.s.	Exports	4,096	3,741	869	877	993	1,002	303	1,176
	Imports	639	687	169	171	172	175	181	186

Merchandise and Services - Total	Exports	359,655	396,384	91,086	97,399	99,777	108,122	103,629	107,648
	Imports	294,028	288,994	62,178	69,581	71,030	86,205	72,701	112,904

Trade Balance	Net	65,627	107,390	28,909	27,817	28,747	21,917	30,928	-5,256

Primary Income	Inflows	79,418	83,098	18,528	23,148	22,926	18,496	22,849	24,389
	Outflows	140,481	152,828	35,209	39,417	39,487	38,715	41,531	45,098
Compensation of Employees	Inflows	528	528	131	131	135	131	131	131
	Outflows	643	626	155	156	156	159	162	169
Investment Income	Inflows	77,385	81,003	18,027	22,643	22,395	17,938	22,367	23,909
	Outflows	139,522	151,894	34,977	39,196	39,257	38,464	41,289	44,731
Direct investment income	Inflows	20,821	17,715	3,952	5,234	5,736	2,793	4,682	3,851
	Outflows	72,631	76,992	19,017	18,032	20,505	19,438	21,721	21,544

of which: Manufacturing	Outflows	19,895	24,545	7,337	7,764	6,438	3,006	10,434	8,811
Information and communication	Outflows	11,135	11,498	3,195	2,298	2,962	3,043	3,036	5,414

Income on equity	Inflows	18,201	15,434	3,680	4,623	5,035	2,096	4,194	3,357
	Outflows	66,821	71,316	17,877	16,650	19,007	17,782	20,568	20,312
Dividends & distributed	Inflows	777	2,174	36	*	240	*	12	193
branch profits	Outflows	12,456	14,797	3,473	3,001	4,470	3,853	2,727	980
Reinvested earnings	Inflows	17,425	13,259	3,644	*	4,794	*	4,181	3,164
	Outflows	54,364	56,519	14,404	13,649	14,537	13,929	17,841	19,332
Income on debt	Inflows	2,619	2,280	272	610	702	696	489	495
	Outflows	5,809	5,677	1,140	1,383	1,498	1,656	1,153	1,232
Portfolio investment income	Inflows	46,263	51,429	11,531	14,524	13,323	12,051	13,800	16,039
	Outflows	56,704	63,763	13,575	18,361	15,810	16,017	15,870	20,055
Income on equity	Inflows	14,867	16,683	3,441	5,801	4,403	3,038	4,396	6,392
	Outflows	47,981	55,247	11,527	16,242	13,733	13,745	13,907	17,957
Income on debt	Inflows	31,396	34,745	8,090	8,723	8,920	9,012	9,404	9,647
	Outflows	8,723	8,516	2,048	2,119	2,077	2,272	1,963	2,098
Other investment income	Inflows	10,301	11,859	2,544	2,885	3,336	3,094	3,885	4,019
	Outflows	10,188	11,140	2,385	2,803	2,943	3,009	3,699	3,132
Other primary income	Inflows	1,504	1,566	370	374	395	427	351	349
	Outflows	317	309	77	66	74	92	80	197

Secondary Income	Inflows	5,366	4,996	1,372	1,221	1,157	1,246	1,196	999
	Outflows	8,472	8,361	2,274	2,208	1,916	1,963	2,452	1,574

Income Balance	Net	-64,168	-73,097	-17,583	-17,256	-17,320	-20,938	-19,938	-21,283

Current Account - Total	Inflows	444,439	484,477	110,986	121,768	123,860	127,863	127,674	133,037
	Outflows	442,981	450,185	99,661	111,207	112,433	126,884	116,684	159,575

Current Account Balance	Net	1,457	34,292	11,325	10,561	11,427	979	10,990	-26,538

Capital Account Balance	Net	-25,855	-53,038	-436	-377	-44	-52,181	-6,743	-17,220

Memorandum Item:
Government Income	Inflows	93	1,667	396	399	418	454	371	390
	Outflows	3,666	3,763	944	941	939	939	939	939
¹Adjusted for balance of payments purposes.
²Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers exports and imports of software 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.
⁴Covers mainly advertising and inter-affiliate management charges.

Open in Excel: International Accounts Q2 2019 Table 1.3 (XLS 18KB)

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Table 1.4 Financial Account

Table 1.4 Financial Account¹									€ million
		2017	2018	2018				2019
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	-1,813	616	-2,142	-35,017	1,331	36,444	10,051	-61,740
	In Ireland	46,770	-23,785	-14,007	-44,687	-9,453	44,362	7,424	-12,705

Equity	Abroad	-32,637	-21,769	-6,248	*	-1,569	*	38,185	-866
	In Ireland	-982	-48,381	-11,449	-49,778	-1,042	13,888	18,682	-49,135
Reinvested Earnings	Abroad	17,425	13,259	3,644	*	4,794	*	4,181	3,164
	In Ireland	54,364	56,519	14,404	13,649	14,537	13,929	17,841	19,332
Other Capital	Abroad	13,400	9,123	462	25,029	-1,895	-14,473	-32,316	-64,038
	In Ireland	-6,612	-31,924	-16,962	-8,558	-22,948	16,544	-29,098	17,098

Portfolio Investment	Assets	253,495	125,948	77,374	10,612	25,415	12,547	36,887	30,773
	Liabilities	311,137	131,618	68,041	37,659	27,823	-1,905	40,636	44,832

Equity	Assets	92,170	47,815	28,260	13,591	11,343	-5,379	16,704	9,254
	Liabilities	306,005	125,309	62,489	37,260	24,985	575	36,911	45,099
Debt Instruments	Assets	161,324	78,134	49,115	-2,979	14,072	17,926	20,183	21,519
	Liabilities	5,132	6,310	5,552	399	2,838	-2,479	3,725	-267
Bonds and notes	Assets	117,585	70,425	31,672	9,994	22,489	6,270	43,631	31,918
	Liabilities	1,504	11,663	2,685	919	7,863	196	4,773	-2,351
Money market instruments	Assets	43,739	7,708	17,443	-12,973	-8,418	11,656	-23,448	-10,400
	Liabilities	3,630	-5,353	2,867	-520	-5,025	-2,675	-1,048	2,083

Other Investment	Assets	89,957	123,517	25,716	89,920	39,796	-31,915	55,162	44,181
	Liabilities	831	156,493	47,594	54,754	38,116	16,029	42,368	18,866

Loans, currency and deposits	Assets	103,952	48,425	19,502	36,168	14,479	-21,724	50,193	21,373
	Liabilities	25,086	112,823	30,760	24,305	17,724	40,034	27,542	5,242
Other²	Assets	-13,994	75,090	6,214	53,752	25,316	-10,192	4,969	22,808
	Liabilities	-24,256	43,668	16,834	30,448	20,391	-24,005	14,826	13,624

Reserve Assets		399	770	-22	5	209	578	2	121

Monetary gold		0	0	0	0	0	0	0	0
Special drawing rights		-43	14	-16	5	15	10	10	8
Reserve position in the IMF		0	-1	-11	10	0	0	0	0
Foreign exchange		158	250	-14	1	-36	299	127	-102
Other		285	508	19	-11	231	269	-136	216

Balance on Financial Account		-16,700	-13,475	-702	17,794	10,265	-40,832	11,675	-37,659

Net errors and omissions		7,697	5,270	-11,591	7,610	-1,119	10,370	7,428	6,100
Memorandum Item:
Government financial	Assets	426	14,211	-1,095	4,367	9,886	1,053	-1,871	-399
transactions	Liabilities	1,377	17,084	5,771	7,549	9,749	-5,985	5,025	-874
¹Financial account transactions are categorised under two headings 'Assets' and 'Liabilities' for Portfolio Investment, Other Investment and Reserve Assets. 'For Direct Investment, a 'directional' categorisation is used: 'Abroad' 'indicates direct investment by Irish investors in foreign companies; 'Direct investment into Ireland is indicated by the heading 'In Ireland'.
²Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

Open in Excel: International Accounts Q2 2019 Table 1.4 (XLS 13KB)

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Table 1.5 Current, Capital and Financial Accounts showing IFSC and non-IFSC activity

Table 1.5 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity									€ million
		2017	2018	2018				2019
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account - Total	Inflows	444,439	484,477	110,986	121,768	123,860	127,863	127,674	133,037
	Outflows	442,981	450,185	99,661	111,207	112,433	126,884	116,684	159,575

Merchandise²	Exports	197,824	216,307	51,390	53,698	53,773	57,446	57,145	54,971
	Imports	88,705	103,346	22,331	24,894	25,553	30,568	24,994	26,814

Services	Exports	161,831	180,077	39,696	43,701	46,004	50,676	46,484	52,678
	Imports	205,323	185,647	39,847	44,687	45,476	55,637	47,708	86,090

IFSC	Exports	39,589	38,808	9,617	9,670	9,554	9,967	10,254	10,689
	Imports	23,452	25,451	6,517	6,525	6,131	6,278	6,960	6,842
Non-IFSC	Exports	122,242	141,267	30,078	34,031	36,448	40,710	36,229	41,989
	Imports	181,872	160,194	33,329	38,162	39,345	49,358	40,747	79,248

Primary Income	Inflows	79,418	83,098	18,528	23,148	22,926	18,496	22,849	24,389
	Outflows	140,481	152,828	35,209	39,417	39,487	38,715	41,531	45,098

IFSC	Inflows	59,764	64,579	14,147	17,634	17,141	15,657	17,878	20,115
	Outflows	67,061	72,801	15,800	19,762	18,855	18,384	19,127	22,185
Non-IFSC	Inflows	19,654	18,519	4,381	5,514	5,785	2,839	4,972	4,274
	Outflows	73,422	80,026	19,410	19,654	20,631	20,331	22,404	22,912

Secondary Income	Inflows	5,366	4,996	1,372	1,221	1,157	1,246	1,196	999
	Outflows	8,472	8,361	2,274	2,208	1,916	1,963	2,452	1,574

IFSC³	Inflows	4,311	4,063	1,168	1,011	965	919	1,009	870
	Outflows	4,311	4,063	1,168	1,011	965	919	1,009	870
Non-IFSC	Inflows	1,056	934	204	211	192	327	187	130
	Outflows	4,161	4,300	1,106	1,198	951	1,045	1,443	704

Balance on Current Account		1,457	34,292	11,325	10,561	11,427	979	10,990	-26,538

Balance on Capital Account		-25,855	-53,038	-436	-377	-44	-52,181	-6,743	-17,220

Financial Account⁴
Direct investment	Abroad	-1,813	616	-2,142	-35,017	1,331	36,444	10,051	-61,740
	In Ireland	46,770	-23,785	-14,007	-44,687	-9,453	44,362	7,424	-12,705

IFSC	Abroad	5,606	-2,856	-3,382	592	-508	442	1,118	-2,711
	In Ireland	5,198	-17,427	-14,885	-3,169	6,263	-5,636	-20,526	499
Non-IFSC	Abroad	-7,419	3,471	1,240	-35,610	1,839	36,002	8,933	-59,029
	In Ireland	41,572	-6,359	878	-41,518	-15,717	49,998	27,950	-13,204

Portfolio investment	Assets	253,495	125,948	77,374	10,612	25,415	12,547	36,887	30,773
	Liabilities	311,137	131,618	68,041	37,659	27,823	-1,905	40,636	44,832

IFSC	Assets	246,210	122,935	76,457	9,270	24,701	12,507	34,615	30,717
	Liabilities	308,952	128,467	60,923	32,199	29,465	5,880	37,556	49,465
Non-IFSC	Assets	7,285	3,013	917	1,342	714	40	2,273	56
	Liabilities	2,184	3,152	7,118	5,460	-1,641	-7,785	3,079	-4,633

Other investment⁵	Assets	89,957	123,517	25,716	89,920	39,796	-31,915	55,162	44,181
	Liabilities	831	156,493	47,594	54,754	38,116	16,029	42,368	18,866

IFSC	Assets	86,264	98,326	28,692	69,283	29,339	-28,988	51,318	40,870
	Liabilities	8,577	137,690	54,675	48,444	16,438	18,133	49,327	20,312
Non-IFSC	Assets	3,695	25,191	-2,976	20,637	10,457	-2,927	3,844	3,311
	Liabilities	-7,747	18,803	-7,081	6,310	21,678	-2,104	-6,960	-1,446

Reserve Assets		399	770	-22	5	209	578	2	121

Balance on Financial Account		-16,700	-13,475	-702	17,794	10,265	-40,832	11,675	-37,659
Net errors and omissions		7,697	5,270	-11,591	7,610	-1,119	10,370	7,428	6,100
¹From the start of 2000, new international financial service projects are no longer subject to the earlier certification and licensing procedures in operation for location in the IFSC and such projects can, therefore, locate anywhere in Ireland. Additions to existing IFSC projects, however, are still subject to the formal procedures. For statistical analysis purposes this table still shows the 'IFSC/non-IFSC' breakdown and the activities of all international financial service enterprises are covered under the IFSC heading.
²Adjusted for balance of payments purposes.
³Secondary income flows to and from IFSC enterprises relate solely to non-life insurance transactions - see Background Notes.
⁴See footnote 1 on Table 1.4.
⁵Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

Open in Excel: International Accounts Q2 2019 Table 1.5 (XLS 14KB)

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Table 1.6 Current and Capital Accounts showing geographical detail

Table 1.6 Current and Capital Accounts showing geographical¹ detail									€ million
		2017	2018	2018				2019
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Current Account - Total	Inflows	444,439	484,477	110,986	121,768	123,860	127,863	127,674	133,037
	Outflows	442,981	450,185	99,661	111,207	112,433	126,884	116,684	159,575

Merchandise²	Exports	197,824	216,307	51,390	53,698	53,773	57,446	57,145	54,971
	Imports	88,705	103,346	22,331	24,894	25,553	30,568	24,994	26,814
EMU	Exports	50,582	56,060	13,786	15,164	14,330	12,780	18,576	16,750
	Imports	31,461	33,383	7,029	8,767	8,817	8,770	7,255	8,343
Non-EMU	Exports	147,242	160,247	37,605	38,534	39,443	44,665	38,569	38,221
	Imports	57,246	69,963	15,301	16,128	16,736	21,798	17,738	18,471
EU	Exports	81,198	85,953	20,770	22,318	21,783	21,082	25,864	23,727
	Imports	56,981	60,806	13,423	15,349	15,602	16,432	14,540	15,296
Non-EU	Exports	116,625	130,355	30,621	31,380	31,990	36,364	31,281	31,244
	Imports	31,724	42,541	8,907	9,546	9,952	14,136	10,453	11,519

Services	Exports	161,831	180,077	39,696	43,701	46,004	50,676	46,484	52,678
	Imports	205,323	185,647	39,847	44,687	45,476	55,637	47,708	86,090
EMU	Exports	38,163	42,811	9,268	10,405	11,236	11,902	10,868	12,685
	Imports	42,532	47,202	10,398	11,790	11,856	13,158	12,220	12,348
Non-EMU	Exports	123,668	137,266	30,428	33,296	34,768	38,774	35,616	39,992
	Imports	162,791	138,444	29,449	32,896	33,620	42,479	35,487	73,742
EU	Exports	73,502	81,175	17,955	19,760	21,243	22,217	20,559	23,210
	Imports	59,924	67,501	15,241	16,709	16,980	18,571	17,654	18,086
Non-EU	Exports	88,331	98,902	21,741	23,941	24,760	28,460	25,925	29,467
	Imports	145,396	118,146	24,606	27,978	28,496	37,066	30,054	68,003

Primary Income	Inflows	79,418	83,098	18,528	23,148	22,926	18,496	22,849	24,389
	Outflows	140,481	152,828	35,209	39,417	39,487	38,715	41,531	45,098
EMU	Inflows	28,969	31,194	7,556	8,099	8,851	6,688	9,186	7,965
	Outflows	43,894	48,238	10,900	12,310	12,770	12,258	12,811	14,382
Non-EMU	Inflows	50,449	51,904	10,972	15,049	14,075	11,808	13,664	16,424
	Outflows	96,588	104,591	24,309	27,107	26,717	26,458	28,721	30,716
EU	Inflows	50,376	53,402	12,780	14,011	14,901	11,710	15,201	14,564
	Outflows	75,115	83,336	18,234	22,156	21,892	21,054	21,355	25,233
Non-EU	Inflows	29,042	29,695	5,748	9,136	8,025	6,786	7,649	9,826
	Outflows	65,365	69,492	16,975	17,261	17,595	17,661	20,177	19,865

Secondary Income	Inflows	5,366	4,996	1,372	1,221	1,157	1,246	1,196	999
	Outflows	8,472	8,361	2,274	2,208	1,916	1,963	2,452	1,574
EMU	Inflows	1,825	1,629	453	362	435	379	337	397
	Outflows	1,955	1,736	466	385	474	411	361	439
Non-EMU	Inflows	3,542	3,368	919	860	722	867	859	602
	Outflows	6,516	6,626	1,808	1,824	1,442	1,552	2,090	1,135
EU	Inflows	4,148	3,872	1,032	918	900	1,022	874	722
	Outflows	6,707	6,643	1,824	1,754	1,523	1,542	1,995	1,153
Non-EU	Inflows	1,219	1,126	341	303	258	224	322	277
	Outflows	1,765	1,718	450	454	393	421	457	421

Balance on Current Account		1,457	34,292	11,325	10,561	11,427	979	10,990	-26,538

Balance on Capital Account		-25,855	-53,038	-436	-377	-44	-52,181	-6,743	-17,220

¹The term ‘EMU’ means the area represented by the 19 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2015 to include Lithuania.The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. All data shown on this table relates to EMU-19 and EU-28.
²Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q2 2019 Table 1.6 (XLS 13KB)

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Table 1.7 Financial Account showing geographical detail

Table 1.7 Financial Account¹ showing geographical² detail									€ million
		2017	2018	2018				2019
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	-1,813	616	-2,142	-35,017	1,331	36,444	10,051	-61,740
	In Ireland	46,770	-23,785	-14,007	-44,687	-9,453	44,362	7,424	-12,705

EMU	Abroad	-51,668	-48,533	-36,626	-34,618	-2,733	25,444	19,330	-31,915
	In Ireland	82,941	-132,508	-67,585	-54,799	179	-10,303	56,029	-34,825
Non-EMU	Abroad	49,855	49,149	34,485	-399	4,063	11,000	-9,279	-29,826
	In Ireland	-36,172	108,722	53,578	10,111	-9,632	54,665	-48,605	22,120
EU	Abroad	-45,983	-52,656	-37,192	-33,279	-1,865	19,680	26,111	-30,550
	In Ireland	87,470	-170,667	-92,771	-53,018	-107	-24,771	58,011	-32,215
Non-EU	Abroad	44,170	53,272	35,051	-1,738	3,195	16,764	-16,060	-31,190
	In Ireland	-40,700	146,881	78,764	8,330	-9,346	69,133	-50,587	19,511

Portfolio Investment	Assets	253,495	125,948	77,374	10,612	25,415	12,547	36,887	30,773
	Liabilities	311,137	131,618	68,041	37,659	27,823	-1,905	40,636	44,832

EMU	Assets	55,402	25,274	10,961	-4,610	6,542	12,381	16,981	14,689
	Liabilities	111,328	60,368	24,316	15,374	12,185	8,493	-662	24,671
Non-EMU	Assets	198,092	100,673	66,414	15,221	18,872	166	19,907	16,084
	Liabilities	199,810	71,252	43,725	22,285	15,639	-10,397	41,298	20,160
EU	Assets	123,932	6,496	12,344	844	21,932	-28,624	28,417	18,230
	Liabilities	278,429	108,093	52,060	25,145	19,529	11,359	37,403	43,031
Non-EU	Assets	129,561	119,452	65,030	9,768	3,483	41,171	8,470	12,543
	Liabilities	32,707	23,526	15,981	12,514	8,295	-13,264	3,233	1,801

Other Investment³	Assets	89,957	123,517	25,716	89,920	39,796	-31,915	55,162	44,181
	Liabilities	831	156,493	47,594	54,754	38,116	16,029	42,368	18,866

EMU	Assets	34,052	12,768	15,703	18,018	-9,399	-11,554	52,899	17,535
	Liabilities	-9,172	11,654	5,792	10,640	3,510	-8,288	30,601	6,522
Non-EMU	Assets	55,905	110,748	10,013	71,902	49,195	-20,362	2,263	26,645
	Liabilities	10,003	144,839	41,802	44,114	34,606	24,317	11,767	12,344
EU	Assets	121,104	130,766	30,582	63,875	21,548	14,761	60,071	22,631
	Liabilities	34,212	86,273	31,826	38,969	9,219	6,259	36,433	10,423
Non-EU	Assets	-31,146	-7,251	-4,867	26,045	18,248	-46,677	-4,909	21,549
	Liabilities	-33,381	70,219	15,768	15,785	28,896	9,770	5,934	8,443

Reserve Assets		399	770	-22	5	209	578	2	121

Balance on Financial Account		-16,700	-13,475	-702	17,794	10,265	-40,832	11,675	-37,659

Net errors and omissions		7,697	5,270	-11,591	7,610	-1,119	10,370	7,428	6,100
¹See footnote 1 on Table 1.4.
²The term ‘EMU’ means the area represented by the 19 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2015 to include Lithuania.The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. All data shown on this table relates to EMU-19 and EU-28.
³Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account Balance due to confidentiality constraints.

Open in Excel: International Accounts Q2 2019 Table 1.7 (XLS 14KB)

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International Accounts Q2 2019

Balance of International Payments

Balance of International Payments

Large imports of intellectual property bring current account balance to -€26.5bn in Quarter 2 2019

Current account (see Table 1.3)

Financial account (see Tables 1.4 and 1.5)

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