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Accounts with the UK

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Current account with UK shows surplus of €0.1bn in Quarter 2 2020

MerchandiseServicesIncomeCurrent Account
Q1 2018-0.4442.367-2.42-0.498
Q2 2018-0.3852.925-4.168-1.628
Q3 2018-0.4373.308-3.545-0.674
Q4 2018-0.6763.267-3.917-1.326
Q1 2019-1.7553.087-3.29-1.957
Q2 2019-0.7363.447-4.478-1.767
Q3 2019-0.9483.835-3.786-0.899
Q4 2019-1.3263.974-2.691-0.043
Q1 2020-1.1173.319-3.351-1.15
Q2 2020-1.2263.43-2.1160.088

Current account with UK (See Table 3.1)

  • Merchandise exports were €4,448m in the second quarter of 2020, a decrease of €723m compared with the second quarter of 2019.
  • Merchandise imports were €5,674m in the second quarter of 2020, a decrease of €233m compared with the second quarter of 2019.
  • Services exports at €7,787m decreased by €717m compared to the second quarter of 2019, mainly due to a reduction of transport, tourism and travel and business services exports.
  • Services imports at €4,357m were down €700m over that same period in 2019. These figures were due to decreased levels of business, tourism and travel and insurance costs.
  • Investment income earned in UK at €5,928m, decreased by €589m compared with one year earlier while investment income payable to UK investors at €8,052m decreased by €2,951m.
  • When these effects are combined, the trade balance with the UK has decreased by €507m and net income outflows have decreased by €2,362m, compared with the second quarter of 2019. The result is a current account balance surplus of €88m in the second quarter of 2020, up from a deficit of €1,767m in the second quarter of 2019.

We have also included a new experimental table on foreign direct investment with UK (See Table 3.2); this table shows that direct investment in Ireland from the UK has increased by €2,804m in the second quarter of 2020. Direct investment abroad from Ireland to the UK has increased by €513m in the second quarter of 2020 mainly due to an increase in reinvesting earnings.

Table 3.1 Current Account with UK

Table 3.2 Foreign Direct Investment with UK


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