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Current account with UK shows surplus of €0.1bn in Quarter 2 2020
normal
| Merchandise | Services | Income | Current Account |
Q1 2018 | -0.444 | 2.367 | -2.42 | -0.498 |
Q2 2018 | -0.385 | 2.925 | -4.168 | -1.628 |
Q3 2018 | -0.437 | 3.308 | -3.545 | -0.674 |
Q4 2018 | -0.676 | 3.267 | -3.917 | -1.326 |
Q1 2019 | -1.755 | 3.087 | -3.29 | -1.957 |
Q2 2019 | -0.736 | 3.447 | -4.478 | -1.767 |
Q3 2019 | -0.948 | 3.835 | -3.786 | -0.899 |
Q4 2019 | -1.326 | 3.974 | -2.691 | -0.043 |
Q1 2020 | -1.117 | 3.319 | -3.351 | -1.15 |
Q2 2020 | -1.226 | 3.43 | -2.116 | 0.088 |
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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
Next Chapter >> Foreign Direct Investment