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 €15.8bn in the second quarter of 2022. Increased merchandise exports and computer services exports have contributed to the current account surplus.
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| Current Account |
Q1 2020 | -51.0529116089118 |
Q2 2020 | 13.2746204617677 |
Q3 2020 | 9.87812279310573 |
Q4 2020 | 0.808201291059934 |
Q1 2021 | 16.8480902885159 |
Q2 2021 | 16.1198977086449 |
Q3 2021 | 19.7322326507056 |
Q4 2021 | 4.21303948476478 |
Q1 2022 | 14.5523170659894 |
Q2 2022 | 13.2666876179988 |
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normal
| Merchandise | Services | Primary Income | Secondary Income | Balance on Current Account |
Q1 2020 | 36.139 | -59.876 | -22.71 | -1.05 | -47.496 |
Q2 2020 | 34.266 | 0.39 | -22.443 | -0.974 | 11.239 |
Q3 2020 | 37.465 | 2.502 | -29.253 | -0.727 | 9.987 |
Q4 2020 | 34.343 | -14.731 | -17.819 | -1.034 | 0.76 |
Q1 2021 | 42.057 | 5.491 | -29.221 | -1.273 | 17.054 |
Q2 2021 | 40.137 | 5.203 | -27.987 | -0.994 | 16.359 |
Q3 2021 | 44.823 | 5.146 | -26.622 | -0.68 | 22.666 |
Q4 2021 | 40.291 | -15.263 | -19.019 | -1.43 | 4.58 |
Q1 2022 | 47.784 | 5.442 | -34.986 | -1.198 | 17.043 |
Q2 2022 | 49.081 | 2.974 | -35.022 | -1.186 | 15.848 |
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- Merchandise exports were €85,130m in the second quarter of 2022, an increase of €17,451m compared with the second quarter of 2021. Merchandise imports were €36,048m in the second quarter of 2022, an increase of €8,506m over the same period in 2021.
- Service exports at €81,710m increased by €10,875m compared to the second quarter of 2021, mainly due to higher Computer services exports (which increased by €6,779m) and higher Transport and Tourism services exports (which increased by €1,627m and €915m respectively).
- Service imports at €78,736m were up €13,104m over the same period in 2021, mainly due to higher Royalty imports and higher Business services imports (which increased by €4,169m and €5,631m respectively).
- Ireland’s trade balance at €52,055m, all goods and services exports less all goods and services imports, increased by €6,715m in the second quarter of 2022 over the same period in 2021.
- Investment income earned abroad at €35,380m, increased by €5,174m compared with one year earlier while investment income payable to foreign investors at €70,314m increased by €12,171m. The overall income balance for the quarter at -€36,207m decreased by €7,226m compared with the same period in 2021.
normal
| Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Balance on Financial Account |
Q1 2020 | -53.14 | -86.105 | 81.1 | 0.139 | -58.007 |
Q2 2020 | -51.183 | 49.413 | 12.891 | -0.014 | 11.107 |
Q3 2020 | -12.829 | -2.917 | 16.683 | 0.761 | 1.697 |
Q4 2020 | 4.172 | 16.581 | -10.78 | 0.396 | 10.371 |
Q1 2021 | 17.099 | 8.338 | -14.651 | 0.173 | 10.959 |
Q2 2021 | 4.815 | -4.667 | 22.982 | 0.072 | 23.203 |
Q3 2021 | 7.198 | -10.624 | 13.61 | 4.081 | 14.264 |
Q4 2021 | 24.134 | 0.872 | -13.21 | 0.654 | 12.45 |
Q1 2022 | 9.8 | -36.091 | 37.62 | -0.129 | 11.2 |
Q2 2022 | 24.456 | -32.643 | 14.707 | 0.033 | 6.553 |
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- Direct investment in Ireland decreased by €33,949m in the second quarter of 2022. This was due to decreased other capital of €42,067m and decreased equity of €24,390m which were offset by increased reinvestment of earnings of €32,508m. Direct investment abroad decreased by €9,494m in the quarter, mainly due to a decrease in equity investment of €56,561m which was offset by increased reinvested earnings and other capital investment abroad.
- Portfolio investment in foreign assets decreased by €22,273m in the quarter due to a decreased in investment in foreign debt instruments of €23,407m which was marginally offset by increased investment in foreign equity of €1,134m. Portfolio investment in Ireland increased by €10,370m, due to increased investment in debt instruments and equity of €7,739m and €2,631m.
- Other investment assets and liabilities decreased by €18,350m and €33,057m respectively in the second quarter of 2022.
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