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International Accounts Q3 2019

Balance of International Payments

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Current account balance of over €11bn in Quarter 3 2019

Table 1.1 Balance of International Payments				€ million
	Merchandise Balance	Services and Income Balance	Current Account Balance	Current Account Balance as % of GDP
Q3 2018	28,220	-16,793	11,427	13.5
Q3 2019	33,207	-22,047	11,160	12.4

Q1-Q3 2018	86,083	-52,769	33,313	13.9
Q1-Q3 2019	93,515	-97,904	-4,388	-1.7

Open in Excel: International Accounts Q3 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 surplus of €11.2bn in the third quarter of 2019. Quarter on quarter, we see large increases in goods exports due to contract manufacturing abroad along with higher profit outflows from the foreign-owned manufacturing sector. Computer services exports have remained largely unchanged from the previous quarter and ICT sector profit outflows have returned to the levels observed in 2018.

	Current Account
Q2 2017	-45.5378864208945
Q3 2017	18.4851609363755
Q4 2017	15.924476157619
Q1 2018	14.3462968596149
Q2 2018	13.7409318262381
Q3 2018	13.5071542428803
Q4 2018	1.1704871990633
Q1 2019	13.0992757213929
Q2 2019	-32.1933255056759
Q3 2019	12.3645044673245

	Merchandise	Services	Primary Income	Secondary Income	Balance on Current Account
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
Q3 2019	33.207	-0.312	-20.924	-0.811	11.16

Other points of note in the Quarter 3 2019 results are:

Current account (see Table 1.3)

Merchandise exports were €57,034m in the third quarter of 2019, an increase of €3,261m compared with the third quarter of 2018. Merchandise imports were €23,826m in the third quarter of 2019, a decrease of €1,727m compared with the same period in 2018, mainly due to lower imports of aircraft.
Service exports at €53,670m increased by €7,666m compared to the third quarter of 2018, mainly due to higher computer services exports.
Service imports at €53,983m were up €8,507m over the same period in 2018. These figures were mainly explained by increased imports of royalties (+€3,378m) and business services (+€4,101m).
Ireland’s trade balance at €32,895m, all goods and services exports less all goods and services imports, increased by €4,148m in the third quarter of 2019 over the same period in 2018.
Investment income earned abroad at €23,862m, increased by €1,467m compared with one year earlier while investment income payable to foreign investors at €45,038m increased by €5,781m, mainly due to increased profits in the manufacturing sector. This left the overall income balance for the quarter at -€21,735m, €4,415m lower than the same period in 2018.

	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Balance on Financial Account
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
Q3 2019	-1.639	34.764	-35.408	0.125	-2.157

Financial account (see Tables 1.4 and 1.5)

Direct investment in Ireland increased by €29,879m in the third quarter of 2019. This change was driven by reinvested earnings of €19,215m and an increase in other capital of €13,928m. Direct investment abroad increased by €28,240m in the quarter, mainly because of increases in other capital of €29,236m.
Portfolio investment in foreign assets increased by €158,477m in the quarter. Investment in foreign equity increased by €18,293m while investment in foreign debt instruments increased by €140,184m. Portfolio investment in Ireland increased by €123,713m, mainly due to increased purchase of Irish equity of €113,256m.
Other investment assets increased by €33,364m in the third quarter of 2019, while other investment liabilities increased by €68,772m 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
	Quarter 3	33,207	-312	-20,924	-811	-22,047	11,160	-4,838	-1,639	34,764	-35,408	125	-2,157	-8,478
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 Q3 2019 Table 1.2 (XLS 16KB)

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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	Quarter 3
Current Account
Merchandise¹	Exports	197,824	216,307	51,390	53,698	53,773	57,446	57,145	54,971	57,034
	Imports	88,705	103,346	22,331	24,894	25,553	30,568	24,994	26,814	23,826

International trade	Exports	122,747	140,626	33,837	35,564	34,090	37,135	38,018	38,562	37,458
	Imports	80,510	88,611	19,490	21,245	22,304	25,572	19,803	21,313	19,500
Goods for processing	Exports	64,962	68,196	15,979	15,884	17,932	18,401	17,500	14,622	18,392
	Imports	4,744	11,514	2,300	2,831	2,322	4,061	4,308	4,317	3,087
Other conceptual adjustments	Exports	358	-1,002	-375	333	-200	-760	-1	-387	-2,168
	Imports	3,452	3,222	541	818	928	935	882	1,184	1,240
Merchanting (net export)	Exports	9,759	8,488	1,950	1,916	1,952	2,670	1,628	2,174	3,352

Services	Exports	161,831	180,077	39,696	43,701	46,004	50,676	46,484	52,678	53,670
	Imports	205,323	185,647	39,847	44,687	45,476	55,637	47,708	86,090	53,983
Repairs and Processing	Exports	1,994	1,899	439	463	430	567	488	498	471
	Imports	4,765	5,452	976	1,093	1,281	2,102	1,561	1,305	1,381
Transport	Exports	8,088	7,746	1,238	2,112	2,832	1,564	1,150	2,134	2,903
	Imports	2,599	3,109	681	733	753	942	767	811	731
Tourism and Travel²	Exports	4,972	5,237	817	1,500	1,847	1,073	774	1,536	1,849
	Imports	5,814	6,270	1,195	1,566	2,091	1,418	1,403	1,831	2,398
Insurance	Exports	9,747	9,664	2,547	2,433	2,307	2,377	2,531	2,457	2,469
	Imports	6,967	8,040	2,139	2,027	1,926	1,948	2,211	2,045	2,138
Financial services	Exports	15,544	15,354	3,921	3,819	3,805	3,809	3,845	3,896	3,910
	Imports	12,923	12,851	3,286	3,202	3,166	3,197	3,452	3,344	3,460
Royalties/Licences	Exports	9,100	11,777	2,540	3,299	3,025	2,913	2,040	2,560	2,599
	Imports	66,662	72,180	16,458	17,940	18,076	19,706	18,798	20,591	21,454
of which: Pharmaceutical products and preparations	Exports	603	84	32	16	18	18	17	14	15
	Imports	18,888	15,369	3,545	4,152	3,656	4,016	3,877	5,195	4,723
Information and communication	Exports	2,472	4,135	1,111	1,407	1,010	607	355	468	398
	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	81
	Imports	693	570	139	139	144	148	140	126	131
Computer services³	Exports	68,080	86,222	18,723	20,295	21,357	25,847	24,463	27,173	26,624
	Imports	3,232	4,331	809	1,090	1,088	1,344	1,091	1,083	1,225
Business services	Exports	39,553	38,025	8,490	8,799	9,305	11,431	10,802	11,158	11,504
	Imports	101,024	72,155	13,993	16,725	16,779	24,658	18,103	54,769	20,880
Research and development	Exports	6,729	2,988	607	588	573	1,220	787	637	740
	Imports	55,157	22,901	3,569	4,391	4,875	10,066	4,370	*	6,812
of which: IP related	Exports	4,508	692	82	*	35	*	185	18	89
	Imports	41,477	5,353	124	*	143	*	146	*	1,074
Operational leasing	Exports	13,542	12,910	3,015	3,111	3,312	3,472	3,380	3,535	3,593
	Imports	915	728	168	171	197	192	274	270	275
Misc. business services⁴	Exports	19,282	22,126	4,868	5,100	5,420	6,738	6,635	6,986	7,171
	Imports	44,952	48,526	10,256	12,163	11,707	14,400	13,458	*	13,793
Other services n.e.s.	Exports	4,096	3,741	869	877	993	1,002	303	1,176	1,262
	Imports	639	687	169	171	172	175	181	186	186

Merchandise and Services - Total	Exports	359,655	396,384	91,086	97,399	99,777	108,122	103,629	107,648	110,704
	Imports	294,028	288,994	62,178	69,581	71,030	86,205	72,701	112,904	77,809

Trade Balance	Net	65,627	107,390	28,909	27,817	28,747	21,917	30,928	-5,256	32,895

Primary Income	Inflows	79,418	83,098	18,528	23,148	22,926	18,496	22,849	24,389	24,371
	Outflows	140,481	152,828	35,209	39,417	39,487	38,715	41,531	45,098	45,295
Compensation of Employees	Inflows	528	528	131	131	135	131	131	131	131
	Outflows	643	626	155	156	156	159	162	169	171
Investment Income	Inflows	77,385	81,003	18,027	22,643	22,395	17,938	22,367	23,909	23,862
	Outflows	139,522	151,894	34,977	39,196	39,257	38,464	41,289	44,731	45,038
Direct investment income	Inflows	20,821	17,715	3,952	5,234	5,736	2,793	4,682	3,851	4,689
	Outflows	72,631	76,992	19,017	18,032	20,505	19,438	21,721	21,544	23,397

of which: Manufacturing	Outflows	19,895	24,545	7,337	7,764	6,438	3,006	10,434	8,811	13,803
Information and communication	Outflows	11,135	11,498	3,195	2,298	2,962	3,043	3,036	5,414	2,313

Income on equity	Inflows	18,201	15,434	3,680	4,623	5,035	2,096	4,194	3,357	4,453
	Outflows	66,821	71,316	17,877	16,650	19,007	17,782	20,568	20,312	21,909
Dividends & distributed	Inflows	777	2,174	36	*	240	*	12	193	666
branch profits	Outflows	12,456	14,797	3,473	3,001	4,470	3,853	2,727	980	2,695
Reinvested earnings	Inflows	17,425	13,259	3,644	*	4,794	*	4,181	3,164	3,787
	Outflows	54,364	56,519	14,404	13,649	14,537	13,929	17,841	19,332	19,215
Income on debt	Inflows	2,619	2,280	272	610	702	696	489	495	236
	Outflows	5,809	5,677	1,140	1,383	1,498	1,656	1,153	1,232	1,487
Portfolio investment income	Inflows	46,263	51,429	11,531	14,524	13,323	12,051	13,800	16,039	15,053
	Outflows	56,704	63,763	13,575	18,361	15,810	16,017	15,870	20,055	18,143
Income on equity	Inflows	14,867	16,683	3,441	5,801	4,403	3,038	4,396	6,392	4,962
	Outflows	47,981	55,247	11,527	16,242	13,733	13,745	13,907	17,957	16,142
Income on debt	Inflows	31,396	34,745	8,090	8,723	8,920	9,012	9,404	9,647	10,091
	Outflows	8,723	8,516	2,048	2,119	2,077	2,272	1,963	2,098	2,001
Other investment income	Inflows	10,301	11,859	2,544	2,885	3,336	3,094	3,885	4,019	4,119
	Outflows	10,188	11,140	2,385	2,803	2,943	3,009	3,699	3,132	3,499
Other primary income	Inflows	1,504	1,566	370	374	395	427	351	349	378
	Outflows	317	309	77	66	74	92	80	197	85

Secondary Income	Inflows	5,366	4,996	1,372	1,221	1,157	1,246	1,196	999	1,168
	Outflows	8,472	8,361	2,274	2,208	1,916	1,963	2,452	1,574	1,979

Income Balance	Net	-64,168	-73,097	-17,583	-17,256	-17,320	-20,938	-19,938	-21,283	-21,735

Current Account - Total	Inflows	444,439	484,477	110,986	121,768	123,860	127,863	127,674	133,037	136,243
	Outflows	442,981	450,185	99,661	111,207	112,433	126,884	116,684	159,575	125,083

Current Account Balance	Net	1,457	34,292	11,325	10,561	11,427	979	10,990	-26,538	11,160

Capital Account Balance	Net	-25,855	-53,038	-436	-377	-44	-52,181	-6,743	-17,220	-4,838

Memorandum Item:
Government Income	Inflows	93	1,667	396	399	418	454	371	390	398
	Outflows	3,666	3,711	944	941	939	887	887	870	845
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 Q3 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	Quarter 3

Direct Investment	Abroad	-1,813	616	-2,142	-35,017	1,331	36,444	10,051	-61,740	28,240
	In Ireland	46,770	-23,785	-14,007	-44,687	-9,453	44,362	7,424	-12,705	29,879

Equity	Abroad	-32,637	-21,769	-6,248	*	-1,569	*	38,185	-866	-4,783
	In Ireland	-982	-48,381	-11,449	-49,778	-1,042	13,888	18,682	-49,135	-3,264
Reinvested Earnings	Abroad	17,425	13,259	3,644	*	4,794	*	4,181	3,164	3,787
	In Ireland	54,364	56,519	14,404	13,649	14,537	13,929	17,841	19,332	19,215
Other Capital	Abroad	13,400	9,123	462	25,029	-1,895	-14,473	-32,316	-64,038	29,236
	In Ireland	-6,612	-31,924	-16,962	-8,558	-22,948	16,544	-29,098	17,098	13,928

Portfolio Investment	Assets	253,495	125,948	77,374	10,612	25,415	12,547	36,887	30,773	158,477
	Liabilities	311,137	131,618	68,041	37,659	27,823	-1,905	40,636	44,832	123,713

Equity	Assets	92,170	47,815	28,260	13,591	11,343	-5,379	16,704	9,254	18,293
	Liabilities	306,005	125,309	62,489	37,260	24,985	575	36,911	45,099	113,256
Debt Instruments	Assets	161,324	78,134	49,115	-2,979	14,072	17,926	20,183	21,519	140,184
	Liabilities	5,132	6,310	5,552	399	2,838	-2,479	3,725	-267	10,458
Bonds and notes	Assets	117,585	70,425	31,672	9,994	22,489	6,270	43,631	31,918	92,399
	Liabilities	1,504	11,663	2,685	919	7,863	196	4,773	-2,351	8,789
Money market instruments	Assets	43,739	7,708	17,443	-12,973	-8,418	11,656	-23,448	-10,400	47,786
	Liabilities	3,630	-5,353	2,867	-520	-5,025	-2,675	-1,048	2,083	1,669

Other Investment	Assets	89,957	123,517	25,716	89,920	39,796	-31,915	55,162	44,181	33,364
	Liabilities	831	156,493	47,594	54,754	38,116	16,029	42,368	18,866	68,772

Loans, currency and deposits	Assets	103,952	48,425	19,502	36,168	14,479	-21,724	50,193	21,373	21,157
	Liabilities	25,086	112,823	30,760	24,305	17,724	40,034	27,542	5,242	29,621
Other²	Assets	-13,994	75,090	6,214	53,752	25,316	-10,192	4,969	22,808	12,208
	Liabilities	-24,256	43,668	16,834	30,448	20,391	-24,005	14,826	13,624	39,151

Reserve Assets		399	770	-22	5	209	578	2	121	125

Monetary gold		0	0	0	0	0	0	0	0	0
Special drawing rights		-43	14	-16	5	15	10	10	8	-19
Reserve position in the IMF		0	-1	-11	10	0	0	0	0	2
Foreign exchange		158	250	-14	1	-36	299	127	-102	82
Other		285	508	19	-11	231	269	-136	216	60

Balance on Financial Account		-16,700	-13,475	-702	17,794	10,265	-40,832	11,675	-37,659	-2,157

Net errors and omissions		7,697	5,270	-11,591	7,610	-1,119	10,370	7,428	6,100	-8,478
Memorandum Item:
Government financial	Assets	426	14,211	-1,095	4,367	9,886	1,053	-1,871	-399	-251
transactions	Liabilities	1,377	17,084	5,771	7,549	9,749	-5,985	5,025	-874	51
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.

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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	Quarter 3
Current Account - Total	Inflows	444,439	484,477	110,986	121,768	123,860	127,863	127,674	133,037	136,243
	Outflows	442,981	450,185	99,661	111,207	112,433	126,884	116,684	159,575	125,083

Merchandise²	Exports	197,824	216,307	51,390	53,698	53,773	57,446	57,145	54,971	57,034
	Imports	88,705	103,346	22,331	24,894	25,553	30,568	24,994	26,814	23,826

Services	Exports	161,831	180,077	39,696	43,701	46,004	50,676	46,484	52,678	53,670
	Imports	205,323	185,647	39,847	44,687	45,476	55,637	47,708	86,090	53,983

IFSC	Exports	39,589	38,808	9,617	9,670	9,554	9,967	10,254	10,689	10,628
	Imports	23,452	25,451	6,517	6,525	6,131	6,278	6,960	6,842	7,068
Non-IFSC	Exports	122,242	141,267	30,078	34,031	36,448	40,710	36,229	41,989	43,042
	Imports	181,872	160,194	33,329	38,162	39,345	49,358	40,747	79,248	46,914

Primary Income	Inflows	79,418	83,098	18,528	23,148	22,926	18,496	22,849	24,389	24,371
	Outflows	140,481	152,828	35,209	39,417	39,487	38,715	41,531	45,098	45,295

IFSC	Inflows	59,764	64,579	14,147	17,634	17,141	15,657	17,878	20,115	19,058
	Outflows	67,061	72,801	15,800	19,762	18,855	18,384	19,127	22,185	21,076
Non-IFSC	Inflows	19,654	18,519	4,381	5,514	5,785	2,839	4,972	4,274	5,313
	Outflows	73,422	80,026	19,410	19,654	20,631	20,331	22,404	22,912	24,219

Secondary Income	Inflows	5,366	4,996	1,372	1,221	1,157	1,246	1,196	999	1,168
	Outflows	8,472	8,361	2,274	2,208	1,916	1,963	2,452	1,574	1,979

IFSC³	Inflows	4,311	4,063	1,168	1,011	965	919	1,009	870	970
	Outflows	4,311	4,063	1,168	1,011	965	919	1,009	870	970
Non-IFSC	Inflows	1,056	934	204	211	192	327	187	130	198
	Outflows	4,161	4,300	1,106	1,198	951	1,045	1,443	704	1,009

Balance on Current Account		1,457	34,292	11,325	10,561	11,427	979	10,990	-26,538	11,160

Balance on Capital Account		-25,855	-53,038	-436	-377	-44	-52,181	-6,743	-17,220	-4,838

Financial Account⁴
Direct investment	Abroad	-1,813	616	-2,142	-35,017	1,331	36,444	10,051	-61,740	28,240
	In Ireland	46,770	-23,785	-14,007	-44,687	-9,453	44,362	7,424	-12,705	29,879

IFSC	Abroad	5,606	-2,856	-3,382	592	-508	442	1,118	-2,711	-106
	In Ireland	5,198	-17,427	-14,885	-3,169	6,263	-5,636	-20,526	499	2,088
Non-IFSC	Abroad	-7,419	3,471	1,240	-35,610	1,839	36,002	8,933	-59,029	28,346
	In Ireland	41,572	-6,359	878	-41,518	-15,717	49,998	27,950	-13,204	27,791

Portfolio investment	Assets	253,495	125,948	77,374	10,612	25,415	12,547	36,887	30,773	158,477
	Liabilities	311,137	131,618	68,041	37,659	27,823	-1,905	40,636	44,832	123,713

IFSC	Assets	246,210	122,935	76,457	9,270	24,701	12,507	34,615	30,717	155,719
	Liabilities	308,952	128,467	60,923	32,199	29,465	5,880	37,556	49,465	124,159
Non-IFSC	Assets	7,285	3,013	917	1,342	714	40	2,273	56	2,759
	Liabilities	2,184	3,152	7,118	5,460	-1,641	-7,785	3,079	-4,633	-446

Other investment⁵	Assets	89,957	123,517	25,716	89,920	39,796	-31,915	55,162	44,181	33,364
	Liabilities	831	156,493	47,594	54,754	38,116	16,029	42,368	18,866	68,772

IFSC	Assets	86,264	98,326	28,692	69,283	29,339	-28,988	51,318	40,870	18,080
	Liabilities	8,577	137,690	54,675	48,444	16,438	18,133	49,327	20,312	59,571
Non-IFSC	Assets	3,695	25,191	-2,976	20,637	10,457	-2,927	3,844	3,311	15,285
	Liabilities	-7,747	18,803	-7,081	6,310	21,678	-2,104	-6,960	-1,446	9,200

Reserve Assets		399	770	-22	5	209	578	2	121	125

Balance on Financial Account		-16,700	-13,475	-702	17,794	10,265	-40,832	11,675	-37,659	-2,157
Net errors and omissions		7,697	5,270	-11,591	7,610	-1,119	10,370	7,428	6,100	-8,478
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.

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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	Quarter 3

Current Account - Total	Inflows	444,439	484,477	110,986	121,768	123,860	127,863	127,674	133,037	136,243
	Outflows	442,981	450,185	99,661	111,207	112,433	126,884	116,684	159,575	125,083

Merchandise²	Exports	197,824	216,307	51,390	53,698	53,773	57,446	57,145	54,971	57,034
	Imports	88,705	103,346	22,331	24,894	25,553	30,568	24,994	26,814	23,826
EMU	Exports	50,582	56,060	13,786	15,164	14,330	12,780	18,576	16,750	14,923
	Imports	31,461	33,383	7,029	8,767	8,817	8,770	7,255	8,343	6,751
Non-EMU	Exports	147,242	160,247	37,605	38,534	39,443	44,665	38,569	38,221	42,110
	Imports	57,246	69,963	15,301	16,128	16,736	21,798	17,738	18,471	17,075
EU	Exports	81,198	85,953	20,770	22,318	21,783	21,082	25,864	23,727	22,056
	Imports	56,981	60,806	13,423	15,349	15,602	16,432	14,540	15,296	13,548
Non-EU	Exports	116,625	130,355	30,621	31,380	31,990	36,364	31,281	31,244	34,977
	Imports	31,724	42,541	8,907	9,546	9,952	14,136	10,453	11,519	10,279

Services	Exports	161,831	180,077	39,696	43,701	46,004	50,676	46,484	52,678	53,670
	Imports	205,323	185,647	39,847	44,687	45,476	55,637	47,708	86,090	53,983
EMU	Exports	38,163	42,811	9,268	10,405	11,236	11,902	10,868	12,685	12,226
	Imports	42,532	47,202	10,398	11,790	11,856	13,158	12,220	12,348	14,479
Non-EMU	Exports	123,668	137,266	30,428	33,296	34,768	38,774	35,616	39,992	41,444
	Imports	162,791	138,444	29,449	32,896	33,620	42,479	35,487	73,742	39,503
EU	Exports	73,502	81,175	17,955	19,760	21,243	22,217	20,559	23,210	23,180
	Imports	59,924	67,501	15,241	16,709	16,980	18,571	17,654	18,086	20,363
Non-EU	Exports	88,331	98,902	21,741	23,941	24,760	28,460	25,925	29,467	30,490
	Imports	145,396	118,146	24,606	27,978	28,496	37,066	30,054	68,003	33,619

Primary Income	Inflows	79,418	83,098	18,528	23,148	22,926	18,496	22,849	24,389	24,371
	Outflows	140,481	152,828	35,209	39,417	39,487	38,715	41,531	45,098	45,295
EMU	Inflows	28,969	31,194	7,556	8,099	8,851	6,688	9,186	7,965	8,216
	Outflows	43,894	48,238	10,900	12,310	12,770	12,258	12,811	14,382	14,896
Non-EMU	Inflows	50,449	51,904	10,972	15,049	14,075	11,808	13,664	16,424	16,154
	Outflows	96,588	104,591	24,309	27,107	26,717	26,458	28,721	30,716	30,397
EU	Inflows	50,376	53,402	12,780	14,011	14,901	11,710	15,201	14,564	14,803
	Outflows	75,115	83,336	18,234	22,156	21,892	21,054	21,355	25,233	25,110
Non-EU	Inflows	29,042	29,695	5,748	9,136	8,025	6,786	7,649	9,826	9,568
	Outflows	65,365	69,492	16,975	17,261	17,595	17,661	20,177	19,865	20,184

Secondary Income	Inflows	5,366	4,996	1,372	1,221	1,157	1,246	1,196	999	1,168
	Outflows	8,472	8,361	2,274	2,208	1,916	1,963	2,452	1,574	1,979
EMU	Inflows	1,825	1,629	453	362	435	379	337	397	370
	Outflows	1,955	1,736	466	385	474	411	361	439	412
Non-EMU	Inflows	3,542	3,368	919	860	722	867	859	602	798
	Outflows	6,516	6,626	1,808	1,824	1,442	1,552	2,090	1,135	1,567
EU	Inflows	4,148	3,872	1,032	918	900	1,022	874	722	795
	Outflows	6,707	6,643	1,824	1,754	1,523	1,542	1,995	1,153	1,449
Non-EU	Inflows	1,219	1,126	341	303	258	224	322	277	373
	Outflows	1,765	1,718	450	454	393	421	457	421	530

Balance on Current Account		1,457	34,292	11,325	10,561	11,427	979	10,990	-26,538	11,160

Balance on Capital Account		-25,855	-53,038	-436	-377	-44	-52,181	-6,743	-17,220	-4,838

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.

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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	Quarter 3

Direct Investment	Abroad	-1,813	616	-2,142	-35,017	1,331	36,444	10,051	-61,740	28,240
	In Ireland	46,770	-23,785	-14,007	-44,687	-9,453	44,362	7,424	-12,705	29,879

EMU	Abroad	-51,668	-48,533	-36,626	-34,618	-2,733	25,444	19,330	-31,915	-9,675
	In Ireland	82,941	-132,508	-67,585	-54,799	179	-10,303	56,029	-34,825	29,684
Non-EMU	Abroad	49,855	49,149	34,485	-399	4,063	11,000	-9,279	-29,826	37,915
	In Ireland	-36,172	108,722	53,578	10,111	-9,632	54,665	-48,605	22,120	195
EU	Abroad	-45,983	-52,656	-37,192	-33,279	-1,865	19,680	26,111	-30,550	-9,622
	In Ireland	87,470	-170,667	-92,771	-53,018	-107	-24,771	58,011	-32,215	22,897
Non-EU	Abroad	44,170	53,272	35,051	-1,738	3,195	16,764	-16,060	-31,190	37,862
	In Ireland	-40,700	146,881	78,764	8,330	-9,346	69,133	-50,587	19,511	6,982

Portfolio Investment	Assets	253,495	125,948	77,374	10,612	25,415	12,547	36,887	30,773	158,477
	Liabilities	311,137	131,618	68,041	37,659	27,823	-1,905	40,636	44,832	123,713

EMU	Assets	55,402	25,274	10,961	-4,610	6,542	12,381	16,981	14,689	65,726
	Liabilities	111,328	60,368	24,316	15,374	12,185	8,493	-662	24,671	38,775
Non-EMU	Assets	198,092	100,673	66,414	15,221	18,872	166	19,907	16,084	92,751
	Liabilities	199,810	71,252	43,725	22,285	15,639	-10,397	41,298	20,160	84,938
EU	Assets	123,932	6,496	12,344	844	21,932	-28,624	28,417	18,230	96,126
	Liabilities	278,429	108,093	52,060	25,145	19,529	11,359	37,403	43,031	111,337
Non-EU	Assets	129,561	119,452	65,030	9,768	3,483	41,171	8,470	12,543	62,351
	Liabilities	32,707	23,526	15,981	12,514	8,295	-13,264	3,233	1,801	12,377

Other Investment³	Assets	89,957	123,517	25,716	89,920	39,796	-31,915	55,162	44,181	33,364
	Liabilities	831	156,493	47,594	54,754	38,116	16,029	42,368	18,866	68,772

EMU	Assets	34,052	12,768	15,703	18,018	-9,399	-11,554	52,899	17,535	20,658
	Liabilities	-9,172	11,654	5,792	10,640	3,510	-8,288	30,601	6,522	42,819
Non-EMU	Assets	55,905	110,748	10,013	71,902	49,195	-20,362	2,263	26,645	12,706
	Liabilities	10,003	144,839	41,802	44,114	34,606	24,317	11,767	12,344	25,953
EU	Assets	121,104	130,766	30,582	63,875	21,548	14,761	60,071	22,631	24,331
	Liabilities	34,212	86,273	31,826	38,969	9,219	6,259	36,433	10,423	42,974
Non-EU	Assets	-31,146	-7,251	-4,867	26,045	18,248	-46,677	-4,909	21,549	9,033
	Liabilities	-33,381	70,219	15,768	15,785	28,896	9,770	5,934	8,443	25,798

Reserve Assets		399	770	-22	5	209	578	2	121	125

Balance on Financial Account		-16,700	-13,475	-702	17,794	10,265	-40,832	11,675	-37,659	-2,157

Net errors and omissions		7,697	5,270	-11,591	7,610	-1,119	10,370	7,428	6,100	-8,478
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.

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International Accounts Q3 2019

Balance of International Payments

Balance of International Payments

Current account balance of over €11bn in Quarter 3 2019

Current account (see Table 1.3)

Financial account (see Tables 1.4 and 1.5)

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