| Inflows | Outflows | |
| Q2 2017 | 4.502 | 17.847 |
| Q3 2017 | 5.488 | 17.292 |
| Q4 2017 | 6.571 | 19.504 |
| Q1 2018 | 3.952 | 19.017 |
| Q2 2018 | 5.234 | 18.032 |
| Q3 2018 | 5.736 | 20.505 |
| Q4 2018 | 2.793 | 19.438 |
| Q1 2019 | 4.682 | 21.721 |
| Q2 2019 | 3.851 | 21.544 |
| Q3 2019 | 4.689 | 23.397 |
Direct investment income outflows (earned on investments in Ireland by investors located abroad) were €23.4bn in the third quarter of 2019, an increase of €2.9bn compared with the third quarter of 2018. Direct investment income inflows, which represent income earned abroad by investors located in Ireland, were €4.7bn in the third quarter of 2019, down €1.0bn compared to the same period in 2018.
| Income on Debt Outflows | Reinvested Earnings Outflows | Dividends & Distributed Branch Profits Outflows | |
| Q2 2017 | 1.504 | 13.255 | 3.087 |
| Q3 2017 | 1.417 | 11.98 | 3.894 |
| Q4 2017 | 1.24 | 15.484 | 2.78 |
| Q1 2018 | 1.14 | 14.404 | 3.473 |
| Q2 2018 | 1.383 | 13.649 | 3.001 |
| Q3 2018 | 1.498 | 14.537 | 4.47 |
| Q4 2018 | 1.656 | 13.929 | 3.853 |
| Q1 2019 | 1.153 | 17.841 | 2.727 |
| Q2 2019 | 1.232 | 19.332 | 0.98 |
| Q3 2019 | 1.487 | 19.215 | 2.695 |
The composition of direct investment income outflows is presented in Figure 4.2. Income outflows on reinvested earnings were €19.2bn in the third quarter of 2019, with dividends & distributed branch profits outflows at €2.7bn and income on debt outflows at €1.5bn.
| Direct Investment Income Outflows | of which Manufacturing | of which Information and Communication | |
| Q2 2017 | 17.847 | 5.902 | 3.353 |
| Q3 2017 | 17.292 | 5.105 | 2.706 |
| Q4 2017 | 19.504 | 3.131 | 2.8 |
| Q1 2018 | 19.017 | 7.337 | 3.195 |
| Q2 2018 | 18.032 | 7.764 | 2.298 |
| Q3 2018 | 20.505 | 6.438 | 2.962 |
| Q4 2018 | 19.438 | 3.006 | 3.043 |
| Q1 2019 | 21.721 | 10.434 | 3.036 |
| Q2 2019 | 21.544 | 8.811 | 5.414 |
| Q3 2019 | 23.397 | 13.803 | 2.313 |
| Abroad | In Ireland | |
| Q2 2017 | 48.243 | 69.618 |
| Q3 2017 | 8.41 | 1.922 |
| Q4 2017 | -58.528 | -27.139 |
| Q1 2018 | -2.142 | -14.007 |
| Q2 2018 | -35.017 | -44.687 |
| Q3 2018 | 1.331 | -9.453 |
| Q4 2018 | 36.444 | 44.362 |
| Q1 2019 | 10.051 | 7.424 |
| Q2 2019 | -61.74 | -12.705 |
| Q3 2019 | 28.24 | 29.879 |
Foreign direct investment (FDI) transactions abroad and in Ireland are shown in Figure 4.4. Direct investment into Ireland increased by €29.9bn in the third quarter of 2019. Direct investment abroad increased by €28.2bn in the quarter.
| Abroad | In Ireland | |
| Q2 2017 | 932.51 | 926.386 |
| Q3 2017 | 890.035 | 907.094 |
| Q4 2017 | 822.832 | 882.171 |
| Q1 2018 | 789.946 | 857.901 |
| Q2 2018 | 803.421 | 837.622 |
| Q3 2018 | 849.876 | 810.751 |
| Q4 2018 | 823.501 | 873.742 |
| Q1 2019 | 874.924 | 922.715 |
| Q2 2019 | 837.113 | 883.561 |
| Q3 2019 | 922.949 | 969.279 |
The stock of FDI assets held abroad increased from €837.1bn in Q2 2019 to €922.9bn in Q3, while the stock of FDI assets held in Ireland increased from €883.6bn in Q2 2019 to €969.3bn in Q3 2019.
| Net Direct Investment Income | All Other Current Account Components | Current Account Balance | |
| Q2 2017 | -13.345 | -18.414 | -31.759 |
| Q3 2017 | -11.804 | 26.2 | 14.395 |
| Q4 2017 | -12.933 | 25.761 | 12.827 |
| Q1 2018 | -15.065 | 26.391 | 11.325 |
| Q2 2018 | -12.798 | 23.359 | 10.561 |
| Q3 2018 | -14.769 | 26.196 | 11.427 |
| Q4 2018 | -16.645 | 17.624 | 0.979 |
| Q1 2019 | -17.039 | 28.029 | 10.99 |
| Q2 2019 | -17.693 | -8.846 | -26.538 |
| Q3 2019 | -18.708 | 29.868 | 11.16 |
The impact of foreign direct investment income on the current account balance is shown in Figure 4.6. In Q3 2019 net direct investment income (FDI income inflows less FDI income outflows) was -€18.7bn while the net of all other current account components (trade in merchandise, services and other income) stood at €29.9bn. The resultant balance was a current account surplus of €11.2bn.
| Net Direct Investment Transactions | All Other Financial Account Components | Financial Account Balance | |
| Q2 2017 | -21.375 | -12.892 | -34.268 |
| Q3 2017 | 6.488 | 7.547 | 14.035 |
| Q4 2017 | -31.389 | 46.749 | 15.36 |
| Q1 2018 | 11.865 | -12.567 | -0.702 |
| Q2 2018 | 9.67 | 8.124 | 17.794 |
| Q3 2018 | 10.784 | -0.519 | 10.265 |
| Q4 2018 | -7.918 | -32.914 | -40.832 |
| Q1 2019 | 2.627 | 9.047 | 11.675 |
| Q2 2019 | -49.035 | 11.377 | -37.659 |
| Q3 2019 | -1.639 | -0.519 | -2.157 |
The impact of direct investment transactions on the financial account balance is shown in Figure 4.7. In Q3 2019 there was net negative flows of -€1.6bn in foreign direct investment transactions while the net contribution from other financial account components (portfolio investment, other investment and reserve assets) was -€0.5bn.
| Net Direct Investment Position | All Other Net IIP Components | Net IIP | |
| Q2 2017 | 6.124 | -536.401 | -530.277 |
| Q3 2017 | -17.059 | -502.907 | -519.961 |
| Q4 2017 | -59.339 | -436.735 | -496.074 |
| Q1 2018 | -67.955 | -436.043 | -503.998 |
| Q2 2018 | -34.201 | -465.776 | -499.977 |
| Q3 2018 | 39.125 | -514.652 | -475.528 |
| Q4 2018 | -50.241 | -483.743 | -533.984 |
| Q1 2019 | -47.791 | -484.065 | -531.856 |
| Q2 2019 | -46.448 | -508.257 | -554.705 |
| Q3 2019 | -46.33 | -527.411 | -573.741 |
The net stock of foreign direct investment assets in the net international investment position (IIP) is shown in Figure 4.8. In Q3 2019 there was a net direct investment position of -€46.3bn. Other net IIP components (portfolio investment, other investment and reserve assets) accounted for -€527.4bn. The overall net IIP balance is -€573.7bn.
| Direct Investment Position Abroad (left axis) | Direct Investment Position In Ireland (left axis) | Return on FDI Abroad (right axis) | Return on FDI in Ireland (right axis) | |
| Q2 2017 | 932.51 | 926.386 | 1.93520712914607 | 7.46654202459882 |
| Q3 2017 | 890.035 | 907.094 | 2.31159448785722 | 7.80812131928995 |
| Q4 2017 | 822.832 | 882.171 | 2.53040717910825 | 8.23321102144596 |
| Q1 2018 | 789.946 | 857.901 | 2.59675977851651 | 8.58607228572994 |
| Q2 2018 | 803.421 | 837.622 | 2.64431723840925 | 8.81602918739002 |
| Q3 2018 | 849.876 | 810.751 | 2.52895716551591 | 9.50452111684105 |
| Q4 2018 | 823.501 | 873.742 | 2.15118135861402 | 8.81175449961201 |
| Q1 2019 | 874.924 | 922.715 | 2.10818311076162 | 8.63711980405651 |
| Q2 2019 | 837.113 | 883.561 | 2.03819556021708 | 9.41734639713613 |
| Q3 2019 | 922.949 | 969.279 | 1.73519880296744 | 8.88289130374227 |
The rate of return on FDI investment in Ireland and abroad alongside the stock of FDI assets held in Ireland and abroad is presented in Figure 4.9. The return on investments in Ireland is significantly higher than the return on investments made abroad. In Q3 2019 the rate of return on FDI investment in Ireland was 8.9% compared to 1.7% on FDI investment abroad.
Next Chapter >> International Investment Position
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