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Accounts with the UK

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Current account with UK shows surplus of €1.3bn in Quarter 3 2020

MerchandiseServicesIncomeCurrent Account
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
Q3 2020-0.9364.147-1.9561.254

Current account with UK (See Table 3.1)

  • Merchandise exports were €4,916m in the third quarter of 2020, a decrease of €345m compared with the third quarter of 2019.
  • Merchandise imports were €5,852m in the third quarter of 2020, a decrease of €357m compared with the third quarter of 2019.
  • Services exports at €8,518m decreased by €454m compared to the third quarter of 2019, mainly due to a reduction of transport, tourism and travel and business services exports.
  • Services imports at €4,371m were down €766m over that same period in 2019 mainly due to decreased levels of business, tourism and travel and insurance costs.
  • Investment income earned in UK at €5,307m, decreased by €1,193m compared with one year earlier while investment income payable to UK investors at €7,269m decreased by €3,025m.
  • When these effects are combined, the trade balance with the UK has increased by €324m and net income outflows have decreased by €1,830m, compared with the third quarter of 2019. The result is a current account balance surplus of €1,254m in the third quarter of 2020, up from a deficit of €899m in the third quarter of 2019.

The experimental table on foreign direct investment with UK (See Table 3.2); shows that direct investment in Ireland from the UK has increased by €864m in the third quarter of 2020. Direct investment abroad from Ireland to the UK has increased by €70m in the third 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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