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International Accounts Q3 2022

Balance of International Payments

Current account balance of -€4.5bn in Quarter 3 2022

Online ISSN: 2565-6384

CSO statistical publication, 02 December 2022, 11am

Table 1.1 Balance of International Payments				€ million
	Merchandise Balance	Services and Income Balance	Current Account Balance	Current Account Balance as % of GDP
Q3 2021	44,823	-22,156	22,666	19.7
Q3 2022	53,546	-58,027	-4,480	-3.3

Q1-Q3 2021	127,017	-70,937	56,079	17.7
Q1-Q3 2022	150,411	-122,003	28,411	7.7

Open in Excel: International Accounts Q3 2022 Table 1.1 (XLS 10KB)

Current account balance of -€4.5bn in quarter 3 2022

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a deficit of €4.48bn in the third quarter of 2022. Increased R&D related IP imports have contributed to the current account deficit.

	Current Account
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	14.4521849337661
Q2 2022	13.1058684144742
Q3 2022	-3.34580087887598

	Merchandise	Services	Primary Income	Secondary Income	Balance on Current Account
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
Q3 2022	53.546	-18.491	-38.401	-1.135	-4.48

Current account (see Table 1.3)

Merchandise exports were €92,641m in the third quarter of 2022, an increase of €20,944m compared with the third quarter of 2021. Merchandise imports were €39,095m in the third quarter of 2022, an increase of €12,221m over the same period in 2021.
Service exports at €85,888m increased by €11,887m compared to the third quarter of 2021, mainly due to higher Computer services exports (which increased by €5,600m) and higher Transport and Tourism services exports (which increased by €1,972m and €1,217m respectively).
Service imports at €104,379m were up €35,524m over the same period in 2021, mainly due to higher R&D related IP imports and higher miscellaneous business services imports (which increased by €24,306m and €3,549m respectively).
Ireland’s trade balance at €35,055m, all goods and services exports less all goods and services imports, decreased by €14,913m in the third quarter of 2022 over the same period in 2021.
Investment income earned abroad at €32,716m, increased by €6,712m compared with one year earlier while investment income payable to foreign investors at €71,298m increased by €18,466m. The overall income balance for the quarter at -€39,536m decreased by €12,234m compared with the same period in 2021.

	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Balance on Financial Account
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
Q3 2022	-49.11	-47.852	76.996	0.603	-19.364

Financial account (see Tables 1.4 and 1.5)

Direct investment in Ireland increased by €36,807m in the third quarter of 2022. This was due to increased equity and reinvestment of earnings of €21,573m and €21,182m which were offset by decreased other capital of €5,946m. Direct investment abroad decreased by €12,302m in the quarter, mainly due to a decrease in equity and other capital investment.
Portfolio investment in foreign assets decreased by €45,681m in the quarter due to a decrease in investment in foreign equity and foreign debt instruments of €16,961m and €28,720m. Portfolio investment in Ireland increased by €2,171m due to increased investment in equity instruments of €8,829m which was offset by a decrease in investment in debt instruments of €6,657m.
Other investment assets and liabilities increased by €88,720m and €11,724m respectively in the third quarter of 2022.

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	109,446	-16,342	-73,440	-3,656	-93,438	16,007	-52,019	14,540	37,841	-93,670	762	-40,525	-4,514
2019	Year	118,116	-105,564	-79,838	-3,486	-188,888	-70,772	-35,310	-104,826	10,153	-7,674	422	-101,925	4,156
2020	Year	142,213	-71,715	-92,225	-3,785	-167,725	-25,510	-11,877	-112,980	-23,028	99,894	1,282	-34,832	2,555
2021	Year	167,308	577	-102,849	-4,377	-106,649	60,659	3,712	53,246	-6,081	8,731	4,980	60,876	-3,495

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	28,481	632	-18,056	-974	-18,398	10,082	-109	15,545	19,454	-34,009	4	995	-8,979
	Quarter 2	28,125	-41	-17,298	-1,060	-18,399	9,726	59	10,072	-15,921	19,446	-8	13,589	3,804
	Quarter 3	27,339	1,279	-17,611	-830	-17,162	10,177	63	11,198	8,377	-16,084	196	3,688	-6,553
	Quarter 4	25,501	-18,212	-20,475	-792	-39,479	-13,978	-52,032	-22,275	25,931	-63,023	570	-58,797	7,214
2019	Quarter 1	30,551	334	-19,621	-1,346	-20,633	9,917	-6,936	10,253	5,354	-7,115	-7	8,485	5,504
	Quarter 2	27,129	-38,748	-21,285	-628	-60,661	-33,532	-17,385	-53,151	-17,922	17,619	116	-53,339	-2,422
	Quarter 3	31,248	1,313	-20,094	-852	-19,633	11,616	-5,093	-2,461	-8,325	12,318	144	1,677	-4,847
	Quarter 4	29,188	-68,463	-18,838	-660	-87,961	-58,773	-5,896	-59,467	31,046	-30,496	169	-58,748	5,921
2020	Quarter 1	36,139	-59,876	-22,710	-1,050	-83,636	-47,496	-3,061	-53,140	-86,105	81,100	139	-58,007	-7,450
	Quarter 2	34,266	390	-22,443	-974	-23,027	11,239	-7,552	-51,183	49,413	12,891	-14	11,107	7,420
	Quarter 3	37,465	2,502	-29,253	-727	-27,478	9,987	-2,080	-12,829	-2,917	16,683	761	1,697	-6,210
	Quarter 4	34,343	-14,731	-17,819	-1,034	-33,584	760	816	4,172	16,581	-10,780	396	10,371	8,795
2021	Quarter 1	42,057	5,491	-29,221	-1,273	-25,003	17,054	3,016	17,099	8,338	-14,651	173	10,959	-9,111
	Quarter 2	40,137	5,203	-27,987	-994	-23,778	16,359	989	4,815	-4,667	22,982	72	23,203	5,855
	Quarter 3	44,823	5,146	-26,622	-680	-22,156	22,666	-257	7,198	-10,624	13,610	4,081	14,264	-8,145
	Quarter 4	40,291	-15,263	-19,019	-1,430	-35,712	4,580	-36	24,134	872	-13,210	654	12,450	7,906
2022	Quarter 1	47,784	5,442	-34,986	-1,198	-30,742	17,043	217	9,800	-36,091	37,620	-129	11,200	-6,060
	Quarter 2	49,081	2,974	-35,022	-1,186	-33,234	15,848	-251	24,456	-32,643	14,707	33	6,553	-9,044
	Quarter 3	53,546	-18,491	-38,401	-1,135	-58,027	-4,480	-6,029	-49,110	-47,852	76,996	603	-19,364	-8,855
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 2022 Table 1.2 (XLS 17KB)

Visit Table BPQ15 on PxStat

Table 1.3 Current and Capital Accounts

Table 1.3 Current and Capital Accounts										€ million
		2020	2021	2021				2022
Item		Year	Year	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3
Current Account
Merchandise¹	Exports	242,379	279,360	67,641	67,679	71,697	72,343	78,473	85,130	92,641
	Imports	100,166	112,050	25,583	27,542	26,874	32,051	30,688	36,048	39,095

International trade	Exports	162,131	165,254	40,353	40,586	41,079	43,236	52,257	52,953	53,861
	Imports	83,628	98,674	21,397	25,839	22,962	28,476	27,941	35,669	34,723
Goods for processing	Exports	69,852	100,928	23,144	22,174	25,080	30,530	18,619	32,894	38,520
	Imports	9,191	9,597	2,205	1,777	3,116	2,499	1,703	-998	2,632
Other conceptual adjustments	Exports	-3,092	-10,293	-235	-2652	-1591	-5815	-1276	-2254	-2409
	Imports	7,347	3,778	1981	-75	796	1076	1045	1378	1740
Merchanting (net export)	Exports	13,489	23,472	4,380	7,571	7,129	4,392	8,874	1,536	2,669

Services	Exports	254,749	293,629	63,385	70,835	74,001	85,408	77,956	81,710	85,888
	Imports	326,465	293,053	57,895	65,632	68,855	100,671	72,514	78,736	104,379
Repairs and Processing	Exports	1,991	1,718	364	373	404	577	534	487	718
	Imports	7,361	8,189	1,978	1,824	1,836	2,551	2,158	2,363	2,457
Transport	Exports	2,607	2,656	167	305	1,234	950	810	1,932	3,206
	Imports	4,088	4,756	1,090	1,098	1,180	1,388	1,235	1,468	1,565
Tourism and Travel ²	Exports	2,095	2,272	350	297	715	910	806	1,212	1,932
	Imports	2,263	2,166	131	182	860	993	1,001	1,492	2,362
Insurance	Exports	11,415	13,681	3,251	3,261	3,439	3,730	3,558	3,603	3,475
	Imports	9,401	10,568	2,593	2,797	2,526	2,652	3,375	3,355	3,333
Financial services	Exports	19,437	22,153	5,507	5,713	5,681	5,252	4,981	5,714	5,708
	Imports	17,235	19,040	4,620	4,853	4,816	4,751	4,647	4,608	4,783
Royalties/Licences	Exports	12,720	15,444	3,223	3,515	3,677	5,029	3,882	3,378	2,942
	Imports	84,341	112,818	22,529	26,420	27,664	36,205	28,857	30,589	29,501
of which: Pharmaceutical products and preparations	Exports	134	157	32	38	30	57	36	71	39
	Imports	14,401	18,252	2,919	4,824	3,654	6,855	4,008	6,580	4,545
Information and communication	Exports	7,884	9,655	1,980	2,227	2,244	3,204	2,351	1,876	1,087
	Imports	57,320	80,386	*	*	*	*	*	*	*
Communications	Exports	247	237	58	60	60	59	59	60	59
	Imports	680	750	179	188	193	190	196	197	203
Computer services³	Exports	137,415	172,856	37,464	42,044	42,611	50,737	45,818	48,823	48,211
	Imports	8,342	8,342	1,788	2,113	2,118	2,323	2,387	2,718	2,933
Business services	Exports	56,768	49,858	10,404	12,071	13,304	14,079	14,719	12,686	16,268
	Imports	191,063	124,506	22,571	25,691	27,169	49,075	28,167	31,322	56,685
Research and development	Exports	17,665	6,300	1,157	1,435	1,695	2,013	1,166	1,336	1,813
	Imports	122,478	45,993	6,419	7,167	8,099	24,308	8,392	10,502	34,006
of which: IP related	Exports	13,109	1,297	216	337	535	209	101	103	373
	Imports	97,690	18,286	758	644	*	*	881	*	*
Operational leasing	Exports	17,638	16,888	4,056	4,206	4,285	4,341	4,360	4,148	4,375
	Imports	1,061	1,687	375	410	419	483	429	439	480
Misc. business services⁴	Exports	21,464	26,670	5,191	6,429	7,325	7,725	9,193	7,202	10,079
	Imports	67,523	76,826	15,777	18,114	18,650	24,285	19,346	20,381	22,199
Other services n.e.s.	Exports	10,055	12,754	2,597	3,196	2,875	4,086	2,789	3,815	3,369
	Imports	1,692	1,919	416	466	493	544	491	624	559

Merchandise and Services - Total	Exports	497,130	572,988	131,026	138,514	145,697	157,751	156,429	166,840	178,529
	Imports	426,630	405,102	83,478	93,173	95,729	132,722	103,202	114,784	143,474

Trade Balance	Net	70,498	167,884	47,548	45,340	49,968	25,028	53,227	52,055	35,055

Primary Income	Inflows	100,717	121,332	30,406	30,614	26,449	33,863	31,664	35,857	33,218
	Outflows	192,940	224,180	59,627	58,601	53,071	52,881	66,649	70,879	71,619
Compensation of Employees	Inflows	245	152	38	38	38	38	105	112	98
	Outflows	548	460	130	96	115	119	153	157	170
Investment Income	Inflows	98,959	119,648	29,991	30,206	26,004	33,447	31,182	35,380	32,716
	Outflows	191,924	222,936	59,376	58,143	52,832	52,585	66,337	70,314	71,298
Direct investment income	Inflows	22,321	34,786	9,972	8,172	4,306	12,336	8,655	9,680	5,634
	Outflows	102,690	128,904	36,746	34,090	28,748	29,320	42,320	40,993	41,626

of which: Manufacturing	Outflows	61,622	85,405	25,697	20,957	19,673	19,078	31,050	26,473	30,471
Information and communication	Outflows	27,955	26,694	7,856	7,857	4,474	6,507	7,078	8,870	6,313

Income on equity	Inflows	19,476	33,012	9,534	7,814	3,838	11,826	8,105	9,058	4,736
	Outflows	91,869	119,571	34,177	31,774	26,395	27,225	39,819	38,327	38,545
Dividends & distributed	Inflows	3,447	14,151	8,008	1,111	*	*	1,171	*	*
branch profits	Outflows	21,521	72,543	35,860	6,409	13,661	16,613	28,791	5,805	17,162
Reinvested earnings	Inflows	16,029	18,861	1,526	6,703	*	*	6,934	*	*
	Outflows	70,348	47,029	-1,683	25,365	12,734	10,613	11,028	32,522	21,383
Income on debt	Inflows	2,846	1,774	437	358	468	511	550	622	898
	Outflows	10,820	9,333	2,569	2,316	2,353	2,095	2,500	2,666	3,081
Portfolio investment income	Inflows	60,516	68,461	16,117	18,004	17,711	16,629	17,361	21,682	20,302
	Outflows	75,725	80,915	19,338	20,462	21,080	20,035	20,840	25,939	25,724
Income on equity	Inflows	19,900	28,082	6,208	8,007	7,476	6,391	7,087	10,576	7,015
	Outflows	58,926	63,967	15,215	16,343	16,838	15,571	16,707	21,876	21,059
Income on debt	Inflows	40,614	40,379	9,909	9,997	10,235	10,238	10,274	11,107	13,287
	Outflows	16,798	16,948	4,122	4,119	4,242	4,465	4,133	4,062	4,665
Other investment income	Inflows	16,123	16,403	3,903	4,030	3,988	4,482	5,166	4,017	6,780
	Outflows	13,511	13,118	3,293	3,591	3,004	3,230	3,178	3,382	3,948
Other primary income	Inflows	1,512	1,529	376	370	406	377	377	366	404
	Outflows	469	783	121	362	123	177	159	408	151

Secondary Income	Inflows	6,009	6,632	1,311	1,399	1,924	1,998	1,807	1,803	2,154
	Outflows	9,793	11,009	2,584	2,393	2,604	3,428	3,005	2,989	3,289

Income Balance	Net	-96,010	-107,225	-30,494	-28,981	-27,302	-20,448	-36,184	-36,207	-39,536

Current Account - Total	Inflows	603,855	700,951	162,743	170,527	174,070	193,611	189,899	204,500	213,900
	Outflows	629,365	640,292	145,689	154,168	151,404	189,031	172,856	188,652	218,381

Current Account Balance	Net	-25,510	60,659	17,054	16,359	22,666	4,580	17,043	15,848	-4,480

Capital Account Balance	Net	-11,877	3,712	3,016	989	-257	-36	217	-251	-6,029

Memorandum Item:
Government Income	Inflows	61	39	10	10	13	6	6	14	14
	Outflows	2,304	2,565	789	653	526	597	814	481	552
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.

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Table 1.4 Financial Account

Table 1.4 Financial Account¹										€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	-45,942	49,077	-34	11,833	-1,233	38,511	9,335	-9,494	-12,302
	In Ireland	67,039	-4,168	-17,134	7,019	-8,431	14,378	-465	-33,949	36,807

Equity	Abroad	-330	47,180	2,899	2,774	13,143	28,364	3,668	-56,561	-6,475
	In Ireland	52,339	-17,847	223	3,962	-12,296	-9,736	-26,304	-24,390	21,573
Reinvested Earnings	Abroad	16,415	19,304	1,637	6,814	*	*	7,044	*	*
	In Ireland	69,248	47,604	-1,610	25,459	12,900	10,855	11,065	32,508	21,182
Other Capital	Abroad	-62,029	-17,407	-4,570	2,245	*	*	-1,377	*	*
	In Ireland	-54,548	-33,923	-15,745	-22,403	-9,035	13,260	14,774	-42,067	-5,946

Portfolio Investment	Assets	229,649	353,036	68,715	89,870	48,775	145,676	-51,325	-22,273	-45,681
	Liabilities	252,677	359,117	60,377	94,537	59,399	144,804	-15,234	10,370	2,171

Equity	Assets	91,987	197,349	68,248	40,779	24,322	64,000	10,948	1,134	-16,961
	Liabilities	179,890	282,525	45,431	73,872	50,760	112,462	-13,521	2,631	8,829
Debt Instruments	Assets	137,662	155,686	467	49,091	24,453	81,675	-62,274	-23,407	-28,720
	Liabilities	72,787	76,592	14,946	20,665	8,639	32,342	-1,713	7,739	-6,657
Bonds and notes	Assets	88,902	113,436	18,369	31,799	32,062	31,206	-7,535	-14,391	-16,163
	Liabilities	64,771	82,158	13,879	24,493	9,358	34,428	-1,132	8,665	-2,605
Money market instruments	Assets	48,760	42,250	-17,902	17,293	-7,610	50,469	-54,738	-9,016	-12,558
	Liabilities	8,017	-5,567	1,067	-3,828	-719	-2,087	-581	-927	-4,052

Other Investment	Assets	223,606	-8,242	17,920	-16,940	15,365	-24,587	83,939	-18,350	88,720
	Liabilities	123,712	-16,973	32,571	-39,922	1,755	-11,377	46,319	-33,057	11,724

Loans, currency and deposits	Assets	184,833	49,563	1,416	30,327	10,227	7,593	29,240	40,206	66,952
	Liabilities	60,025	45,666	37,224	-4,842	-5,967	19,251	8,058	12,831	-8,300
Other²	Assets	38,776	-57,806	16,502	-47,266	5,138	-32,180	54,700	-58,556	21,768
	Liabilities	63,684	-62,637	-4,653	-35,080	7,723	-30,627	38,260	-45,887	20,023

Reserve Assets		1,282	4,980	173	72	4081	654	-129	33	603

Monetary gold		0	176	0	0	49	127	135	0	0
Special drawing rights		14	4,082	0	0	4003	79	0	1	171
Reserve position in the IMF		-7	0	0	0	0	0	0	56	44
Foreign exchange		118	564	370	-199	-127	520	-333	12	217
Other		1,155	156	-198	271	156	-73	69	-36	171

Balance on Financial Account		-34,832	60,876	10,959	23,203	14,264	12,450	11,200	6,553	-19,364

Net errors and omissions		2,555	-3,495	-9,111	5,855	-8,145	7,906	-6,060	-9,044	-8,855
Memorandum Item:
Government financial	Assets	-332	-1,821	-1,808	-85	-171	243	-474	508	-266
transactions	Liabilities	238	2,978	6,728	-110	-1,415	-2,225	369	-126	-1,932
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.

Open in Excel: International Accounts Q3 2022 Table 1.4 (XLS 14KB)

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Table 1.5 – Current, Capital and Financial Account activity classified by Institutional Sector

Table 1.5 – Current, Capital and Financial Account activity classified by Institutional Sector¹										€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3
Current Account - Total	Inflows	603,855	700,951	162,743	170,527	174,070	193,611	189,899	204,500	213,900
	Outflows	629,365	640,292	145,689	154,168	151,404	189,031	172,856	188,652	218,381

Merchandise²	Exports	242,379	279,360	67,641	67,679	71,697	72,343	78,473	85,130	92,641
	Imports	100,166	112,050	25,583	27,542	26,874	32,051	30,688	36,048	39,095

Services	Exports	254,749	293,629	63,385	70,835	74,001	85,408	77,956	81,710	85,888
	Imports	326,465	293,053	57,895	65,632	68,855	100,671	72,514	78,736	104,379

General Government	Exports	450	448	110	111	111	116	115	114	115
	Imports	26	29	7	7	7	8	19	20	21
Monetary Authority ³	Exports	0	0	0	0	0	0	0	0	0
	Imports	0	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Exports	4,947	5,352	1,480	1,438	1,432	1,002	1,077	1,966	1,984
	Imports	3,144	2,784	713	698	676	697	691	855	788
Other Sectors⁵	Exports	249,354	287,831	61,796	69,286	72,458	84,291	76,765	79,630	83,790
	Imports	323,294	290,239	57,174	64,927	68,172	99,966	71,803	77,861	103,570
of which:
Other Financial Intermediaries	Exports	30,281	36,124	8,825	8,908	9,004	9,387	8,664	9,156	9,011
	Imports	30,644	49,319	8,529	7,818	8,494	24,478	9,084	9,471	9,718
Non-Financial Companies⁶	Exports	219,072	251,707	52,971	60,379	63,453	74,904	68,100	70,475	74,779
	Imports	292,650	240,922	48,646	57,110	59,678	75,488	62,719	68,390	93,852

Primary Income	Inflows	100,717	121,332	30,406	30,614	26,449	33,863	31,664	35,857	33,218
	Outflows	192,940	224,180	59,627	58,601	53,071	52,881	66,649	70,879	71,619

General Government	Inflows	61	39	10	10	13	6	6	14	14
	Outflows	2,304	2,565	789	653	526	597	814	481	552
Monetary Authority ³	Inflows	361	277	81	74	67	55	47	41	40
	Outflows	0	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Inflows	2,980	1,868	487	323	295	763	898	1,078	2,999
	Outflows	3,723	1,018	222	413	166	217	347	1,480	3,101
Other Sectors⁵	Inflows	97,314	119,149	29,828	30,208	26,074	33,039	30,713	34,724	30,165
	Outflows	186,914	220,597	58,616	57,536	52,378	52,067	65,488	68,918	67,965
of which:
Other Financial Intermediaries	Inflows	73,263	88,316	20,958	22,852	22,469	22,037	22,869	25,408	24,361
	Outflows	73,628	90,026	21,202	23,994	23,000	21,830	22,534	26,189	24,297
Non-Financial Companies⁶	Inflows	24,052	30,833	8,870	7,356	3,605	11,002	7,844	9,316	5,804
	Outflows	113,286	130,571	37,414	33,542	29,378	30,237	42,954	42,729	43,669

Secondary Income	Inflows	6,009	6,632	1,311	1,399	1,924	1,998	1,807	1,803	2,154
	Outflows	9,793	11,009	2,584	2,393	2,604	3,428	3,005	2,989	3,289

General Government	Inflows	63	227	5	26	181	15	6	28	9
	Outflows	3,148	3,930	1,109	852	693	1,276	993	1,017	935
Monetary Authority ³	Inflows	0	0	0	0	0	0	0	0	0
	Outflows	0	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Inflows	0	0	0	0	0	0	0	0	0
	Outflows	0	0	0	0	0	0	0	0	0
Other Sectors⁵	Inflows	5,947	6,406	1,306	1,373	1,743	1,984	1,801	1,776	2,145
	Outflows	6,644	7,081	1,475	1,542	1,912	2,152	2,012	1,972	2,353
of which:
Other Financial Intermediaries	Inflows	4,839	5,202	1,005	1,072	1,442	1,683	1,501	1,476	1,846
	Outflows	4,839	5,202	1,005	1,072	1,442	1,683	1,501	1,476	1,846
Non-Financial Companies⁶	Inflows	1,109	1,204	301	301	301	301	299	299	299
	Outflows	1,806	1,876	469	469	469	469	511	496	507

Balance on Current Account		-25,510	60,659	17,054	16,359	22,666	4,580	17,043	15,848	-4,480

Balance on Capital Account		-11,877	3,712	3,016	989	-257	-36	217	-251	-6,029

Financial Account⁷
Direct investment	Abroad	-45,942	49,077	-34	11,833	-1,233	38,511	9,335	-9,494	-12,302
	In Ireland	67,039	-4,168	-17,134	7,019	-8,431	14,378	-465	-33,949	36,807

General Government	Abroad	2	-3	*	*	*	*	0	0	0
	In Ireland	0	0	0	0	0	0	0	0	0
Monetary Authority ³	Abroad	0	0	0	0	0	0	0	0	0
	In Ireland	0	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Abroad	-1,998	-296	*	*	*	*	570	173	-106
	In Ireland	2,583	-1,670	-201	254	471	-2,194	-77	-236	-437
Other Sectors⁵	Abroad	-43,943	49,376	15	12,074	-1,339	38,626	8,766	-9,668	-12,197
	In Ireland	64,456	-2,498	-16,933	6,765	-8,902	16,572	-387	-33,714	37,245
of which:
Other Financial Intermediaries	Abroad	-1,108	32,779	3,133	1,326	*	*	1,426	-332	-3,408
	In Ireland	-5,107	64,164	6,251	6,945	20,170	30,798	7,893	-18,924	11,061
Non-Financial Companies⁶	Abroad	-42,835	16,597	-3,118	10,748	*	*	7,340	-9,336	-8,789
	In Ireland	69,563	-66,662	-23,184	-180	-29,072	-14,226	-8,280	-14,790	26,184

Portfolio investment	Assets	229,649	353,036	68,715	89,870	48,775	145,676	-51,325	-22,273	-45,681
	Liabilities	252,677	359,117	60,377	94,537	59,399	144,804	-15,234	10,370	2,171

General Government	Assets	-291	-1,167	-657	-62	-254	-194	0	567	-213
	Liabilities	1,888	1,148	4,765	251	-1,394	-2,474	366	49	-1,994
Monetary Authority ³	Assets	-3,042	-3,116	-845	-1,185	-1,112	26	-1,462	-298	-331
	Liabilities	0	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Assets	35,762	16,486	-16,704	6,848	-23,866	50,208	-59,065	-14,694	-30,884
	Liabilities	83,581	-12,590	-51,053	1,827	-12,335	48,971	-37,630	-6,664	5,018
Other Sectors⁵	Assets	197,222	340,831	86,920	84,269	74,007	95,635	9,202	-7,848	-14,252
	Liabilities	167,209	370,559	106,665	92,459	73,128	98,307	22,030	16,985	-853
of which:
Other Financial Intermediaries	Assets	197,276	340,951	86,945	84,299	74,039	95,668	9,231	-7,819	-14,245
	Liabilities	206,642	348,433	109,843	91,615	*	*	23,408	*	*
Non-Financial Companies⁶	Assets	-54	-120	-25	-30	-32	-33	-29	-29	-7
	Liabilities	-39,433	22,126	-3,178	844	*	*	-1,378	*	*

Other investment	Assets	223,606	-8,242	17,920	-16,940	15,365	-24,587	83,939	-18,350	88,720
	Liabilities	123,712	-16,973	32,571	-39,922	1,755	-11,377	46,319	-33,057	11,724

General Government	Assets	-41	-654	-1,151	-23	83	437	-474	-59	-53
	Liabilities	-1,650	1,830	1,963	-361	*	*	*	-175	62
Monetary Authority ³	Assets	9,125	36,925	13,680	11,121	2,631	9,493	3,787	13,792	-5,334
	Liabilities	409	5,296	119	605	*	*	*	1,139	385
Monetary Financial Institutions⁴	Assets	108,748	-79,321	-27,727	-10,169	8,141	-49,566	61,534	-60	67,454
	Liabilities	47,305	-51,036	7,475	-7,404	-4,267	-46,840	38,673	-6,092	27,136
Other Sectors⁵	Assets	105,773	34,811	33,119	-17,868	4,511	15,049	19,091	-32,023	26,654
	Liabilities	77,648	26,935	23,012	-32,763	1,872	34,814	7,409	-27,929	-15,860
of which:
Other Financial Intermediaries	Assets	83,498	38,027	43,545	-19,142	1,867	11,757	28,257	-28,192	15,251
	Liabilities	61,919	16,025	31,279	-37,712	-1,356	23,814	15,169	-28,505	-23,412
Non-Financial Companies⁶	Assets	22,275	-3,216	-10,426	1,274	2,644	3,292	-9,166	-3,831	11,403
	Liabilities	15,729	10,910	-8,267	4,949	3,228	11,000	-7,760	576	7,552

Reserve Assets		1,282	4,980	173	72	4,081	654	-129	33	603

Balance on Financial Account		-34,832	60,876	10,959	23,203	14,264	12,450	11,200	6,553	-19,364
Net errors and omissions		2,555	-3,495	-9,111	5,855	-8,145	7,906	-6,060	-9,044	-8,855
¹Includes transactions which cannot be shown due to confidentiality constraints.
²Adjusted for balance of payments purposes.
³Central Bank of Ireland.
⁴Covering licensed credit institutions and money market funds.
⁵Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
⁶Including households.
⁷See footnote 1 on Table 1.4.

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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
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Current Account - Total	Inflows	603,855	700,951	162,743	170,527	174,070	193,611	189,899	204,500	213,900
	Outflows	629,365	640,292	145,689	154,168	151,404	189,031	172,856	188,652	218,381

Merchandise²	Exports	242,379	279,360	67,641	67,679	71,697	72,343	78,473	85,130	92,641
	Imports	100,166	112,050	25,583	27,542	26,874	32,051	30,688	36,048	39,095
EMU	Exports	71,303	92,437	19,953	22,221	22,814	27,449	24,318	31,522	33,482
	Imports	31,159	38,602	7,631	10,984	9,136	10,851	10,300	11,941	13,328
Non-EMU	Exports	171,077	186,923	47,688	45,458	48,883	44,894	54,155	53,608	59,158
	Imports	69,007	73,449	17,953	16,558	17,738	21,200	20,389	24,107	25,767
EU	Exports	78,197	100,611	21,958	24,189	24,603	29,861	26,518	33,781	36,060
	Imports	34,474	42,729	8,603	12,054	10,106	11,966	11,477	13,196	14,688
Non-EU	Exports	164,182	178,747	45,682	43,490	47,093	42,482	51,955	51,348	56,581
	Imports	65,692	69,321	16,980	15,487	16,768	20,086	19,211	22,853	24,407

Services	Exports	254,749	293,629	63,385	70,835	74,001	85,408	77,956	81,710	85,888
	Imports	326,465	293,053	57,895	65,632	68,855	100,671	72,514	78,736	104,379
EMU	Exports	62,554	76,024	16,394	18,489	19,117	22,024	19,334	21,296	22,585
	Imports	32,255	39,275	7,034	9,415	9,054	13,772	9,525	13,219	11,204
Non-EMU	Exports	192,196	217,605	46,992	52,346	54,883	63,384	58,623	60,414	63,303
	Imports	294,213	253,782	50,862	56,218	59,802	86,900	62,990	65,518	93,176
EU	Exports	76,326	93,466	20,068	22,520	23,560	27,318	23,810	26,223	27,721
	Imports	35,744	43,084	7,866	10,421	9,996	14,801	10,546	14,421	12,421
Non-EU	Exports	178,425	200,163	43,317	48,315	50,441	58,090	54,147	55,487	58,167
	Imports	290,724	249,971	50,029	55,212	58,859	85,871	61,969	64,316	91,959

Primary Income	Inflows	100,717	121,332	30,406	30,614	26,449	33,863	31,664	35,857	33,218
	Outflows	192,940	224,180	59,627	58,601	53,071	52,881	66,649	70,879	71,619
EMU	Inflows	34,423	39,403	9,062	9,615	9,483	11,243	9,652	10,418	11,313
	Outflows	49,937	61,289	15,251	17,276	16,686	12,076	13,765	16,664	15,562
Non-EMU	Inflows	66,294	81,927	21,344	20,999	16,965	22,619	22,012	25,439	21,904
	Outflows	143,002	162,891	44,376	41,325	36,385	40,805	52,884	54,215	56,056
EU	Inflows	37,526	42,604	9,846	10,418	10,356	11,984	10,485	11,308	12,361
	Outflows	51,616	64,092	16,036	18,229	17,242	12,585	14,598	17,583	16,179
Non-EU	Inflows	63,191	78,727	20,560	20,197	16,092	21,878	21,179	24,549	20,857
	Outflows	141,327	160,089	43,591	40,373	35,829	40,296	52,051	53,296	55,439

Secondary Income	Inflows	6,009	6,632	1,311	1,399	1,924	1,998	1,807	1,803	2,154
	Outflows	9,793	11,009	2,584	2,393	2,604	3,428	3,005	2,989	3,289
EMU	Inflows	2,698	3,411	732	721	1,031	927	1,055	803	1,100
	Outflows	3,335	4,056	888	888	1,187	1,093	1,210	968	1,255
Non-EMU	Inflows	3,311	3,221	579	678	893	1,071	752	1,001	1,054
	Outflows	6,459	6,954	1,697	1,505	1,417	2,335	1,795	2,021	2,034
EU	Inflows	3,034	3,951	788	810	1,280	1,073	1,111	904	1,158
	Outflows	6,304	7,802	1,955	1,637	1,844	2,366	2,100	1,882	2,138
Non-EU	Inflows	2,977	2,683	523	590	645	925	696	899	996
	Outflows	3,490	3,207	629	756	760	1,062	905	1,107	1,151

Balance on Current Account		-25,510	60,659	17,054	16,359	22,666	4,580	17,043	15,848	-4,480

Balance on Capital Account		-11,877	3,712	3,016	989	-257	-36	217	-251	-6,029
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 (EMU-19). For years 2018 and 2019, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. From Q12020, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-27 area, which excludes the United Kingdom following their withdrawal from the European Union on 1 February 2020.
²Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q3 2022 Table 1.6 (XLS 14KB)

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Table 1.7 Financial Account showing geographical detail

Table 1.7 Financial Account¹ showing geographical² detail										€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	-45,942	49,077	-34	11,833	-1,233	38,511	9,335	-9,494	-12,302
	In Ireland	67,039	-4,168	-17,134	7,019	-8,431	14,378	-465	-33,949	36,807

EMU	Abroad	-121,085	33,559	1,524	3,660	18,283	10,092	4,725	9,477	2,766
	In Ireland	5,350	-18,578	589	-664	17,950	-36,453	6,281	-3,382	28,086
Non-EMU	Abroad	75,145	15,520	-1,558	8,172	-19,515	28,421	4,611	-18,972	-15,069
	In Ireland	61,688	14,412	-17,723	7,683	-26,379	50,831	-6,746	-30,568	8,722
EU	Abroad	-120,181	34,802	922	4,202	20,003	9,675	4,922	8,995	2,747
	In Ireland	8,137	-17,750	1,374	-766	18,317	-36,675	6,674	-3,622	27,780
Non-EU	Abroad	74,238	14,279	-956	7,633	-21,235	28,837	4,413	-18,489	-15,049
	In Ireland	58,901	13,583	-18,507	7,784	-26,747	51,053	-7,138	-30,328	9,028

Portfolio Investment	Assets	229,649	353,036	68,715	89,870	48,775	145,676	-51,325	-22,273	-45,681
	Liabilities	252,677	359,117	60,377	94,537	59,399	144,804	-15,234	10,370	2,171

EMU	Assets	31,879	40,876	-1,552	23,901	11,278	7,249	-15,570	-6,522	-14,305
	Liabilities	113,860	168,822	26,516	48,559	25,694	68,053	-36,501	6,213	10,479
Non-EMU	Assets	197,769	312,159	70,267	65,969	37,497	138,426	-35,756	-15,751	-31,377
	Liabilities	138,816	190,293	33,861	45,977	33,705	76,750	21,267	4,157	-8,308
EU	Assets	39,439	53,717	2,703	25,528	20,147	5,339	-17,630	-4,919	-14,056
	Liabilities	120,708	174,782	27,934	50,795	27,381	68,672	-38,547	6,428	8,656
Non-EU	Assets	190,210	299,317	66,011	64,342	28,628	140,336	-33,696	-17,354	-31,625
	Liabilities	131,969	184,334	32,443	43,742	32,018	76,131	23,313	3,942	-6,484

Other Investment³	Assets	223,606	-8,242	17,920	-16,940	15,365	-24,587	83,939	-18,350	88,720
	Liabilities	123,712	-16,973	32,571	-39,922	1,755	-11,377	46,319	-33,057	11,724

EMU	Assets	95,631	30,451	30,193	10,642	4,190	-14,574	18,466	17,021	23,310
	Liabilities	45,015	5,934	14,180	4,358	-2,570	-10,034	700	7,904	235
Non-EMU	Assets	127,976	-38,692	-12,272	-27,582	11,175	-10,013	65,473	-35,371	65,410
	Liabilities	78,697	-22,909	18,390	-44,281	4,325	-1,343	45,619	-40,960	11,489
EU	Assets	99,576	30,702	33,829	11,686	3,503	-18,316	21,923	14,831	27,345
	Liabilities	45,351	12,174	19,188	5,406	-2,010	-10,410	3,882	3,404	3,363
Non-EU	Assets	124,029	-38,943	-15,909	-28,625	11,861	-6,270	62,016	-33,181	61,373
	Liabilities	78,360	-29,148	13,381	-45,328	3,765	-966	42,437	-36,462	8,361

Reserve Assets		1,282	4,980	173	72	4,081	654	-129	33	603

Balance on Financial Account		-34,832	60,876	10,959	23,203	14,264	12,450	11,200	6,553	-19,364

Net errors and omissions		2,555	-3,495	-9,111	5,855	-8,145	7,906	-6,060	-9,044	-8,855
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 (EMU-19). For years 2018 and 2019, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. From Q12020, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-27 area, which excludes the United Kingdom following their withdrawal from the European Union on 1 February 2020.
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.

Open in Excel: International Accounts Q3 2022 Table 1.7 (XLS 14KB)

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International Accounts Q3 2022

Balance of International Payments

Balance of International Payments

Current account balance of -€4.5bn in Quarter 3 2022

Current account balance of -€4.5bn in quarter 3 2022

Current account (see Table 1.3)

Financial account (see Tables 1.4 and 1.5)

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