Ireland’s Balance of Payments showed a current account deficit of €4.5bn.
Merchandise exports were €92.6bn in Q3 of 2022, an increase of €20.9bn compared with Q3 2021. Merchandise imports were €39.1bn in Q3 2022, an increase of €12.2bn compared with the same period in 2021.
Service exports at €85.9bn, increased by €11.9bn compared with Q3 2021. Service imports at €104.4bn were up €35.5bn over the same period in 2021.
The trade balance at €35.1bn, which is all goods and services exports less all goods and services imports, decreased by €14.9bn in Q3 2022 over the same period in 2021.
The overall income balance for the quarter at -€39.5bn decreased by €12.2bn compared with the same period in 2021.
Direct investment into Ireland increased by €36.8bn in Q3 2022 while direct investment abroad decreased by €12.3bn in the quarter.
The stock of Foreign Direct Investment (FDI) assets held in Ireland by foreign investors increased by €111.4bn in the quarter to €1,399.6bn. FDI assets held abroad by Irish investors decreased by €616m in the quarter to €1,099.1bn.
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Statistician's Comment
The Central Statistics Office (CSO) today (02 December 2022) released the International Accounts results for Quarter 3, 2022.
Commenting on the release, Jennifer Banim, Assistant Director General with responsibility for Economic Statistics said:
"In the International Accounts, the Current Account of the Balance of Payments recorded a deficit of €4.5 billion in flows with the rest of the world in Q3 2022, a disimprovement of €27.1 billion compared with the surplus of €22.7 billion in Q3 2021. The Merchandise balance improved by €8.7 billion in Q3 2022 compared with the same quarter in 2021 while the Services balance disimproved by €23.6 billion driven by imports of IPP. Net outflows of multinational profits were €33.8 billion in the quarter, an increase of €11.3 billion on Q3 2021 levels.” For more commentary please see Press Statement