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Accounts with the UK

Accounts with the UK

Current account with UK shows a deficit of €5bn in Quarter 3 2024

Online ISSN: 2565-6384
CSO statistical publication, , 11am

Current account with UK (See Table 3.1)

  • Merchandise exports were €6,347m in the third quarter of 2024, a decrease of €483m compared with the third quarter of 2023.
  • Merchandise imports were €8,127m in the third quarter of 2024, a decrease of €592m compared with the same period in 2023.
  • Services exports at €13,671m increased by €1,658m compared to the third quarter of 2023, mainly due to both computer and business services exports.
  • Services imports at €8,013m were up €548m over that same period in 2023, these figures were affected by increased levels of business and financial services costs.
  • Investment income earned in UK at €11,366m, increased by €924m compared with one year earlier and investment income payable to UK investors at €20,389m increased by €2,736m.
  • When these effects are combined, the trade balance with the UK has increased by €1,219m and net income outflows have increased by €1,850m, compared with the third quarter of 2023. The result is a deficit of €5,194m in the third quarter of 2024, compared to a deficit of €4,562m in the same period in 2023.

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 €1,974m in the third quarter of 2024 mainly due to an increase in reinvested earnings. Direct investment abroad from Ireland to the UK has decreased by €146m in the third quarter of 2024.

Table 3.1 Current Account with the UK

Table 3.2 Foreign Direct Investment with the UK