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Accounts with the UK

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Current account with UK shows deficit of €1.9bn in Quarter 4 2018

MerchandiseServicesIncomeCurrent Account
Q1 20160.8811.758-2.848-0.209
Q2 20160.2452.351-3.545-0.949
Q3 20160.442.722-3.702-0.54
Q4 20161.0522.438-2.4141.076
Q1 20170.7062.137-2.0760.767
Q2 20170.3822.78-3.0390.124
Q3 2017-0.0912.915-2.826-0.002
Q4 2017-0.5361.959-1.888-0.465
Q1 2018-0.271.772-2.279-0.778
Q2 2018-0.2782.289-4.058-2.047
Q3 2018-0.1722.694-3.388-0.865
Q4 2018-0.5392.663-3.99-1.865

Current account with UK (See Table 3.1)

  • Merchandise exports were €6,178m in the fourth quarter of 2018, an increase of €442m compared with the fourth quarter of 2017.
  • Merchandise imports were €6,717m in the fourth quarter of 2018, an increase of €445m compared with the fourth quarter of 2017.
  • Services exports at €7,465m increased by €725m compared to the fourth quarter of 2017, mainly due to both computer and business services exports.
  • Services imports at €4,802m were up €21m over that same period in 2017. These figures were affected by increased levels of financial, tourism and travel and transport costs.
  • Investment income earned in UK at €4,169m, decreased by €228m compared with one year earlier while investment income payable to UK investors at €7,995m increased by €1,856m.
  • When these effects are combined, the trade balance with the UK has increased by €700m and net income outflows have increased by €2,102m, compared with the fourth quarter of 2017. The result is a current account deficit of €1,865m in the fourth quarter of 2018, down from the deficit of €465m in the fourth quarter of 2017.

We have also included a new experimental table on foreign direct investment with UK (See Table 3.2); this table shows that direct investment in Ireland from the UK has decreased by €15,121m in the fourth quarter of 2018 due to the withdrawal of investment. Direct investment abroad from Ireland to the UK has increased by €1,324m in the fourth quarter of 2018 mainly due to increases in reinvested earnings and other capital.

Show Table: Table 3.1 Current Account with UK

Show Table: Table 3.2 Foreign Direct Investment with UK


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