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Accounts with the UK

Accounts with the UK

Current account with the UK shows a deficit of €3.3bn in Quarter 4 2022

Online ISSN: 2565-6384
CSO statistical release, , 11am
MerchandiseServicesIncomeCurrent Account
Q3 2020-0.5724.033-2.4670.993
Q4 2020-1.6794.475-2.1930.603
Q1 20210.5863.519-2.2531.852
Q2 2021-0.674.095-3.927-0.504
Q3 20210.1433.948-3.8520.239
Q4 2021-1.0135.274-2.6941.567
Q1 2022-1.4364.206-3.157-0.388
Q2 2022-1.2315.066-4.881-1.046
Q3 2022-2.4384.545-4.213-2.106
Q4 2022-2.4524.551-5.35-3.251

Current account with UK (See Table 3.1)

  • Merchandise exports were €7,776m in the fourth quarter of 2022, an increase of €473m compared with the fourth quarter of 2021.
  • Merchandise imports were €10,228m in the fourth quarter of 2022, an increase of €1,912m compared with the same period in 2021.
  • Services exports at €11,528m increased by €243m compared to the fourth quarter of 2021, mainly due to business and transport exports.
  • Services imports at €6,977m were up €966m over that same period in 2021, these figures were affected by increased levels of business and tourism and travel costs.
  • Investment income earned in the UK at €7,366m, increased by €1,389m compared with one year earlier and investment income payable to UK investors at €12,618m increased by €3,908m.
  • When these effects are combined, the trade balance with the UK has decreased by €2,162m and net income outflows have increased by €2,656m, compared with the fourth quarter of 2021. The result is a deficit of €3,251m in the fourth quarter of 2022, compared to a current account balance surplus of €1,567m over the same period in 2021.

The experimental table on foreign direct investment with the UK (See Table 3.2); shows that direct investment in Ireland from the UK has increased by €1,192m in the fourth quarter of 2022 mainly due to an increase in other capital. Direct investment abroad from Ireland to the UK has also increased by €121m in the fourth quarter of 2022.

Table 3.1 Current Account with the UK

Table 3.2 Foreign Direct Investment with the UK