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International Accounts Q4 2022

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, 03 March 2023, 11am

	Merchandise	Services	Income	Current Account
Q3 2020	-0.572	4.033	-2.467	0.993
Q4 2020	-1.679	4.475	-2.193	0.603
Q1 2021	0.586	3.519	-2.253	1.852
Q2 2021	-0.67	4.095	-3.927	-0.504
Q3 2021	0.143	3.948	-3.852	0.239
Q4 2021	-1.013	5.274	-2.694	1.567
Q1 2022	-1.436	4.206	-3.157	-0.388
Q2 2022	-1.231	5.066	-4.881	-1.046
Q3 2022	-2.438	4.545	-4.213	-2.106
Q4 2022	-2.452	4.551	-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 3.1 Current Account with the UK												€ million
			2021	2022	2021				2022
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Current Account
Merchandise¹		Exports	25,766	30,474	5,598	6,144	6,721	7,303	6,950	8,096	7,652	7,776
		Imports	26,720	38,031	5,012	6,814	6,578	8,316	8,386	9,327	10,090	10,228

	of which: Merchanting (net export)	Exports	4,117	4,021	970	807	1,086	1,254	1,091	939	1,013	978

Services		Exports	40,241	44,113	8,987	9,803	10,166	11,285	10,033	11,197	11,355	11,528
		Imports	23,405	25,745	5,468	5,708	6,218	6,011	5,827	6,131	6,810	6,977
	Transport	Exports	1,021	2,863	80	141	453	347	306	716	1,174	667
		Imports	787	1,078	152	192	193	250	240	251	296	291
	Tourism and Travel²	Exports	286	1,036	17	20	107	142	138	201	326	371
		Imports	698	1,627	65	87	225	321	258	337	481	551
	Insurance	Exports	2,621	2,676	562	639	566	854	649	696	652	679
		Imports	1,788	1,906	520	420	410	438	399	454	503	550
	Financial services	Exports	8,066	7,165	1,969	2,079	2,039	1,979	1,928	1,838	1,888	1,511
		Imports	7,821	7,505	1,844	1,989	2,039	1,949	1,844	1,813	2,002	1,846
	Royalties/Licences	Exports	533	567	88	96	120	229	140	128	114	185
		Imports	290	239	74	63	80	73	61	55	61	62
	Computer services³	Exports	17,627	18,748	4,135	4,291	4,291	4,910	4,381	4,701	4,625	5,041
		Imports	380	384	62	90	119	109	75	95	102	112
	Business services	Exports	5,122	6,189	1,122	1,224	1,371	1,405	1,266	1,605	1,541	1,777
		Imports	10,390	11,854	2,475	2,558	2,828	2,529	2,679	2,824	3,092	3,259
	(of which: Operational leasing)	Exports	787	785	216	191	192	188	206	187	194	198
		Imports	139	134	*	*	*	*	*	*	*	*
	Other	Exports	4,963	4,867	1,014	1,313	1,219	1,417	1,225	1,311	1,034	1,297
		Imports	1,247	1,152	275	308	324	340	273	301	273	305

Merchandise and Services Total		Exports	66,006	74,586	14,585	15,946	16,887	18,588	16,983	19,292	19,007	19,304
		Imports	50,125	63,777	10,480	12,522	12,796	14,327	14,214	15,458	16,900	17,205

Trade balance		Net	15,881	10,810	4,105	3,424	4,091	4,261	2,769	3,835	2,107	2,099

Primary Income		Inflows	22,790	26,288	5,696	5,566	5,530	5,998	5,670	6,301	6,917	7,400
		Outflows	35,756	43,968	8,009	9,553	9,442	8,752	8,879	11,234	11,182	12,673
	(of which : Investment Income)	Inflows	22,704	26,158	5,674	5,544	5,509	5,977	5,640	6,269	6,883	7,366
		Outflows	35,591	43,761	7,967	9,513	9,401	8,710	8,831	11,184	11,128	12,618
	Direct investment income	Inflows	3,284	3,496	912	667	582	1,123	736	1,020	993	747
		Outflows	1,533	1,152	-107	590	477	573	50	457	106	539
	Portfolio investment income	Inflows	14,545	15,164	3,503	3,666	3,716	3,660	3,650	3,948	3,716	3,850
		Outflows	30,958	39,422	7,307	8,137	8,164	7,350	8,036	10,023	10,110	11,253
	Other investment income	Inflows	4,875	7,497	1,260	1,211	1,211	1,193	1,253	1,300	2,175	2,769
		Outflows	3,099	3,187	767	786	760	786	745	704	912	826

Secondary Income		Inflows	1,926	1,902	365	409	570	582	431	604	596	271
		Outflows	1,686	1,823	305	349	510	522	379	552	544	348

Income balance		Net	-12,726	-17,601	-2,253	-3,927	-3,852	-2,694	-3,157	-4,881	-4,213	-5,350

Current Account - Total		Inflows	90,722	102,777	20,646	21,921	22,987	25,168	23,084	26,197	26,520	26,976
		Outflows	87,569	109,568	18,795	22,424	22,749	23,601	23,472	27,243	28,626	30,227

Current Account Balance with UK		Net	3,154	-6,791	1,852	-504	239	1,567	-388	-1,046	-2,106	-3,251
¹Adjusted for balance of payments purposes.
²Under the credit item, passenger fate receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers exports and imports of sofware 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.

Open in Excel: International Accounts Q4 2022 Table 3.1 (XLS 15KB)

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Table 3.2 Foreign Direct Investment with the UK

Next chapter: Foreign Direct Investment

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Table 3.2 Foreign Direct investment with the UK¹												€ million
			2021	2022	2021				2022
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4

Direct Investment		Abroad	3,985	-1,495	1,124	1,459	-1,021	2,423	-80	1,081	-2,617	121
		In Ireland	-1,997	-1,457	907	-351	-858	-1,695	-1,166	-2,197	714	1,192

	Equity	Abroad	373	818	-291	1,073	-321	-88	2,096	-128	-848	-302
		In Ireland	-12,013	*	-144	-433	-759	*	-907	-823	-317	220
	Reinvested Earnings	Abroad	2,158	1,700	755	524	-172	1051	*	837	82	*
		In Ireland	-41	*	-146	535	-190	*	-578	267	-26	251
	Other Capital	Abroad	1,453	-4,015	660	-138	-528	1459	*	371	-1,851	*
		In Ireland	10,058	457	1,196	-452	91	9,223	319	-1,642	1,058	722
¹For Direct Investment, a 'directional' categorisation is used: 'Abroad' 'indicates direct investment by Irish investors in British companies; British direct investment into Ireland is indicated by the heading 'In Ireland'.

International Accounts Q4 2022

Accounts with the UK

Accounts with the UK

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

Current account with UK (See Table 3.1)

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