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Accounts with the UK

Accounts with the UK

Current account with UK shows a deficit of €6bn in Quarter 4 2023

Online ISSN: 2565-6384
CSO statistical release, , 11am
MerchandiseServicesIncomeCurrent Account
Q3 20210.173.646-4.629-0.813
Q4 2021-1.0835.053-3.4520.52
Q1 2022-1.5083.352-4.025-2.18
Q2 2022-1.5734.289-5.268-2.552
Q3 2022-5.7484.053-4.13-5.824
Q4 2022-2.364.176-6.056-4.24
Q1 2023-1.483.65-6.484-4.315
Q2 2023-1.2753.962-6.631-3.945
Q3 2023-1.854.411-7.569-5.006
Q4 2023-2.2734.627-8.088-5.735

Current account with UK (See Table 3.1)

  • Merchandise exports were €6,491m in the fourth quarter of 2023, a decrease of €1,347m compared with the fourth quarter of 2022.
  • Merchandise imports were €8,764m in the fourth quarter of 2023, a decrease of €1,434m compared with the same period in 2022.
  • Services exports at €12,260m increased by €932m compared to the fourth quarter of 2022, mainly due to both computer and financial services exports.
  • Services imports at €7,633m were up €481m over that same period in 2022, these figures were affected by increased levels of business and financial services costs.
  • Investment income earned in UK at €9,924m, increased by €2,598m compared with one year earlier and investment income payable to UK investors at €17,909m increased by €4,507m.
  • When these effects are combined, the trade balance with the UK has increased by €538m and net income outflows have increased by €2,032m, compared with the fourth quarter of 2022. The result is a deficit of €5,735m in the fourth quarter of 2023, compared to -€4,240m over the same period in 2022.

The experimental table on foreign direct investment with UK (See Table 3.2); shows that direct investment in Ireland from the UK has decreased by €161m in the fourth quarter of 2023 mainly due to a decrease in other capital. Direct investment abroad from Ireland to the UK has increased by €1,473m in the fourth quarter of 2023.

Table 3.1 Current Account with the UK

Table 3.2 Foreign Direct Investment with the UK