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Balance of International Payments

Balance of International Payments

Current account balance of -€382m in Quarter 4 2023

Online ISSN: 2565-6384
CSO statistical publication, , 11am
Table 1.1 Balance of International Payments€ million
 Merchandise BalanceServices and Income BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q4 202254,501-39,35715,14411.5
Q4 202329,780-30,162-382-0.3
 
Q1-Q4 2022202,282-147,69554,58910.8
Q1-Q4 2023161,668-111,87449,7969.9

Balance of Payments Current Account

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a deficit of €382m in the fourth quarter of 2023 down €15.5bn on the Q42022 surplus of €15.1bn. A decreased merchandise and services balance was offset by an increased income balance.

Current Account
Q3 202119.3856637011868
Q4 20213.37455124560402
Q1 202213.5198401890292
Q2 202211.3119912946522
Q3 20227.1614478667581
Q4 202211.5106290265595
Q1 202310.7755909848446
Q2 202312.6215208088823
Q3 202316.1736638887075
Q4 2023-0.306113505368522
MerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current Account
Q3 202145.0426.112-28.159-0.69222.303
Q4 202141.343-12.772-23.334-1.4273.811
Q1 202246.266.967-36.005-1.18116.042
Q2 202247.9371.245-34.184-1.19313.805
Q3 202253.584-2.018-40.823-1.1469.598
Q4 202254.501-6.428-31.754-1.17515.144
Q1 202355.993-0.825-40.407-1.1913.572
Q2 202338.4797.404-28.868-1.18415.831
Q3 202337.4168.596-24.18-1.05820.775
Q4 202329.78-7.676-21.098-1.388-0.382

Current account (see Table 1.3)

  • Merchandise exports were €71,980m in the fourth quarter of 2023, a decrease of €23,772m compared with the fourth quarter of 2022. Merchandise imports were €42,200m in the fourth quarter of 2023, an increase of €949m over the same period in 2022.
  • Service exports at €101,112m increased by €9,625m compared to the fourth quarter of 2022, mainly due to higher computer services exports (which increased by €9,362m).
  • Service imports at €108,788m were up €10,872m over the same period in 2022, mainly due to an increase in R&D related IP service imports.
  • Ireland’s trade balance at €22,104m, all goods and services exports less all goods and services imports fell by €25,969m in the fourth quarter of 2023 over the same period in 2022.
  • Investment income earned abroad at €60,995m, increased by €14,261m compared with one year earlier while investment income payable to foreign investors at €82,221m increased by €3,600m. The overall income balance for the quarter at -€22,486m increased by €10,443m compared with the same period in 2022.
Direct InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q3 20216.249-9.94213.3074.08113.696
Q4 202119.485-15.8192.9130.6547.233
Q1 202215.397-38.23140.334-0.12917.37
Q2 202224.269-24.51911.8950.03311.677
Q3 2022-22.262-47.11377.4330.6038.66
Q4 202215.314-27.91726.274-0.02213.647
Q1 20238.547-27.99629.1960.0119.759
Q2 20233.84681.661-83.786-0.0241.696
Q3 2023-16.53945.584-9.69-0.52918.826
Q4 20236.523-44.85338.0780.107-0.146

Financial account (see Tables 1.4 and 1.5)

  • Direct investment in Ireland increased by €6,639m in the fourth quarter of 2023. This was due to increased reinvestment of earnings and equity of €21,524m and €12,842 which were partially offset by a decrease in other capital investment of €27,727m. Direct investment abroad increased by €13,162m in the quarter, mainly due to increased reinvestment of earnings investment and other capital abroad.
  • Portfolio investment in foreign assets increased by €58,820m in the quarter mainly due to increased investment in foreign debt instruments of €55,36m. Portfolio investment in Ireland increased by €103,673m due to increased investment in equity investment of €94,173m.
  • Other investment assets fell by €63,495m while other investment liabilities fell by €101,573m in the fourth quarter of 2023.
Table 1.2 Summary of Current, Capital and Financial Account Balances

Table 1.3 Current and Capital Accounts

Table 1.4 Financial Account

Table 1.5 Current, Capital and Financial Account activity classified by Institutional Sector

Table 1.6 Current and Capital Accounts showing geographical detail

Table 1.7 Financial Account showing geographical detail