Balance of International Payments
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.
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| Current Account |
Q3 2021 | 19.3856637011868 |
Q4 2021 | 3.37455124560402 |
Q1 2022 | 13.5198401890292 |
Q2 2022 | 11.3119912946522 |
Q3 2022 | 7.1614478667581 |
Q4 2022 | 11.5106290265595 |
Q1 2023 | 10.7755909848446 |
Q2 2023 | 12.6215208088823 |
Q3 2023 | 16.1736638887075 |
Q4 2023 | -0.306113505368522 |
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normal
| Merchandise | Services | Primary Income | Secondary Income | Balance on Current Account |
Q3 2021 | 45.042 | 6.112 | -28.159 | -0.692 | 22.303 |
Q4 2021 | 41.343 | -12.772 | -23.334 | -1.427 | 3.811 |
Q1 2022 | 46.26 | 6.967 | -36.005 | -1.181 | 16.042 |
Q2 2022 | 47.937 | 1.245 | -34.184 | -1.193 | 13.805 |
Q3 2022 | 53.584 | -2.018 | -40.823 | -1.146 | 9.598 |
Q4 2022 | 54.501 | -6.428 | -31.754 | -1.175 | 15.144 |
Q1 2023 | 55.993 | -0.825 | -40.407 | -1.19 | 13.572 |
Q2 2023 | 38.479 | 7.404 | -28.868 | -1.184 | 15.831 |
Q3 2023 | 37.416 | 8.596 | -24.18 | -1.058 | 20.775 |
Q4 2023 | 29.78 | -7.676 | -21.098 | -1.388 | -0.382 |
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- 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.
normal
| Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Balance on Financial Account |
Q3 2021 | 6.249 | -9.942 | 13.307 | 4.081 | 13.696 |
Q4 2021 | 19.485 | -15.819 | 2.913 | 0.654 | 7.233 |
Q1 2022 | 15.397 | -38.231 | 40.334 | -0.129 | 17.37 |
Q2 2022 | 24.269 | -24.519 | 11.895 | 0.033 | 11.677 |
Q3 2022 | -22.262 | -47.113 | 77.433 | 0.603 | 8.66 |
Q4 2022 | 15.314 | -27.917 | 26.274 | -0.022 | 13.647 |
Q1 2023 | 8.547 | -27.996 | 29.196 | 0.011 | 9.759 |
Q2 2023 | 3.846 | 81.661 | -83.786 | -0.024 | 1.696 |
Q3 2023 | -16.539 | 45.584 | -9.69 | -0.529 | 18.826 |
Q4 2023 | 6.523 | -44.853 | 38.078 | 0.107 | -0.146 |
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- 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
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