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Balance of International Payments

Balance of International Payments

Current account balance of €18bn in Quarter 4 2024

Online ISSN: 2565-6384
CSO statistical release, , 11am
Table 1.1 Balance of International Payments€ million
 Merchandise BalanceServices and Income BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q4 202329,667-30,186-520-0.4
Q4 202454,445-36,26818,17812.6
 
Q1-Q4 2023156,059-114,79541,2628.1
Q1-Q4 2024176,608-85,08291,52817.2

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 surplus of €18.2bn in the fourth quarter of 2024 an increase of €18.7bn compared with the Q4 2023 deficit of €520m due to increases in both the merchandise and services balance.

Current Account
Q3 20228.71649266888533
Q4 20225.6895945153579
Q1 20239.25
Q2 20239.04
Q3 202314.33
Q4 2023-0.41
Q1 202411.89
Q2 202428.21
Q3 202416.62
Q4 202412.61
MerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current Account
Q3 202256.5151.192-45.642-1.12810.937
Q4 202254.5783.969-40.621-1.2247.884
Q1 202353.7641.052-41.815-1.19611.805
Q2 202335.7857.184-30.46-1.16111.348
Q3 202336.84310.763-27.863-1.11318.629
Q4 202329.667-7.28-21.524-1.382-0.52
Q1 202438.8149.294-32.043-1.17414.891
Q2 202439.53324.485-27.382-1.15635.481
Q3 202443.8169.876-29.68-1.03422.978
Q4 202454.4454.8-39.849-1.21918.178

Current account (see Table 1.3)

  • Merchandise exports were €92,112m in the fourth quarter of 2024, an increase of €20,912m compared with the fourth quarter of 2023. Merchandise imports were €37,667m in the fourth quarter of 2024, a decrease of €3,866m over the same period in 2023.
  • Service exports at €129,784m increased by €20,212m compared to the fourth quarter of 2023, mainly due to higher computer services exports which increased by €13,558m.
  • Service imports at €124,983m were up €8,130m over the same period in 2023, mainly due to higher royalty imports which increased by €8,973m.
  • Ireland’s trade balance at €59,246m, all goods and services exports less all goods and services imports increased by €36,860m in the fourth quarter of 2024 over the same period in 2023.
  • Investment income earned abroad at €74,527m, increased by €7,818m compared with one year earlier while investment income payable to foreign investors at €114,461m increased by €26,406m. The overall income balance for the quarter at -€41,068m decreased by €18,162m compared with the same period in 2023.
Direct InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q3 2022-25.095-46.7981.2060.6039.923
Q4 202211.956-27.12726.093-0.02210.9
Q1 202313.809-24.22216.1250.0115.723
Q2 20237.97987.024-91.396-0.0243.58
Q3 2023-20.57344.828-5.339-0.52918.387
Q4 202311.704-9.0796.4980.1079.229
Q1 202414.21133.405-36.741-0.08510.789
Q2 202435.701-4.4682.9540.00734.196
Q3 2024-3.67418.2258.552-0.30522.797
Q4 202412.7254.978-2.5830.24515.363

Financial account (see Tables 1.4 and 1.5)

  • Direct investment in Ireland decreased by €24,290m in the fourth quarter of 2024. This was due to a decrease in other capital investment of €61,495m, offset by increased reinvested earnings of €34,465m and increased equity investment of €2,739m. Direct investment abroad decreased by €11,565m in the quarter, due to decreased other capital investment of €7,229m and decreased equity investment and reinvestment earnings of €4,335m (combined total).
  • Portfolio investment in foreign assets increased by €140,076m in the quarter due to increased investment in foreign equity and debt instruments (up €72,057m and €68,018m respectively). Portfolio investment in Ireland increased by €135,098m mainly due to an increase in equity investment of €117,310m as well as increased debt instruments of €17,789m.
  • Other investment assets fell by €1,707m while other investment liabilities grew by €876m in the fourth quarter of 2024.
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