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 surplus of €12.8bn in the fourth quarter of 2025, a decrease of €5.3bn compared with the Q4 2024 surplus of €18.1bn due to decreases in the merchandise balance being offset by a decreased outflow of investment income.
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| Current Account |
| Q3 2023 | 8.37676911628199 |
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| Q4 2023 | 12.4742431758114 |
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| Q1 2024 | 0 |
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| Q2 2024 | 13.8916577219882 |
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| Q3 2024 | 26.4901162385371 |
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| Q4 2024 | 14.5685073193628 |
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| Q1 2025 | 0 |
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| Q2 2025 | 3.85950999642994 |
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| Q3 2025 | 11.6688987230131 |
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| Q4 2025 | 8.73039429768438 |
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normal
| Merchandise | Services | Primary Income | Secondary Income | Balance on Current Account |
| Q3 2023 | 36.183 | 12.995 | -31.907 | -1.088 | 16.184 |
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| Q4 2023 | 29.524 | -5.964 | -23.578 | -1.227 | -1.246 |
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| Q1 2024 | 39.06 | 14.876 | -34.858 | -1.167 | 17.912 |
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| Q2 2024 | 38.578 | 26.524 | -28.731 | -1.161 | 35.211 |
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| Q3 2024 | 42.911 | 11.427 | -33.6 | -1.041 | 19.696 |
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| Q4 2024 | 55.004 | 6.863 | -42.496 | -1.219 | 18.152 |
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| Q1 2025 | 74.219 | -0.375 | -66.959 | -1.048 | 5.837 |
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| Q2 2025 | 58.431 | 12.44 | -50.128 | -1.249 | 19.494 |
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| Q3 2025 | 55.39766 | 6.14429 | -46.38166 | -1.21934 | 13.94096 |
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| Q4 2025 | 42.23457 | 8.09596 | -36.44474 | -1.07849 | 12.80731 |
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- Merchandise exports were €87,856m in the fourth quarter of 2025, a decrease of €4,350m compared with the fourth quarter of 2024. Merchandise imports were €45,622m in fourth quarter of 2025, an increase of €8,420m over the same period in 2024.
- Service exports at €138,100m increased by €10,207m compared to the fourth quarter of 2024, mainly due to increased computer services exports which increased by €5,527m.
- Service imports at €130,004m were up €8,974m over the same period in 2024, mainly due to higher royalty imports which increased by €3,038m and business services exports which grew by €4,140m
- Ireland’s trade balance at €50,331m, all goods and services exports less all goods and services imports decreased by €11,537m in the fourth quarter of 2025 over the same period in 2024.
- Investment income earned abroad at €75,615m, increased by €1,552m compared with one year earlier while investment income payable to foreign investors at €112,871m decreased by €3,786m. The overall income balance for the quarter at -€37,523m increased by €6,192m compared with the same period in 2024.
normal
| Direct Investment | Portfolio Investment | Other Investment | Reserve Assets | Balance on Financial Account |
| Q3 2023 | -21.691 | 44.794 | -10.029 | -0.529 | 12.544 |
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| Q4 2023 | 13.168 | -8.961 | 1.241 | 0.107 | 5.555 |
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| Q1 2024 | 20.348 | 29.638 | -39.238 | -0.085 | 10.661 |
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| Q2 2024 | 47.519 | -5.109 | -1.509 | 0.007 | 40.907 |
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| Q3 2024 | -16.847 | 23.753 | 10.03 | -0.305 | 16.631 |
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| Q4 2024 | 11.109 | 14.697 | -0.964 | 0.245 | 25.087 |
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| Q1 2025 | -3.788 | 6.626 | 11.949 | 0.238 | 15.027 |
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| Q2 2025 | 38.802 | 42.133 | -60.351 | -0.291 | 20.292 |
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| Q3 2025 | -19.13748 | 30.78753 | -5.26889 | 0.10691 | 6.48806 |
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| Q4 2025 | 18.63611 | -7.46037 | -2.29905 | -0.0545 | 8.82218000000002 |
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- Direct investment in Ireland increased by €18,744m in the fourth quarter of 2025. This was due to increased reinvested earnings of €31,030m and equity investment of €7,871m offset by equity investment of -€3,997m.
- Direct investment abroad increased by €4,796m in the quarter, due to increased reinvested earnings of €5,376m offset by equity investment of -€315m and other capital investment of €1,924m.
- Portfolio investment in foreign assets increased by €166,948m in the quarter due to increased investment in foreign equity and debt instruments (up €75,730m and €87,565m respectively). Portfolio investment in Ireland increased by €136,160m mainly due to an increase in equity investment of €124,552m as well as increased debt instruments of €11,609m.
- Other investment assets fell by €58,659m while other investment liabilities also fell by €53,390m in the fourth quarter of 2025.
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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