The balance on the current account for the rest of the world1 sector is shown in Figure 17. In the sector accounts, this account is presented from the point of view of the rest of the world2.
The current account balance for the rest of the world in 2015 should be matched, in accounting terms, by the financial account balance. However, the errors and omissions term in the statistics for the rest of the world sector arises because of discrepancies between the financial and current accounts. This is reported in the summary table as the difference between B.9 and B.9F (-€2,117m in 2015). This same discrepancy is also reported for S.1 (i.e. the total domestic economy) but with the opposite sign.
|Current Account Balance|
Figure 18 shows the net financial position of the rest of the world vis-à-vis Ireland. The sector increased its net asset position vis-à-vis Ireland by €218.8bn during the year to €531.3bn (Table 3 Liabilities), representing a 70 per cent increase from the 2014 net position3.
|Assets||Liabilities||Net Financial Position (right axis)|
1The trends in the rest of the world accounts have already been commented on in the Quarterly International Investment Position and External Debt release (July 2016) and the Balance of Payments release (July 2016).
2A current account deficit in the rest of the world account is the equivalent of a current account surplus in the balance of payments presentation.
3This corresponds to a net international investment position with the rest of the world of -€531.3bn, where Gold is excluded.