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Rest of the World Sector (S.2)

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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
20056.028580513792
20069.89882931061789
200712.8284427484744
200811.7140872465759
20097.91070829370883
20102.00903788380468
20112.81091679564284
20124.61010900000003
2013-3.84927899999998
2014-3.204901
2015-26.155755

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.

AssetsLiabilitiesNet Financial Position (right axis)
20052.060932224632151.9822459647260478.6862599061076
20062.299246246912342.2515911601717147.6550867406268
20072.59826233121892.5363700239243861.8923072945167
20082.710209522552972.53124230981906178.96721273391
20092.877828205578032.68109596677382196.732238804209
20103.072152472803022.88174345291878190.40901988424
20113.18719333557412.94921784607112237.97548950298
20123.3534654007543.112943245899240.522154855001
20133.4053001342843.168753516096236.546618188
20144.3585985282614.046170070146312.428458115
20155.2947377115234.763478108146531.259603377001

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.

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