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For more information on this release:
E-mail: bop@cso.ie John Sheridan (+353) 1 498 4258 Annette Hayes (+353) 1 498 4319
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5201
CSO statistical release, , 11am

Balance of International Payments

Quarter 1 2016

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q1 201626,574-17,6198,95514.3
Q1 201526,225-21,7064,5197.3
Year 2015110,568-84,41026,15710.2
Year 201440,731-37,5273,2031.7

Current account surplus of €9bn in Quarter 1 2016

Balance of International Payments Q1 2016 Fig 1
go to full release

The Balance of Payments current account, a measure of Ireland’s financial flows with the rest of the world, had a surplus in the first quarter of 2016 of €8,955m. The revised current account surplus for 2015 was €26,157m, an increase of €22,954m on 2014 (see Table 1).

X-axis labelMerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current Account
Q1 20148.939-2.129-7.405-0.899-1.495
Q2 201411.286-1.562-7.936-0.6081.181
Q3 201410.985-0.063-7.796-0.5452.58
Q4 20149.521-2.373-5.513-0.6980.937
Q1 201526.225-6.119-14.691-0.8964.519
Q2 201526.481-8.257-9.956-0.7217.547
Q3 201528.898-7.64-13.813-0.5216.924
Q4 201528.964-7.341-13.455-17.167
Q1 201626.574-5.826-11.132-0.6618.955

Other points of note in the Quarter 1 2016 results are:

Current account (see Table 2a)

  •  Compared with the first quarter of 2015, merchandise exports at €45,796m decreased by €682m while merchandise imports at €19,222m decreased by €1,031m.
  •  Service exports at €29,211m increased by €1,882m compared to the first quarter of 2015, mainly due to higher computer services exports. Service imports at €35,037m were up €1,588m, mainly driven by increases in  royalties/licences payments of €2,094m.
  •   Investment income earned abroad at €15,718m increased by €507m compared with one year earlier while investment income payable to foreign investors at €26,783m decreased by €3,049m.

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland increased by €17,079m in the first quarter of 2016. This comprised of an increase of €4,944m in reinvested earnings, an increase in equity of €43,517m and a decrease in other capital of€31,381m.  Direct investment abroad increased by €33,299m in the quarter, mainly as a result of increased equity of €25,885m.
  • Portfolio investment in foreign assets increased €12,620m in the quarter. Investment in foreign equity increased €221m while investment in foreign debt instruments increased €12,399m. Portfolio investment in Ireland comprised of €14,867m in Irish equity and €732m of Irish debt instruments in the quarter.
  • Other investment assets decreased by €18,832m in the first quarter of 2016 split between the activities of IFSC enterprises with a decrease of €9,412m and non-IFSC enterprises with a decrease of €9,419m.
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q1 20143.678-19.85810.5160-5.664
Q2 2014-2.719-11.76719.0150.0014.531
Q3 20140.468-22.62716.7830.002-5.374
Q4 20141.604-2.411.7750.1331.103
Q1 201539.441-80.2844.4750.1083.744
Q2 20152.146.111-4.5630.3073.996
Q3 201513.711-26.91922.105-0.0248.873
Q4 2015-75.163-18.6599.8810.1036.171
Q1 201616.22-2.979-6.220.9367.957
Table 1 Summary of Current, Capital and Financial Account Balances € million
Period     Balance on Current Account Balance on Capital Account Direct InvestmentPortfolio InvestmentOther2 InvestmentReserve AssetsBalance on Financial AccountNet errors and omissions
Merchandise1 Invisibles   
 ServicesPrimary IncomeSecondary IncomeTotal   
1998Year17,510-8,426-9,7761,319-16,883 627 840 -4,4228,466-7,4592,280-1,135-2,602
1999Year22,170-9,723-13,3981,177-21,944 226 560 -11,35914,342974-1,7462,2111,425
2000Year28,312-13,312-15,327994-27,645 667 1,182 -22,9575,3589,037142-8,420-10,269
2001Year31,464-12,412-17,762-1,075-31,249 215 779 -6,24125,158-19,183441175-819
2002Year36,982-13,619-21,910-1,116-36,645 337 588 -19,44437,979-19,425-343-1,233-2,158
2003Year32,954-10,903-20,035-1,303-32,241 713 445 -15,27039,977-22,751-1,770186-972
2004Year34,588-12,141-21,345-1,255-34,741 -153 355 23,095-14,287-12,170-1,177-4,539-4,741
2005 3Year32,184-13,655-22,786-1,769-38,210 -6,026 340 37,660-52,69815,364-1,472-1,1474,539
2006 3Year27,194-12,313-22,723-2,063-37,099 -9,905 299 15,841-8,135-16,635-87-9,016590
2007 3Year28,698-12,384-26,630-2,510-41,524 -12,826 115 -1,6217,283-20,08612-14,413-1,702
2008 3Year32,622-16,468-25,141-2,729-44,339 -11,716 119 23,28845,749-85,93278-16,817-5,220
2009 3Year38,752-15,823-27,885-2,948-46,656 -7,904 14 -245-22,62619,433-79-3,5174,373
2010 3Year41,288-13,421-27,178-2,701-43,300 -2,012 91 -16,318-85,96590,883-5-11,404-9,484
2011 3Year41,257-9,096-32,312-2,660-44,067 -2,810 234 -18,698-26,90831,086-329-14,849-12,272
2012 3Year36,896-6,749-32,143-2,609-41,501 -4,605 86 -18,957-83311,025-12-8,777-4,257
2013 3Year34,506-637-27,093-2,922-30,652 3,855 -936 -12,99645,576-26,436106,1553,236
2014 3Year40,731-6,127-28,650-2,750-37,527 3,203 -6,769 3,031-56,66248,089136-5,404-1,839
2015 3Year110,568-29,357-51,915-3,138-84,410 26,157 -1,255 -19,871-119,738161,89849422,784-2,118
                  
2009 3Quarter 1 9,692-4,189-7,362-960-12,512 -2,820 -3 8582,331-1,326-411,8224,646
 Quarter 210,140-3,835-7,826-748-12,410 -2,270 -1 -1,40915,776-24,67862-10,249-7,978
 Quarter 39,783-2,514-7,582-633-10,729 -946 -10 7,349-26,57021,337-32,1133,069
 Quarter 49,137-5,285-5,114-607-11,005 -1,868 28 -7,044-14,16324,100-972,7964,637
2010 3Quarter 1 10,235-2,824-7,978-879-11,681 -1,446 50 -4,772-19,82131,668-327,0438,439
 Quarter 210,555-3,342-8,026-590-11,957 -1,402 4 -3,2498,568-18,33819-13,001-11,602
 Quarter 311,985-2,955-7,152-704-10,811 1,174 14 1,17819,581-25,74576-4,910-6,098
 Quarter 48,513-4,300-4,022-528-8,850 -337 23 -9,475-94,293103,299-68-537-222
2011 3Quarter 1 10,624-2,926-8,278-841-12,046 -1,422 24 -8,453-7,06311,286-65-4,295-2,897
 Quarter 29,576-1,580-8,820-513-10,913 -1,336 1 -7,601-22,34427,15729-2,759-1,424
 Quarter 311,547-1,862-8,307-641-10,810 736 -1 -6,80219,456-16,652-24-4,022-4,757
 Quarter 49,510-2,729-6,906-664-10,299 -789 210 4,158-16,9579,295-269-3,772-3,194
2012 3Quarter 1 8,969-1,791-8,885-814-11,490 -2,522 61-12,78044,957-32,626-12-4612,001
 Quarter 2 9,275-2,571-8,400-603-11,574 -2,299 13,692-33,32021,0096-8,614-6,316
 Quarter 310,072-759-8,453-643-9,855 218 5-13,837-6,31517,833-1-2,319-2,542
 Quarter 48,580-1,628-6,405-549-8,582 -2 193,968-6,1554,809-52,6172,600
2013 3Quarter 1 7,726-533-7,213-828-8,574 -848 -207-4,3327,16562703,4604,515
 Quarter 2 9,638-545-8,170-699-9,414 225 -244-7,51912,668-5,7611-611-591
 Quarter 3 9,816646-7,157-663-7,174 2,642 -259-5738,371-5,94841,854-529
 Quarter 47,326-205-4,553-732-5,490 1,836 -226-57217,372-15,35451,452-159
2014 3Quarter 18,939-2,129-7,405-899-10,433 -1,495 -1,6913,678-19,85810,5160-5,664-2,479
 Quarter 211,286-1,562-7,936-608-10,106 1,181 -1,717-2,719-11,76719,01514,5315,067
 Quarter 310,985-63-7,796-545-8,404 2,580 -1,649468-22,62716,7832-5,374-6,305
 Quarter 49,521-2,373-5,513-698-8,584 937 -1,7121,604-2,4101,7751331,1031,878
2015 3Quarter 126,225-6,119-14,691-896-21,706 4,519 -29439,441-80,28044,4751083,744-480
 Quarter 226,481-8,257-9,956-721-18,934 7,547 -3172,1406,111-4,5633073,996-3,234
 Quarter 328,898-7,640-13,813-521-21,974 6,924 -32413,711-26,91922,105-248,8732,273
 Quarter 428,964-7,341-13,455-1,000-21,796 7,167 -320-75,163-18,65099,8811036,171-677
2016Quarter 126,574-5,826-11,132-661-17,619 8,955 -2,36816,220-2,979-6,2209367,9571,369
1Adjusted for balance of payments purposes.
2Includes financial derivatives and also life insurance liabilities to non-residents. Occasionally includes large capital transactions which cannot be shown in the Capital Account
 Balance due to confidentiality constraints.
3Revised.
Table 2a Current and Capital Accounts      € million
2014 12015 1 2014 12015 12016
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
Current Account  
Merchandise 2Exports114,461195,59226,18728,90229,27230,100 46,47847,20149,39752,516 45,796
Imports73,73085,02417,24817,61618,28720,579 20,25320,72020,49923,552 19,222
              
  of which: Merchanting (net export)Exports3,5067,727 888880926812 2,3091,8821,9251,611 1,701
              
ServicesExports105,327121,60522,79326,31127,62128,602 27,32930,55231,18032,544 29,211
Imports111,453150,96324,92227,87227,68530,974 33,44938,80938,82039,885 35,037
  Repairs and ProcessingExports1,2231,110 283406270264 222322323243 226
 Imports1,2551,400 277334318326 325399367309 241
  TransportExports5,1935,9367461,4031,9761,068 8421,5492,3051,240 975
Imports2,1712,489511519543598 599611607672 532
  Tourism and Travel 3Exports3,6564,3205581,0361,327735 6131,2281,582897 716
Imports4,8265,1218301,2411,6831,072 9081,2541,7931,166 1,071
  InsuranceExports8,72310,3002,1732,2402,0792,231 2,5332,6912,5652,511 2,363
Imports5,7037,0901,3491,4931,3211,540 1,7651,8191,8271,679 1,904
  Financial servicesExports8,97011,0421,9932,2422,2732,462 2,4962,7392,8652,942 2,606
Imports6,8926,9911,6091,7121,8901,681 1,5901,7051,7691,927 1,675
  Royalties/LicencesExports5,2426,7231,1571,1411,4441,500 1,6481,7031,7211,651 1,669
Imports48,28867,76510,56111,68712,04313,997 15,39817,23916,68718,441 17,492
  CommunicationsExports569668140143141145 171169164164 159
Imports9841,021247254239244 257261242261 285
  Computer services 4Exports49,16657,40910,77012,76411,40614,226 13,10414,30113,77216,232 14,675
Imports639916151164151173 215231239231 196
  Business servicesExports20,70521,9584,5714,5696,1825,383 5,2995,2965,2756,088 5,425
Imports40,42857,9029,32110,4029,43211,273 12,32615,22415,22115,131 11,574
     Research and developmentExports2,2771,758419426974458 410401477470 554
 Imports8,70419,7011,9602,0452,3312,368 3,7115,2286,0024,760 2,979
     Operational leasingExports9,44211,7511,9932,0352,6802,734 2,8352,8882,9323,096 2,901
 Imports934770277330172155 149167215239 142
     Misc. business services 5Exports8,9878,4472,1592,1092,5282,191 2,0532,0071,8662,521 1,970
 Imports30,79137,4327,0848,0286,9298,750 8,4669,8289,00510,133 8,452
  Other services n.e.s.Exports1,8822,139403368524587 401552609577 397
Imports26626666666668 66666767 67
               
Primary IncomeInflows62,70561,66513,87815,29216,36117,174 15,36915,02314,41916,854 15,874
 Outflows91,353113,58121,28323,22724,15722,686 30,06024,97928,23330,309 27,006
  Compensation of EmployeesInflows546542138137135136 135136135136 136
Outflows703633172178175178 156165163149 154
  Investment IncomeInflows60,84059,55313,69515,07116,19615,878 15,21114,83413,88915,619 15,718
Outflows90,398112,63521,05822,99623,92322,421 29,83224,73528,00130,067 26,783
      Direct investment incomeInflows19,84915,7714,1784,8075,3025,562 3,8044,5002,8454,622 4,903
Outflows43,56659,70510,79311,04011,66610,067 16,14411,91515,09716,549 14,247
          Income on equityInflows16,64712,1403,2873,9894,5664,805 2,8983,6001,9733,669 4,010
Outflows38,39953,9479,6109,77210,3448,673 14,75210,37313,68415,138 12,900
              Dividends & distributed Inflows2,4471,277 1106691791,489 **88293 159
                  branch profitsOutflows13,94915,166 4,0073,4303,1143,398 4,7644,1792,6803,543 7,956
              Reinvested earningsInflows14,19910,863 3,1773,3204,3873,315 **1,8853,376 3,851
Outflows24,44938,781 5,6036,3427,2305,274 9,9886,19411,00411,595 4,944
         Income on debtInflows3,2033,631892818736757 906900872953 893
Outflows5,1675,7581,1831,2681,3221,394 1,3921,5421,4131,411 1,348
      Portfolio investment incomeInflows32,91236,1577,4268,2058,9498,332 9,1248,4049,3839,246 9,125
Outflows37,48244,4308,1789,6889,8039,813 11,08810,69411,29411,354 10,891
          Income on equityInflows8,99810,3241,8022,4102,5612,225 2,7332,2682,9692,354 2,564
 Outflows28,80235,7406,1327,3397,6467,685 8,8718,5849,1279,158 8,698
         Income on debtInflows23,91425,8335,6245,7956,3886,107 6,3916,1366,4146,892 6,561
Outflows8,6798,6902,0472,3492,1562,127 2,2172,1102,1672,196 2,192
      Other investment incomeInflows8,0807,6242,0912,0591,9461,984 2,2821,9301,6611,751 1,690
Outflows9,3528,4992,0872,2692,4542,542 2,5992,1261,6102,164 1,645
Other primary incomeInflows1,3181,5714683291,160 22543951,100 21
Outflows25331254535987 72786993 69
               
Secondary IncomeInflows2,9234,010692689761781 1,081988977964 1,147
 Outflows5,6747,1491,5911,2971,3061,480 1,9771,7101,4981,964 1,808
                
Current Account - TotalInflows285,414382,87363,55071,19374,01576,656 90,25793,76495,974102,878 92,028
Outflows282,212356,71665,04570,01271,43575,720 85,73986,21789,05095,710 83,073
               
Current Account Balance 3,20326,157-1,4951,1812,580937 4,5197,5476,9247,167 8,955
                
Capital Account Balance -6,769-1,255-1,691-1,717-1,649-1,712 -294-317-324-320 -2,368
                
Memorandum Item:      
 Government IncomeInflows128129 35284025 15621834 12
 Outflows4,6924,397 1,1551,1851,1811,171 1,1211,0801,1041,092 1,066
1Revised
2Adjusted for balance of payments purposes.
3Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background
 Notes.
4Covers exports and imports of software that was not incorporated as part of computer hardware or physical media but separately transmitted by electronic means. The value
 of sales and purchases of additional software licences is also included.
5Covers mainly advertising and inter-affiliate management charges.
Table 2b Financial Account¹       € million
2014 22015 22014 22015 22016
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
     
Direct Investment Abroad31,231149,937 1,2967,18917,4185,328 51,96924,62718,59554,74633,299
In Ireland28,200169,809 -2,3819,90816,9503,723 12,52822,4874,884129,91017,079
              
    EquityAbroad-2,076113,321-5,229-7,37012,698-2,175 50,58521,372-1,86443,228 25,885
 In Ireland18,570116,845-80310,1597,0752,139 7,38925,56324,83359,06043,517
    Reinvested EarningsAbroad14,19910,8633,1773,3204,3873,315 **1,8853,376 3,851
In Ireland24,44938,7815,6036,3427,2305,274 9,9886,19411,00411,5954,944
    Other CapitalAbroad19,11025,754 3,34911,2393344,188 **18,5748,1423,563
 In Ireland-14,81814,181 -7,181-6,5922,645-3,690 -4,850-9,271-30,95359,255-31,381
               
Portfolio InvestmentAssets158,174127,682 36,00147,44040,26734,466 46,96410,7822,29867,63812,620
Liabilities214,836247,421 55,85959,20662,89536,876 127,2444,67229,21786,28815,599
              
    EquityAssets68,73746,379 12,44719,17117,02220,097 14,60922,1066,9782,686221
 Liabilities182,827186,857 47,16751,52862,62521,507 106,339-8,45520,30468,66914,867
     Debt InstrumentsAssets89,43881,302 23,55428,26923,24614,369 32,355-11,324-4,68164,95212,399
 Liabilities32,00860,563 8,6927,67826915,369 20,90513,1278,91217,619732
        Bonds and notes Assets21,66765,2771,2786,9736,1127,304 5,30313,80514,35631,81315,028
 Liabilities31,29956,8557,9248,752-80715,430 20,44413,3886,26416,759584
        Money market instruments Assets67,77116,02522,27721,29517,1347,065 27,052-25,129-19,03733,139-2,629
 Liabilities7093,707 768-1,0741,076-61 461-2622,648860148
               
Other InvestmentAssets82,08887,335 35,20011,61025,9489,330 52,171-20,780-34,77790,721-18,832
Liabilities33,999-74,564 24,684-7,4059,1657,555 7,696-16,218-56,882-9,160-12,612
              
     Loans, currency and depositsAssets41,34572,098 25,1845,5592,6477,955 33,837-11,05591548,401-2,835
 Liabilities-3,165-30,455 3,672-9,126-3,1945,483 -26,505-8,354-17,82322,22710,562
     Other 3Assets40,74115,237 10,0166,05123,3001,374 18,334-9,725-35,69242,320-15,997
 Liabilities37,165-44,108 21,0121,72212,3592,072 34,202-7,864-39,059-31,387-23,174
               
Reserve Assets 136494 012133 108307-24103936
              
     Monetary gold 01 010-1 00010
     Special drawing rights 02 0000 10010
     Reserve position in the IMF -11 000-1 1000687
     Foreign exchange  00 002-2 1-11-10
     Other 137490 000137 105308-25102249
               
Balance on Financial Account -5,40422,784 -5,6644,531-5,3741,103 3,7443,9968,8736,1717,957
                
Net errors and omissions -1,839-2,118 -2,4795,067-6,3051,878 -480-3,2342,273-677 1,369
Memorandum Item:             
Government financialAssets-6,528-1,642 -1,427-2,046-178-2,877 -763-685-114-80 -822
  transactionsLiabilities2,421-619 3,3051,8881,269-4,041 7441,35610-2,729 2,787
1Financial account transactions are categorised under two headings 'Assets' and 'Liabilities' for Portfolio Investment, Other Investment and Reserve Assets. For Direct Investment,
 a 'directional ' categorisation is used: 'Abroad' indicates direct investment by Irish investors in foreign companies; Direct investment into Ireland is indicated by
 the heading 'In Ireland'.
2Revised
3Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions
 which cannot be shown in the Capital Account Balance due to confidentiality constraints.
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity   € million
 2014 22015 2 2014 22015 22016
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
Current Account - TotalInflows285,414382,87363,55071,19374,01576,656 90,25793,76495,974102,87892,028
 Outflows282,212356,71665,04570,01271,43575,720 85,73986,21789,05095,71083,073
              
Merchandise 3Exports114,461195,59226,18728,90229,27230,100 46,47847,20149,39752,51645,796
Imports73,73085,02417,24817,61618,28720,579 20,25320,72020,49923,55219,222
             
ServicesExports105,327121,60522,79326,31127,62128,602 27,32930,55231,18032,54429,211
Imports111,453150,96324,92227,87227,68530,974 33,44938,80938,82039,88535,037
             
        IFSCExports27,58732,7456,4106,6887,1827,307 7,6818,3088,2168,540 7,914
 Imports15,51617,2783,9334,0643,7643,755 4,0834,3464,5334,316 4,172
        Non-IFSCExports77,74088,86016,38319,62320,43921,295 19,64822,24422,96424,00421,297
Imports95,937133,68520,98923,80823,92127,219 29,36634,46334,28735,56930,865
             
Primary IncomeInflows62,70561,66513,87815,29216,36117,174 15,36915,02314,41916,85415,874
Outflows91,353113,58121,28323,22724,15722,686 30,06024,97928,23330,30927,006
             
        IFSCInflows43,34546,8229,97610,44011,53111,398 12,18710,94611,70311,986 11,767
 Outflows47,55951,72710,67511,54012,59412,750 13,66411,96213,34812,753 12,777
        Non-IFSCInflows19,36014,8433,9024,8524,8305,776 3,1824,0772,7164,8684,106
Outflows43,79461,85410,60811,68711,5639,936 16,39613,01714,88517,55614,230
             
Secondary IncomeInflows2,9234,010692689761781 1,0819889779641,147
Outflows5,6747,1491,5911,2971,3061,480 1,9771,7101,4981,9641,808
             
        IFSC 4Inflows2,4283,234585572633638 815816818785952
 Outflows2,4283,234585572633638 815816818785952
        Non-IFSCInflows496774107117129143 266172158178195
 Outflows3,2473,9121,006725674842 1,1628936791,178856
              
Balance on Current Account 3,20326,157-1,4951,1812,580937 4,5197,5476,9247,1678,955
              
Balance on Capital Account -6,769-1,255-1,691-1,717-1,649-1,712 -294-317-324-320-2,368
              
Financial Account 5              
Direct investmentAbroad31,231149,9371,2967,18917,4185,328 51,96924,62718,59554,74633,299
 In Ireland28,200169,809-2,3819,90816,9503,723 12,52822,4874,884129,91017,079
              
        IFSCAbroad-2,95652,592-3,684-164237655 1,8443,774-22747,20114,422
 In Ireland7,22970,599-5,3371,78312,633-1,850 5,0756,625-15,41774,31619,671
        Non-IFSCAbroad34,18697,3454,9807,35317,1814,672 50,12520,85318,8227,54518,878
 In Ireland20,97099,2102,9558,1254,3165,574 7,45315,86220,30155,594-2,591
              
Portfolio investmentAssets158,174127,68236,00147,44040,26734,466 46,96410,7822,29867,63812,620
 Liabilities214,836247,42155,85959,20662,89536,876 127,2444,67229,21786,28815,599
              
        IFSCAssets151,076131,71138,27942,58739,49530,715 47,35211,1417,14066,07811,958
 Liabilities184,061200,97452,15257,41542,97931,515 80,35318528,96191,4751,381
        Non-IFSCAssets7,097-4,029-2,2784,8527723,751 -388-359-4,8421,560662
 Liabilities30,77446,4453,7071,79119,9155,361 46,8914,486255-5,18714,218
              
Other investment 6Assets82,08887,33535,20011,61025,9489,330 52,171-20,780-34,77790,721-18,832
 Liabilities33,999-74,56424,684-7,4059,1657,555 7,696-16,218-56,882-9,160-12,612
              
        IFSCAssets89,84350,91440,85013,46127,3448,188 47,941-20,848-26,36150,182-9,412
 Liabilities76,765-31,82739,6043,37516,67717,109 18,617-12,359-36,899-1,186-8,747
        Non-IFSCAssets-7,75636,421-5,651-1,851-1,3961,142 4,23068-8,41640,539-9,419
 Liabilities-42,768-42,737-14,920-10,780-7,513-9,555 -10,921-3,858-19,984-7,974-3,865
              
Reserve Assets 136494012133 108307-24103936
              
Balance on Financial Account -5,40422,784 -5,6644,531-5,3741,103 3,7443,9968,8736,171 7,957
Net errors and omissions -1,839-2,118 -2,4795,067-6,3051,878 -480-3,2342,273-677 1,369
1From the start of 2000 new international financial service projects are no longer subject to the earlier certification and licensing procedures in operation for location in the IFSC
 and such projects can, therefore, locate anywhere in Ireland. Additions to existing IFSC projects, however, are still subject to the formal procedures. For statistical
 analysis purposes this table still shows the 'IFSC/non-IFSC' breakdown and the activities of all international financial service
enterprises are covered under the IFSC heading.
2Revised
3Adjusted for balance of payments purposes.
4Secondary income flows to and from IFSC enterprises relate solely to non-life insurance transactions (see Background Notes).
5See footnote 1 on Table 2b.
6Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions
 which cannot be shown in the Capital Account Balance due to confidentiality constraints.
Table 4a Current and Capital Accounts showing geographical¹ detail    € million
 2014 22015 2 2014 22015 22016
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
     
Current Account - TotalInflows285,414382,873 63,55071,19374,01576,656 90,25793,76495,974102,87892,028
 Outflows282,212356,716 65,04570,01271,43575,720 85,73986,21789,05095,71083,073
               
  Merchandise 3Exports114,461195,59226,18728,90229,27230,100 46,47847,20149,39752,51645,796
 Imports73,73085,02417,24817,61618,28720,579 20,25320,72020,49923,55219,222
      EMUExports41,56967,4509,1739,94510,96711,484 15,64816,61717,20117,98415,966
 Imports23,08827,4335,5265,5925,5596,411 6,3766,6166,2828,1596,539
      Non-EMUExports72,892128,14217,01418,95718,30518,616 30,83030,58432,19634,53229,830
 Imports50,64157,59211,72212,02312,72814,168 13,87714,10414,21715,39412,683
       EU Exports63,333101,62414,42015,46916,78916,655 23,76624,72825,99827,13223,712
 Imports50,74757,35412,07912,29012,31114,067 13,50913,96213,60916,27413,489
      Non-EU Exports51,12793,96811,76713,43212,48313,445 22,71222,47323,39925,38422,083
Imports22,98227,6725,1695,3255,9766,512 6,7456,7586,8917,2785,732
              
  ServicesExports105,327121,60522,79326,31127,62128,602 27,32930,55231,18032,54429,211
 Imports111,453150,96324,92227,87227,68530,974 33,44938,80938,82039,88535,037
      EMUExports32,83435,6477,0328,5428,2858,975 8,4229,0128,9919,2227,970
 Imports34,34039,8307,6808,4768,8669,318 8,79210,6009,94810,4908,937
      Non-EMUExports72,49285,95915,76117,76819,33619,627 18,90721,54022,19023,32221,242
 Imports77,113111,13217,24219,39618,81921,656 24,65628,20928,87229,39526,100
       EU Exports58,16965,64112,43315,28914,58115,866 14,49216,64817,30717,19415,036
 Imports47,82953,65510,57011,81612,30913,134 12,25413,81013,51014,08112,206
      Non-EU Exports47,15755,96410,36011,02213,04012,735 12,83713,90413,87315,35014,175
Imports63,62397,30714,35216,05615,37517,840 21,19424,99925,31025,80422,831
               
Primary IncomeInflows62,70561,66513,87815,29216,36117,174 15,36915,02314,41916,85415,874
 Outflows91,353113,58121,28323,22724,15722,686 30,06024,97928,23330,30927,006
      EMUInflows23,17424,0915,3725,8715,9076,024 6,8036,3554,7006,2337,262
 Outflows33,09938,8308,2947,3839,2908,132 9,6349,4649,9539,7799,432
      Non-EMUInflows39,53137,5748,5079,42110,45311,150 8,5668,6689,71910,6218,613
 Outflows58,25674,75012,99015,84514,86614,555 20,42615,51518,27920,53017,574
       EU Inflows37,09139,7158,3089,1539,38010,250 10,3339,7658,59111,02610,872
 Outflows53,04261,40312,53312,50314,65813,348 15,78414,65115,91715,05115,306
      Non-EU Inflows25,61321,9505,5716,1386,9816,923 5,0365,2585,8285,8285,002
 Outflows38,31252,1788,75010,7259,4989,339 14,27610,32812,31615,25811,700
               
Secondary IncomeInflows2,9234,010692689761781 1,0819889779641,147
 Outflows5,6747,1491,5911,2971,3061,480 1,9771,7101,4981,9641,808
      EMUInflows1,0351,295254212291278 336366321272353
 Outflows1,2101,475297256335322 382406361326386
      Non-EMUInflows1,8882,714438477470503 745622656691793
 Outflows4,4655,6721,2941,0419721,158 1,5951,3041,1361,6371,422
       EU Inflows2,0753,040502443572558 801818769652912
 Outflows4,2485,6041,2739439421,090 1,5901,3511,1681,4951,474
      Non-EU Inflows849970190246190223 280171207312234
 Outflows1,4261,545318354364390 388359330468334
               
Balance on Current Account 3,20326,157-1,4951,1812,580937 4,5197,5476,9247,1678,955
               
Balance on Capital Account -6,769-1,255-1,691-1,717-1,649-1,712 -294-317-324-320-2,368
               
1The term ‘EMU’ means the area represented by the 19 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2015 to include Lithuania.
 The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU28 area. All data shown on this table relates to EMU19 and EU28.
2Revised
3Adjusted for balance of payments purposes
Table 4b Financial Account¹ showing geographical² detail    € million
  2014 32015 3 2014 3 2015 32016
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
    
Direct InvestmentAbroad31,231149,9371,2967,18917,4185,328 51,96924,62718,59554,74633,299
 In Ireland28,200169,809-2,3819,90816,9503,723 12,52822,4874,884129,91017,079
              
      EMUAbroad40,75561,46153844419,87719,896 48,0157,9343,5541,95813,828
 In Ireland15,77940,537-3,5554,6968,1126,526 -1,740-96214,29728,942-5,473
      Non-EMUAbroad-9,52488,4777586,745-2,459-14,568 3,95516,69315,04152,78819,471
 In Ireland12,420129,2721,1745,2128,837-2,803 14,26823,449-9,413100,96822,552
       EU Abroad40,07563,241-2,157-2,25521,84722,640 46,5897,4692,4556,72820,872
 In Ireland13,14837,266-5,8956,1865,9606,897 2,5812,43116,25416,000-34,686
      Non-EU Abroad-8,84286,6963,4539,445-4,428-17,312 5,38017,15816,14048,01812,427
 In Ireland15,052132,5423,5143,72210,990-3,174 9,94720,056-11,370113,90951,766
              
Portfolio InvestmentAssets158,174127,68236,00147,44040,26734,466 46,96410,7822,29867,63812,620
 Liabilities214,836247,42155,85959,20662,89536,876 127,2444,67229,21786,28815,599
              
      EMUAssets37,44834,75424,3706,8825,553643 26,797-2,088-4,96415,009-466
 Liabilities84,994101,69924,09520,89920,42119,579 30,40319,15716,31435,82510,916
      Non-EMUAssets120,72892,92711,63140,55834,71533,824 20,16712,8707,26152,62913,086
 Liabilities129,842145,72231,76438,30742,47417,297 96,841-14,48512,90350,4634,683
       EU Assets77,06562,47328,55625,4069,41513,688 35,105-8,118-3,74039,2261,222
 Liabilities165,405169,11548,09849,91042,16725,230 78,004-4,9609,58286,4899,862
      Non-EU Assets81,10965,2107,44522,03430,85220,778 11,85918,9016,03828,41211,398
 Liabilities49,42978,3067,7619,29620,72711,645 49,2409,63219,635-2015,737
               
Other Investment 4Assets82,08887,33535,20011,61025,9489,330 52,171-20,780-34,77790,721-18,832
 Liabilities33,999-74,56424,684-7,4059,1657,555 7,696-16,218-56,882-9,160-12,612
              
      EMUAssets44,89069,8839,04822,5735,4397,830 25,98621020,34223,345-5,473
 Liabilities-8,911-8,8555,739-12,560-7,5275,437 4,268-11,549-1,179-395-5,410
      Non-EMUAssets37,19817,45126,152-10,96320,5091,500 26,185-20,990-55,12067,376-13,359
 Liabilities42,910-65,70818,9455,15516,6922,118 3,428-4,668-55,703-8,765-7,201
       EU Assets47,72036,70618,9148,92515,5904,291 19,893-5,517-7,66729,9977,279
 Liabilities15,012-38,36213,385-13,002-1414,643 10,836-16,287-28,250-4,6614,812
      Non-EU Assets34,36750,62816,2862,68510,3575,039 32,278-15,263-27,11160,724-26,111
 Liabilities18,988-36,20311,2995,5989,179-7,088 -3,14069-28,633-4,499-17,424
             
Reserve Assets 136494012133 108307-24103936
              
Balance on Financial Account -5,40422,784-5,6644,531-5,3741,103 3,7443,9968,8736,1717,957
                
Net errors and omissions -1,839-2,118 -2,4795,067-6,3051,878 -480-3,2342,273-677 1,369
1See footnote 1 on Table 2b.
2The term ‘EMU’ means the area represented by the 19 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January 2015 to include Lithuania.
 The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU28 area. All data shown on this table relates to EMU19 and EU28.
3Revised
4Includes financial derivatives; in the case of liabilities this category also includes life insurance liabilities to non-residents. Occasionally includes large capital transactions
 which cannot be shown in the Capital Account Balance due to confidentiality constraints.

Background Notes

Definition 

The balance of payments (BOP) is a statistical statement that summarises, for a specific time period, the economic transactions of the residents of an economy with the rest of the world. 

The balance of payments presentation consists of three tables or accounts, the Current Account, the Capital Account and the Financial Account. The current account consists of trade in merchandise and services, as well as primary and secondary income account inflows and outflows. The capital account covers capital transfers and the acquisition and disposal of non-produced, non-financial assets. The financial account is concerned with transactions in foreign financial assets and liabilities, distinguishing the functional type of investment i.e. direct, portfolio and other investment (including transactions in financial derivatives) and reserve assets. 

BOP transactions, in principle, should be recorded on an accruals basis using market valuation. In practice, the collection system (see below) is designed to adhere to this approach and, for the most part, the valuations reported are either market values or a close approximation.

For more detailed methodological information see Methodology Documents.BOP Quarterly Statistical Compilation Methodology (PDF 239KB)

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