Back to Top

Central Statistics Office

 Skip navigation

Show Menu  
PDF - Summary (KB)
PDF - Full (KB)
Extra information
For more information on this release:
E-mail: bop@cso.ie Annette Hayes (+353) 1 498 4319 Christopher Sibley (+353) 1 498 4305
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-5201
CSO statistical release, , 11am

Balance of International Payments

Quarter 1 2018

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q1 201827,078-17,5279,55212.4
Q1 201725,032-19,9765,0567.4
Year 2017107,639-82,71324,9248.5
Year 2016106,088-117,460-11,373-4.2

Current account surplus of €9.6bn in Quarter 1 2018

Balance of International Payments Q12018 Fig 1
go to full release

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a surplus of nearly €9.6bn in the first quarter of 2018. A merchandise surplus of over €27bn was partially offset by a deficit of €17.5bn on services and income. This surplus in the first quarter of 2018 followed a similar surplus of €9.4bn in the fourth quarter of 2017.

For the year 2017, the current account surplus was €25bn, an increase of  €36bn on 2016, where large imports of intellectual property dominated the figures. Large globalisation effects related to goods for processing and trade in intellectual property continue to increase the Irish current account balance in 2017, similar to the pattern seen in 2015 (see Table 1).

This release includes the results of our annual revisions work to prior quarters, consistent with our National Accounts and other Macroeconomic publications. We have also included for the first time, new quarterly data series on goods for processing and additional detail on royalty payments for the Pharmaceutical and ICT industry.
X-axis labelMerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current Account
Q3 201529.755-7.431-17.792-0.5933.939
Q4 201529.955-16.466-15.558-0.965-3.035
Q1 201627.29-14.564-11.001-1.020.705
Q2 201624.44-16.885-11.342-0.768-4.555
Q3 201626.315-12.294-14.425-0.82-1.224
Q4 201628.043-19.992-13.144-1.205-6.299
Q1 201725.032-5.356-13.684-0.9365.056
Q2 201723.545-9.642-15.647-1.558-3.303
Q3 201728.9150.681-14.829-1.00613.76
Q4 201730.147-4.034-15.613-1.0899.411
Q1 201827.078-1.25-14.971-1.3069.552

Other points of note in the Quarter 1 2018 results are:

Current account (see Table 2a)

  • Merchandise exports were €48,485m in the first quarter of 2018, an increase of €2,522m compared with the first quarter of 2017. However, compared to the fourth quarter of 2017, when we saw a large increase in goods for processing abroad, exports showed a decrease. Merchandise imports were €21,407m in the first quarter of 2018, an increase of €476m compared with the same period in 2017.
  • Services exports at €38,205m increased by €1,971m compared to the first quarter of 2017, mainly due to higher computer services exports.
  • Services imports at €39,455m were down €2,136m over the same period in 2017. These figures were largely affected by reduced levels of research and development related intellectual property imports. Payments for Royalties and Licence fee service imports increased for the Information and Communication Sector by €957m, while the Pharmaceutical Sector saw a reduction of €1,602m in Royalties and Licence payments.
  • Ireland’s Trade Balance, all goods and services exports less all goods and services imports, increased by €6,153m in the first quarter of 2018, over the same period in 2017.
  • Investment income earned abroad at €17,672m, increased by €216m compared with one year earlier while investment income payable to foreign investors at €32,897m increased by €1,513m.
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q4 2015-90.174-11.85697.0390.103-4.889
Q1 201612.279-7.4971.421.0957.297
Q2 2016-0.2932.933-14.069-0.224-11.653
Q3 2016-10.52210.385-7.6620.379-7.42
Q4 2016-9.89421.89-8.7620.2063.441
Q1 2017-4.669-13.224-1.406-0.101-19.4
Q2 20174.186-45.6237.4820.163-3.789
Q3 20174.0690.5986.7730.23511.675
Q4 2017-37.1672.93150.3270.10216.192
Q1 201826.3397.45-20.09-0.02213.677

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland decreased by €22,818m in the first quarter of 2018. This change was driven by an increase of €12,182m in reinvested earnings, a decrease in equity of €10,882m and a decrease in other capital of €24,118m. Direct investment abroad increased by €3,520m in the quarter, where a fall in equity of €7,605m was offset by increased reinvested earnings of €3,555m and increased other capital of €7,571m.
  • Portfolio investment in foreign assets increased by €80,507m in the quarter. Investment in foreign equity increased by €29,066m and investment in foreign debt instruments increased by €51,442m. Portfolio investment in Ireland increased by €73,057m, with Irish equity up €62,573m and Irish debt instruments up €10,484m in the quarter.
  • Other investment assets increased by €31,514m and Other investment liabilities increased by €51,604m in the first quarter of 2018, both mainly due to the activities of IFSC enterprises.
X-axis labelMerchandiseServicesIncomeCurrent Account
Q1 20160.8811.758-2.848-0.209
Q2 20160.2452.351-3.545-0.949
Q3 20160.442.722-3.702-0.54
Q4 20161.0522.438-2.4141.076
Q1 20170.7062.137-2.0760.767
Q2 20170.3822.78-3.0390.124
Q3 2017-0.0912.915-2.826-0.002
Q4 2017-0.5361.959-1.888-0.465
Q1 2018-0.271.772-2.279-0.778

Current account with UK (see Table 2c)

  • Merchandise exports were €5,315m in the first quarter of 2018, a decrease of €692m compared with the first quarter of 2017.
  • Merchandise imports were €5,585m in the first quarter of 2018, an increase of €284m compared to with the same period in 2017.
  • Services exports at €6,148m increased by €175m compared to the first quarter of 2017, mainly due to both computer and financial services exports.
  • Services imports at €4,376 were up €540m over that same period in 2017. These figures were affected by increased levels of both financial and business services costs.
  • Investment income earned in UK at €4,304m, increased by €335m compared with one year earlier while investment income payable to UK investors at €6,438m increased by €501m.
  • When these effects are combined, the trade balance with the UK has fallen by €1,341m and net income outflows have increased by €203m, compared with the first quarter of 2017. The result is a current account deficit of €778m in the first quarter of 2018, down from the surplus of €767m in the first quarter of 2017.
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 services and income balance   
 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 35523,095-14,287-12,170-1,177-4,539-4,741
2005Year32,184-13,655-22,786-1,769-38,210 -6,026 34037,660-52,69815,364-1,472-1,1474,539
2006Year27,194-12,313-22,723-2,063-37,099 -9,905 29915,841-8,135-16,635-87-9,016590
2007Year28,698-12,384-26,630-2,510-41,524 -12,826 115-1,6217,283-20,08612-14,413-1,702
2008Year32,622-16,468-25,141-2,729-44,339 -11,716 11923,28845,749-85,93278-16,817-5,220
2009Year38,752-15,823-27,885-2,948-46,656 -7,904 14-245-22,62619,433-79-3,5174,373
2010Year41,288-13,421-27,178-2,701-43,300 -2,012 91-16,318-85,96590,883-5-11,404-9,484
2011Year41,257-9,096-32,312-2,660-44,067 -2,810 234-18,698-26,90831,086-329-14,849-12,272
2012 3Year36,896-6,282-33,939-2,609-42,830 -5,934 86-20,497-76710,952-12-10,324-4,476
2013 3Year34,506-718-28,069-2,931-31,718 2,787 -936-16,13735,737-15,467104,1432,289
2014 3Year40,731-5,546-30,341-2,750-38,637 2,093 -6,769-5,279-27,86220,506136-12,498-7,824
2015 3Year113,394-37,715-60,785-3,338-101,838 11,556 -1,303-44,510-88,281138,6214946,321-3,930
2016 3Year106,088-63,735-49,912-3,813-117,460 -11,373 -4,331-8,43027,711-29,0731,456-8,3357,368
2017 3Year107,639-18,351-59,773-4,589-82,713 24,924 -28,168-33,581-55,31593,1763994,6787,922
 
2011Quarter 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 8,969-1,805-9,051-814-11,670 -2,702 61-13,17644,957-32,626-12-8571,784
 Quarter 2 9,275-2,603-8,488-603-11,694 -2,419 13,238-33,25420,9496-9,061-6,643
 Quarter 310,072-327-8,632-643-9,602 471 5-14,231-6,31517,833-1-2,714-3,190
 Quarter 48,580-1,547-7,768-549-9,864 -1,284 193,672-6,1554,796-52,3083,573
2013 3Quarter 1 7,726-578-7,146-828-8,552 -826 -207-5,1146,3651,73102,9824,015
 Quarter 2 9,638-564-8,095-700-9,359 279 -244-8,29611,868-4,6571-1,084-1,120
 Quarter 3 9,816634-7,154-663-7,183 2,632 -259-1,3719321,70941,274-1,100
 Quarter 47,326-210-5,674-740-6,624 702 -226-1,35616,572-14,2505971494
2014 3Quarter 18,939-1,820-7,567-899-10,286 -1,347 -1,6912,726-12,6583,6200-6,312-3,274
 Quarter 211,286-1,449-8,117-608-10,174 1,112 -1,717-3,671-4,56712,11913,8824,487
 Quarter 310,985151-7,891-545-8,285 2,700 -1,649-485-15,4279,8872-6,023-7,075
 Quarter 49,521-2,428-6,766-698-9,892 -372 -1,712-3,8494,790-5,120133-4,045-1,962
2015 3Quarter 126,790-5,794-16,013-986-22,793 3,998 -70738,272-72,51936,5811082,441-849
 Quarter 226,894-8,024-11,422-794-20,240 6,654 -226-2,59113,757-9,4763071,996-4,432
 Quarter 329,755-7,431-17,792-593-25,816 3,939 1009,983-17,66314,477-246,7732,735
 Quarter 429,955-16,466-15,558-965-32,989 -3,035 -470-90,174-11,85697,039103-4,889-1,384
2016 3Quarter 127,290-14,564-11,001-1,020-26,585 705 -2,67012,279-7,4971,4201,0957,2979,262
 Quarter 224,440-16,885-11,342-768-28,995 -4,555 -586-2932,933-14,069-224-11,653-6,513
 Quarter 326,315-12,294-14,425-820-27,539 -1,224 161-10,52210,385-7,662379-7,420-6,357
 Quarter 428,043-19,992-13,144-1,205-34,341 -6,299 -1,236-9,89421,890-8,7622063,44110,976
2017 3Quarter 125,032-5,356-13,684-936-19,976 5,056 -14,100-4,669-13,224-1,406-101-19,400-10,355
 Quarter 223,545-9,642-15,647-1,558-26,847 -3,303 -6,2374,186-45,62037,482163-3,7895,751
 Quarter 328,915681-14,829-1,006-15,154 13,760 -5,9714,0695986,77323511,6753,886
 Quarter 430,147-4,034-15,613-1,089-20,736 9,411 -1,860-37,1672,93150,32710216,1928,640
2018Quarter 127,078-1,250-14,971-1,306-17,527 9,552 -43726,3397,450-20,090-2213,6774,562
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.
Open in Excel: Balance of International Payments Q1 2018 Table 1 (XLS 42KB)
upArrowHide Table
Table 2a Current and Capital Accounts€ million
  2016 12017 12016 12017 12018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
Current Account
Merchandise2Exports193,160192,85448,49547,64846,89950,11845,96345,79348,42752,67148,485
 Imports87,07285,21421,20523,20720,58422,07620,93122,24819,51222,52321,407
 
                  International tradeExports119,267122,53927,80830,30030,35430,80532,13431,03028,92130,45433,514
 Imports71,93476,67717,07318,35117,56318,94718,63920,51917,27820,24119,327
                  Goods for processingExports67,43664,66818,02016,10815,17218,13615,67212,98515,87220,13913,821
 Imports8,3795,5752,6773,1581,2871,2571,6019751,5081,4911,629
                  Other conceptual adjustmentsExports115-1,947949-229-429-176-4,096-2032,30745-721
 Imports6,7582,9611,4551,6971,7341,872690753727791451
                  Merchanting (net export)Exports6,3417,5931,7171,4691,8021,3532,2531,9801,3272,0331,871
 
ServicesExports135,076159,701 30,23532,43935,56136,841 36,23439,47740,26243,728 38,205
Imports198,809178,054 44,79849,32447,85456,833 41,59149,12039,58147,762 39,455
  Repairs and ProcessingExports2,5272,254526624689688527545605577476
 Imports3,9044,8558967909021,3161,1691,1361,0491,5011,077
  TransportExports7,2258,0861,1261,8332,7941,4721,1902,1473,0991,6501,228
Imports2,6892,540671729633656623663583671642
  Tourism and Travel 3Exports4,6854,9727161,2961,7189557081,4331,7621,069817
Imports5,6235,8141,0751,3541,9201,2741,0771,4072,0631,2671,239
  InsuranceExports9,2969,9132,3142,3032,2592,4202,4962,4512,3732,5932,526
Imports6,6957,0791,8121,6241,6231,6361,7341,8011,6891,8552,088
  Financial servicesExports13,28715,3093,0783,2263,3623,6213,7643,6373,8654,0433,886
Imports11,54913,2462,7662,7132,9483,1223,2783,1623,3203,4863,386
  Royalties/LicencesExports8,0529,6081,9641,9402,0082,1401,7831,9742,9462,9052,716
Imports69,20266,58817,28016,90217,16717,85316,69016,70015,19818,00016,237
of which: Pharmaceutical products and preparationsExports36518478691041144645454830
Imports24,02515,8986,4455,8026,5985,1804,4754,5443,4863,3932,873
                 Information and communication Exports8372,472293192227125177**1,0691,121
Imports27,64734,1056,0636,9146,7237,9477,8888,3157,75210,1508,845
  CommunicationsExports719617179182180178156157152152147
Imports1,1651,145306276289294256289292308268
  Computer services4Exports58,07969,32313,19713,88214,12416,87615,85117,04516,49219,93518,477
Imports1,3853,3533213163533955507878591,157839
  Business servicesExports30,09337,0757,0926,8638,4507,6889,3049,5478,5709,6547,445
Imports96,08172,86819,54224,49221,88930,15816,07323,03314,38819,37413,536
     Research and developmentExports3,9784,9071,1878661,3256001,1781,1611,0411,527537
 Imports58,05226,83210,73914,86213,19719,2545,86612,1923,2975,4773,403
  of which: IP relatedExports1,9673,086*366*44 **5861,16250
 Imports46,05314,0348,06011,94310,39015,6602,8399,139**104
     Operational leasingExports13,16913,1053,1843,3173,3353,3333,2953,2253,3573,2282,994
 Imports1,074696177326207364304143131118122
     Misc. business services5Exports12,94619,0622,7212,6803,7903,7554,8305,1614,1724,8993,914
 Imports36,95545,3408,6269,3048,48510,5409,90310,69710,96013,78010,012
  Other services n.e.s.Exports1,1132,546 42290-23804 4565413991,150 488
Imports517564 130127130130 140142140142 141
 
Merchandise and Services - TotalExports328,235352,555 78,73080,08682,45986,960 82,19785,27088,68996,399 86,690
 Imports285,882263,268 66,00472,53168,43878,909 62,52171,36759,09470,286 60,862
 
Trade BalanceNet42,35389,289 12,7267,55614,0218,050 19,67613,90329,59626,114 25,829
 
Primary IncomeInflows70,34678,224 16,84118,42615,59619,483 17,93420,51619,29420,480 18,162
 Outflows120,260137,996 27,84229,76930,02132,628 31,61736,16334,12336,093 33,133
  Compensation of EmployeesInflows520528 130130130130 131131135131 131
Outflows627645 156158159154 160161160164 159
  Investment IncomeInflows68,34676,189 16,36217,94815,09518,941 17,45620,03718,77719,919 17,672
Outflows119,322137,035 27,61729,53929,79332,373 31,38435,93333,88435,834 32,897
      Direct investment incomeInflows18,38320,728 4,8924,2072,9606,324 4,2584,4985,1426,830 3,868
Outflows61,05672,048 14,61213,11015,63417,700 16,74917,32218,10819,869 17,374
          Income on equityInflows15,19318,079 4,0223,4712,2515,449 3,5113,7624,4956,311 3,599
Outflows55,28565,966 13,17511,73214,22016,158 15,08115,75716,64618,482 16,145
              Dividends & distributed Inflows3,420630 *320200* 3329459244 44
                  branch profitsOutflows18,60312,936 6,9224,7604,2302,691 3,0462,8544,2772,759 3,963
              Reinvested earningsInflows11,77417,450 *3,1512,052* 3,4783,4694,4366,067 3,555
Outflows36,68253,029 6,2536,9729,99013,467 12,03412,90312,36915,723 12,182
         Income on debtInflows3,1902,649 870736709875 746736647520 269
Outflows5,7716,084 1,4371,3781,4141,542 1,6681,5651,4631,388 1,229
      Portfolio investment incomeInflows40,78445,557 9,28711,24510,09410,158 10,65312,96611,17710,761 11,351
Outflows48,03654,714 10,66613,91611,57011,884 12,17016,08913,18813,267 13,068
          Income on equityInflows12,83414,619 2,5824,4523,1122,688 3,2615,0323,5002,826 3,388
 Outflows40,54148,043 8,71712,0829,72910,013 10,43414,38011,55211,677 11,566
         Income on debtInflows27,94830,939 6,7046,7936,9827,469 7,3937,9347,6777,935 7,963
Outflows7,4946,672 1,9491,8331,8411,871 1,7371,7091,6361,590 1,502
      Other investment incomeInflows9,1779,904 2,1832,4952,0402,459 2,5452,5732,4582,328 2,453
Outflows10,23110,272 2,3392,5142,5892,789 2,4642,5222,5882,698 2,456
Other primary incomeInflows1,4801,504 349348371412 346347382429 360
Outflows310317 697169101 74697995 77
 
Secondary IncomeInflows4,5045,154 1,1231,0511,0621,268 1,2771,1271,4311,319 1,370
 Outflows8,3179,744 2,1431,8201,8812,473 2,2132,6852,4382,408 2,676
 
 Income BalanceNet-53,727-64,363 -12,021-12,111-15,245-14,350 -14,620-17,205-15,836-16,702 -16,276
 
Current Account - TotalInflows403,086435,934 96,69499,56499,117107,711 101,408106,913109,415118,198 106,223
Outflows414,458411,009 95,988104,119100,341114,010 96,352110,21695,655108,786 96,671
 
Current Account BalanceNet-11,37324,924 705-4,555-1,224-6,299 5,056-3,30313,7609,411 9,552
  
Capital Account BalanceNet-4,331-28,168 -2,670-586161-1,236 -14,100-6,237-5,971-1,860 -437
 
Memorandum Item:
 Government IncomeInflows7493 12201824 21232524 386
 Outflows3,9093,675 1,066998960885 958942936839 946
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 were 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.
Open in Excel: Balance of International Payments Q1 2018 Table 2(a) (XLS 47KB)
upArrowHide Table
Table 2b Financial Account¹ € million
 2016 22017 22016 22017 22018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
 
Direct Investment Abroad27,180-34,690 32,623-2,9061,245-3,78212715,4178,118-58,3523,520
In Ireland35,607-1,109 20,343-2,61311,7666,111 4,79611,2314,049-21,185 -22,818
 
    EquityAbroad43,782-65,888 24,08615,101-8465,441-23,16027,062-8,271-61,519-7,605
 In Ireland97,986-35,529 38,8547,80111,59339,73819,279-13,025260-42,043-10,882
    Reinvested EarningsAbroad11,77417,450 *3,1512,052*3,4783,4694,4366,0673,555
In Ireland36,68253,029 6,2536,9729,99013,46712,03412,90312,36915,72312,182
    Other CapitalAbroad-28,37713,749*-21,15839* 19,809-15,11311,953-2,9007,571
 In Ireland-99,059-18,608 -24,764-17,385-9,816-47,094 -26,51711,354-8,5805,135-24,118
 
Portfolio InvestmentAssets116,439253,689 7,23723,45332,77052,979 79,44140,09164,73169,42680,507
Liabilities88,727309,004 14,73420,52022,38531,088 92,66585,71164,13366,495 73,057
 
    EquityAssets3,70594,474 -2,843-20,92611,72015,754 24,40025,92826,22717,91929,066
 Liabilities130,304306,047 15,21448,55829,54636,986 76,74891,64169,79167,86762,573
     Debt InstrumentsAssets112,732159,213 10,08044,37821,04937,225 55,04114,16338,50351,50651,442
 Liabilities-41,5772,957 -480-28,038-7,161-5,898 15,917-5,930-5,658-1,37210,484
        Bonds and notes Assets83,755115,363 12,69135,81114,20921,044 33,23637,62321,69822,80633,949
 Liabilities-37,624-816 -1,103-27,811-7,319-1,391 12,119-9,263-4,7291,0577,658
        Money market instruments Assets28,97843,850 -2,6118,5676,84116,181 21,805-23,46016,80528,70017,493
 Liabilities-3,9553,775 622-228158-4,507 3,7993,333-928-2,4292,826
 
Other InvestmentAssets-43,73194,497 -21,519-18,0122,689-6,889 -22,57833,47033,03450,571 31,514
Liabilities-14,6571,321 -22,938-3,94310,3511,873 -21,173-4,01126,261244 51,604
 
     Loans, currency and depositsAssets-7,471105,547 -5,54212,875-11,268-3,536 5,01832,98219,57947,968 22,547
 Liabilities20,15124,897 1,2276,0896,1296,706 15,1711,16916,012-7,455 34,571
     Other3Assets-36,260-11,049 -15,977-30,88713,957-3,353-27,59648813,4562,6038,967
 Liabilities-34,807-23,577 -24,165-10,0314,222-4,833-36,344-5,18010,2487,69917,032
 
Reserve Assets 1,456399 1,095-224379206-101163235102-22
 
     Monetary gold 00 000000000
     Special drawing rights 113-43 116-19133120-39-16-16
     Reserve position in the IMF 7300 7300000000-11
     Foreign exchange  416158 02352624314890-123-14
     Other 198285 249-20715141-1561518524119
 
Balance on Financial Account -8,3354,678 7,297-11,653-7,4203,441-19,400-3,78911,67516,19213,677
 
Net errors and omissions 7,3687,922 9,262-6,513-6,35710,976 -10,3555,7513,8868,640 4,562
Memorandum Item:
Government financialAssets-966426 -822-143506-507 4640727-54 -1,095
  transactionsLiabilities-6,4951,377 3,286-7,516623-2,888 6,5432,995-631-7,530 5,771
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.
Open in Excel: Balance of International Payments Q1 2018 Table 2(b) (XLS 39KB)
upArrowHide Table
Table 2c Current Account with UK€ million
201620172016 12017 12018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
Current Account
Merchandise2Exports24,00523,464 6,0185,5705,5366,881 6,0076,2135,5085,7365,315
Imports21,38723,003 5,1375,3255,0965,829 5,3015,8315,5996,2725,585
 
  of which: Merchanting (net export)Exports4,1563,853 **** 1,0398689261,0201,081
 
ServicesExports24,05526,266 5,4105,7906,4236,432 5,9736,6326,9216,7406,148
Imports14,78616,475 3,6523,4393,7013,994 3,8363,8524,0064,7814,376
  TransportExports2,2852,349 387577847474 369631866483392
Imports505531 125125120135 128132127144134
  Tourism and Travel 3Exports1,0941,032 220283344247 204273310245236
Imports1,1851,266 267229337352 303281334348351
  InsuranceExports2,4032,507 634604575590 649613599646640
Imports1,6131,613 463419366365 407392382432411
  Financial servicesExports4,8535,595 1,1281,1971,2231,305 1,3641,3041,4521,4751,453
Imports3,7514,355 879925956991 1,0711,0271,1271,1301,184
  Royalties/LicencesExports8191,088 190191222216 263260261304259
Imports603463 178132152141 13110412210676
  Computer services4Exports6,0886,327 1,3491,2951,6211,823 1,4431,5641,5791,7411,541
Imports157277 39403939 5674717680
  Business servicesExports3,7214,212 8869259021,008 1,0011,1759871,049923
Imports5,9536,954 1,4441,3181,4741,717 1,4921,5931,5772,2921,875
     (of which: Operational leasing)Exports726711 183179177187 173189168181153
 Imports3828 89912 77777
  Other Exports2,7923,156 614718691769 680813866797 704
Imports1,0171,015 257251256253 249248265253 265
 
Merchandise and Services TotalExports48,06049,730 11,42811,36011,95913,312 11,98012,84512,42912,476 11,463
Imports36,17339,478 8,7898,7648,7979,822 9,1379,6839,60611,053 9,961
 
Trade balanceNet11,88710,252 2,6392,5963,1623,490 2,8433,1622,8231,423 1,502
 
Primary IncomeInflows13,53216,686 3,3923,7392,8533,548 4,0254,1254,0834,4534,360
 Outflows25,85026,086 6,1977,2356,5065,912 6,0227,0456,7946,2256,521
  (of which : Investment Income)Inflows13,30816,461 3,3363,6832,7973,492 3,9694,0704,0254,3974,304
Outflows25,51925,749 6,1127,1526,4215,834 5,9376,9616,7126,1396,438
                       Direct investment incomeInflows1,1182,216 425498-226421 581397449789618
Outflows4,4732,846 1,2561,1711,230816 811459854722638
                       Portfolio investment incomeInflows9,04510,658 2,0952,3412,2752,334 2,5662,7902,6352,6672,727
Outflows18,00320,668 4,0385,2194,5004,246 4,6105,9465,2664,8465,197
                       Other investment incomeInflows3,1453,586 816844748737 822882941941960
Outflows3,0442,232 818763692771 516555591570604
 
Secondary IncomeInflows1,8232,037 511417466429 542523556416 530
 Outflows2,0142,466 554466515479 621642671532 648
 
Income balanceNet-12,509-9,829 -2,848-3,545-3,702-2,414 -2,076-3,039-2,826-1,888 -2,279
 
Current Account - TotalInflows63,41568,453 15,33115,51715,27817,289 16,54717,49317,06817,345 16,353
Outflows64,03668,028 15,54016,46515,81816,213 15,78017,36917,07017,809 17,130
 
Current Account Balance with UK -622424 -209-949-5401,076 767124-2-465 -778
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 were 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.
Open in Excel: Balance of International Payments Q1 2018 Table 2(c) (XLS 40KB)
upArrowHide Table
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity€ million
  2016 22017 2 2016 2 2017 22018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
Current Account - TotalInflows403,086435,934 96,69499,56499,117107,711 101,408106,913109,415118,198 106,223
 Outflows414,458411,009 95,988104,119100,341114,010 96,352110,21695,655108,786 96,671
 
Merchandise3Exports193,160192,854 48,49547,64846,89950,118 45,96345,79348,42752,671 48,485
Imports87,07285,214 21,20523,20720,58422,076 20,93122,24819,51222,523 21,407
 
ServicesExports135,076159,701 30,23532,43935,56136,841 36,23439,47740,26243,728 38,205
Imports198,809178,054 44,79849,32447,85456,833 41,59149,12039,58147,762 39,455
 
        IFSCExports36,50939,051 8,7279,0929,1369,554 9,7059,6719,7079,968 9,528
 Imports20,95023,307 5,0945,0205,1845,652 5,8215,6105,7476,129 6,447
        Non-IFSCExports98,566120,652 21,50823,34626,42527,287 26,52929,80730,55533,761 28,676
Imports177,862154,748 39,70544,30442,67151,182 35,77043,51033,83441,634 33,007
 
Primary IncomeInflows70,34678,224 16,84118,42615,59619,483 17,93420,51619,29420,480 18,162
Outflows120,260137,996 27,84229,76930,02132,628 31,61736,16334,12336,093 33,133
 
        IFSCInflows53,10158,578 12,23814,46812,84913,546 14,25716,30714,23613,778 14,106
 Outflows59,16664,820 13,62616,11614,63714,787 15,46618,03115,80015,523 16,622
        Non-IFSCInflows17,24619,644 4,6033,9582,7475,938 3,6764,2085,0586,702 4,057
Outflows61,09573,176 14,21613,65315,38517,841 16,15118,13218,32320,570 16,511
 
Secondary IncomeInflows4,5045,154 1,1231,0511,0621,268 1,2771,1271,4311,319 1,370
Outflows8,3179,744 2,1431,8201,8812,473 2,2132,6852,4382,408 2,676
 
        IFSC4Inflows3,7744,324 9318649141,065 1,0388851,2411,160 1,213
 Outflows3,7744,324 9318649141,065 1,0388851,2411,160 1,213
        Non-IFSCInflows730830 192187148203 238243190159 157
 Outflows4,5425,420 1,2129559671,408 1,1751,8001,1971,248 1,463
 
Balance on Current Account -11,37324,924 705-4,555-1,224-6,299 5,056-3,30313,7609,411 9,552
              
Balance on Capital Account -4,331-28,168 -2,670-586161-1,236 -14,100-6,237-5,971-1,860 -437
 
Financial Account5
Direct investmentAbroad27,180-34,690 32,623-2,9061,245-3,782 12715,4178,118-58,352 3,520
 In Ireland35,607-1,109 20,343-2,61311,7666,111 4,79611,2314,049-21,185 -22,818
 
        IFSCAbroad13,8346,653 14,869641516-2,192 **-471,194 -2,852
 In Ireland11,8098,124 20,575-9,21420,108-19,660 -1,284-14,1891,39822,199 -13,516
        Non-IFSCAbroad13,345-41,344 17,754-3,547728-1,590 **8,165-59,547 6,373
 In Ireland23,800-9,232 -2316,601-8,34125,771 6,08025,4212,651-43,384 -9,302
 
Portfolio investmentAssets116,439253,689 7,23723,45332,77052,979 79,44140,09164,73169,426 80,507
 Liabilities88,727309,004 14,73420,52022,38531,088 92,66585,71164,13366,495 73,057
 
        IFSCAssets108,091245,900 6,34721,34729,45250,945 76,24240,90361,34667,409 79,420
 Liabilities99,770306,633 -20629,66026,09344,223 86,51084,78866,57868,757 65,778
        Non-IFSCAssets8,3487,790 8902,1063,3182,034 3,199-8113,3852,017 1,088
 Liabilities-11,0422,372 14,940-9,140-3,708-13,134 6,156923-2,445-2,262 7,280
 
Other investment6Assets-43,73194,497 -21,519-18,0122,689-6,889 -22,57833,47033,03450,571 31,514
 Liabilities-14,6571,321 -22,938-3,94310,3511,873 -21,173-4,01126,261244 51,604
 
        IFSCAssets-45,93890,837 -14,380-20,6032,787-13,742 -10,01125,99727,62347,228 36,938
 Liabilities-21,1859,594 -18,837-6,6686,686-2,366 -11,775-3,03122,1982,202 58,848
        Non-IFSCAssets2,2063,661 -7,1392,590-986,853 -12,5677,4735,4123,343 -5,424
 Liabilities6,528-8,273 -4,1012,7253,6654,239 -9,398-9804,063-1,958 -7,245
 
Reserve Assets 1,456399 1,095-224379206 -101163235102 -22
 
Balance on Financial Account -8,3354,678 7,297-11,653-7,4203,441 -19,400-3,78911,67516,192 13,677
Net errors and omissions 7,3687,922 9,262-6,513-6,35710,976 -10,3555,7513,8868,640 4,562
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.
Open in Excel: Balance of International Payments Q1 2018 Table 3 (XLS 42KB)
upArrowHide Table
Table 4a Current and Capital Accounts showing geographical¹ detail € million
 2016 22017 2 2016 22017 22018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
 
Current Account - TotalInflows403,086435,934 96,69499,56499,117107,711 101,408106,913109,415118,198 106,223
 Outflows414,458411,009 95,988104,119100,341114,010 96,352110,21695,655108,786 96,671
 
  Merchandise3Exports193,160192,854 48,49547,64846,89950,118 45,96345,79348,42752,671 48,485
 Imports87,07285,214 21,20523,20720,58422,076 20,93122,24819,51222,523 21,407
      EMUExports50,54254,529 12,38012,69111,93513,536 14,24112,68813,99213,608 12,000
 Imports27,42128,509 6,2256,9366,6717,589 7,5557,5166,3767,062 7,286
      Non-EMUExports142,618138,326 36,11534,95734,96436,582 31,72233,10534,43639,063 36,486
 Imports59,65156,704 14,98016,27213,91314,486 13,37514,73213,13615,461 14,120
       EU Exports81,84884,741 20,24620,00419,11122,487 22,01420,51821,07421,135 18,755
 Imports51,12153,833 11,93912,83212,31714,033 13,46413,88912,47114,009 13,569
      Non-EU Exports111,311108,113 28,24927,64327,78827,631 23,94925,27427,35431,536 29,731
Imports35,95231,381 9,26710,3758,2678,043 7,4678,3597,0418,514 7,838
 
  ServicesExports135,076159,701 30,23532,43935,56136,841 36,23439,47740,26243,728 38,205
 Imports198,809178,054 44,79849,32447,85456,833 41,59149,12039,58147,762 39,455
      EMUExports34,68438,818 7,4297,8919,6989,666 9,0259,6389,65910,496 9,315
 Imports37,95643,459 8,7059,7719,31810,162 9,48311,0709,63113,275 10,233
      Non-EMUExports100,391120,885 22,80624,54725,86327,175 27,20929,84030,60333,233 28,890
 Imports160,854134,594 36,09439,55338,53646,671 32,10738,05029,95034,487 29,221
       EU Exports66,26374,074 14,58315,55217,98618,142 16,99818,49718,78419,795 17,741
 Imports54,62462,191 12,78313,66013,50314,678 13,77915,49114,24318,678 15,148
      Non-EU Exports68,81285,629 15,65216,88717,57418,699 19,23620,98121,47823,934 20,464
Imports144,185115,864 32,01535,66434,35142,155 27,81233,62925,33929,084 24,307
 
Primary IncomeInflows70,34678,224 16,84118,42615,59619,483 17,93420,51619,29420,480 18,162
 Outflows120,260137,996 27,84229,76930,02132,628 31,61736,16334,12336,093 33,133
      EMUInflows28,97428,638 7,8456,5735,9138,643 6,5737,3787,2737,414 6,953
 Outflows41,12050,331 10,1579,79911,09410,070 9,91013,73113,79612,894 13,327
      Non-EMUInflows41,37349,586 8,99611,8549,68310,840 11,36113,13812,02113,066 11,209
 Outflows79,13987,664 17,68519,96918,92722,558 21,70722,43220,32723,198 19,806
       EU Inflows46,55649,597 12,19911,3379,79413,226 11,75312,52312,38012,941 12,193
 Outflows69,14879,525 16,85417,51118,08716,696 16,72821,56621,39919,832 20,393
      Non-EU Inflows23,79028,627 4,6427,0895,8026,257 6,1817,9936,9147,539 5,969
 Outflows51,11158,472 10,98812,25711,93415,932 14,89014,59712,72516,260 12,740
 
Secondary IncomeInflows4,5045,154 1,1231,0511,0621,268 1,2771,1271,4311,319 1,370
 Outflows8,3179,744 2,1431,8201,8812,473 2,2132,6852,4382,408 2,676
      EMUInflows1,4701,846 336359322453 420280524622 445
 Outflows1,8162,615 401488397530 543488740844 637
      Non-EMUInflows3,0343,308 787692740815 857847907697 925
 Outflows6,5017,128 1,7421,3321,4841,943 1,6702,1971,6971,564 2,039
       EU Inflows3,4744,112 901831820922 1,0158531,1401,104 1,029
 Outflows6,5127,908 1,7471,4471,4371,881 1,7682,2091,9731,958 2,163
      Non-EU Inflows1,0301,041 222220242346 261274291215 341
 Outflows1,8051,834 396373444592 445475464450 512
 
Balance on Current Account -11,37324,924 705-4,555-1,224-6,299 5,056-3,30313,7609,411 9,552
 
Balance on Capital Account -4,331-28,168 -2,670-586161-1,236 -14,100-6,237-5,971-1,860 -437
 
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 EU-28 area. All data shown on this table relates to EMU-19 and EU-28.
2Revised.
3Adjusted for balance of payments purposes.
Open in Excel: Balance of International Payments Q1 2018 Table 4(a) (XLS 41KB)
upArrowHide Table
Table 4b Financial Account¹ showing geographical² detail€ million
  2016 32017 3 2016 3 2017 32018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
 
Direct InvestmentAbroad27,180-34,690 32,623-2,9061,245-3,782 12715,4178,118-58,352 3,520
 In Ireland35,607-1,109 20,343-2,61311,7666,111 4,79611,2314,049-21,185 -22,818
 
      EMUAbroad-4,713-51,544 11,947-9,077-618-6,965 -2,96522,9964,650-76,225 -27,405
 In Ireland-37,73452,407 -7,933-1,285441-28,957 13,67339,3632,167-2,796 -65,119
      Non-EMUAbroad31,89216,855 20,6756,1711,8633,183 3,092-7,5783,46817,873 30,926
 In Ireland73,343-53,515 28,277-1,32811,32635,068 -8,877-28,1311,882-18,389 42,301
       EU Abroad6,500-46,181 19,408-6,673-477-5,758 -2,46626,2663,925-73,906 -29,558
 In Ireland-25,91555,127 -36,93310,29466163 10,98040,943-1,3184,522 -90,979
      Non-EU Abroad20,68011,491 13,2153,7671,7221,976 2,593-10,8484,19315,553 33,078
In Ireland61,523-56,236 57,276-12,90711,1066,048 -6,184-29,7125,367-25,707 68,161
 
Portfolio InvestmentAssets116,439253,689 7,23723,45332,77052,979 79,44140,09164,73169,426 80,507
Liabilities88,727309,004 14,73420,52022,38531,088 92,66585,71164,13366,495 73,057
 
      EMUAssets16,75551,988 -2,663-4,20212,05111,569 15,98111,7076,66017,640 11,470
 Liabilities33,976106,093 10,326-3,55116,26510,936 37,92529,99715,95522,216 25,761
      Non-EMUAssets99,684201,700 9,90027,65520,71941,410 63,46028,38458,07151,785 69,037
 Liabilities54,750202,911 4,40824,0706,12020,152 54,74055,71448,17844,279 47,296
       EU Assets47,876121,500 -3,0623,84818,17928,911 40,56231,7806,28542,873 14,095
 Liabilities81,978271,410 10,21313,43925,68332,643 82,39174,68648,90165,432 55,205
      Non-EU Assets68,562132,189 10,29919,60514,59124,067 38,8798,31258,44626,552 66,412
Liabilities6,74837,595 4,5217,080-3,298-1,555 10,27411,02615,2321,063 17,852
 
Other Investment4Assets-43,73194,497 -21,519-18,0122,689-6,889 -22,57833,47033,03450,571 31,514
Liabilities-14,6571,321 -22,938-3,94310,3511,873 -21,173-4,01126,261244 51,604
 
      EMUAssets-11,21335,191 -5,840-8,336-5,7458,708 5,2329,471-3,96024,448 16,419
 Liabilities7,924-9,214 -6,23116,403-5,0882,840 404-5,2443,805-8,179 5,931
      Non-EMUAssets-32,51759,305 -15,678-9,6768,434-15,597 -27,81123,99936,99426,123 15,094
 Liabilities-22,58010,535 -16,707-20,34615,440-967 -21,5771,23322,4568,423 45,672
       EU Assets47,767122,297 6,53237,2258,055-4,045 29,80323,52824,54344,423 34,749
 Liabilities39,80640,803 -2,96620,0806,28016,412 18,2067,0358,1937,369 33,548
      Non-EU Assets-91,498-27,800 -28,050-55,238-5,366-2,844 -52,3819,9428,4916,148 -3,235
Liabilities-54,462-39,481 -19,972-24,0234,071-14,538 -39,378-11,04718,068-7,124 18,055
 
Reserve Assets 1,456399 1,095-224379206 -101163235102 -22
 
Balance on Financial Account -8,3354,678 7,297-11,653-7,4203,441 -19,400-3,78911,67516,192 13,677
 
Net errors and omissions 7,3687,922 9,262-6,513-6,35710,976 -10,3555,7513,8868,640 4,562
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 EU-28 area. All data shown on this table relates to EMU-19 and EU-28.
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.
Open in Excel: Balance of International Payments Q1 2018 Table 4(b) (XLS 39KB)
upArrowHide Table

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 Updated March 2018 (PDF 240KB)

upArrowHide Background Notes

Scan the QR code below to view this release online or go to
http://www.cso.ie/en/releasesandpublications/er/bop/balanceofinternationalpaymentsq12018/

Contact:

Central Statistics Office
Skehard Road, Cork T12 X00E, Ireland

Tel:
(+353) 21 453 5000
E-Mail:
information@cso.ie

Links:

Follow: