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For more information on this release:

E-mail: bop@cso.ie Stephen McDonagh (+353) 1 498 4364 Annette Hayes (+353) 1 498 4319

For general information on CSO statistics:

information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-5201

CSO statistical release, 18 September 2014, 11am

Balance of International Payments

Quarter 2 2014

				€ million
	Merchandise Balance	Invisibles Balance	Current Account Balance	Current Account Balance as % of GDP
Q2 2014	12,179	-9,237	2,942	6.3
Q2 2013	10,293	-8,967	1,326	3.1
Q1-Q2 2014	22,325	-18,422	3,902	4.3
Q1-Q2 2013	18,964	-16,857	2,107	2.5

Current account surplus of €3bn in 2nd Quarter

Balance of International Payments Q2 2014 Figure 1

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The Balance of Payments current account surplus in the second quarter of 2014 was €2,942m – an increase from the €1,326m surplus in the second quarter of 2013 - see Table 1. A surplus of €12,179m on merchandise was offset by a deficit of €9,237m on invisibles in the quarter.

X-axis label	Merchandise	Services	Primary Income
Q1 2012	9.935	-1.732	-8.698
Q2 2012	11.606	-2.482	-7.928
Q3 2012	11.056	-0.911	-7.843
Q4 2012	9.808	-1.853	-5.84
Q1 2013	8.671	-0.352	-6.786
Q2 2013	10.293	-0.232	-8.095
Q3 2013	9.583	0.52	-6.929
Q4 2013	7.635	0.242	-4.454
Q1 2014	10.146	-1.166	-7.284
Q2 2014	12.179	-1.006	-7.696

Other points of note are:

Current account (see Table 2a)

Compared with the second quarter of 2013, merchandise exports at €27,196m were up €3,104m while merchandise imports at €15,017m were up €1,219m.
Services exports at €25,926m were up €2,520m mainly due to increased computer services exports. Service imports increased by €3,294m to €26,932m driven by increases in royalties/licences payments.
Investment income earned abroad of €15,214m increased by €1,501m compared with one year earlier while investment income payable to foreign investors at €22,894m increased by €1,189m.

Financial account (see Tables 2b and 3)

Direct investment in Ireland decreased by €288m in the second quarter of 2014, where an increase of €6,218 in reinvested earnings was offset by a decrease in other capital of €6,533m.
Within Portfolio investment, increased investment in Irish equity of €47,990m was offset by increased investment in overseas equity of €17,219m and overseas debt of €37,488 in the quarter.
Other investment assets increased by €2,882m with an increase in other assets of €9,550m partly offset by a decrease in loans, currency and deposits of €6,668m. Other investment liabilities increased by €1,729m in the quarter.

Show Table 1 Summary of Current, Capital, Financial Account Balances and Net Errors and Omissions

Table 1 Summary of Current, Capital and Financial Account Balances														€ million
Period							Balance on Current Account	Balance on Capital Account	Direct Investment	Portfolio Investment	Other² Investment	Reserve Assets	Balance on Financial Account	Net errors and omissions
		Merchandise¹	Invisibles
			Services	Primary Income	Secondary Income	Total
1998	Year	17,510	-8,426	-9,776	1,319	-16,883	627	840	-4,422	8,466	-7,459	2,280	-1,135	-2,602
1999	Year	22,170	-9,723	-13,398	1,177	-21,944	226	560	-11,359	14,342	974	-1,746	2,211	1,425
2000	Year	27,266	-13,312	-15,327	994	-27,645	-379	1182	-22,957	5,358	9,037	142	-8,420	-9,223
2001	Year	30,494	-12,412	-19,142	305	-31,249	-755	779	-6,241	25,158	-19,039	441	319	295
2002	Year	35,442	-13,242	-24,233	707	-36,768	-1,326	588	-19,444	37,979	-19,263	-343	-1,071	-333
2003	Year	32,604	-10,590	-22,772	432	-32,930	-326	279	-15,270	39,977	-21,567	-1,770	1,370	1,417
2004	Year	33,903	-11,906	-23,333	393	-34,846	-942	355	23,095	-14,287	-11,430	-1,177	-3,799	-3,212
2005	Year	32,236	-12,391	-25,919	265	-38,045	-5,809	340	36,992	-52,698	17,665	-1,472	487	5,956
2006	Year	30,332	-11,300	-25,053	-506	-36,859	-6,526	299	16,634	-8,135	-13,182	-87	-4,770	1,457
2007	Year	28,627	-9,043	-29,130	-990	-39,163	-10,535	115	-2,602	7,283	-16,744	12	-12,051	-1,631
2008	Year	31,179	-14,875	-25,838	-1,154	-41,867	-10,689	119	24,167	45,749	-86,128	78	-16,134	-5,564
2009	Year	39,864	-15,049	-28,515	-1,424	-44,988	-5,125	14	649	-22,626	23,116	-79	1,060	6,171
2010	Year	42,877	-14,091	-26,429	-1,412	-41,932	945	91	-15,446	-85,965	94,140	-5	-7,276	-8,312
2011	Year	43,321	-8,634	-32,127	-1,183	-41,945	1,377	234	-17,775	-26,908	34,937	-329	-10,075	-11,686
2012	Year	42,405	-6,978	-30,309	-2,417	-39,704	2,702	86	-23,288	4,080	19,101	-12	-120	-2,907
2013	Year	36,182	178	-26,264	-2,462	-28,548	7,633	100	-9,835	46,301	-25,374	10	11,103	3,370

2008	Quarter 1	6,303	-3,361	-6,283	-781	-10,425	-4,123	42	3,191	-8,182	-3,140	-74	-8,205	-4,124
	Quarter 2	7,699	-3,258	-6,564	-570	-10,392	-2,693	66	3,077	5,541	-18,414	46	-9,749	-7,122
	Quarter 3	7,696	-3,137	-7,295	-386	-10,818	-3,121	0	9,276	12,083	-21,835	39	-437	2,684
	Quarter 4	9,481	-5,119	-5,696	583	-10,232	-752	11	8,623	36,307	-42,739	67	2,259	3,000
2009	Quarter 1	9,688	-3,996	-7,164	-910	-12,070	-2,382	-3	1,107	2,331	-429	-41	2,969	5,354
	Quarter 2	10,715	-3,635	-7,589	-725	-11,949	-1,234	-1	-1,148	15,776	-23,345	62	-8,654	-7,419
	Quarter 3	10,019	-2,317	-7,561	-495	-10,373	-354	-10	7,508	-26,570	22,020	-3	2,954	3,318
	Quarter 4	9,442	-5,101	-6,201	706	-10,596	-1,155	28	-6,818	-14,163	24,870	-97	3,791	4,918
2010	Quarter 1	10,296	-2,922	-7,568	-838	-11,328	-1,032	50	-4,547	-19,821	32,131	-32	7,731	8,713
	Quarter 2	11,372	-3,435	-7,518	-588	-11,541	-169	4	-2,972	8,568	-16,773	19	-11,158	-10,993
	Quarter 3	11,880	-3,204	-6,649	-657	-10,510	1,370	14	1,354	19,581	-25,635	76	-4,624	-6,008
	Quarter 4	9,329	-4,530	-4,693	671	-8,552	777	23	-9,281	-94,293	104,417	-68	775	-25
2011	Quarter 1	10,172	-2,926	-7,859	-711	-11,496	-1,323	24	-8,203	-7,063	11,577	-65	-3,754	-2,455
	Quarter 2	10,931	-1,532	-8,320	-521	-10,373	557	1	-7,373	-22,344	28,928	29	-760	-1,318
	Quarter 3	11,854	-1,665	-8,101	-562	-10,328	1,526	-1	-6,622	19,456	-15,888	-24	-3,078	-4,603
	Quarter 4	10,364	-2,511	-7,848	611	-9,748	616	210	4,423	-16,957	10,320	-269	-2,483	-3,309
2012	Quarter 1	9,935	-1,732	-8,698	-734	-11,164	-1,228	61	-15,890	46,456	-28,100	-12	2,453	3,621
	Quarter 2	11,606	-2,482	-7,928	-564	-10,974	632	1	2,591	-31,560	23,823	6	-5,140	-5,773
	Quarter 3	11,056	-911	-7,843	-602	-9,356	1,700	5	-14,887	-5,003	19,228	-1	-663	-2,368
	Quarter 4	9,808	-1,853	-5,840	-517	-8,210	1,598	19	4,898	-5,813	4,150	-5	3,230	1,613
2013	Quarter 1	8,671	-352	-6,786	-752	-7,890	781	53	-3,535	21,668	-12,225	0	5,909	5,074
	Quarter 2	10,293	-232	-8,095	-640	-8,967	1,326	12	-7,358	4,742	1,178	1	-1,437	-2,774
	Quarter 3	9,583	520	-6,929	-487	-6,896	2,687	1	-462	2,439	96	4	2,077	-611
	Quarter 4	7,635	242	-4,454	-583	-4,795	2,839	34	1,520	17,452	-14,423	5	4,554	1,681
2014	Quarter 1	10,146	-1,166	-7,284	-735	-9,185	960	35	7,126	-11,660	4,252	0	-283	-1,278
	Quarter 2	12,179	-1,006	-7,696	-535	-9,237	2,942	9	-859	8,468	1,153	1	8,763	5,811
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.

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Show Table 2(a) Current and Capital Accounts

Table 2a Current and Capital Accounts									€ million
		2012	2013	2013				2014
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹	Exports	96,976	91,763	22,467	24,092	23,172	22,032	24,320	27,196
	Imports	54,571	55,580	13,796	13,798	13,589	14,397	14,174	15,017

of which: Merchanting (net export)	Exports	5,261	3,751	799	965	944	1,043	850	828

Services	Exports	85,527	92,292	21,220	23,406	22,710	24,956	22,349	25,926
	Imports	92,504	92,113	21,571	23,638	22,190	24,714	23,515	26,932
Repairs and Processing	Exports	1,322	1,406	362	329	356	359	346	467
	Imports	1,167	726	223	151	187	165	138	228
Transport	Exports	4,609	4,396	777	1,242	1,420	957	746	1,296
	Imports	1,675	1,640	421	414	402	403	458	448
Tourism and Travel²	Exports	3,022	3,370	566	904	1,211	689	558	1,043
	Imports	4,609	4,669	871	1,143	1,706	949	788	1,216
Insurance	Exports	8,986	9,021	2,335	2,260	2,090	2,336	2,299	2,414
	Imports	6,516	5,922	1,650	1,551	1,349	1,372	1,451	1,699
Financial services	Exports	7,732	8,157	1,938	2,096	2,055	2,068	1,945	2,153
	Imports	5,077	5,172	1,253	1,302	1,298	1,319	1,584	1,665
Royalties/Licences	Exports	3,879	4,140	962	1,140	940	1,098	979	962
	Imports	33,847	35,796	8,713	8,953	8,417	9,713	10,281	11,274
Communications	Exports	569	591	152	157	133	149	143	146
	Imports	1,087	1,076	214	295	300	267	256	267
Computer services³	Exports	36,150	38,956	9,354	10,001	8,825	10,776	9,529	11,434
	Imports	349	346	100	82	83	81	69	76
Business services	Exports	17,750	20,575	4,413	4,917	5,317	5,928	5,438	5,696
	Imports	37,967	36,550	8,071	9,694	8,394	10,391	8,438	10,011
Research and development	Exports	766	1,060	230	256	275	299	288	313
	Imports	7,094	5,181	1,144	1,098	1,402	1,537	1,319	1,393
Operational leasing	Exports	7,537	7,497	1,804	1,858	1,953	1,882	1,846	1,907
	Imports	1,434	1,393	357	392	337	307	289	339
Misc. business services⁴	Exports	9,445	12,018	2,379	2,803	3,089	3,747	3,304	3,476
	Imports	29,438	29,976	6,570	8,204	6,655	8,547	6,830	8,279
Other services n.e.s.	Exports	1,511	1,681	361	360	363	597	366	316
	Imports	214	217	54	54	55	54	53	47

Primary Income	Inflows	58,416	56,282	13,614	13,889	13,972	14,807	14,162	15,435
	Outflows	88,726	82,546	20,400	21,984	20,901	19,261	21,446	23,131
Compensation of Employees	Inflows	541	544	136	136	136	136	136	138
	Outflows	743	706	167	179	179	181	175	184
Investment Income	Inflows	56,242	54,287	13,416	13,713	13,724	13,434	13,980	15,214
	Outflows	87,566	81,411	20,101	21,705	20,620	18,985	21,135	22,894
Direct investment income	Inflows	17,791	17,883	4,624	4,383	4,598	4,278	4,066	4,549
	Outflows	43,299	40,395	10,417	10,894	10,660	8,424	10,520	10,377
Income on equity	Inflows	14,092	14,395	3,646	3,634	3,692	3,423	3,106	3,620
	Outflows	38,742	34,901	9,301	9,757	9,393	6,450	9,483	9,235
Dividends & distributed	Inflows	3,178	3,857	221	1,335	109	2,192	80	*
branch profits	Outflows	17,882	17,106	4,786	5,487	3,306	3,527	3,853	3,018
Reinvested earnings	Inflows	10,915	10,538	3,425	2,299	3,583	1,231	3,027	*
	Outflows	20,859	17,794	4,515	4,271	6,086	2,922	5,630	6,218
Income on debt	Inflows	3,697	3,488	978	749	906	855	960	929
	Outflows	4,556	5,494	1,116	1,137	1,267	1,974	1,036	1,142
Portfolio investment income	Inflows	24,936	26,044	6,118	6,695	6,658	6,573	7,613	8,388
	Outflows	31,809	31,092	7,031	8,380	7,635	8,046	8,432	10,013
Income on equity	Inflows	6,364	6,920	1,560	1,908	1,832	1,620	1,806	2,415
	Outflows	18,748	20,046	4,138	5,617	4,926	5,365	6,061	7,340
Income on debt	Inflows	18,570	19,125	4,558	4,787	4,826	4,954	5,807	5,973
	Outflows	13,061	11,048	2,894	2,764	2,709	2,681	2,371	2,673
Other investment income	Inflows	13,517	10,358	2,674	2,634	2,468	2,582	2,300	2,277
	Outflows	12,457	9,925	2,654	2,431	2,326	2,514	2,184	2,504
Other primary income	Inflows	1,632	1,451	62	40	112	1,237	46	83
	Outflows	416	427	132	99	101	95	136	53

Secondary Income	Inflows	3,918	3,246	909	760	866	711	694	728
	Outflows	6,336	5,708	1,660	1,400	1,354	1,294	1,429	1,263

Current Account - Total	Inflows	244,839	243,582	58,210	62,146	60,720	62,506	61,525	69,285
	Outflows	242,137	235,948	57,428	60,820	58,033	59,667	60,565	66,343

Current Account Balance		2,702	7,633	781	1,326	2,687	2,839	960	2,942

Capital Account Balance		86	100	53	12	1	34	35	9

Memorandum Item:
Government Income	Inflows	115	141	28	48	37	28	13	28
	Outflows	4,621	4,644	1,194	1,148	1,157	1,145	1,154	1,289
¹Adjusted for balance of payments purposes
²Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport
credits - see Background Notes.
³Covers exports and imports of software that was not incorporated as part of computer hardware or physical media but separately transmited by
electronic means. The value of sales and purchases of additional software licences is also included.
⁴Covers mainly advertising and inter-affiliate management charges.
^*Suppressed for confidentiality reasons

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Show Table 2(b) Financial Account

Table 2b Financial Account¹									€ million
		2012	2013	2013				2014
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	11,897	18,057	14,182	-2,037	4,004	1,908	-547	-1,147
	In Ireland	35,184	27,892	17,717	5,321	4,466	388	-7,673	-288

Equity	Abroad	6,845	7,566	14,435	-8,255	372	1,014	-5,085	*
	In Ireland	18,473	6,825	11,167	-465	-1,774	-2,103	-2,958	28
Reinvested Earnings	Abroad	10,915	10,538	3,425	2,299	3,583	1,231	3,027	*
	In Ireland	20,859	17,794	4,515	4,271	6,086	2,922	5,630	6,218
Other Capital	Abroad	-5,864	-47	-3,678	3,918	49	-336	1,512	-82
	In Ireland	-4,147	3,273	2,034	1,516	154	-431	-10,346	-6,533

Portfolio Investment	Assets	74,522	100,923	57,692	1,550	19,809	21,872	32,667	54,706
	Liabilities	70,442	54,622	36,024	-3,192	17,370	4,420	44,327	46,238

Equity	Assets	13,182	60,653	16,266	8,997	11,263	24,127	15,667	17,219
	Liabilities	80,080	82,260	33,154	4,893	27,181	17,032	42,694	47,990
Debt Instruments	Assets	61,339	40,271	41,427	-7,447	8,546	-2,255	16,999	37,488
	Liabilities	-9,638	-27,638	2,870	-8,085	-9,811	-12,612	1,633	-1,752
Bonds and notes	Assets	55,246	45,604	27,900	2,247	4,843	10,614	1,380	23,146
	Liabilities	-11,614	-19,039	1,186	-7,781	-7,510	-4,934	783	-646
Money market instruments	Assets	6,096	-5,333	13,527	-9,694	3,703	-12,869	15,620	14,342
	Liabilities	1,976	-8,596	1,684	-303	-2,300	-7,677	850	-1,105

Other Investment	Assets	-82,026	-51,470	-7,658	-7,687	-6,103	-30,022	33,526	2,882
	Liabilities	-101,126	-26,098	4,566	-8,865	-6,199	-15,600	29,275	1,729

Loans, currency and deposits	Assets	-80,270	-46,049	-15,255	-8,982	-6,626	-15,186	13,717	-6,668
	Liabilities	-90,212	-16,269	-11,703	-685	-2,382	-1,499	-3,091	-4,316
Other ²	Assets	-1,756	-5,421	7,596	1,295	524	-14,836	19,809	9,550
	Liabilities	-10,915	-9,828	16,270	-8,180	-3,817	-14,101	32,366	6,045

Reserve Assets		-12	10	0	1	4	5	0	1

Monetary gold		0	0	0	0	0	0	0	1
Special drawing rights		8	10	1	2	3	4	0	0
Reserve position in the IMF		0	0	0	0	0	0	0	0
Foreign exchange		-1	0	-1	-1	1	1	0	0
Other		-19	0	0	0	0	0	0	0

Balance on Financial Account		-120	11,103	5,909	-1,437	2,077	4,554	-283	8,763

Net errors and omissions		-2,907	3,370	5,074	-2,774	-611	1,681	-1,278	5,811
Memorandum Item:
Government financial	Assets	2,734	3,017	961	-9	377	1,688	175	-2,041
transactions	Liabilities	20,475	4,940	6,972	-852	2,224	-3,404	3,536	1,993
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'.
²Includes 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.
^*Suppressed for confidentiality reasons

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Show Table 3 Current, Capital and Financial Account showing IFSC and non IFSC activity

Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity									€ million
		2012	2013	2013				2014
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account - Total	Inflows	244,839	243,582	58,210	62,146	60,720	62,506	61,525	69,285
	Outflows	242,137	235,948	57,428	60,820	58,033	59,667	60,565	66,343

Merchandise ²	Exports	96,976	91,763	22,467	24,092	23,172	22,032	24,320	27,196
	Imports	54,571	55,580	13,796	13,798	13,589	14,397	14,174	15,017

Services	Exports	85,527	92,292	21,220	23,406	22,710	24,956	22,349	25,926
	Imports	92,504	92,113	21,571	23,638	22,190	24,714	23,515	26,932

IFSC	Exports	24,740	25,863	6,266	6,491	6,380	6,726	6,661	7,010
	Imports	15,195	15,298	3,852	3,909	3,737	3,800	4,049	4,458
Non-IFSC	Exports	60,786	66,428	14,954	16,914	16,330	18,230	15,688	18,916
	Imports	77,309	76,815	17,719	19,729	18,453	20,914	19,466	22,474

Primary Income	Inflows	58,416	56,282	13,614	13,889	13,972	14,807	14,162	15,435
	Outflows	88,726	82,546	20,400	21,984	20,901	19,261	21,446	23,131

IFSC	Inflows	38,277	37,370	9,072	9,438	9,438	9,422	10,254	10,966
	Outflows	42,053	38,565	9,444	9,845	9,790	9,486	10,566	11,558
Non-IFSC	Inflows	20,140	18,910	4,542	4,450	4,533	5,385	3,908	4,469
	Outflows	46,673	43,981	10,956	12,139	11,111	9,775	10,881	11,573

Secondary Income	Inflows	3,918	3,246	909	760	866	711	694	728
	Outflows	6,336	5,708	1,660	1,400	1,354	1,294	1,429	1,263

IFSC³	Inflows	3,360	2,742	748	649	747	598	608	613
	Outflows	3,360	2,742	748	649	747	598	608	613
Non-IFSC	Inflows	558	503	161	110	119	113	86	115
	Outflows	2,976	2,965	912	751	606	696	822	650

Balance on Current Account		2,702	7,633	781	1,326	2,687	2,839	960	2,942

Balance on Capital Account		86	100	53	12	1	34	35	9

Financial Account ⁴
Direct investment	Abroad	11,897	18,057	14,182	-2,037	4,004	1,908	-547	-1,147
	In Ireland	35,184	27,892	17,717	5,321	4,466	388	-7,673	-288

IFSC	Abroad	1,303	3,141	670	609	975	887	-3,576	221
	In Ireland	9,605	17,148	9,163	4,453	3,201	331	-6,038	1,356
Non-IFSC	Abroad	10,595	14,918	13,512	-2,646	3,030	1,022	3,029	-1,368
	In Ireland	25,579	10,746	8,554	868	1,266	58	-1,635	-1,644

Portfolio investment	Assets	74,522	100,923	57,692	1,550	19,809	21,872	32,667	54,706
	Liabilities	70,442	54,622	36,024	-3,192	17,370	4,420	44,327	46,238

IFSC	Assets	81,322	96,211	57,599	918	18,638	19,056	34,948	49,728
	Liabilities	83,694	62,606	31,059	4,793	19,819	6,935	40,697	46,789
Non-IFSC	Assets	-6,799	4,711	93	632	1,171	2,815	-2,282	4,979
	Liabilities	-13,252	-7,984	4,965	-7,985	-2,449	-2,515	3,629	-551

Other investment ⁵	Assets	-82,026	-51,470	-7,658	-7,687	-6,103	-30,022	33,526	2,882
	Liabilities	-101,126	-26,098	4,566	-8,865	-6,199	-15,600	29,275	1,729

IFSC	Assets	-61,851	-38,464	522	-3,263	-2,629	-33,094	40,276	3,876
	Liabilities	-52,338	-8,068	22,687	-10,495	-7,468	-12,792	45,320	13,879
Non-IFSC	Assets	-20,176	-13,006	-8,180	-4,424	-3,474	3,072	-6,749	-993
	Liabilities	-48,787	-18,029	-18,120	1,630	1,269	-2,808	-16,045	-12,150

Reserve Assets		-12	10	0	1	4	5	0	1

Balance on Financial Account		-120	11,103	5,909	-1,437	2,077	4,554	-283	8,763
Net errors and omissions		-2,907	3,370	5,074	-2,774	-611	1,681	-1,278	5,811
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.
²Adjusted for balance of payments purposes.
³Secondary income flows to and from IFSC enterprises relate solely to non-life insurance transactions (see Background Notes).
⁴See footnote 1 on Table 2b.
⁵Includes 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.

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Table 4a Current and Capital Accounts showing geographical¹ detail									€ million
		2012	2013	2013				2014
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Current Account - Total	Inflows	244,839	243,582	58,210	62,146	60,720	62,506	61,525	69,285
	Outflows	242,137	235,948	57,428	60,820	58,033	59,667	60,565	66,343

Merchandise2	Exports	96,976	91,763	22,467	24,092	23,172	22,032	24,320	27,196
	Imports	54,571	55,580	13,796	13,798	13,589	14,397	14,174	15,017
EMU	Exports	35,777	33,976	7,852	8,928	8,675	8,521	9,109	9,268
	Imports	11,915	13,933	3,511	3,521	3,356	3,545	3,655	3,723
Non-EMU	Exports	61,200	57,787	14,615	15,164	14,497	13,511	15,212	17,927
	Imports	42,654	41,646	10,285	10,277	10,232	10,852	10,519	11,294
EU	Exports	54,819	51,942	12,180	13,702	13,369	12,691	13,374	14,002
	Imports	34,393	38,305	9,473	9,374	9,489	9,969	9,632	9,874
Non-EU	Exports	42,158	39,821	10,287	10,390	9,803	9,341	10,946	13,194
	Imports	20,178	17,275	4,324	4,424	4,099	4,428	4,542	5,143

Services	Exports	85,527	92,292	21,220	23,406	22,710	24,956	22,349	25,926
	Imports	92,504	92,113	21,571	23,638	22,190	24,714	23,515	26,932
EMU	Exports	28,996	29,702	7,126	8,055	6,678	7,843	7,142	8,807
	Imports	34,416	33,729	7,830	8,444	8,320	9,135	7,707	8,507
Non-EMU	Exports	56,532	62,590	14,094	15,351	16,032	17,113	15,207	17,119
	Imports	58,088	58,383	13,741	15,194	13,869	15,579	15,808	18,425
EU	Exports	49,581	51,398	12,070	13,418	12,260	13,650	12,404	15,283
	Imports	45,802	44,766	10,386	11,171	10,834	12,375	10,431	11,662
Non-EU	Exports	35,946	40,894	9,150	9,988	10,450	11,306	9,945	10,644
	Imports	46,703	47,346	11,186	12,466	11,355	12,339	13,084	15,270

Primary Income	Inflows	58,416	56,282	13,614	13,889	13,972	14,807	14,162	15,435
	Outflows	88,726	82,546	20,400	21,984	20,901	19,261	21,446	23,131
EMU	Inflows	20,131	18,187	4,778	4,311	4,397	4,701	4,921	5,179
	Outflows	30,809	27,286	6,536	7,077	7,104	6,569	7,316	6,418
Non-EMU	Inflows	38,285	38,095	8,836	9,578	9,575	10,106	9,241	10,256
	Outflows	57,917	55,260	13,865	14,907	13,797	12,691	14,130	16,713
EU	Inflows	31,824	28,667	7,144	6,477	6,790	8,256	7,744	8,153
	Outflows	47,626	43,503	10,805	11,181	11,209	10,308	11,836	11,691
Non-EU	Inflows	26,592	27,615	6,470	7,412	7,182	6,551	6,418	7,283
	Outflows	41,102	39,043	9,596	10,802	9,692	8,953	9,610	11,440

Secondary Income	Inflows	3,918	3,246	909	760	866	711	694	728
	Outflows	6,336	5,708	1,660	1,400	1,354	1,294	1,429	1,263
EMU	Inflows	1,013	1,062	306	244	295	217	244	203
	Outflows	1,105	1,148	327	266	317	238	265	225
Non-EMU	Inflows	2,905	2,183	603	515	571	494	449	525
	Outflows	5,232	4,561	1,333	1,135	1,037	1,056	1,165	1,039
EU	Inflows	2,296	2,368	722	537	620	489	506	467
	Outflows	4,069	4,429	1,369	977	1,055	1,028	1,196	963
Non-EU	Inflows	1,622	877	187	222	246	222	188	261
	Outflows	2,267	1,280	291	423	299	267	233	300

Balance on Current Account		2,702	7,633	781	1,326	2,687	2,839	960	2,942

Balance on Capital Account		86	100	53	12	1	34	35	9

¹The term ‘EMU’ means the area represented by the 18 Member States participating in Monetary Union since the enlargement of the Euro area on
1 January 2014 to include Latvia. With the expansion of the EU on 1 July 2013 to include Croatia the term ‘EU’ relates to transactions between
residents of Ireland and other residents of the of the EU28 area. For comparison purposes data shown for 2012 and 2013 also relates to EMU 18
and EU 28.
²Adjusted for balance of payments purposes.

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Table 4b Financial Account¹ showing geographical² detail									€ million
		2012	2013	2013				2014
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	11,897	18,057	14,182	-2,037	4,004	1,908	-547	-1,147
	In Ireland	35,184	27,892	17,717	5,321	4,466	388	-7,673	-288

EMU	Abroad	-2,519	7,259	3,955	271	2,183	850	624	-424
	In Ireland	19,728	14,066	5,731	5,904	2,673	-242	-4,302	-3,067
Non-EMU	Abroad	14,415	10,799	10,227	-2,308	1,821	1,059	-1,170	-723
	In Ireland	15,458	13,827	11,986	-584	1,794	631	-3,370	2,780
EU	Abroad	-162	12,823	6,817	174	3,373	2,459	-2,151	-3,450
	In Ireland	22,783	14,264	10,136	5,177	3,077	-4,126	-7,506	-2,922
Non-EU	Abroad	12,060	5,234	7,366	-2,212	631	-551	1,604	2,303
	In Ireland	12,401	13,628	7,581	143	1,389	4,515	-167	2,634

Portfolio Investment	Assets	74,522	100,923	57,692	1,550	19,809	21,872	32,667	54,706
	Liabilities	70,442	54,622	36,024	-3,192	17,370	4,420	44,327	46,238

EMU	Assets	28,962	23,001	19,599	6,822	-2,079	-1,341	20,603	10,994
	Liabilities	-9,732	9,113	9,452	1,825	468	-2,632	14,740	9,449
Non-EMU	Assets	45,561	77,923	38,093	-5,272	21,888	23,214	12,063	43,712
	Liabilities	80,173	45,509	26,572	-5,017	16,902	7,052	29,587	36,789
EU	Assets	37,955	45,135	17,599	5,974	15,257	6,305	22,442	31,860
	Liabilities	-6,632	39,223	23,178	3,928	13,073	-956	40,762	38,339
Non-EU	Assets	36,568	55,790	40,094	-4,424	4,552	15,568	10,224	22,846
	Liabilities	77,072	15,400	12,847	-7,120	4,297	5,376	3,565	7,899

Other Investment ³	Assets	-82,026	-51,470	-7,658	-7,687	-6,103	-30,022	33,526	2,882
	Liabilities	-101,126	-26,098	4,566	-8,865	-6,199	-15,600	29,275	1,729

EMU	Assets	-108,477	-17,279	3,766	-4,589	-10,893	-5,563	5,808	9,555
	Liabilities	-99,590	-34,647	-13,247	-5,069	-7,517	-8,814	797	-4,337
Non-EMU	Assets	26,451	-34,191	-11,424	-3,098	4,790	-24,459	27,718	-6,673
	Liabilities	-1,535	8,549	17,813	-3,796	1,318	-6,786	28,478	6,066
EU	Assets	-166,215	-27,783	-4,225	-5,512	-2,779	-15,267	19,055	-520
	Liabilities	-122,077	-24,918	-9,873	-8,468	962	-7,539	6,945	-4,420
Non-EU	Assets	84,189	-23,687	-3,433	-2,175	-3,324	-14,755	14,472	3,402
	Liabilities	20,950	-1,180	14,439	-397	-7,161	-8,061	22,330	6,150

Reserve Assets		-12	10	0	1	4	5	0	1

Balance on Financial Account		-120	11,103	5,909	-1,437	2,077	4,554	-283	8,763

Net errors and omissions		-2,907	3,370	5,074	-2,774	-611	1,681	-1,278	5,811
¹See footnote 1 on Table 2b.
²The term ‘EMU’ means the area represented by the 18 Member States participating in Monetary Union since the enlargement of the Euro area on 1 January
2014 to include Latvia. With the expansion of the EU on 1 July 2013 to include Croatia the term ‘EU’ relates to transactions between residents of Ireland
and other residents of the EU28 area. For comparison purposes data shown for 2012 and 2013 also relates to EMU 18 and EU 28.
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.

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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 the http://www.cso.ie/en/surveysandmethodology/balanceofpayments/methodologydocuments/BOP Quarterly Statistical Compilation Methodology (PDF 239KB)

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