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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, , 11am

Balance of International Payments

Quarter 3 2014

    € million
 Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q3 201412,359-8,5113,8478.2
Q3 20139,583-6,8962,6876.0
Q1-Q3 201434,684-26,9337,7495.7
Q1-Q3 201328,547-23,7534,7943.7

Current account surplus of €3.8bn in 3rd Quarter

Balance of International Payments Q3 2014 Figure 1
go to full release

The Balance of Payments current account surplus in the third quarter of 2014 was €3,847m – an increase from the €2,687m surplus in the third quarter of 2013 - see Table 1. A surplus of €12,359m on merchandise was offset by a deficit of €8,511m on invisibles in the quarter.

 

  

 

X-axis labelMerchandiseServicesPrimary Income
Q1 20129935-1732-8698
Q2 201211606-2482-7928
Q3 201211056-911-7843
Q4 20129808-1853-5840
Q1 20138671-232-6786
Q2 201310293-232-8095
Q3 20139583520-6929
Q4 20137635242-4454
Q1 201410146-1166-7284
Q2 201412179-1006-7696
Q3 201412359-839-7266

Other points of note are:

Current account (see Table 2a)

  • Compared with the third quarter of 2013, merchandise exports at €27,319m were up €4,147m while merchandise imports at €14,961m were up €1,372m.
  •  Services exports at €25,750m were up €3,040m mainly due to increased business services and computer services exports. Service imports increased by €4,399m to €26,589m driven by increases in royalties/licences payments.
  • Investment income earned abroad of €16,242m increased by €2,518m compared with one year earlier while investment income payable to foreign investors at €23,435m increased by €2,815m.

 Financial account (see Tables 2b and 3)

  • Direct investment Abroad increased by €21,441m in the third quarter of 2014. Equity and reinvested earnings increased €16,702 and other capital increased by €4,739m.
  • Direct investment in Ireland increased by €13,832m in the quarter. Equity inflows amounted to €5,871m of the increase, with reinvested earnings increasing by €6,360m.
  • Within Portfolio investment, increased investment in Irish equity of €59,716m was offset by increased investment in overseas equity of €17,394m and overseas debt instruments of €37,184 in the quarter.
  • Other investment assets decreased by €6,410m in the third quarter of 2014 with a decrease in loans, currency and deposit assets of €18,859m and an increase in other assets of €12,449m. Other investment liabilities increased by €997m in the quarter.
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
2000Year27,266-13,312-15,327994-27,645 -379 1,182 -22,9575,3589,037142-8,420-9,223
2001 3Year30,494-12,412-18,340-497-31,249 -755 779 -6,24125,158-19,039441319295
2002 3Year35,442-13,242-22,806-720-36,768 -1,326 588 -19,44437,979-19,263-343-1,071-333 
2003 3Year32,604-10,590-21,450-890-32,930 -326 445 -15,27039,977-21,567-1,7701,3701,251
2004 3Year33,903-11,906-21,973-967-34,846 -942 355 23,095-14,287-11,430-1,177-3,799-3,212
2005 3Year32,236-12,391-24,270-1,384-38,045 -5,809 340 36,992-52,69817,665-1,4724875,956
2006 3Year30,332-11,300-23,813-1,746-36,859 -6,526 299 16,634-8,135-13,182-87-4,7701,457
2007 3Year28,627-9,043-27,910-2,210-39,163 -10,535 115 -2,6027,283-16,74412-12,051-1,631
2008 3Year31,179-14,875-24,664-2,328-41,867 -10,689 119 24,16745,749-86,12878-16,134-5,564
2009 3Year39,864-15,049-27,154-2,785-44,988 -5,125 14 649-22,62623,116-791,0606,171
2010 3Year42,877-14,091-25,334-2,507-41,932 945 91 -15,446-85,96594,140-5-7,276-8,312
2011 3Year43,321-8,634-30,844-2,466-41,945 1,377 234 -17,775-26,90834,937-329-10,075-11,686
2012Year42,405-6,978-30,309-2,417-39,704 2,702 86 -23,2884,08019,101-12-120-2,907
2013Year36,182178-26,264-2,462-28,548 7,633 100 -9,83546,301-25,3741011,1033,370
                  
2008 3Quarter 1 6,303-3,361-6,291-773-10,425 -4,123 42 3,191-8,182-3,140-74-8,205-4,124
 Quarter 27,699-3,258-6,603-531-10,392 -2,693 66 3,0775,541-18,41446-9,749-7,122
 Quarter 37,696-3,137-7,219-462-10,818 -3,121 0 9,27612,083-21,83539-4372,684
 Quarter 49,481-5,119-4,551-562-10,232 -752 11 8,62336,307-42,739672,2593,000
2009 3Quarter 1 9,688-3,996-7,230-844-12,070 -2,382 -3 1,1072,331-429-412,9695,354
 Quarter 210,715-3,635-7,560-754-11,949 -1,234 -1 -1,14815,776-23,34562-8,654-7,419
 Quarter 310,019-2,317-7,466-590-10,373 -354 -10 7,508-26,57022,020-32,9543,318
 Quarter 49,442-5,101-4,898-597-10,596 -1,155 28 -6,818-14,16324,870-973,7914,918
2010 3Quarter 1 10,296-2,922-7,603-803-11,328 -1,032 50 -4,547-19,82132,131-327,7318,713
 Quarter 211,372-3,435-7,545-561-11,541 -169 4 -2,9728,568-16,77319-11,158-10,993
 Quarter 311,880-3,204-6,649-657-10,510 1,370 14 1,35419,581-25,63576-4,624-6,008
 Quarter 49,329-4,530-3,536-486-8,552 777 23 -9,281-94,293104,417-68775-25
2011 3Quarter 1 10,172-2,926-7,800-770-11,496 -1,323 24 -8,203-7,06311,577-65-3,754-2,455
 Quarter 210,931-1,532-8,358-483-10,373 557 1 -7,373-22,34428,92829-760-1,318
 Quarter 311,854-1,665-8,070-593-10,328 1,526 -1 -6,62219,456-15,888-24-3,078-4,603
 Quarter 410,364-2,511-6,617-620-9,748 616 210 4,423-16,95710,320-269-2,483-3,309
2012Quarter 1 9,935-1,732-8,698-734-11,164 -1,228 61-15,89046,456-28,100-122,4533,621
 Quarter 2 11,606-2,482-7,928-564-10,974 632 12,591-31,56023,8236-5,140-5,773
 Quarter 311,056-911-7,843-602-9,356 1,700 5-14,887-5,00319,228-1-663-2,368
 Quarter 49,808-1,853-5,840-517-8,210 1,598 194,898-5,8134,150-53,2301,613
2013Quarter 1 8,671-352-6,786-752-7,890 781 53-3,53521,668-12,22505,9095,074
 Quarter 2 10,293-232-8,095-640-8,967 1,326 12-7,3584,7421,1781-1,437-2,774
 Quarter 3 9,583520-6,929-487-6,896 2,687 1-4622,4399642,077-611
 Quarter 47,635242-4,454-583-4,795 2,839 341,52017,452-14,42354,5541,681
2014Quarter 110,146-1,166-7,284-735-9,185 960 357,126-11,6604,2520-283-1,278
 Quarter 212,179-1,006-7,696-535-9,237 2,942 9-8598,4681,15318,7635,811
 Quarter 312,359-839-7,266-406-8,511 3,847 777,609-1,225-7,4072-1,021-4,945
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.
3 Revised
Table 2a Current and Capital Accounts  € million
20122013 2013 2014
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account  
Merchandise 1Exports96,97691,76322,46724,09223,17222,032 24,32027,19627,319
Imports54,57155,58013,79613,79813,58914,397 14,17415,01714,961
           
  of which: Merchanting (net export)Exports5,2613,751 7999659441,043 8508281,222
           
ServicesExports85,52792,29221,22023,40622,71024,956 22,34925,92625,750
Imports92,50492,11321,57123,63822,19024,714 23,51526,93226,589
Repairs and ProcessingExports1,3221,406 362329356359 346467338
 Imports1,167726 223151187165 138228219
  TransportExports4,6094,3967771,2421,420957 7461,2961,440
Imports1,6751,640421414402403 458448449
  Tourism and Travel 2Exports3,0223,3705669041,211689 5581,0431,327
Imports4,6094,6698711,1431,706949 7881,2161,679
  InsuranceExports8,9869,0212,3352,2602,0902,336 2,2992,4142,240
Imports6,5165,9221,6501,5511,3491,372 1,4511,6991,553
  Financial servicesExports7,7328,1571,9382,0962,0552,068 1,9452,1532,134
Imports5,0775,1721,2531,3021,2981,319 1,5841,6651,841
  Royalties/LicencesExports3,8794,1409621,1409401,098 979962976
Imports33,84735,7968,7138,9538,4179,713 10,28111,27411,532
  CommunicationsExports569591152157133149 143146144
Imports1,0871,076214295300267 256267254
  Computer services 3Exports36,15038,9569,35410,0018,82510,776 9,52911,4349,829
Imports349346100828381 697669
  Business servicesExports17,75020,5754,4134,9175,3175,928 5,4385,6966,859
Imports37,96736,5508,0719,6948,39410,391 8,43810,0118,940
     Research and developmentExports7661,060230256275299 288313848
 Imports7,0945,1811,1441,0981,4021,537 1,3191,3931,477
     Operational leasingExports7,5377,4971,8041,8581,9531,882 1,8461,9072,021
 Imports1,4341,393357392337307 289339339
     Misc. business services 4Exports9,44512,0182,3792,8033,0893,747 3,3043,4763,990
 Imports29,43829,9766,5708,2046,6558,547 6,8308,2797,124
  Other services n.e.s.Exports1,5111,681361360363597 366316464
Imports21421754545554 534753
            
Primary IncomeInflows58,41656,28213,61413,88913,97214,807 14,16215,43516,408
 Outflows88,72682,54620,40021,98420,90119,261 21,44623,13123,674
  Compensation of EmployeesInflows541544136136136136 136138136
Outflows743706167179179181 175184180
  Investment IncomeInflows56,24254,28713,41613,71313,72413,434 13,98015,21416,242
Outflows87,56681,41120,10121,70520,62018,985 21,13522,89423,435
      Direct investment incomeInflows17,79117,8834,6244,3834,5984,278 4,0664,5494,833
Outflows43,29940,39510,41710,89410,6608,424 10,52010,37710,826
          Income on equityInflows14,09214,3953,6463,6343,6923,423 3,1063,6203,899
Outflows38,74234,9019,3019,7579,3936,450 9,4839,2359,636
              Dividends & distributed Inflows3,1783,857 2211,3351092,192 80*164
                  branch profitsOutflows17,88217,106 4,7865,4873,3063,527 3,8533,0183,276
              Reinvested earningsInflows10,91510,538 3,4252,2993,5831,231 3,027*3,735
Outflows20,85917,794 4,5154,2716,0862,922 5,6306,2186,360
         Income on debtInflows3,6973,488978749906855 960929934
Outflows4,5565,4941,1161,1371,2671,974 1,0361,1421,189
      Portfolio investment incomeInflows24,93626,0446,1186,6956,6586,573 7,6138,3889,119
Outflows31,80931,0927,0318,3807,6358,046 8,43210,01310,178
          Income on equityInflows6,3646,9201,5601,9081,8321,620 1,8062,4152,556
 Outflows18,74820,0464,1385,6174,9265,365 6,0617,3407,694
         Income on debtInflows18,57019,1254,5584,7874,8264,954 5,8075,9736,563
Outflows13,06111,0482,8942,7642,7092,681 2,3712,6732,484
      Other investment incomeInflows13,51710,3582,6742,6342,4682,582 2,3002,2772,290
Outflows12,4579,9252,6542,4312,3262,514 2,1842,5042,432
Other primary incomeInflows1,6321,45162401121,237 468329
Outflows4164271329910195 1365359
            
Secondary IncomeInflows3,9183,246909760866711 694728800
 Outflows6,3365,7081,6601,4001,3541,294 1,4291,2631,206
             
Current Account - TotalInflows244,839243,58258,21062,14660,72062,506 61,52569,28570,277
Outflows242,137235,94857,42860,82058,03359,667 60,56566,34366,430
            
Current Account Balance 2,7027,6337811,3262,6872,839 9602,9423,847
             
Capital Account Balance 861005312134 35977
             
Memorandum Item:           
 Government IncomeInflows115141 28483728 132840
 Outflows4,6214,644 1,1941,1481,1571,145 1,1541,2891,181
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
Table 2b Financial Account¹  € million
201220132013 2014
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
        
Direct Investment Abroad11,89718,057 14,182-2,0374,0041,908 -547-1,14721,441
In Ireland35,18427,892 17,7175,3214,466388 -7,673-28813,832
            
    EquityAbroad6,8457,56614,435-8,2553721,014 -5,085*12,967
 In Ireland18,4736,82511,167-465-1,774-2,103 -2,958285,871
    Reinvested EarningsAbroad10,91510,5383,4252,2993,5831,231 3,027*3,735
In Ireland20,85917,7944,5154,2716,0862,922 5,6306,2186,360
    Other CapitalAbroad-5,864-47 -3,6783,91849-336 1,512-824,739
 In Ireland-4,1473,273 2,0341,516154-431 -10,346-6,5331,602
             
Portfolio InvestmentAssets74,522100,923 57,6921,55019,80921,872 32,66754,70654,578
Liabilities70,44254,622 36,024-3,19217,3704,420 44,32746,23855,802
            
    EquityAssets13,18260,653 16,2668,99711,26324,127 15,66717,21917,394
 Liabilities80,08082,260 33,1544,89327,18117,032 42,69447,99059,716
     Debt InstrumentsAssets61,33940,271 41,427-7,4478,546-2,255 16,99937,48837,184
 Liabilities-9,638-27,638 2,870-8,085-9,811-12,612 1,633-1,752-3,914
        Bonds and notes Assets55,24645,60427,9002,2474,84310,614 1,38023,14611,455
 Liabilities-11,614-19,0391,186-7,781-7,510-4,934 783-646-4,958
        Money market instruments Assets6,096-5,33313,527-9,6943,703-12,869 15,62014,34225,728
 Liabilities1,976-8,596 1,684-303-2,300-7,677 850-1,1051,045
             
Other InvestmentAssets-82,026-51,470 -7,658-7,687-6,103-30,022 33,5262,882-6,410
Liabilities-101,126-26,098 4,566-8,865-6,199-15,600 29,2751,729997
            
     Loans, currency and depositsAssets-80,270-46,049 -15,255-8,982-6,626-15,186 13,717-6,668-18,859
 Liabilities-90,212-16,269 -11,703-685-2,382-1,499 -3,091-4,316-10,414
     Other 2Assets-1,756-5,421 7,5961,295524-14,836 19,8099,55012,449
 Liabilities-10,915-9,828 16,270-8,180-3,817-14,101 32,3666,04511,411
             
Reserve Assets -1210 0145 012
            
     Monetary gold 00 0000 010
     Special drawing rights 810 1234 000
     Reserve position in the IMF 00 0000 000
     Foreign exchange  -10 -1-111 002
     Other -190 0000 000
             
Balance on Financial Account -12011,103 5,909-1,4372,0774,554 -2838,763-1,021
             
Net errors and omissions -2,9073,370 5,074-2,774-6111,681 -1,2785,811-4,945
Memorandum Item:           
Government financialAssets2,7343,017 961-93771,688 175-2,041-175
  transactionsLiabilities20,4754,940 6,972-8522,224-3,404 3,5361,9931,164
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
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity € million
 20122013 20132014
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account - TotalInflows244,839243,58258,21062,14660,72062,50661,52569,28570,277
 Outflows242,137235,94857,42860,82058,03359,66760,56566,34366,430
           
Merchandise 2Exports96,97691,76322,46724,09223,17222,03224,32027,19627,319
Imports54,57155,58013,79613,79813,58914,39714,17415,01714,961
          
ServicesExports85,52792,29221,22023,40622,71024,95622,34925,92625,750
Imports92,50492,11321,57123,63822,19024,71423,51526,93226,589
          
        IFSCExports24,74025,8636,2666,4916,3806,7266,6617,0106,969
 Imports15,19515,2983,8523,9093,7373,8004,0494,4584,330
        Non-IFSCExports60,78666,42814,95416,91416,33018,23015,68818,91618,781
Imports77,30976,81517,71919,72918,45320,91419,46622,47422,259
          
Primary IncomeInflows58,41656,28213,61413,88913,97214,80714,16215,43516,408
Outflows88,72682,54620,40021,98420,90119,26121,44623,13123,674
          
        IFSCInflows38,27737,3709,0729,4389,4389,42210,25410,96611,741
 Outflows42,05338,5659,4449,8459,7909,48610,56611,55812,045
        Non-IFSCInflows20,14018,9104,5424,4504,5335,3853,9084,4694,666
Outflows46,67343,98110,95612,13911,1119,77510,88111,57311,629
          
Secondary IncomeInflows3,9183,246909760866711694728800
Outflows6,3365,7081,6601,4001,3541,2941,4291,2631,206
          
        IFSC3Inflows3,3602,742748649747598608613674
 Outflows3,3602,742748649747598608613674
        Non-IFSCInflows55850316111011911386115126
 Outflows2,9762,965912751606696822650532
           
Balance on Current Account 2,7027,6337811,3262,6872,8399602,9423,847
           
Balance on Capital Account 86100531213435977
           
Financial Account 4           
Direct investmentAbroad11,89718,05714,182-2,0374,0041,908-547-1,14721,441
 In Ireland35,18427,89217,7175,3214,466388-7,673-28813,832
           
        IFSCAbroad1,3033,141670609975887-3,576221264
 In Ireland9,60517,1489,1634,4533,201331-6,0381,35611,751
        Non-IFSCAbroad10,59514,91813,512-2,6463,0301,0223,029-1,36821,177
 In Ireland25,57910,7468,5548681,26658-1,635-1,6442,081
           
Portfolio investmentAssets74,522100,92357,6921,55019,80921,87232,66754,70654,578
 Liabilities70,44254,62236,024-3,19217,3704,42044,32746,23855,802
           
        IFSCAssets81,32296,21157,59991818,63819,05634,94849,72853,780
 Liabilities83,69462,60631,0594,79319,8196,93540,69746,78935,600
        Non-IFSCAssets-6,7994,711936321,1712,815-2,2824,979798
 Liabilities-13,252-7,9844,965-7,985-2,449-2,5153,629-55120,202
           
Other investment 5Assets-82,026-51,470-7,658-7,687-6,103-30,02233,5262,882-6,410
 Liabilities-101,126-26,0984,566-8,865-6,199-15,60029,2751,729997
           
        IFSCAssets-61,851-38,464522-3,263-2,629-33,09440,2763,876-4,185
 Liabilities-52,338-8,06822,687-10,495-7,468-12,79245,32013,8798,811
        Non-IFSCAssets-20,176-13,006-8,180-4,424-3,4743,072-6,749-993-2,225
 Liabilities-48,787-18,029-18,1201,6301,269-2,808-16,045-12,150-7,814
           
Reserve Assets -12100145012
           
Balance on Financial Account -12011,103 5,909-1,4372,0774,554 -2838,763-1,021
Net errors and omissions -2,9073,370 5,074-2,774-6111,681 -1,2785,811-4,945
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.
Table 4a Current and Capital Accounts showing geographical¹ detail  € million
 20122013 2013 2014
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
        
Current Account - TotalInflows244,839243,582 58,21062,14660,72062,506 61,52569,28570,277
 Outflows242,137235,948 57,42860,82058,03359,667 60,56566,34366,430
             
  Merchandise 2Exports96,97691,76322,46724,09223,17222,032 24,32027,19627,319
 Imports54,57155,58013,79613,79813,58914,397 14,17415,01714,961
      EMUExports35,77733,9767,8528,9288,6758,521 9,1099,26810,443
 Imports11,91513,9333,5113,5213,3563,545 3,6553,7233,662
      Non-EMUExports61,20057,78714,61515,16414,49713,511 15,21217,92716,876
 Imports42,65441,64610,28510,27710,23210,852 10,51911,29411,298
       EU Exports54,81951,94212,18013,70213,36912,691 13,37414,00215,454
 Imports34,39338,3059,4739,3749,4899,969 9,6329,8749,921
      Non-EU Exports42,15839,82110,28710,3909,8039,341 10,94613,19411,865
Imports20,17817,2754,3244,4244,0994,428 4,5425,1435,040
            
  ServicesExports85,52792,29221,22023,40622,71024,956 22,34925,92625,750
 Imports92,50492,11321,57123,63822,19024,714 23,51526,93226,589
      EMUExports28,99629,7027,1268,0556,6787,843 7,1428,8078,341
 Imports34,41633,7297,8308,4448,3209,135 7,7078,5078,610
      Non-EMUExports56,53262,59014,09415,35116,03217,113 15,20717,11917,409
 Imports58,08858,38313,74115,19413,86915,579 15,80818,42517,979
       EU Exports49,58151,39812,07013,41812,26013,650 12,40415,28314,639
 Imports45,80244,76610,38611,17110,83412,375 10,43111,66211,687
      Non-EU Exports35,94640,8949,1509,98810,45011,306 9,94510,64411,111
Imports46,70347,34611,18612,46611,35512,339 13,08415,27014,902
             
Primary IncomeInflows58,41656,28213,61413,88913,97214,807 14,16215,43516,408
 Outflows88,72682,54620,40021,98420,90119,261 21,44623,13123,674
      EMUInflows20,13118,1874,7784,3114,3974,701 4,9215,1795,011
 Outflows30,80927,2866,5367,0777,1046,569 7,3166,4187,811
      Non-EMUInflows38,28538,0958,8369,5789,57510,106 9,24110,25611,396
 Outflows57,91755,26013,86514,90713,79712,691 14,13016,71315,863
       EU Inflows31,82428,6677,1446,4776,7908,256 7,7448,1538,130
 Outflows47,62643,50310,80511,18111,20910,308 11,83611,69113,347
      Non-EU Inflows26,59227,6156,4707,4127,1826,551 6,4187,2838,278
 Outflows41,10239,0439,59610,8029,6928,953 9,61011,44010,327
             
Secondary IncomeInflows3,9183,246909760866711 694728800
 Outflows6,3365,7081,6601,4001,3541,294 1,4291,2631,206
      EMUInflows1,0131,062306244295217 244203283
 Outflows1,1051,148327266317238 265225304
      Non-EMUInflows2,9052,183603515571494 449525518
 Outflows5,2324,5611,3331,1351,0371,056 1,1651,039902
       EU Inflows2,2962,368722537620489 506467595
 Outflows4,0694,4291,3699771,0551,028 1,196963962
      Non-EU Inflows1,622877187222246222 188261205
 Outflows2,2671,280291423299267 233300244
             
Balance on Current Account 2,7027,6337811,3262,6872,839 9602,9423,847
             
Balance on Capital Account 861005312134 35977
            
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
Table 4b Financial Account¹ showing geographical² detail € million
  20122013 20132014
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
    
Direct InvestmentAbroad11,89718,05714,182-2,0374,0041,908 -547-1,14721,441
 In Ireland35,18427,89217,7175,3214,466388 -7,673-28813,832
            
      EMUAbroad-2,5197,2593,9552712,183850 624-42418,926
 In Ireland19,72814,0665,7315,9042,673-242 -4,302-3,0677,169
      Non-EMUAbroad14,41510,79910,227-2,3081,8211,059 -1,170-7232,515
 In Ireland15,45813,82711,986-5841,794631 -3,3702,7806,663
       EU Abroad-16212,8236,8171743,3732,459 -2,151-3,45020,765
 In Ireland22,78314,26410,1365,1773,077-4,126 -7,506-2,9224,871
      Non-EU Abroad12,0605,2347,366-2,212631-551 1,6042,303676
 In Ireland12,40113,6287,5811431,3894,515 -1672,6348,962
            
Portfolio InvestmentAssets74,522100,92357,6921,55019,80921,872 32,66754,70654,578
 Liabilities70,44254,62236,024-3,19217,3704,420 44,32746,23855,802
            
      EMUAssets28,96223,00119,5996,822-2,079-1,341 20,60310,9948,809
 Liabilities-9,7329,1139,4521,825468-2,632 14,7409,4496,952
      Non-EMUAssets45,56177,92338,093-5,27221,88823,214 12,06343,71245,768
 Liabilities80,17345,50926,572-5,01716,9027,052 29,58736,78948,850
       EU Assets37,95545,13517,5995,97415,2576,305 22,44231,86012,451
 Liabilities-6,63239,22323,1783,92813,073-956 40,76238,33926,053
      Non-EU Assets36,56855,79040,094-4,4244,55215,568 10,22422,84642,127
 Liabilities77,07215,40012,847-7,1204,2975,376 3,5657,89929,749
             
Other Investment 3Assets-82,026-51,470-7,658-7,687-6,103-30,022 33,5262,882-6,410
 Liabilities-101,126-26,0984,566-8,865-6,199-15,600 29,2751,729997
            
      EMUAssets-108,477-17,2793,766-4,589-10,893-5,563 5,8089,5551,444
 Liabilities-99,590-34,647-13,247-5,069-7,517-8,814 797-4,337-11,188
      Non-EMUAssets26,451-34,191-11,424-3,0984,790-24,459 27,718-6,673-7,854
 Liabilities-1,5358,54917,813-3,7961,318-6,786 28,4786,06612,184
       EU Assets-166,215-27,783-4,225-5,512-2,779-15,267 19,055-5207,097
 Liabilities-122,077-24,918-9,873-8,468962-7,539 6,945-4,420-6,539
      Non-EU Assets84,189-23,687-3,433-2,175-3,324-14,755 14,4723,402-13,507
 Liabilities20,950-1,18014,439-397-7,161-8,061 22,3306,1507,536
           
Reserve Assets -12100145 012
            
Balance on Financial Account -12011,1035,909-1,4372,0774,554 -2838,763-1,021
             
Net errors and omissions -2,9073,370 5,074-2,774-6111,681 -1,2785,811-4,945
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.

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

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