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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 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5201
CSO statistical release, , 11am

Balance of International Payments

Quarter 3 2018

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q3 201826,378-17,2749,10411.2
Q3 201728,915-15,15413,76017.7
Q1-Q3 201882,433-53,61628,81812.3
Q1-Q3 201777,492-61,97715,5137.2

Current account surplus of €9bn in Quarter 3 2018

Balance of International Payments Q3 2018 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, continued to show a large surplus in the third quarter of 2018 at €9.1bn. The current account balance for the first three quarters of 2018, at €28.8bn, is larger than the balance in year 2017 of €24.9bn (see Table 1).

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
Q2 201828.977-1.97-15.429-1.41610.162
Q3 201826.3780.61-16.696-1.1889.104

Other points of note in the Quarter 3 2018 results are:

Current account (see Table 2a)

  • Merchandise exports were €51,403m in the third quarter of 2018, an increase of €2,976m compared with the third quarter of 2017. Merchandise imports were €25,025m in the third quarter of 2018, an increase of €5,513m compared with the same period in 2017. 

  • Service exports at €45,764m increased by €5,502m compared to the third quarter of 2017, mainly due to higher computer services exports. 

  • Service imports at €45,154m were up €5,573m over the same period in 2017. These figures were largely affected by increased payments of royalties from the ICT sector.

  • Ireland’s Trade Balance at €26,998m, a measure of all goods and services exports less all goods and services imports, decreased by €2,608m in the third quarter of 2018 over the same period in 2017.

  • Investment income earned abroad at €22,336m, increased by €3,559m compared with one year earlier while investment income payable to foreign investors at €39,319m increased by €5,435m. The overall Income balance at -€17,884m for the quarter was €2,048m lower than the same period in 2017.

X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q3 20159.983-17.66314.477-0.0246.773
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 2016-10.52210.385-7.6620.379-7.420
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
Q2 201810.209-29.44533.7810.00514.55
Q3 201810.96-2.861.0020.2099.311

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland decreased by €9,079m in the third quarter of 2018. This change was driven by a decrease in other capital of €22,700m, partially offset by increased reinvested earnings of €15,073m.  Direct investment abroad increased by €1,882m in the quarter, mainly due to increased reinvested earnings of €5,004m.

  • Portfolio investment in foreign assets increased by €25,264m in the quarter. Investment in foreign equity increased by €11,920m and investment in foreign debt instruments increased by €13,344m. Portfolio investment in Ireland increased by €28,124m, with Irish equity up €25,634m.

  • Other investment assets increased by €38,898m and Other investment liabilities increased by €37,896m in the third quarter of 2018, through a mix of activity in IFSC and non-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
Q2 2018-0.2782.289-4.058-2.047
Q3 2018-0.1722.694-3.388-0.865

Current account with UK (see Table 2c)

  • Merchandise exports were €5,695m in the third quarter of 2018, an increase of €187m compared with the third quarter of 2017.
  • Merchandise imports were €5,867m in the third quarter of 2018, an increase of €268m compared with the third quarter of 2017.
  • Services exports at €7,325m increased by €404m compared to the third quarter of 2017, mainly due to both computer and business services exports.
  • Services imports at €4,631m were up €625m over that same period in 2017. These figures were affected by increased levels of business, insurance and financial services costs.
  • Investment income earned in UK at €4,979m, increased by €954m compared with one year earlier while investment income payable to UK investors at €8,217m increased by €1505m.
  • When these effects are combined, the trade balance with the UK has fallen by €300m and net income outflows have increased by €562m, compared with the third quarter of 2017. The result is a current account deficit of €865m in the third quarter of 2018, down from the deficit of €2m in the third 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 -153 355 23,095-14,287-12,170-1,177-4,539-4,741
2005Year32,184-13,655-22,786-1,769-38,210 -6,026 340 37,660-52,69815,364-1,472-1,1474,539
2006Year27,194-12,313-22,723-2,063-37,099 -9,905 299 15,841-8,135-16,635-87-9,016590
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 -11,716 119 23,28845,749-85,93278-16,817-5,220
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
2012Year36,896-6,282-33,939-2,609-42,830 -5,934 86 -20,497-76710,952-12-10,324-4,476
2013Year34,506-718-28,069-2,931-31,718 2,787 -936 -16,13735,737-15,467104,1432,289
2014Year40,731-5,546-30,341-2,750-38,637 2,093 -6,769 -5,279-27,86220,506136-12,498-7,824
2015Year113,394-37,715-60,785-3,338-101,838 11,556 -1,303 -44,510-88,281138,6214946,321-3,930
2016Year106,088-63,735-49,912-3,813-117,460 -11,373 -4,331 -8,43027,711-29,0731,456-8,3357,368
2017Year107,639-18,351-59,773-4,589-82,713 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
2012Quarter 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 1 3,238-33,25420,9496-9,061-6,643
 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 19 3,672-6,1554,796-52,3083,573
2013Quarter 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
2014Quarter 18,939-1,820-7,567-899-10,286 -1,347 -1,691 2,726-12,6583,6200-6,312-3,274
 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
2015Quarter 126,790-5,794-16,013-986-22,793 3,998 -707 38,272-72,51936,5811082,441-849
 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 3,939 100 9,983-17,66314,477-246,7732,735
 Quarter 429,955-16,466-15,558-965-32,989 -3,035 -470 -90,174-11,85697,039103-4,889-1,384
2016Quarter 127,290-14,564-11,001-1,020-26,585 705 -2,670 12,279-7,4971,4201,0957,2979,262
 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
2017Quarter 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 -6,237 4,186-45,62037,482163-3,7895,751
 Quarter 328,915681-14,829-1,006-15,154 13,760 -5,971 4,0695986,77323511,6753,886
 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 -437 26,3397,450-20,090-2213,6774,562
 Quarter 228,977-1,970-15,429-1,416-18,815 10,162 -363 10,209-29,44533,781514,5504,751
 Quarter 326,378610-16,696-1,188-17,274 9,104 -35 10,960-2,8601,0022099,311242
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.
Table 2a Current and Capital Accounts€ million
  2016201720172018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account
Merchandise1Exports193,160192,85445,96345,79348,42752,67148,48552,28351,403
 Imports87,07285,21420,93122,24819,51222,52321,40723,30625,025
 
                  International tradeExports119,267122,53932,13431,03028,92130,45433,51435,48233,929
 Imports71,93476,67718,63920,51917,27820,24119,32720,50622,566
                  Goods for processingExports67,43664,66815,67212,98515,87220,13913,82114,85516,276
 Imports8,3795,5751,6019751,5081,4911,6292,0871,756
                  Other conceptual adjustmentsExports115-1,947-4,096-2032,30745-721165-361
 Imports6,7582,961690753727791451714703
                  Merchanting (net export)Exports6,3417,5932,2531,9801,3272,0331,8711,7811,559
 
ServicesExports135,076159,701 36,23439,47740,26243,728 38,20542,11845,764
Imports198,809178,054 41,59149,12039,58147,762 39,45544,08845,154
  Repairs and ProcessingExports2,5272,254527545605577476370336
 Imports3,9044,8551,1691,1361,0491,5011,0771,0921,273
  TransportExports7,2258,0861,1902,1473,0991,6501,2282,1112,832
Imports2,6892,540623663583671642678734
  Tourism and Travel 2Exports4,6854,9727081,4331,7621,0698171,5001,847
Imports5,6235,8141,0771,4072,0631,2671,2391,5662,106
  InsuranceExports9,2969,9132,4962,4512,3732,5932,5262,3982,275
Imports6,6957,0791,7341,8011,6891,8552,0881,9981,906
  Financial servicesExports13,28715,3093,7643,6373,8654,0433,8863,7843,770
Imports11,54913,2463,2783,1623,3203,4863,3863,3073,276
  Royalties/LicencesExports8,0529,6081,7831,9742,9462,9052,7163,4643,191
Imports69,20266,58816,69016,70015,19818,00016,23717,86917,896
of which: Pharmaceutical products and preparationsExports36518446454548301413
Imports24,02515,8984,4754,5443,4863,3932,8733,4742,954
                 Information and communication Exports8372,472177**1,0691,1211,4061,009
Imports27,64734,1057,8888,3157,75210,1508,8459,76810,234
  CommunicationsExports719617156157152152147142138
Imports1,1651,145256289292308268268274
  Computer services3Exports58,07969,32315,85117,04516,49219,93518,47720,21121,274
Imports1,3853,3535507878591,1578391,0861,085
  Business servicesExports30,09337,0759,3049,5478,5709,6547,4457,8959,278
Imports96,08172,86816,07323,03314,38819,37413,53616,08216,463
     Research and developmentExports3,9784,9071,1781,1611,0411,527537540517
 Imports58,05226,8325,86612,1923,2975,4773,4033,9444,232
  of which: IP relatedExports1,9673,086**5861,162501312
 Imports46,05314,0342,8399,139**104*67
     Operational leasingExports13,16913,1053,2953,2253,3573,2282,9943,0223,206
 Imports1,074696304143131118122124154
     Misc. business services4Exports12,94619,0624,8305,1614,1724,8993,9144,3345,555
 Imports36,95545,3409,90310,69710,96013,78010,01212,01412,077
  Other services n.e.s.Exports1,1132,546 4565413991,150 488244823
Imports517564 140142140142 141142141
 
Merchandise and Services - TotalExports328,235352,555 82,19785,27088,68996,399 86,69094,40297,167
 Imports285,882263,268 62,52171,36759,09470,286 60,86267,39570,178
 
Trade BalanceNet42,35389,289 19,67613,90329,59626,114 25,82927,00726,988
 
Primary IncomeInflows70,34678,224 17,93420,51619,29420,480 18,16223,44822,855
 Outflows120,260137,996 31,61736,16334,12336,093 33,13338,87739,552
  Compensation of EmployeesInflows520528 131131135131 131131135
Outflows627645 160161160164 159158160
  Investment IncomeInflows68,34676,189 17,45620,03718,77719,919 17,67222,96322,336
Outflows119,322137,035 31,38435,93333,88435,834 32,89738,65439,319
      Direct investment incomeInflows18,38320,728 4,2584,4985,1426,830 3,8685,8325,955
Outflows61,05672,048 16,74917,32218,10819,869 17,37418,07021,072
          Income on equityInflows15,19318,079 3,5113,7624,4956,311 3,5995,1875,252
Outflows55,28565,966 15,08115,75716,64618,482 16,14516,71619,570
              Dividends & distributed Inflows3,420630 3329459244 44*248
                  branch profitsOutflows18,60312,936 3,0462,8544,2772,759 3,9633,7444,497
              Reinvested earningsInflows11,77417,450 3,4783,4694,4366,067 3,555*5,004
Outflows36,68253,029 12,03412,90312,36915,723 12,18212,97215,073
         Income on debtInflows3,1902,649 746736647520 269645702
Outflows5,7716,084 1,6681,5651,4631,388 1,2291,3541,502
      Portfolio investment incomeInflows40,78445,557 10,65312,96611,17710,761 11,35114,35013,145
Outflows48,03654,714 12,17016,08913,18813,267 13,06817,72215,254
          Income on equityInflows12,83414,619 3,2615,0323,5002,826 3,3885,7544,357
 Outflows40,54148,043 10,43414,38011,55211,677 11,56616,19413,735
         Income on debtInflows27,94830,939 7,3937,9347,6777,935 7,9638,5958,788
Outflows7,4946,672 1,7371,7091,6361,590 1,5021,5281,519
      Other investment incomeInflows9,1779,904 2,5452,5732,4582,328 2,4532,7823,237
Outflows10,23110,272 2,4642,5222,5882,698 2,4562,8612,993
Other primary incomeInflows1,4801,504 346347382429 360354384
Outflows310317 74697995 776674
 
Secondary IncomeInflows4,5045,154 1,2771,1271,4311,319 1,3701,1311,115
 Outflows8,3179,744 2,2132,6852,4382,408 2,6762,5482,303
 
 Income BalanceNet-53,727-64,363 -14,620-17,205-15,836-16,702 -16,276-16,846-17,884
 
Current Account - TotalInflows403,086435,934 101,408106,913109,415118,198 106,223118,981121,137
Outflows414,458411,009 96,352110,21695,655108,786 96,671108,820112,033
 
Current Account BalanceNet-11,37324,924 5,056-3,30313,7609,411 9,55210,1629,104
 
Capital Account BalanceNet-4,331-28,168 -14,100-6,237-5,971-1,860 -437-363-35
 
Memorandum Item:
 Government IncomeInflows7493 21232524 386379407
 Outflows3,9093,675 958942936839 946968943
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 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.
4Covers mainly advertising and inter-affiliate management charges.
Table 2b Financial Account¹ € million
 2016201720172018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
 
Direct Investment Abroad27,180-34,690 12715,4178,118-58,3523,520-33,8111,882
In Ireland35,607-1,109 4,79611,2314,049-21,185 -22,818-44,020-9,079
 
    EquityAbroad43,782-65,888 -23,16027,062-8,271-61,519-7,605-63,486-1,603
 In Ireland97,986-35,529 19,279-13,025260-42,043-10,882-50,392-1,452
    Reinvested EarningsAbroad11,77417,450 3,4783,4694,4366,0673,555*5,004
In Ireland36,68253,029 12,03412,90312,36915,72312,18212,97215,073
    Other CapitalAbroad-28,37713,74919,809-15,11311,953-2,9007,571*-1,520
 In Ireland-99,059-18,608 -26,51711,354-8,5805,135-24,118-6,601-22,700
 
Portfolio InvestmentAssets116,439253,689 79,44140,09164,73169,42680,5078,34125,264
Liabilities88,727309,004 92,66585,71164,13366,495 73,05737,78528,124
 
    EquityAssets3,70594,474 24,40025,92826,22717,91929,06611,89611,920
 Liabilities130,304306,047 76,74891,64169,79167,86762,57337,44425,634
     Debt InstrumentsAssets112,732159,213 55,04114,16338,50351,50651,442-3,55513,344
 Liabilities-41,5772,957 15,917-5,930-5,658-1,37210,4843412,490
        Bonds and notes Assets83,755115,363 33,23637,62321,69822,80633,9499,37421,720
 Liabilities-37,624-816 12,119-9,263-4,7291,0577,6588667,516
        Money market instruments Assets28,97843,850 21,805-23,46016,80528,70017,493-12,929-8,376
 Liabilities-3,9553,775 3,7993,333-928-2,4292,826-524-5,025
 
Other InvestmentAssets-43,73194,497 -22,57833,47033,03450,571 31,51489,70538,898
Liabilities-14,6571,321 -21,173-4,01126,261244 51,60455,92537,896
 
     Loans, currency and depositsAssets-7,471105,547 5,01832,98219,57947,968 22,54736,93814,950
 Liabilities20,15124,897 15,1711,16916,012-7,455 34,57124,68717,948
     Other2Assets-36,260-11,049 -27,59648813,4562,6038,96752,76823,948
 Liabilities-34,807-23,577 -36,344-5,18010,2487,69917,03231,23819,948
 
Reserve Assets 1,456399 -101163235102-225209
 
     Monetary gold 00 0000000
     Special drawing rights 113-43 120-39-16-16515
     Reserve position in the IMF 7300 0000-11100
     Foreign exchange  416158 4314890-123-141-37
     Other 198285 -1561518524119-11231
 
Balance on Financial Account -8,3354,678 -19,400-3,78911,67516,19213,67714,5509,312
 
Net errors and omissions 7,3687,922 -10,3555,7513,8868,640 4,5624,751243
Memorandum Item:
Government financialAssets-966426 4640727-54 -1,0954,3679,886
  transactionsLiabilities-6,4951,377 6,5432,995-631-7,530 5,7717,5499,749
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.
Table 2c Current Account with UK€ million
2016201720172018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account
Merchandise1Exports24,00523,464 6,0076,2135,5085,736 5,3155,3485,695
 Imports21,38723,003 5,3015,8315,5996,272 5,5855,6265,867
 
  of which: Merchanting (net export)Exports4,1563,853 1,0398689261,020 1,0811,1211,058
 
ServicesExports24,05526,266 5,9736,6326,9216,740 6,1486,7907,325
 Imports14,78616,475 3,8363,8524,0064,781 4,3764,5014,631
  TransportExports2,2852,349 369631866483 392640872
 Imports505531 128132127144 134133135
  Tourism and Travel 2Exports1,0941,032 204273310245 236269299
 Imports1,1851,266 303281334348 351309345
  InsuranceExports2,4032,507 649613599646 640600588
 Imports1,6131,613 407392382432 411426449
  Financial servicesExports4,8535,595 1,3641,3041,4521,475 1,4531,4031,372
 Imports3,7514,355 1,0711,0271,1271,130 1,1841,2011,186
  Royalties/LicencesExports8191,088 263260261304 259252233
 Imports603463 131104122106 767275
  Computer services3Exports6,0886,327 1,4431,5641,5791,741 1,5411,8082,229
 Imports157277 56747176 806368
  Business servicesExports3,7214,212 1,0011,1759871,049 9231,1621,119
 Imports5,9536,954 1,4921,5931,5772,292 1,8752,0452,127
     (of which: Operational leasing)Exports726711 173189168181 153185169
 Imports3828 7777 779
  Other Exports2,7923,156 680813866797 704656614
 Imports1,0171,015 249248265253 265250246
 
Merchandise and Services TotalExports48,06049,730 11,98012,84512,42912,476 11,46312,13813,020
 Imports36,17339,478 9,1379,6839,60611,053 9,96110,12710,497
 
Trade balanceNet11,88710,252 2,8433,1622,8231,423 1,5022,0112,523
 
Primary IncomeInflows13,53216,686 4,0254,1254,0834,453 4,3605,0055,037
 Outflows25,85026,086 6,0227,0456,7946,225 6,5218,9388,300
  (of which : Investment Income)Inflows13,30816,461 3,9694,0704,0254,397 4,3044,9504,979
 Outflows25,51925,749 5,9376,9616,7126,139 6,4388,8548,217
                       Direct investment incomeInflows1,1182,216 581397449789 618759765
 Outflows4,4732,846 811459854722 6381,085969
                       Portfolio investment incomeInflows9,04510,658 2,5662,7902,6352,667 2,7273,0893,034
 Outflows18,00320,668 4,6105,9465,2664,846 5,1976,9656,263
                       Other investment incomeInflows3,1453,586 822882941941 9601,1021,180
 Outflows3,0442,232 516555591570 604804985
 
Secondary IncomeInflows1,8232,037 542523556416 530488390
 Outflows2,0142,466 621642671532 648613515
 
Income balanceNet-12,509-9,829 -2,076-3,039-2,826-1,888 -2,279-4,058-3,388
 
Current Account - TotalInflows63,41568,453 16,54717,49317,06817,345 16,35317,63118,447
Outflows64,03668,028 15,78017,36917,07017,809 17,13019,67819,312
 
Current Account Balance with UK -622424 767124-2-465 -778-2,047-865
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 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.
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity€ million
  20162017 20172018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
Current Account - TotalInflows403,086435,934 101,408106,913109,415118,198 106,223118,981121,137
 Outflows414,458411,009 96,352110,21695,655108,786 96,671108,820112,033
 
Merchandise2Exports193,160192,854 45,96345,79348,42752,671 48,48552,28351,403
Imports87,07285,214 20,93122,24819,51222,523 21,40723,30625,025
 
ServicesExports135,076159,701 36,23439,47740,26243,728 38,20542,11845,764
 Imports198,809178,054 41,59149,12039,58147,762 39,45544,08845,154
 
        IFSCExports36,50939,051 9,7059,6719,7079,968 9,5289,4909,357
 Imports20,95023,307 5,8215,6105,7476,129 6,4476,4416,051
        Non-IFSCExports98,566120,652 26,52929,80730,55533,761 28,67632,62936,406
Imports177,862154,748 35,77043,51033,83441,634 33,00737,64739,103
 
Primary IncomeInflows70,34678,224 17,93420,51619,29420,480 18,16223,44822,855
 Outflows120,260137,996 31,61736,16334,12336,093 33,13338,87739,552
 
        IFSCInflows53,10158,578 14,25716,30714,23613,778 14,10617,60017,105
 Outflows59,16664,820 15,46618,03115,80015,523 16,62219,53218,571
        Non-IFSCInflows17,24619,644 3,6764,2085,0586,702 4,0575,8485,751
Outflows61,09573,176 16,15118,13218,32320,570 16,51119,34620,981
 
Secondary IncomeInflows4,5045,154 1,2771,1271,4311,319 1,3701,1311,115
Outflows8,3179,744 2,2132,6852,4382,408 2,6762,5482,303
 
        IFSC3Inflows3,7744,324 1,0388851,2411,160 1,213975977
 Outflows3,7744,324 1,0388851,2411,160 1,213975977
        Non-IFSCInflows730830 238243190159 157157138
 Outflows4,5425,420 1,1751,8001,1971,248 1,4631,5731,326
 
Balance on Current Account -11,37324,924 5,056-3,30313,7609,411 9,55210,1629,104
 
Balance on Capital Account -4,331-28,168 -14,100-6,237-5,971-1,860 -437-363-35
 
Financial Account4
Direct investmentAbroad27,180-34,690 12715,4178,118-58,352 3,520-33,8111,882
 In Ireland35,607-1,109 4,79611,2314,049-21,185 -22,818-44,020-9,079
 
        IFSCAbroad13,8346,653 **-471,194 -2,8521,13052
 In Ireland11,8098,124 -1,284-14,1891,39822,199 -13,516-3,4756,339
        Non-IFSCAbroad13,345-41,344 **8,165-59,547 6,373-34,9411,830
 In Ireland23,800-9,232 6,08025,4212,651-43,384 -9,302-40,546-15,418
 
Portfolio investmentAssets116,439253,689 79,44140,09164,73169,426 80,5078,34125,264
 Liabilities88,727309,004 92,66585,71164,13366,495 73,05737,78528,124
 
        IFSCAssets108,091245,900 76,24240,90361,34667,409 79,4206,99224,533
 Liabilities99,770306,633 86,51084,78866,57868,757 65,77832,16029,118
        Non-IFSCAssets8,3487,790 3,199-8113,3852,017 1,0881,349732
 Liabilities-11,0422,372 6,156923-2,445-2,262 7,2805,625-993
 
Other investment5Assets-43,73194,497 -22,57833,47033,03450,571 31,51489,70538,898
 Liabilities-14,6571,321 -21,173-4,01126,261244 51,60455,92537,896
 
        IFSCAssets-45,93890,837 -10,01125,99727,62347,228 36,93869,62728,591
 Liabilities-21,1859,594 -11,775-3,03122,1982,202 58,84849,02916,795
        Non-IFSCAssets2,2063,661 -12,5677,4735,4123,343 -5,42420,07810,308
 Liabilities6,528-8,273 -9,398-9804,063-1,958 -7,2456,89621,101
 
Reserve Assets 1,456399 -101163235102 -225209
 
Balance on Financial Account -8,3354,678 -19,400-3,78911,67516,192 13,67714,5509,311
Net errors and omissions 7,3687,922 -10,3555,7513,8868,640 4,5624,751242
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
 20162017 20172018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
 
Current Account - TotalInflows403,086435,934 101,408106,913109,415118,198 106,223118,981121,137
 Outflows414,458411,009 96,352110,21695,655108,786 96,671108,820112,033
 
Merchandise2Exports193,160192,854 45,96345,79348,42752,671 48,48552,28351,403
 Imports87,07285,214 20,93122,24819,51222,523 21,40723,30625,025
      EMUExports50,54254,529 14,24112,68813,99213,608 12,00014,39613,556
 Imports27,42128,509 7,5557,5166,3767,062 7,2868,5928,941
      Non-EMUExports142,618138,326 31,72233,10534,43639,063 36,48637,88737,847
 Imports59,65156,704 13,37514,73213,13615,461 14,12014,71516,084
       EU Exports81,84884,741 22,01420,51821,07421,135 18,75521,28420,873
 Imports51,12153,833 13,46413,88912,47114,009 13,56915,00715,544
      Non-EU Exports111,311108,113 23,94925,27427,35431,536 29,73130,99930,530
Imports35,95231,381 7,4678,3597,0418,514 7,8388,3009,480
 
ServicesExports135,076159,701 36,23439,47740,26243,728 38,20542,11845,764
 Imports198,809178,054 41,59149,12039,58147,762 39,45544,08845,154
      EMUExports34,68438,818 9,0259,6389,65910,496 9,31510,51011,331
 Imports37,95643,459 9,48311,0709,63113,275 10,23311,54611,657
      Non-EMUExports100,391120,885 27,20929,84030,60333,233 28,89031,60834,432
 Imports160,854134,594 32,10738,05029,95034,487 29,22132,54233,496
       EU Exports66,26374,074 16,99818,49718,78419,795 17,74119,70121,180
 Imports54,62462,191 13,77915,49114,24318,678 15,14816,64716,909
      Non-EU Exports68,81285,629 19,23620,98121,47823,934 20,46422,41824,583
Imports144,185115,864 27,81233,62925,33929,084 24,30727,44128,245
 
Primary IncomeInflows70,34678,224 17,93420,51619,29420,480 18,16223,44822,855
 Outflows120,260137,996 31,61736,16334,12336,093 33,13338,87739,552
      EMUInflows28,97428,638 6,5737,3787,2737,414 6,9538,4078,815
 Outflows41,12050,331 9,91013,73113,79612,894 13,32715,46615,593
      Non-EMUInflows41,37349,586 11,36113,13812,02113,066 11,20915,04114,040
 Outflows79,13987,664 21,70722,43220,32723,198 19,80623,41223,958
       EU Inflows46,55649,597 11,75312,52312,38012,941 12,19314,27914,770
 Outflows69,14879,525 16,72821,56621,39919,832 20,39325,00624,474
      Non-EU Inflows23,79028,627 6,1817,9936,9147,539 5,9699,1708,085
 Outflows51,11158,472 14,89014,59712,72516,260 12,74013,87115,078
 
Secondary IncomeInflows4,5045,154 1,2771,1271,4311,319 1,3701,1311,115
 Outflows8,3179,744 2,2132,6852,4382,408 2,6762,5482,303
      EMUInflows1,4701,846 420280524622 445359438
 Outflows1,8162,615 543488740844 637576671
      Non-EMUInflows3,0343,308 857847907697 925772677
 Outflows6,5017,128 1,6702,1971,6971,564 2,0391,9721,632
       EU Inflows3,4744,112 1,0158531,1401,104 1,029900889
 Outflows6,5127,908 1,7682,2091,9731,958 2,1632,1031,878
      Non-EU Inflows1,0301,041 261274291215 341231226
 Outflows1,8051,834 445475464450 512444425
 
Balance on Current Account -11,37324,924 5,056-3,30313,7609,411 9,55210,1629,104
 
Balance on Capital Account -4,331-28,168 -14,100-6,237-5,971-1,860 -437-363-35
 
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.
2Adjusted for balance of payments purposes.
Table 4b Financial Account¹ showing geographical² detail € million
  20162017 20172018
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3
 
Direct InvestmentAbroad27,180-34,690 12715,4178,118-58,352 3,520-33,8111,882
 In Ireland35,607-1,109 4,79611,2314,049-21,185 -22,818-44,020-9,079
 
      EMUAbroad-4,713-51,544 -2,96522,9964,650-76,225 -27,405-35,721-2,918
 In Ireland-37,73452,407 13,67339,3632,167-2,796 -65,119-49,8373,963
      Non-EMUAbroad31,89216,855 3,092-7,5783,46817,873 30,9261,9094,799
 In Ireland73,343-53,515 -8,877-28,1311,882-18,389 42,3015,816-13,042
       EU Abroad6,500-46,181 -2,46626,2663,925-73,906 -29,558-33,500-1,972
 In Ireland-25,91555,127 10,98040,943-1,3184,522 -90,979-49,5112,930
      Non-EU Abroad20,68011,491 2,593-10,8484,19315,553 33,078-3113,854
In Ireland61,523-56,236 -6,184-29,7125,367-25,707 68,1615,491-12,009
 
Portfolio InvestmentAssets116,439253,689 79,44140,09164,73169,426 80,5078,34125,264
Liabilities88,727309,004 92,66585,71164,13366,495 73,05737,78528,124
 
      EMUAssets16,75551,988 15,98111,7076,66017,640 11,470-4,8006,250
 Liabilities33,976106,093 37,92529,99715,95522,216 25,76115,29411,642
      Non-EMUAssets99,684201,700 63,46028,38458,07151,785 69,03713,14119,014
 Liabilities54,750202,911 54,74055,71448,17844,279 47,29622,49116,483
       EU Assets47,876121,500 40,56231,7806,28542,873 14,095-1,78921,457
 Liabilities81,978271,410 82,39174,68648,90165,432 55,20525,16218,939
      Non-EU Assets68,562132,189 38,8798,31258,44626,552 66,41210,1293,807
Liabilities6,74837,595 10,27411,02615,2321,063 17,85212,6239,185
 
Other Investment3Assets-43,73194,497 -22,57833,47033,03450,571 31,51489,70538,898
Liabilities-14,6571,321 -21,173-4,01126,261244 51,60455,92537,896
 
      EMUAssets-11,21335,191 5,2329,471-3,96024,448 16,41917,396-9,636
 Liabilities7,924-9,214 404-5,2443,805-8,179 5,93110,7973,555
      Non-EMUAssets-32,51759,305 -27,81123,99936,99426,123 15,09472,30948,534
 Liabilities-22,58010,535 -21,5771,23322,4568,423 45,67245,12834,341
       EU Assets47,767122,297 29,80323,52824,54344,423 34,74964,65221,433
 Liabilities39,80640,803 18,2067,0358,1937,369 33,54839,1879,302
      Non-EU Assets-91,498-27,800 -52,3819,9428,4916,148 -3,23525,05417,465
Liabilities-54,462-39,481 -39,378-11,04718,068-7,124 18,05516,73828,594
 
Reserve Assets 1,456399 -101163235102 -225209
 
Balance on Financial Account -8,3354,678 -19,400-3,78911,67516,192 13,67714,5509,312
 
Net errors and omissions 7,3687,922 -10,3555,7513,8868,640 4,5624,751243
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.
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 Methodology Documents: BOP Quarterly Statistical Compilation Methodology Updated March 2018 (PDF 240KB)

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