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

Balance of International Payments

Quarter 4 and Year 2015

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q4 201515,724-12,9512,7734.9
Q4 201410,500-8,0582,4425.0
Q1-Q4 201564,565-55,0199,5484.4
Q1-Q4 201442,297-35,4646,8333.6

Current account surplus of €9.5bn in 2015

Balance of International Payments Q4 2015 Fig 1
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The Balance of Payments current account, a measure of Ireland’s financial flows with the rest of the world, had a surplus in the fourth quarter of 2015 of €2,773m. The current account surplus for 2015 was €9,548m, an increase of €2,715m on 2014. The annual services deficit increased by €12,177m while the merchandise surplus increased €22,268m and income outflows were €7,378m higher than 2014 (see Table 1)

X-axis labelMerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current account
Q3 20139.9780.748-6.864-0.6633.198
Q4 20137.439-0.074-4.539-0.7322.095
Q1 20149.118-1.695-7.141-0.895-0.613
Q2 201411.248-1.839-6.926-0.6041.879
Q3 201411.431-0.574-7.191-0.5413.125
Q4 201410.5-3.518-3.845-0.6952.442
Q1 201514.15-3.876-7.804-0.8461.625
Q2 201517.104-5.195-8.539-0.6662.704
Q3 201517.587-5.234-9.512-0.3962.446
Q4 201515.724-5.498-6.501-0.9522.773

Other points of note in the Quarter 4 2015 results are:

Current account (see Table 2a)

  • Compared with the fourth quarter of 2014, merchandise exports at €38,063m increased by €8,316m while merchandise imports at €22,339m increased by €3,092m.
  • Service exports at €31,174m increased by €4,120m compared to the fourth quarter of 2014, mainly due to higher computer services exports. Service imports at €36,672m were up €6,100m, mainly driven by increases in royalties/licences payments of €3,468m.
  • Investment income earned abroad at €16,954m, increased by €980m compared with one year earlier while investment income payable to foreign investors at €24,443m increased by €3,597m.

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland increased by €65,267m in the fourth quarter of 2015. This comprised of an increase of €6,495m in reinvested earnings, an increase in equity of €23,611m and an increase in other capital of€35,161m. Direct investment abroad increased by €7,195m in the quarter.
  • Portfolio investment in foreign assets increased €65,312m in the quarter. Investment in foreign equity increased €3,309m while investment in foreign debt instruments increased €62,003m. Portfolio investment in Ireland comprised of €66,357m in Irish equity and €9,956 of Irish debt instruments in the quarter.
  • Other investment assets increased by €71,817m in the fourth quarter of 2015 split between the activities of IFSC enterprises with an increase of €32,009m and non-IFSC enterprises with an increase of €39,808m.
X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q3 2013-0.2838.362-5.9480.0042.135
Q4 2013-0.55217.802-15.3540.0051.9
Q1 20144.91-19.10712.2740-1.923
Q2 2014-2.7514.0363.0230.0014.31
Q3 20141.726-11.1336.5870.002-2.819
Q4 20145.1616.073-3.980.1337.388
Q1 201539.061-69.1333.3860.2093.526
Q2 20157.84919.007-23.3990.3073.764
Q3 201512.128-27.47515.091-0.025-0.28
Q4 2015-58.072-11.00275.5720.1036.602
Table 1 Summary of Current, Capital and Financial Account Balances € million
Period     Balance on Current Account Balance on Capital Account Direct InvestmentPortfolio InvestmentOther2 InvestmentReserve AssetsBalance on Financial AccountNet errors and omissions
Merchandise1 Invisibles   
 ServicesPrimary IncomeSecondary IncomeTotal   
1998Year17,510-8,426-9,7761,319-16,883 627 840 -4,4228,466-7,4592,280-1,135-2,602
1999Year22,170-9,723-13,3981,177-21,944 226 560 -11,35914,342974-1,7462,2111,425
2000Year28,312-13,312-15,327994-27,645 667 1,182 -22,9575,3589,037142-8,420-10,269
2001Year31,464-12,412-17,762-1,075-31,249 215 779 -6,24125,158-19,183441175-819
2002Year36,982-13,619-21,910-1,116-36,645 337 588 -19,44437,979-19,425-343-1,233-2,158
2003Year32,954-10,903-20,035-1,303-32,241 713 445 -15,27039,977-22,751-1,770186-972
2004Year34,588-12,141-21,345-1,255-34,741 -153 355 23,095-14,287-12,170-1,177-4,539-4,741
2005Year32,184-13,655-22,372-1,769-37,795 -5,612 340 38,074-52,69815,364-1,472-7324,539
2006Year27,194-12,313-21,929-2,063-36,306 -9,112 299 16,634-8,135-16,635-87-8,223590
2007Year28,698-12,384-25,762-2,510-40,656 -11,959 115 -7547,283-20,08612-13,545-1,702
2008Year32,622-16,468-24,263-2,729-43,460 -10,837 119 24,16745,749-85,93278-15,938-5,220
2009Year38,752-15,823-26,991-2,948-45,762 -7,010 14 649-22,62619,433-79-2,6234,373
2010Year41,288-14,707-25,140-2,701-42,548 -1,260 91 -15,446-85,96590,883-5-10,533-9,363
2011Year41,257-9,955-30,651-2,660-43,266 -2,009 234 -17,775-26,90831,086-329-13,926-12,151
2012Year37,638-7,610-30,109-2,609-40,328 -2,688 86 -17,6633,82011,025-12-2,830-228
2013Year35,060-393-26,189-2,922-29,504 5,556 104 -11,95345,992-26,436107,6111,953
2014Year42,297-7,626-25,103-2,735-35,464 6,833 135 9,046-20,13117,9041366,956-13
2015Year64,565-19,803-32,356-2,860-55,019 9,548 61 966-88,600100,65059413,6124,002
                  
2009Quarter 1 9,692-4,189-7,113-960-12,263 -2,571 -3 1,1072,331-1,326-412,0714,646
 Quarter 210,140-3,835-7,566-748-12,149 -2,009 -1 -1,14815,776-24,67862-9,988-7,978
 Quarter 39,783-2,514-7,424-633-10,570 -787 -10 7,508-26,57021,337-32,2723,069
 Quarter 49,137-5,285-4,888-607-10,780 -1,643 28 -6,818-14,16324,100-973,0224,637
2010Quarter 1 10,235-3,079-7,527-879-11,485 -1,250 50 -4,547-19,82131,668-327,2688,468
 Quarter 210,555-3,606-7,516-590-11,712 -1,157 4 -2,9728,568-18,33819-12,723-11,570
 Quarter 311,985-3,358-6,602-704-10,664 1,321 14 1,35419,581-25,74576-4,734-6,069
 Quarter 48,513-4,664-3,495-528-8,686 -174 23 -9,281-94,293103,299-68-343-192
2011Quarter 1 10,624-3,259-7,728-841-11,829 -1,205 24 -8,203-7,06311,286-65-4,045-2,864
 Quarter 29,576-1,875-8,328-513-10,716 -1,140 1 -7,373-22,34427,15729-2,531-1,393
 Quarter 311,547-1,994-8,022-641-10,657 890 -1 -6,62219,456-16,652-24-3,842-4,731
 Quarter 49,510-2,827-6,573-664-10,064 -554 210 4,423-16,9579,295-269-3,508-3,164
2012Quarter 1 9,109-1,863-8,616-814-11,293 -2,184 61-12,55146,421-32,626-121,2323,355
 Quarter 2 9,447-2,724-7,887-603-11,214 -1,766 14,073-31,82821,0096-6,740-4,975
 Quarter 310,256-1,047-7,800-643-9,490 767 5-13,439-5,03817,833-1-645-1,417
 Quarter 48,826-1,976-5,806-549-8,331 495 194,254-5,7354,809-53,3232,809
2013Quarter 1 7,853-536-6,938-828-8,302 -449 53-3,9168,83662705,5465,943
 Quarter 2 9,790-531-7,848-699-9,078 712 16-7,20210,992-5,7611-1,970-2,697
 Quarter 3 9,978748-6,864-663-6,779 3,198 1-2838,362-5,94842,135-1,065
 Quarter 47,439-74-4,539-732-5,345 2,095 34-55217,802-15,35451,900-228
2014Quarter 19,118-1,695-7,141-895-9,731 -613 354,910-19,10712,2740-1,923-1,345
 Quarter 211,248-1,839-6,926-604-9,369 1,879 9-2,7514,0363,02314,3102,422
 Quarter 311,431-574-7,191-541-8,306 3,125 771,726-11,1336,5872-2,819-6,021
 Quarter 410,500-3,518-3,845-695-8,058 2,442 145,1616,073-3,9801337,3884,931
2015Quarter 114,150-3,876-7,804-846-12,526 1,625 3539,061-69,13033,3862093,5261,866
 Quarter 217,104-5,195-8,539-666-14,400 2,704 127,84919,007-23,3993073,7641,048
 Quarter 317,587-5,234-9,512-396-15,142 2,446 512,128-27,47515,091-25-280-2,731
 Quarter 415,724-5,498-6,501-952-12,951 2,773 9-58,072-11,00275,5721036,6023,819
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
20142015 20142015
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
Current Account  
Merchandise 1Exports113,207143,76925,86728,53529,05829,747 32,78336,48636,43738,063
Imports70,91079,20316,74917,28717,62719,247 18,63319,38218,84922,339
            
  of which: Merchanting (net export)Exports3,6413,448 8508411,265685 8728701,137569
            
ServicesExports101,750116,82422,41725,92626,35327,054 25,82229,60330,22531,174
Imports109,376136,62724,11227,76526,92730,572 29,69834,79835,45936,672
Repairs and ProcessingExports1,251986 290412281268 191291292212
 Imports1,1531,063 264320306263 194329283257
  TransportExports5,1935,8687461,4031,9761,068 8421,5242,2791,223
Imports1,8422,238455444443500 498540546654
  Tourism and Travel 2Exports3,6564,3205581,0361,327735 6131,2281,582897
Imports4,5614,8867641,1801,627990 8501,2011,7421,093
  InsuranceExports9,25410,5892,2982,3782,2102,368 2,5962,7682,6272,598
Imports5,9707,3701,4161,5621,3961,596 1,7571,8461,8721,895
  Financial servicesExports8,33510,2601,9022,1072,0852,241 2,2482,5142,6872,811
Imports6,6626,7761,5701,6491,8201,623 1,5101,6681,7581,840
  Royalties/LicencesExports4,7765,6601,1151,1021,2561,303 1,1941,4881,5241,454
Imports48,48262,11310,57012,09111,92813,893 14,40115,53014,82117,361
  CommunicationsExports567554139142141145 142141135136
Imports979928247255241236 225246219238
  Computer services 3Exports47,91756,26710,57812,57211,06613,701 12,52414,16613,48016,097
Imports646695153167152174 142151205197
  Business servicesExports19,09520,4624,4304,4515,5324,682 5,1384,9965,0915,237
Imports38,81650,2918,60610,0328,94911,229 10,05313,22213,94613,070
     Research and developmentExports1,7491,571288308843310 451325416379
 Imports6,61513,7771,4661,5451,6571,947 2,0943,7324,6803,271
     Operational leasingExports7,8439,1251,8541,9072,0392,043 2,1422,3032,2932,387
 Imports1,2691,497279332331327 334343390430
     Misc. business services 4Exports9,5049,7672,2882,2372,6502,329 2,5452,3682,3832,471
 Imports30,93335,0196,8618,1566,9618,955 7,6269,1478,8779,369
  Other services n.e.s.Exports1,7101,859360325481544 335486527511
Imports26626666666668 66666767
             
Primary IncomeInflows62,85368,39213,87515,28216,43117,265 17,12416,58416,49618,188
 Outflows87,956100,74721,01622,20823,62221,110 24,92725,12326,00824,689
  Compensation of EmployeesInflows541540136138136131 136136134134
Outflows699651171177174177 161170167153
  Investment IncomeInflows60,99466,29313,69315,06116,26615,974 16,96516,40815,96616,954
Outflows87,00599,78420,79121,97823,39020,846 24,69424,87625,77124,443
      Direct investment incomeInflows19,45921,8214,1414,7175,1955,406 5,2415,9214,7745,885
Outflows40,32647,82710,4809,99711,2258,624 11,64212,14712,99211,046
          Income on equityInflows16,26518,0753,2293,9114,4574,668 4,3095,0123,8034,951
Outflows35,17042,4319,3008,7319,9057,234 10,35610,69411,6609,721
              Dividends & distributed Inflows2,4101,071 1016601691,480 292*95*
                  branch profitsOutflows13,65913,137 4,0203,3283,0613,250 3,7293,8432,3393,226
              Reinvested earningsInflows13,85517,004 3,1293,2514,2873,188 4,017*3,708*
Outflows21,51129,294 5,2805,4036,8443,984 6,6276,8519,3216,495
         Income on debtInflows3,1963,746912807738739 932909971934
Outflows5,1575,3941,1811,2661,3201,390 1,2861,4521,3311,325
      Portfolio investment incomeInflows32,81636,1497,4048,1828,9268,304 9,1228,4089,4009,219
Outflows37,71543,7868,2409,7519,8679,857 10,51010,67411,25511,347
          Income on equityInflows8,98810,3511,8012,4082,5582,221 2,7332,2722,9702,376
 Outflows28,80035,1966,1357,3447,6547,667 8,4468,5339,0599,158
         Income on debtInflows23,82825,7985,6035,7746,3686,083 6,3896,1366,4306,843
Outflows8,9158,5902,1062,4072,2122,190 2,0642,1412,1962,189
      Other investment incomeInflows8,7178,3222,1482,1622,1442,263 2,6022,0791,7921,849
Outflows8,9648,1712,0712,2302,2982,365 2,5422,0551,5252,049
Other primary incomeInflows1,3181,5574683291,160 22403951,100
Outflows25331254535987 72786993
             
Secondary IncomeInflows2,8613,615676673746766 970876914855
 Outflows5,5976,4741,5721,2781,2871,460 1,8151,5421,3101,807
              
Current Account - TotalInflows280,672332,59762,83570,41772,58874,832 76,69883,54884,07188,280
Outflows273,839323,05163,44968,53869,46372,389 75,07380,84581,62685,507
             
Current Account Balance 6,8339,548-6131,8793,1252,442 1,6252,7042,4462,773
              
Capital Account Balance 135613597714 351259
              
Memorandum Item:      
 Government IncomeInflows128130 35284025 16621834
 Outflows4,6924,401 1,1551,1851,1811,171 1,1211,0801,1041,096
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 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
2014201520142015
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
     
Direct Investment Abroad32,51191,621 1,4795,66917,7967,567 47,91219,77016,7447,195
In Ireland23,46590,655 -3,4318,42016,0702,406 8,85111,9214,61665,267
             
    EquityAbroad-65654,449-4,610-8,63413,141-553 45,501*-6,189*
 In Ireland15,70544,310-1,5629,3246,5131,430 2,0868,7879,82623,611
    Reinvested EarningsAbroad13,85517,0043,1293,2514,2873,188 4,017*3,708*
In Ireland21,51129,2945,2805,4036,8443,984 6,6276,8519,3216,495
    Other CapitalAbroad19,31320,170 2,96111,0523684,932 -1,6051,94919,226600
 In Ireland-13,74917,051 -7,149-6,3062,714-3,008 138-3,717-14,53135,161
              
Portfolio InvestmentAssets152,773124,520 47,26531,47440,36733,667 46,99210,7401,47665,312
Liabilities172,904213,119 66,37227,43851,50027,594 116,122-8,26728,95176,313
             
    EquityAssets68,41447,437 12,76618,89016,88319,875 14,64722,2387,2433,309
 Liabilities171,547183,810 65,43827,53559,19419,380 103,185-13,76028,02866,357
     Debt InstrumentsAssets84,35977,084 34,49912,58423,48413,792 32,345-11,498-5,76662,003
 Liabilities1,35729,309 934-97-7,6948,214 12,9375,4939239,956
        Bonds and notes Assets17,13067,775-5724,5946,3656,743 5,25514,36915,19032,961
 Liabilities64925,622166977-8,7708,276 12,4815,760-1,7209,101
        Money market instruments Assets67,2299,30835,0707,99017,1197,050 27,090-25,867-20,95729,042
 Liabilities7093,687 768-1,0741,076-61 456-2672,643855
              
Other InvestmentAssets87,53047,387 40,2832,60514,10430,538 38,514-28,560-34,38471,817
Liabilities69,625-53,264 28,009-4197,51734,518 5,128-5,161-49,476-3,755
             
     Loans, currency and depositsAssets23,88626,660 24,772-1,938-1,6182,670 19,886-18,549-10,99636,319
 Liabilities-7,057-58,668 2,427-5,687-7,7013,904 -30,328-12,175-24,9178,752
     Other 2Assets63,64420,726 15,5124,54315,72127,868 18,627-10,011-23,38835,498
 Liabilities76,6815,406 25,5825,26815,21730,614 35,4567,015-24,559-12,506
              
Reserve Assets 136594 012133 209307-25103
             
     Monetary gold 022 010-1 21001
     Special drawing rights 060 0000 59001
     Reserve position in the IMF -123 000-1 23000
     Foreign exchange  0-1 002-2 1-10-1
     Other 137490 000137 105308-25102
              
Balance on Financial Account 6,95613,612 -1,9234,310-2,8197,388 3,5263,764-2806,602
              
Net errors and omissions -134,002 -1,3452,422-6,0214,931 1,8661,048-2,7313,819
Memorandum Item:            
Government financialAssets-6,500-1,636 -1,411-2,041-175-2,873 -760-682-114-80
  transactionsLiabilities2,651-619 3,5351,8881,269-4,041 7441,35610-2,729
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 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity€ million
 20142015 20142015
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
Current Account - TotalInflows280,672332,59762,83570,41772,58874,832 76,69883,54884,07188,280
 Outflows273,839323,05163,44968,53869,46372,389 75,07380,84581,62685,507
             
Merchandise 2Exports113,207143,76925,86728,53529,05829,747 32,78336,48636,43738,063
Imports70,91079,20316,74917,28717,62719,247 18,63319,38218,84922,339
            
ServicesExports101,750116,82422,41725,92626,35327,054 25,82229,60330,22531,174
Imports109,376136,62724,11227,76526,92730,572 29,69834,79835,45936,672
            
        IFSCExports27,00130,9516,5146,8156,7956,877 7,1737,9097,7788,091
 Imports16,52018,0603,9464,2634,1494,162 4,2544,5184,5574,731
        Non-IFSCExports74,75185,87315,90319,11219,55820,178 18,64921,69422,44723,083
Imports92,857118,56820,16523,50322,77826,411 25,44430,28130,90231,941
            
Primary IncomeInflows62,85368,39213,87515,28216,43117,265 17,12416,58416,49618,188
Outflows87,956100,74721,01622,20823,62221,110 24,92725,12326,00824,689
            
        IFSCInflows42,29546,1369,76510,21611,30711,007 12,13510,78911,61611,596
 Outflows44,50448,47210,21110,91511,71011,668 12,72311,20012,60211,947
        Non-IFSCInflows20,55922,2534,1105,0665,1256,258 4,9885,7944,8806,591
Outflows43,45252,27510,80511,29311,9129,442 12,20513,92313,40612,741
            
Secondary IncomeInflows2,8613,615676673746766 970876914855
Outflows5,5976,4741,5721,2781,2871,460 1,8151,5421,3101,807
            
        IFSC 3Inflows2,3692,962571557618623 735736786705
 Outflows2,3692,962571557618623 735736786705
        Non-IFSCInflows491653106116127142 235140128150
 Outflows3,2273,5121,001720669837 1,0818065231,102
             
Balance on Current Account 6,8339,548-6131,8793,1252,442 1,6252,7042,4462,773
             
Balance on Capital Account 135613597714 351259
             
Financial Account 4             
Direct investmentAbroad32,51191,6211,4795,66917,7967,567 47,91219,77016,7447,195
 In Ireland23,46590,655-3,4318,42016,0702,406 8,85111,9214,61665,267
             
        IFSCAbroad-3,2356,242-3,667-147209370 1,7493,98532476
 In Ireland5,11917,995-5,7441,42712,128-2,692 4,9853,513-16,11825,615
        Non-IFSCAbroad35,74785,3815,1465,81717,5877,197 46,16415,78516,7126,720
 In Ireland18,34672,6612,3136,9933,9425,098 3,8678,40820,73439,652
             
Portfolio investmentAssets152,773124,52047,26531,47440,36733,667 46,99210,7401,47665,312
 Liabilities172,904213,11966,37227,43851,50027,594 116,122-8,26728,95176,313
             
        IFSCAssets145,651128,46249,53626,61739,58829,910 47,41111,1306,13963,782
 Liabilities143,765165,28162,63027,87731,57921,679 69,316-13,37328,53580,803
        Non-IFSCAssets7,124-3,942-2,2714,8587793,758 -419-390-4,6621,529
 Liabilities29,13947,8393,742-43919,9215,915 46,8075,106416-4,490
             
Other investment 5Assets87,53047,38740,2832,60514,10430,538 38,514-28,560-34,38471,817
 Liabilities69,625-53,26428,009-4197,51734,518 5,128-5,161-49,476-3,755
             
        IFSCAssets95,13117,53545,9584,50515,47129,197 38,925-30,352-23,04732,009
 Liabilities112,094-9,24343,03110,38715,02843,648 17,212532-24,872-2,115
        Non-IFSCAssets-7,60129,850-5,675-1,900-1,3671,341 -4121,792-11,33839,808
 Liabilities-42,468-44,021-15,022-10,805-7,511-9,130 -12,085-5,692-24,604-1,640
             
Reserve Assets 136594012133 209307-25103
             
Balance on Financial Account 6,95613,612 -1,9234,310-2,8197,388 3,5263,764-2806,602
Net errors and omissions -134,002 -1,3452,422-6,0214,931 1,8661,048-2,7313,819
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
 20142015 20142015
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
     
Current Account - TotalInflows280,672332,597 62,83570,41772,58874,832 76,69883,54884,07188,280
 Outflows273,839323,051 63,44968,53869,46372,389 75,07380,84581,62685,507
              
  Merchandise 2Exports113,207143,76925,86728,53529,05829,747 32,78336,48636,43738,063
 Imports70,91079,20316,74917,28717,62719,247 18,63319,38218,84922,339
      EMUExports40,41651,3339,1489,52210,66011,086 11,87613,53312,93412,990
 Imports21,32224,9075,1435,2435,1985,738 5,6206,0885,5647,635
      Non-EMUExports72,79192,43516,71919,01318,39818,661 20,90722,95323,50225,073
 Imports49,58854,29711,60612,04412,42913,509 13,01313,29413,28514,705
       EU Exports62,35976,21614,32915,12316,55616,351 17,99719,74819,27619,195
 Imports48,77454,50811,68112,00711,83313,253 12,52513,33912,81415,830
      Non-EU Exports50,84667,55411,53813,41112,50213,395 14,78716,73817,16118,868
Imports22,13624,6945,0695,2805,7945,993 6,1086,0426,0356,509
             
  ServicesExports101,750116,82422,41725,92626,35327,054 25,82229,60330,22531,174
 Imports109,376136,62724,11227,76526,92730,572 29,69834,79835,45936,672
      EMUExports32,39235,5027,0538,5768,2138,550 8,1439,0479,0429,270
 Imports33,84538,3547,6688,9798,4258,773 8,14010,4379,48610,291
      Non-EMUExports69,35981,32315,36417,35018,14018,505 17,67920,55621,18321,905
 Imports75,53298,27216,44418,78618,50221,800 21,55824,36125,97226,381
       EU Exports58,28265,09112,45515,33515,08915,403 14,12716,61517,25017,099
 Imports46,56651,81810,49312,29011,59112,192 11,25813,61513,15313,792
      Non-EU Exports43,47051,7339,96210,59111,26511,652 11,69412,98812,97614,075
Imports62,81084,80813,61815,47615,33618,380 18,43921,18322,30622,880
              
Primary IncomeInflows62,85368,39213,87515,28216,43117,265 17,12416,58416,49618,188
 Outflows87,956100,74721,01622,20823,62221,110 24,92725,12326,00824,689
      EMUInflows23,05223,5255,3235,8115,8776,041 5,8246,2255,3796,097
 Outflows31,65338,2528,0947,1278,7867,646 9,2149,4959,9669,577
      Non-EMUInflows39,80144,8668,5529,47110,55411,224 11,30010,35911,11612,091
 Outflows56,30462,49612,92215,08114,83613,465 15,71415,62816,04215,112
       EU Inflows36,82739,1708,2259,0569,31710,229 9,4149,6959,25010,811
 Outflows51,32760,05512,20612,16814,10012,853 14,93514,57215,81714,731
      Non-EU Inflows26,02729,2215,6516,2267,1147,036 7,7106,8897,2467,376
 Outflows36,63040,6928,81010,0409,5228,258 9,99210,55110,1919,958
              
Secondary IncomeInflows2,8613,615676673746766 970876914855
 Outflows5,5976,4741,5721,2781,2871,460 1,8151,5421,3101,807
      EMUInflows1,0331,055253211291278 276306261212
 Outflows1,1171,166274232312299 305329282250
      Non-EMUInflows1,8292,558424462455488 693569653643
 Outflows4,4795,3061,2981,0459751,161 1,5101,2121,0271,557
       EU Inflows2,0632,686499440569555 712729681564
 Outflows4,2215,0391,2669369361,083 1,4481,2031,0291,359
      Non-EU Inflows797929177233177210 258147233291
 Outflows1,3751,434306341351377 367338281448
              
Balance on Current Account 6,8339,548-6131,8793,1252,442 1,6252,7042,4462,773
              
Balance on Capital Account 135613597714 351259
             
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.
The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU28 area. All data shown on this table relates to EMU18 and EU28.
2Adjusted for balance of payments purposes
Table 4b Financial Account¹ showing geographical² detail € million
  20142015 2014 2015
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4
    
Direct InvestmentAbroad32,51191,6211,4795,66917,7967,567 47,91219,77016,7447,195
 In Ireland23,46590,655-3,4318,42016,0702,406 8,85111,9214,61665,267
             
      EMUAbroad40,26046,6681,14388617,73020,501 42,7153,270138545
 In Ireland16,68430,734-3,2025,0537,9856,848 -2,446-1473,92729,400
      Non-EMUAbroad-7,74944,9543364,78366-12,934 5,19716,50016,6076,650
 In Ireland6,78159,922-2293,3678,085-4,442 11,29712,06968935,867
       EU Abroad39,57946,935-1,551-1,83419,68223,282 42,1383,6531441,000
 In Ireland13,62511,574-5,6546,4145,7617,104 -1,959-5681,77712,324
      Non-EU Abroad-7,06844,6883,0307,503-1,886-15,715 5,77516,11816,6006,195
 In Ireland9,84179,0822,2232,00610,310-4,698 10,81012,4892,84052,943
             
Portfolio InvestmentAssets152,773124,52047,26531,47440,36733,667 46,99210,7401,47665,312
 Liabilities172,904213,11966,37227,43851,50027,594 116,122-8,26728,95176,313
             
      EMUAssets33,49234,96123,1364,5845,73636 26,111-1,467-4,45014,767
 Liabilities52,38471,74516,20912,63910,64812,888 22,16710,43811,33027,810
      Non-EMUAssets119,28289,56024,12926,89134,63133,631 20,88112,2075,92750,545
 Liabilities120,521141,37450,16314,79940,85214,707 93,955-18,70517,62148,503
       EU Assets72,50962,77927,18522,8639,49512,966 34,589-7,421-3,21138,822
 Liabilities123,684135,57739,05439,97128,71815,941 67,906-17,0578,02676,702
      Non-EU Assets80,26461,74120,0808,61130,87220,701 12,40318,1614,68726,490
 Liabilities49,22177,54227,318-12,53222,78211,653 48,2168,79020,925-389
              
Other Investment 3Assets87,53047,38740,2832,60514,10430,538 38,514-28,560-34,38471,817
 Liabilities69,625-53,26428,009-4197,51734,518 5,128-5,161-49,476-3,755
             
      EMUAssets24,64030,6716,05322,444191-4,048 14,160-8,83611,94713,400
 Liabilities-2,780-7,9989,089-5,763-8,7422,636 2,810-8,698-879-1,231
      Non-EMUAssets62,89116,71534,231-19,83913,91334,586 24,353-19,724-46,33158,417
 Liabilities72,405-45,26418,9205,34516,25831,882 2,3183,538-48,596-2,524
       EU Assets45,7934,21715,6678,6109,03512,481 7,524-14,601-11,23722,531
 Liabilities41,357-25,45516,867-5,830-1,17131,491 9,795-13,521-22,727998
      Non-EU Assets41,73843,16924,617-6,0055,06918,057 30,989-13,959-23,14749,286
 Liabilities28,269-27,80711,1425,4128,6883,027 -4,6678,361-26,749-4,752
            
Reserve Assets 136594012133 209307-25103
             
Balance on Financial Account 6,95613,612-1,9234,310-2,8197,388 3,5263,764-2806,602
              
Net errors and omissions -134,002 -1,3452,422-6,0214,931 1,8661,048-2,7313,819
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.
The term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU28 area. All data shown on this table relates to EMU18 and EU28.
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 (PDF 239KB)

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