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Current account with UK shows deficit of €1.7bn in Quarter 3 2019
normal
| Merchandise | Services | Income | Current Account |
Q2 2017 | 0.452 | 3.172 | -3.688 | -0.065 |
Q3 2017 | -0.039 | 3.253 | -3.045 | 0.171 |
Q4 2017 | -0.507 | 2.303 | -2.065 | -0.27 |
Q1 2018 | -0.299 | 2.134 | -2.407 | -0.574 |
Q2 2018 | -0.247 | 2.607 | -4.186 | -1.825 |
Q3 2018 | -0.228 | 2.976 | -3.414 | -0.665 |
Q4 2018 | -0.513 | 2.733 | -4.277 | -2.058 |
Q1 2019 | -1.059 | 2.418 | -2.921 | -1.561 |
Q2 2019 | -0.751 | 2.803 | -4.401 | -2.348 |
Q3 2019 | -0.746 | 3.082 | -4.072 | -1.735 |
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Current account with UK (See Table 3.1)
- Merchandise exports were €5,353m in the third quarter of 2019, a decrease of €416m compared with the third quarter of 2018.
- Merchandise imports were €6,099m in the third quarter of 2019, an increase of €102m compared with the third quarter of 2018.
- Services exports at €8,179m increased by €725m compared to the third quarter of 2018, mainly due to computer, financial and royalties/licences services exports.
- Service imports at €5,097m were up €619m over that same period in 2018. These figures were affected by increased levels of financial, business and tourism and travel costs.
- Investment income earned in UK at €5,564m, increased by €484m compared with one year earlier while investment income payable to UK investors at €9,584m increased by €1,119m.
- When these effects are combined, the trade balance with the UK has decreased by €411m and net income outflows have increased by €658m, compared with the third quarter of 2018. The result is a current account deficit of €1,735m in the third quarter of 2019, down from the deficit of €665m in the third quarter of 2018.
We have also included a new experimental table on foreign direct investment with UK (See Table 3.2); this table shows that direct investment in Ireland from the UK has decreased by €6,609m in the third quarter of 2019. Direct investment abroad from Ireland to the UK has increased by €180m in the third quarter of 2019 mainly due to an increase in reinvested earnings.
Table 3.1 Current Account with UK
Table 3.2 Foreign Direct Investment with UK
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