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Extra information
For more information on this release:
E-mail: bop@cso.ie Annette Hayes (+353) 1 498 4319 John Flanagan (+353) 1 498 4054
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, 14 July 2017, 11am

Balance of International Payments

Quarter 1 2017

   € million
Merchandise BalanceInvisibles BalanceCurrent Account BalanceCurrent Account Balance as % of GDP
Q1 201725,799-17,2308,57012.4
Q1 201626,664-19,3327,33211.3
Q1-Q4 2016105,852-96,6599,1933.3
Q1-Q4 2015113,394-84,79028,60310.9

Current account surplus of €8.6bn in Quarter 1 2017

Balance of International Payments Q1 2017 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, had a surplus in the first quarter of 2017 of €8,570m. This brought the balance back to the levels seen in 2015 and early 2016. The revised current account surplus for 2016 was €9,193m, a decrease of €19,410m on 2015 (see Table 1).

X-axis labelMerchandiseServicesPrimary IncomeSecondary IncomeBalance on Current account
Q4 20149.521-2.373-5.513-0.6980.937
Q1 201526.79-5.49-15.253-0.9865.061
Q2 201526.894-7.72-10.662-0.7947.718
Q3 201529.755-6.981-14.798-0.5937.383
Q4 201529.955-6.472-14.076-0.9658.441
Q1 201626.664-5.899-12.413-1.027.332
Q2 201624.977-15.141-10.725-0.764-1.653
Q3 201625.777-10.335-13.472-0.8161.154
Q4 201628.434-13.833-11.039-1.2022.36
Q1 201725.799-3.955-12.355-0.928.57

 

Other points of note in the Quarter 1 2017 results are: 

Current account (see Table 2a)

  • Compared with the first quarter of 2016, merchandise exports at €47,302m decreased by €842m while merchandise imports at €21,502m remained largely unchanged.
  • Service exports at €36,886m increased by €4,629m compared to the first quarter of 2016, mainly due to higher computer services exports. Service imports at €40,842m were up €2,687m, mainly driven by increases in research and development costs of €2,218m.
  • Investment income earned abroad, at €17,509m, increased by €1,224m compared with one year earlier while investment income payable to foreign investors at €29,822m increased by €1,192m.

Financial account (see Tables 2b and 3)

  • Direct investment in Ireland increased by €8,689m in the first quarter of 2017. This comprised an increase of €11,420m in reinvested earnings, an increase in equity of €24,267m and a decrease in other capital of €26,999m. Direct investment abroad increased by €4,592m in the quarter, where increased other capital of €20,257m was largely offset by a decrease in equity of €19,160m.
  •  Portfolio investment in foreign assets increased €75,936m in the quarter. Investment in foreign equity increased €21,961m while investment in foreign debt instruments increased by €53,975m. Portfolio investment in Ireland increased by €100,833m, with Irish equity up €76,791m and Irish debt instruments up €24,042m in the quarter.
  • Other investment assets decreased by €13,435m in the first quarter of 2017 split between the activities of IFSC enterprises with a decrease of €3,755m, and non-IFSC enterprises with a decrease of €9,680m. 

 

X-axis labelDirect InvestmentPortfolio InvestmentOther InvestmentReserve AssetsBalance on Financial Account
Q4 20141.604-2.411.7750.1331.103
Q1 201539.9-79.71943.4770.1083.765
Q2 2015-0.9636.557-2.580.3073.32
Q3 201513.545-24.86321.317-0.0249.975
Q4 2015-95.272-18.685119.3770.1035.523
Q1 201615.082-2.976-8.3091.0954.892
Q2 201612.6396.765-14.962-0.2244.217
Q3 2016-5.4899.861-7.8780.379-3.126
Q4 2016-8.79720.506-6.0780.2065.837
Q1 2017-4.097-24.89720.91-0.101-8.185
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
2005Year32,184-13,655-22,786-1,769-38,210 -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
2012Year36,896-6,749-32,143-2,609-41,501 -4,605 86 -18,957-83311,025-12-8,777-4,257
2013Year34,506-637-27,093-2,922-30,652 3,855 -936 -12,99645,576-26,436106,1553,236
2014Year40,731-6,127-28,650-2,750-37,527 3,203 -6,769 3,031-56,66248,089136-5,404-1,839
2015 3Year113,394-26,663-54,789-3,338-84,790 28,603 -1,303 -42,790-116,710181,59149422,583-4,716
2016 3Year105,852-45,208-47,649-3,802-96,659 9,193 -5,063 13,43534,156-37,2271,45611,8207,689
                  
2010Quarter 1 10,235-2,824-7,978-879-11,681 -1,446 50 -4,772-19,82131,668-327,0438,439
 Quarter 210,555-3,342-8,026-590-11,957 -1,402 4 -3,2498,568-18,33819-13,001-11,602
 Quarter 311,985-2,955-7,152-704-10,811 1,174 14 1,17819,581-25,74576-4,910-6,098
 Quarter 48,513-4,300-4,022-528-8,850 -337 23 -9,475-94,293103,299-68-537-222
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 8,969-1,791-8,885-814-11,490 -2,522 61-12,78044,957-32,626-12-4612,001
 Quarter 2 9,275-2,571-8,400-603-11,574 -2,299 13,692-33,32021,0096-8,614-6,316
 Quarter 310,072-759-8,453-643-9,855 218 5-13,837-6,31517,833-1-2,319-2,542
 Quarter 48,580-1,628-6,405-549-8,582 -2 193,968-6,1554,809-52,6172,600
2013Quarter 1 7,726-533-7,213-828-8,574 -848 -207-4,3327,16562703,4604,515
 Quarter 2 9,638-545-8,170-699-9,414 225 -244-7,51912,668-5,7611-611-591
 Quarter 3 9,816646-7,157-663-7,174 2,642 -259-5738,371-5,94841,854-529
 Quarter 47,326-205-4,553-732-5,490 1,836 -226-57217,372-15,35451,452-159
2014Quarter 18,939-2,129-7,405-899-10,433 -1,495 -1,6913,678-19,85810,5160-5,664-2,479
 Quarter 211,286-1,562-7,936-608-10,106 1,181 -1,717-2,719-11,76719,01514,5315,067
 Quarter 310,985-63-7,796-545-8,404 2,580 -1,649468-22,62716,7832-5,374-6,305
 Quarter 49,521-2,373-5,513-698-8,584 937 -1,7121,604-2,4101,7751331,1031,878
2015 3Quarter 126,790-5,490-15,253-986-21,729 5,061 -70739,900-79,71943,4771083,765-589
 Quarter 226,894-7,720-10,662-794-19,176 7,718 -226-9636,557-2,5803073,320-4,172
 Quarter 329,755-6,981-14,798-593-22,372 7,383 10013,545-24,86321,317-249,9752,492
 Quarter 429,955-6,472-14,076-965-21,513 8,441 -470-95,272-18,685119,3771035,523-2,447
2016 3Quarter 126,664-5,899-12,413-1,020-19,332 7,332 -3,08615,082-2,976-8,3091,0954,892646
 Quarter 224,977-15,141-10,725-764-26,630 -1,653 -42412,6396,765-14,962-2244,2176,294
 Quarter 325,777-10,335-13,472-816-24,623 1,154 324-5,4899,861-7,878379-3,126-4,604
 Quarter 428,434-13,833-11,039-1,202-26,074 2,360 -1,877-8,79720,506-6,0782065,8375,353
2017Quarter 125,799-3,955-12,355-920-17,230 8,570 -11,133-4,097-24,89720,910-101-8,185-5,621
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
2015 12016 1 2015 12016 12017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4Quarter 1
Current Account  
Merchandise 2Exports200,327194,07147,46548,15050,89053,822 48,14448,26546,87150,79147,302
Imports86,93388,21920,67521,25621,13423,868 21,48023,28821,09422,35721,502
             
  of which: Merchanting (net export)Exports6,4005,333 2,0591,5391,6531,149 1,1581,3971,6201,1582,218
             
ServicesExports126,283140,97128,40631,61332,31733,947 32,25733,94737,13137,63636,886
Imports152,947186,17933,89739,33339,29840,419 38,15549,08847,46751,46940,842
  Repairs and ProcessingExports1,5821,738 342439441360 364397478499446
 Imports1,8031,436 419487458439 331386370349596
  TransportExports6,5537,3009241,7052,5461,378 1,1411,8532,8181,4881,188
Imports2,7192,718657670670722 679731647661627
  Tourism and Travel 3Exports4,3204,6856131,2281,582897 7161,2961,718955708
Imports5,1345,6239111,2571,7961,170 1,0751,3541,9201,2741,195
  InsuranceExports10,3169,2432,5332,6912,5652,527 2,3012,2902,2462,4062,473
Imports7,1216,6361,7721,8261,8341,689 1,7971,6091,6091,6211,674
  Financial servicesExports11,36611,8692,5762,8192,9443,027 2,7272,8683,0073,2673,397
Imports7,4388,2331,7011,8171,8812,039 1,9831,9782,0942,1782,404
  Royalties/LicencesExports7,3298,6241,7791,8431,8861,821 1,9372,0962,1862,4052,106
Imports68,93672,16015,73617,60017,04018,560 18,02617,69518,01018,42917,307
  CommunicationsExports684643175173168168 160163161159142
Imports1,0301,095259263245263 288259272276244
  Computer services 4Exports57,47964,57713,13614,32413,79016,229 14,97815,78715,64818,16417,256
Imports1,1271,193267284292284 299301278315307
  Business servicesExports23,07230,3375,5825,5325,4626,496 7,5296,8098,3947,6058,624
Imports57,37586,82212,10815,06415,01715,186 13,61124,71222,20026,29916,420
     Research and developmentExports1,8134,106475394449495 1,2428951,3506191,072
 Imports18,62047,1453,5915,0405,8804,109 3,97114,71213,09315,3696,189
     Operational leasingExports12,10513,0542,9292,9822,9963,198 3,1573,2883,3013,3083,177
 Imports752946141160207244 145294175332290
     Misc. business services 5Exports9,15513,1772,1782,1572,0172,803 3,1292,6263,7433,6794,376
 Imports38,00338,7328,3759,8658,93010,833 9,4959,7068,93210,5999,941
  Other services n.e.s.Exports3,5861,9567488589351,045 404388478686546
Imports26526466666667 6763676766
              
Primary IncomeInflows61,95470,16815,39414,89114,54117,128 16,44118,09715,31520,31517,699
 Outflows116,743117,81730,64725,55329,33931,204 28,85428,82228,78731,35430,054
  Compensation of EmployeesInflows544544136136136136 136136136136136
Outflows634622156166163149 155157158152158
  Investment IncomeInflows59,84068,14715,23614,70214,01015,892 16,28517,90015,05218,91017,509
Outflows115,799116,88430,41925,31029,10730,963 28,63028,59428,56031,10029,822
      Direct investment incomeInflows15,60618,7403,7194,2582,8644,765 4,9914,2723,0436,4344,357
Outflows63,33358,65316,87712,56616,30217,588 15,61612,16414,41116,46215,423
          Income on equityInflows12,01515,5362,8283,3741,9913,822 4,1163,5302,3375,5533,603
Outflows57,48953,08815,46411,00514,86716,153 14,23810,81113,06814,97113,862
              Dividends & distributed              
                  branch profitsInflows1,4533,351 **86292 *317197*108
 Outflows15,49119,363 5,0913,6713,1223,607 7,5074,5244,0753,2572,442
              Reinvested earningsInflows10,56212,184 **1,9043,531 *3,2122,140*3,495
Outflows41,99933,724 10,3737,33411,74612,546 6,7316,2878,99211,71411,420
         Income on debtInflows3,5903,205891884873942 875742707881753
Outflows5,8435,5661,4131,5611,4341,435 1,3781,3531,3441,4911,561
      Portfolio investment incomeInflows36,78741,3099,2828,5599,5379,409 9,38711,39210,23610,29410,838
Outflows42,34747,80010,54110,21710,79510,794 10,62313,86511,51411,79812,038
          Income on equityInflows10,32412,6812,7332,2682,9692,354 2,5494,4133,0702,6493,220
 Outflows35,63840,5058,7918,6059,1359,107 8,71512,0819,7189,99110,419
         Income on debtInflows26,46428,6276,5496,2926,5687,055 6,8386,9797,1657,6457,618
Outflows6,7087,2941,7501,6121,6591,687 1,9071,7851,7951,8071,619
      Other investment incomeInflows7,4478,0982,2361,8841,6091,718 1,9072,2361,7732,1822,314
Outflows10,11810,4323,0002,5272,0102,581 2,3922,5642,6352,8412,361
Other primary incomeInflows1,5711,47922543951,100 21611271,27055
Outflows31231072786993 69716910174
              
Secondary IncomeInflows3,9894,4901,063987976963 1,1171,0491,0591,2651,299
 Outflows7,3278,2912,0491,7811,5691,928 2,1371,8131,8752,4662,219
               
Current Account - TotalInflows392,553409,69792,32895,64298,723105,860 97,958101,357100,376110,006103,186
Outflows363,950400,50487,26787,92491,34097,419 90,626103,01099,222107,64694,616
              
Current Account Balance 28,6039,1935,0617,7187,3838,441 7,332-1,6531,1542,3608,570
               
Capital Account Balance -1,303-5,063-707-226100-470 -3,086-424324-1,877-11,133
               
Memorandum Item:    
 Government IncomeInflows12976 15621834 1220192522
 Outflows4,3973,909 1,1211,0801,1041,092 1,066998960885958
1Revised
2Adjusted for balance of payments purposes.
3Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
4Covers 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.
5Covers mainly advertising and inter-affiliate management charges.
Inflows in years 2015 and 2016 for items 'Dividends & distributed branch profits' and 'Reinvested earnings' were corrected on 04/08/2017 '. This change did not affect sub-total/totals,
Table 2b Financial Account¹   € million
 2015 22016 22015 22016 22017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
     
Direct Investment Abroad151,77626,563 52,54024,55819,05455,62431,894-3,760509-2,0804,592
In Ireland194,56713,129 12,64025,5225,509150,89616,812-16,3985,9976,7188,689
             
    EquityAbroad114,97744,22050,92921,673-1,52043,895 23,63414,551-1,3027,337-19,160
 In Ireland139,74195,2067,16327,21123,42581,94241,3023,18010,43240,29224,267
    Reinvested EarningsAbroad10,56212,184**1,9043,531 *3,2122,140* 3,495
In Ireland41,99933,72410,3737,33411,74612,5466,7316,2878,99211,714 11,420
    Other CapitalAbroad26,237-29,841**18,6708,198*-21,523-329* 20,257
 In Ireland12,830-115,801 -4,895-9,023-29,66156,409-31,221-25,865-13,427-45,288 -26,999
              
Portfolio InvestmentAssets128,588119,622 47,21110,7603,54367,07413,11224,36733,28348,86075,936
Liabilities245,29885,466 126,9314,20328,40685,75816,08817,60223,42228,354100,833
             
    EquityAssets46,3124,027 14,60822,0926,9242,688593-21,25211,58513,10121,961
 Liabilities184,702130,314 106,017-8,93219,48668,13115,21448,55829,54536,99776,791
     Debt InstrumentsAssets82,275115,596 32,603-11,333-3,38164,38612,51945,61921,69935,75953,975
 Liabilities60,597-44,846 20,91413,1358,92117,627874-30,955-6,123-8,64224,042
        Bonds and notes Assets66,00286,6295,30213,79615,65631,24815,13337,05514,86119,58032,167
 Liabilities56,889-40,89320,45213,3976,27316,767252-30,728-6,282-4,13520,230
        Money market instruments Assets16,27428,96627,302-25,129-19,03733,138-2,6148,5646,83716,17921,807
 Liabilities3,707-3,954 461-2622,648860622-228159-4,5073,812
              
Other InvestmentAssets87,064-48,720 51,368-20,849-35,31391,858-17,588-23,58988-7,631-13,435
Liabilities-94,528-11,494 7,891-18,269-56,630-27,520-9,279-8,6277,966-1,554-34,345
             
     Loans, currency and depositsAssets73,354-5,326 33,766-11,02785249,763-20913,553-12,484-6,18616,983
 Liabilities-50,94123,971 -26,338-10,673-17,5933,66314,4281,0105,4793,054290
     Other 3Assets13,710-43,397 17,602-9,822-36,16542,095-17,380-37,14212,571-1,446-30,418
 Liabilities-43,587-35,466 34,229-7,596-39,037-31,183-23,708-9,6362,486-4,608-34,635
              
Reserve Assets 4941,456 108307-241031,095-224379206-101
             
     Monetary gold 10 000100000
     Special drawing rights 2113 1001116-1913312
     Reserve position in the IMF 1730 10007300000
     Foreign exchange  0416 1-11-1023526243
     Other 490198 105308-25102249-20715141-156
              
Balance on Financial Account 22,58311,820 3,7653,3209,9755,5234,8924,217-3,1265,837-8,185
               
Net errors and omissions -4,7167,689 -589-4,1722,492-2,447 6466,294-4,6045,353 -5,621
Memorandum Item:  0         
Government financialAssets-1,642-918 -763-685-114-80 -822-100516-51248
  transactionsLiabilities-619-6,495 7441,35610-2,729 3,286-7,516623-2,888 6,543
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'.
2Revised
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.
Inflows (In Ireland) in years 2015 and 2016 for items 'Other Capital' and 'Reinvested earnings' were corrected on 04/08/2017 '. This change did not affect sub-total/totals.
Table 3 Current, Capital and Financial Accounts showing IFSC¹ and Non–IFSC activity € million
 2015 22016 2 2015 22016 22017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
Current Account - TotalInflows392,553409,69792,32895,64298,723105,860 97,958101,357100,376110,006 103,186
 Outflows363,950400,50487,26787,92491,34097,419 90,626103,01099,222107,646 94,616
               
Merchandise 3Exports200,327194,07147,46548,15050,89053,822 48,14448,26546,87150,791 47,302
Imports86,93388,21920,67521,25621,13423,868 21,48023,28821,09422,357 21,502
              
ServicesExports126,283140,97128,40631,61332,31733,947 32,25733,94737,13137,636 36,886
Imports152,947186,17933,89739,33339,29840,419 38,15549,08847,46751,469 40,842
              
        IFSCExports33,56634,8667,8868,5138,3918,776 8,3208,6828,7179,147 9,202
 Imports18,73718,0904,4294,6924,8784,738 4,4184,4024,4434,827 4,865
        Non-IFSCExports92,719106,10420,52123,10123,92625,171 23,93625,26628,41328,489 27,684
Imports134,210168,08829,46834,64234,41935,681 33,73744,68543,02446,642 35,977
             
Primary IncomeInflows61,95470,16815,39414,89114,54117,128 16,44118,09715,31520,315 17,699
Outflows116,743117,81730,64725,55329,33931,204 28,85428,82228,78731,354 30,054
             
        IFSCInflows47,27353,38412,29711,05611,80412,116 12,31914,54212,91313,610 14,353
 Outflows51,51658,13013,59211,89913,26812,757 13,35515,82814,47414,473 15,140
        Non-IFSCInflows14,68016,7823,0973,8362,7365,011 4,1213,5542,4026,705 3,346
Outflows65,22859,68617,05613,65516,07018,447 15,50012,99314,31216,881 14,914
             
Secondary IncomeInflows3,9894,4901,063987976963 1,1171,0491,0591,265 1,299
Outflows7,3278,2912,0491,7811,5691,928 2,1371,8131,8752,466 2,219
            
        IFSC 4Inflows3,2343,759815816818785 9278619101,061 1,045
 Outflows3,2343,759815816818785 9278619101,061 1,045
        Non-IFSCInflows755729248171158178 189188148204 253
 Outflows4,0934,5311,2349657511,143 1,2109529641,405 1,173
             
Balance on Current Account 28,6039,1935,0617,7187,3838,441 7,332-1,6531,1542,360 8,570
             
Balance on Capital Account -1,303-5,063-707-226100-470 -3,086-424324-1,877 -11,133
             
Financial Account 5             
Direct investmentAbroad151,77626,56352,54024,55819,05455,624 31,894-3,760509-2,080 4,592
 In Ireland194,56713,12912,64025,5225,509150,896 16,812-16,3985,9976,718 8,689
             
        IFSCAbroad52,74017,5362,0463,720-22347,197 15,0507196951,072 *
 In Ireland93,0521,2445,2579,088-15,39394,100 20,333-14,19715,448-20,340 -1,973
        Non-IFSCAbroad99,0369,02750,49420,83819,2778,427 16,844-4,479-186-3,152 *
 In Ireland101,51611,8847,38316,43420,90256,797 -3,521-2,202-9,45127,058 10,662
             
Portfolio investmentAssets128,588119,62247,21110,7603,54367,074 13,11224,36733,28348,860 75,936
 Liabilities245,29885,466126,9314,20328,40685,758 16,08817,60223,42228,354 100,833
             
        IFSCAssets132,658111,25847,61011,1298,39565,524 12,24022,22229,96046,836 72,738
 Liabilities199,00296,50180,089-22928,20590,937 1,14926,74327,13141,478 94,645
        Non-IFSCAssets-4,0738,364-399-370-4,8531,549 8722,1453,3232,024 3,197
 Liabilities46,296-11,03446,8414,432201-5,178 14,939-9,141-3,708-13,124 6,187
             
Other investment 6Assets87,064-48,72051,368-20,849-35,31391,858 -17,588-23,58988-7,631 -13,435
 Liabilities-94,528-11,4947,891-18,269-56,630-27,520 -9,279-8,6277,966-1,554 -34,345
             
        IFSCAssets50,380-45,64947,167-21,047-26,84451,104 -9,430-23,9082,468-14,779 -3,755
 Liabilities-51,986-21,38218,770-14,456-36,687-19,613 -8,945-11,2854,404-5,556 -28,610
        Non-IFSCAssets36,685-3,0724,201198-8,46840,754 -8,158319-2,3807,147 -9,680
 Liabilities-42,5419,888-10,878-3,813-19,943-7,907 -3352,6593,5624,002 -5,735
             
Reserve Assets 4941,456108307-24103 1,095-224379206 -101
             
Balance on Financial Account 22,58311,820 3,7653,3209,9755,523 4,8924,217-3,1265,837 -8,185
Net errors and omissions -4,7167,689 -589-4,1722,492-2,447 6466,294-4,6045,353 -5,621
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
2Revised
3Adjusted for balance of payments purposes.
4Secondary income flows to and from IFSC enterprises relate solely to non-life insurance transactions (see Background Notes).
5See footnote 1 on Table 2b.
6Includes 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.
IFSC flows for both Services and Primary income in q1 2017 were corrected on 04/08/2017 '. This change did not affect sub-total/totals.
Table 4a Current and Capital Accounts showing geographical¹ detail   € million
 2015 22016 2 2015 22016 22017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4Quarter 1
     
Current Account - TotalInflows392,553409,697 92,32895,64298,723105,86097,958101,357100,376110,006103,186
 Outflows363,950400,504 87,26787,92491,34097,41990,626103,01099,222107,64694,616
              
  Merchandise 3Exports200,327194,07147,46548,15050,89053,82248,14448,26546,87150,79147,302
 Imports86,93388,21920,67521,25621,13423,86821,48023,28821,09422,35721,502
      EMUExports54,51252,81713,01413,70013,82913,96913,23513,06212,47014,05013,474
 Imports24,55227,3455,7145,9265,6067,3066,2306,8946,6637,5587,125
      Non-EMUExports145,815141,25434,45134,45037,06139,85334,90935,20334,40136,74133,827
 Imports62,38060,87514,96115,33015,52816,56115,25116,39414,43114,79914,378
       EU Exports84,36279,36920,12120,76621,39822,07719,68419,33218,59021,76320,694
 Imports49,74651,13711,71411,98111,77714,27412,00112,83012,30913,99712,853
      Non-EU Exports115,963114,70127,34327,38429,49131,74528,46028,93228,28129,02826,608
Imports37,18937,0818,9619,2769,3589,5949,48010,4578,7848,3608,650
             
  ServicesExports126,283140,97128,40631,61332,31733,94732,25733,94737,13137,63636,886
 Imports152,947186,17933,89739,33339,29840,41938,15549,08847,46751,46940,842
      EMUExports38,70039,7268,8819,76410,0569,9998,8629,63811,5759,6519,891
 Imports40,61841,9018,97410,78210,13110,7319,69410,89110,39810,91810,593
      Non-EMUExports87,582101,24319,52521,84922,26023,94823,39424,30825,55627,98526,995
 Imports112,329144,27824,92328,55129,16729,68828,46138,19737,06940,55130,249
       EU Exports67,40769,64414,86617,06417,73117,74615,88817,04119,62917,08617,524
 Imports55,30755,71112,65514,22813,82014,60413,18814,12513,87014,52813,990
      Non-EU Exports58,87671,32613,54014,54914,58616,20116,36916,90517,50220,55019,362
Imports97,640130,46921,24225,10525,47825,81524,96834,96333,59736,94126,851
              
Primary IncomeInflows61,95470,16815,39414,89114,54117,12816,44118,09715,31520,31517,699
 Outflows116,743117,81730,64725,55329,33931,20428,85428,82228,78731,35430,054
      EMUInflows25,07028,6586,5976,7184,9756,7807,7426,5055,8538,5586,566
 Outflows37,10438,7779,0989,0449,6409,3229,3729,16810,6369,6019,081
      Non-EMUInflows36,88441,5108,7978,1749,56510,3488,69911,5929,46211,75711,133
 Outflows79,63979,04021,54916,50919,69921,88219,48219,65418,15121,75320,973
       EU Inflows41,36146,39510,28810,2889,02611,75911,77811,0159,51314,08911,447
 Outflows60,81164,91915,57714,44315,83014,96115,61016,44116,96715,90115,692
      Non-EU Inflows20,59323,7735,1064,6035,5155,3694,6637,0825,8026,2266,252
 Outflows55,93352,89715,07011,11113,50916,24313,24412,38111,81915,45314,362
              
Secondary IncomeInflows3,9894,4901,0639879769631,1171,0491,0591,2651,299
 Outflows7,3278,2912,0491,7811,5691,9282,1371,8131,8752,4662,219
      EMUInflows1,2951,435336366321272326351314444413
 Outflows1,4781,611382407362327359435344473432
      Non-EMUInflows2,6933,053727621655690790697745821886
 Outflows5,8496,6811,6661,3751,2071,6011,7781,3781,5311,9941,787
       EU Inflows3,0363,4568008177686518948288169181,034
 Outflows5,4906,4931,5881,3491,1671,3861,7421,4421,4321,8771,774
      Non-EU Inflows9531,034263171207312223221243347264
 Outflows1,8361,797460432403541394371442590445
              
Balance on Current Account 28,6039,1935,0617,7187,3838,4417,332-1,6531,1542,3608,570
              
Balance on Capital Account -1,303-5,063-707-226100-470-3,086-424324-1,877-11,133
              
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.
2 Revised
3Adjusted for balance of payments purposes
Table 4b Financial Account¹ showing geographical² detail     € million
  2015 32016 3 2015 32016 3 2017
Item Year Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1Quarter 2Quarter 3Quarter 4 Quarter 1
    
Direct InvestmentAbroad151,77626,56352,54024,55819,05455,62431,894-3,760509-2,080 4,592
 In Ireland194,56713,12912,64025,5225,509150,89616,812-16,3985,9976,718 8,689
              
      EMUAbroad63,453-3,85448,0058,4934,0232,93212,210-8,754-318-6,992 -2,972
 In Ireland46,766-43,082-1,9053,25015,00530,416-8,635-7,506-84-26,857 12,300
      Non-EMUAbroad88,32330,4174,53516,06515,03152,69219,6844,9948274,912 7,564
 In Ireland147,80156,21114,54522,272-9,496120,48025,447-8,8926,08233,574 -3,610
       EU Abroad66,6657,31047,1128,3073,2338,01319,679-6,352-166-5,851 -2,289
 In Ireland44,451-41,0822,9266,78017,16117,584-38,111-59-4,0851,173 9,184
      Non-EU Abroad85,11119,2555,42816,25115,82147,61112,2152,5936753,772 6,882
 In Ireland150,11754,2119,71518,742-11,652133,31254,923-16,33910,0835,544 -495
              
Portfolio InvestmentAssets128,588119,62247,21110,7603,54367,07413,11224,36733,28348,860 75,936
 Liabilities245,29885,466126,9314,20328,40685,75816,08817,60223,42228,354 100,833
              
      EMUAssets33,36018,42824,093-2,109-3,10214,478-88-3,99912,18910,326 15,222
 Liabilities101,70433,06230,41519,16516,30335,82110,705-4,36716,55610,168 40,508
      Non-EMUAssets95,229101,19423,11912,8696,64552,59613,20028,36621,09438,534 60,714
 Liabilities143,59452,40596,515-14,96212,10349,9385,38321,9696,86718,186 60,325
       EU Assets61,04050,81532,399-8,140-1,87738,6581,1434,63018,44926,593 38,645
 Liabilities168,37480,14278,092-5,0539,31486,02110,97211,80626,25831,106 87,715
      Non-EU Assets67,54968,80814,81318,9005,42028,41611,96919,73714,83522,267 37,290
 Liabilities76,9255,32548,8399,25619,093-2635,1165,797-2,836-2,752 13,118
               
Other Investment 4Assets87,064-48,72051,368-20,849-35,31391,858-17,588-23,58988-7,631 -13,435
 Liabilities-94,528-11,4947,891-18,269-56,630-27,520-9,279-8,6277,966-1,554 -34,345
              
      EMUAssets68,473-17,61825,673-15918,44824,511-5,749-12,548-6,6047,283 4,582
 Liabilities-9,3763,3814,289-11,578-1,144-943-4,05711,229-5,7511,960 -838
      Non-EMUAssets18,590-31,10325,695-20,691-53,76067,346-11,839-11,0416,692-14,915 -18,017
 Liabilities-85,152-14,8773,602-6,691-55,486-26,577-5,223-19,85613,716-3,514 -33,507
       EU Assets34,73142,33119,561-5,896-9,94831,0148,89233,0616,366-5,988 32,498
 Liabilities-39,24343,40610,747-16,293-28,279-5,4188,45015,3674,70414,885 10,470
      Non-EU Assets52,333-91,05231,807-14,954-25,36460,844-26,480-56,650-6,279-1,643 -45,933
 Liabilities-55,285-54,900-2,856-1,976-28,351-22,102-17,730-23,9943,262-16,438 -44,815
             
Reserve Assets 4941,456108307-241031,095-224379206 -101
              
Balance on Financial Account 22,58311,8203,7653,3209,9755,5234,8924,217-3,1265,837 -8,185
                
Net errors and omissions -4,7167,689 -589-4,1722,492-2,447 6466,294-4,6045,353 -5,621
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.
3 Revised
4Includes 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.Methodology Document (PDF 239KB)

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