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International Accounts Q2 2024

Balance of International Payments

Current account balance of €35.5bn in Quarter 2 2024

Online ISSN: 2565-6384

CSO statistical publication, 05 September 2024, 11am

Table 1.1 Balance of International Payments				€ million
	Merchandise Balance	Services and Income Balance	Current Account Balance	Current Account Balance as % of GDP
Q2 2023	35,785	-24,437	11,348	9.0
Q2 2024	39,533	-4,053	35,481	28.4

Q1-Q2 2023	89,549	-66,396	23,153	9.1
Q1-Q2 2024	78,347	-27,296	50,372	20.1

Open in Excel: International Accounts Q2 2024 Table 1.1 (XLS 10KB)

Balance of Payments Current Account

The Balance of Payments current account, a measure of Ireland’s economic flows with the rest of the world, showed a surplus of €35.5bn in the second quarter of 2024 up €24.1bn on the Q2 2023 surplus of €11.3bn due to a significant increase in the services balance.

	Current Account
Q1 2022	11.9
Q2 2022	9.8
Q3 2022	7.9
Q4 2022	5.9
Q1 2023	9.3
Q2 2023	9
Q3 2023	14.3
Q4 2023	-0.4
Q1 2024	11.9
Q2 2024	28.4

	Merchandise	Services	Primary Income	Secondary Income	Balance on Current Account
Q1 2022	46.228	9.386	-39.858	-1.178	14.578
Q2 2022	47.812	3.969	-38.363	-1.174	12.244
Q3 2022	56.515	1.192	-45.642	-1.128	10.937
Q4 2022	54.578	-4.849	-40.621	-1.224	7.884
Q1 2023	53.764	1.052	-41.815	-1.196	11.805
Q2 2023	35.785	7.184	-30.46	-1.161	11.348
Q3 2023	36.843	10.763	-27.863	-1.113	18.629
Q4 2023	29.667	-7.28	-21.524	-1.382	-0.52
Q1 2024	38.814	9.294	-32.043	-1.174	14.891
Q2 2024	39.533	24.485	-27.382	-1.156	35.481

Current account (see Table 1.3)

Merchandise exports were €79,293m in the second quarter of 2024, an increase of €5,157m compared with the second quarter of 2023. Merchandise imports were €39,760m in the second quarter of 2024, an increase of €1,409m over the same period in 2023.
Service exports at €130,146m increased by €32,522m compared to the second quarter of 2023, mainly due to higher R&D related IP exports and higher computer services exports (which increased by €11,296m).
Service imports at €105,660m were up €15,220m over the same period in 2023, mainly due to higher royalty imports (which increased by €10,982m) and increased business service imports.
Ireland’s trade balance at €64,019m, all goods and services exports less all goods and services imports increased by €21,050m in the second quarter of 2024 over the same period in 2023.
Investment income earned abroad at €74,674m, increased by €11,417m compared with one year earlier while investment income payable to foreign investors at €102,149m increased by €8,629m. The overall income balance for the quarter at -€28,538m increased by €3,083m compared with the same period in 2023.

	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Balance on Financial Account
Q1 2022	16.015	-39.856	43.463	-0.129	19.493
Q2 2022	22.088	-25.022	6.948	0.033	4.048
Q3 2022	-25.095	-46.79	81.206	0.603	9.923
Q4 2022	11.956	-27.127	26.093	-0.022	10.9
Q1 2023	13.809	-24.222	16.125	0.011	5.723
Q2 2023	7.979	87.024	-91.396	-0.024	3.58
Q3 2023	-20.573	44.828	-5.339	-0.529	18.387
Q4 2023	11.704	-9.079	6.498	0.107	9.229
Q1 2024	14.211	33.405	-36.741	-0.085	10.789
Q2 2024	35.701	-4.468	2.954	0.007	34.196

Financial account (see Tables 1.4 and 1.5)

Direct investment in Ireland decreased by €21,684m in the second quarter of 2024. This was due to a decrease in other capital investment of €28,187m which was offset by increased equity investment of €6,490m. Direct investment abroad increased by €14,018m in the quarter, mainly due to increased other capital investment of €13,521m.
Portfolio investment in foreign assets increased by €90,133m in the quarter due to increased investment in foreign equity and debt instruments (up €45,465m and €44,668m respectively). Portfolio investment in Ireland increased by €94,601m mainly due to an increase in equity investment of €79,231m along with increased debt instruments of €15,369m.
Other investment assets grew by €23,261m while other investment liabilities grew by €20,307m in the second quarter of 2024.

Table 1.2 Summary of Current, Capital and Financial Account Balances

Table 1.2 Summary of Current, Capital and Financial Account Balances														€ million
Period							Balance on Current Account	Balance on Capital Account	Direct Investment	Portfolio Investment	Other² Investment	Reserve Assets	Balance on Financial Account	Net errors and omissions
		Merchandise¹	services and income balance
			Services	Primary Income	Secondary Income	Total
2012	Year	36,896	-6,282	-33,939	-2,609	-42,830	-5,934	86	-20,497	-767	10,952	-12	-10,324	-4,476
2013	Year	34,506	1,619	-28,808	-2,931	-30,120	4,387	-936	-18,310	49,796	-27,206	10	4,290	839
2014	Year	40,731	-2,590	-31,251	-2,750	-36,591	4,138	-6,769	-10,098	-27,787	30,749	136	-6,999	-4,368
2015	Year	113,394	-32,601	-60,742	-3,338	-96,681	16,712	-1,303	-42,677	-84,004	138,586	494	12,400	-3,009
2016	Year	106,165	-54,708	-51,077	-3,813	-109,598	-3,434	-4,331	14,202	34,625	-55,849	1,456	-5,566	2,199
2017	Year	108,244	-35,197	-66,415	-3,106	-104,718	3,528	-25,855	-62,273	-34,500	73,821	399	-22,555	-228
2018	Year	108,595	-9,785	-80,786	-3,656	-94,227	14,370	-52,019	9,024	39,890	-87,533	762	-37,855	-206
2019	Year	117,265	-99,819	-89,335	-3,479	-192,633	-75,369	-35,310	-115,722	12,635	-4,272	422	-106,938	3,741
2020	Year	142,445	-62,878	-102,756	-3,832	-169,466	-27,024	-11,877	-105,140	-8,358	69,643	1,282	-42,574	-3,673
2021	Year	168,415	18,868	-128,199	-4,436	-113,767	54,648	1,502	41,504	-10,478	16,649	4,980	52,657	-3,493
2022	Year	205,133	9,698	-164,484	-4,704	-159,490	45,643	-927	24,964	-138,795	157,710	485	44,364	-352
2023	Year	156,059	11,719	-121,662	-4,852	-114,795	41,262	-8,663	12,919	98,551	-74,112	-435	36,919	4,320

2015	Quarter 1	26,790	-4,471	-16,343	-986	-21,800	4,989	-707	40,300	-72,413	35,780	108	3,777	-505
	Quarter 2	26,894	-6,830	-11,694	-794	-19,318	7,576	-226	-960	14,754	-9,286	307	4,816	-2,534
	Quarter 3	29,755	-6,151	-16,795	-593	-23,539	6,216	100	10,429	-15,637	14,268	-24	9,035	2,719
	Quarter 4	29,955	-15,149	-15,910	-965	-32,024	-2,069	-470	-92,446	-10,708	97,824	103	-5,228	-2,689
2016	Quarter 1	27,367	-13,070	-11,497	-1,020	-25,587	1,779	-2,670	12,895	-5,514	-600	1,095	7,876	8,767
	Quarter 2	24,440	-12,286	-11,117	-768	-24,171	270	-586	1,982	3,882	-15,589	-224	-9,948	-9,632
	Quarter 3	26,315	-10,958	-14,804	-820	-26,582	-267	161	-1,695	12,528	-16,888	379	-5,676	-5,570
	Quarter 4	28,043	-18,394	-13,659	-1,205	-33,258	-5,216	-1,236	1,020	23,729	-22,772	206	2,182	8,634
2017	Quarter 1	24,968	-1,314	-16,441	-616	-18,371	6,597	-8,538	-6,608	-14,015	9,518	-101	-11,206	-9,265
	Quarter 2	24,327	-36,726	-17,781	-1,170	-55,677	-31,349	-12,079	-24,153	-39,145	28,803	163	-34,333	9,095
	Quarter 3	28,445	2,205	-15,168	-626	-13,589	14,857	-4,640	2,681	9,996	-12,027	235	885	-9,332
	Quarter 4	30,504	638	-17,025	-694	-17,081	13,423	-598	-34,193	8,664	47,527	102	22,099	9,274
2018	Quarter 1	28,269	2,290	-19,930	-974	-18,614	9,655	-109	15,470	20,655	-35,824	4	305	-9,241
	Quarter 2	27,912	1,604	-19,068	-1,060	-18,524	9,389	59	7,736	-15,699	22,818	-8	14,847	5,399
	Quarter 3	27,126	2,911	-19,441	-830	-17,360	9,766	63	10,896	8,067	-13,626	196	5,534	-4,295
	Quarter 4	25,288	-16,590	-22,347	-792	-39,729	-14,440	-52,032	-25,078	26,867	-60,901	570	-58,541	7,931
2019	Quarter 1	30,338	1,646	-22,020	-1,344	-21,718	8,620	-6,936	8,739	5,672	-175	-7	14,228	12,544
	Quarter 2	26,916	-37,315	-23,925	-626	-61,866	-34,950	-17,385	-51,647	-16,764	14,493	116	-53,802	-1,467
	Quarter 3	31,036	2,720	-22,544	-850	-20,674	10,361	-5,093	-3,093	-7,609	5,636	144	-4,922	-10,190
	Quarter 4	28,975	-66,870	-20,846	-659	-88,375	-59,400	-5,896	-69,721	31,336	-24,226	169	-62,442	2,854
2020	Quarter 1	36,197	-57,566	-24,838	-1,069	-83,473	-47,277	-3,061	-49,575	-82,024	72,766	139	-58,695	-8,357
	Quarter 2	34,324	2,688	-24,286	-982	-22,580	11,743	-7,552	-49,604	59,979	-2,251	-14	8,110	3,919
	Quarter 3	37,523	4,852	-30,755	-736	-26,639	10,883	-2,080	-9,988	-6,585	18,997	761	3,184	-5,619
	Quarter 4	34,401	-12,852	-22,877	-1,045	-36,774	-2,373	816	4,027	20,272	-19,869	396	4,827	6,384
2021	Quarter 1	42,172	9,412	-34,612	-1,290	-26,490	15,682	2,974	15,274	16,826	-22,368	173	9,906	-8,750
	Quarter 2	39,900	9,527	-33,275	-1,006	-24,754	15,146	914	3,022	-4,691	22,982	72	21,386	5,326
	Quarter 3	45,021	9,529	-33,039	-695	-24,205	20,816	-333	3,382	-6,259	10,825	4,081	12,029	-8,454
	Quarter 4	41,322	-9,600	-27,273	-1,445	-38,318	3,004	-2,053	19,826	-16,354	5,210	654	9,336	8,385
2022	Quarter 1	46,228	9,386	-39,858	-1,178	-31,650	14,578	772	16,015	-39,856	43,463	-129	19,493	4,143
	Quarter 2	47,812	3,969	-38,363	-1,174	-35,568	12,244	-124	22,088	-25,022	6,948	33	4,048	-8,072
	Quarter 3	56,515	1,192	-45,642	-1,128	-45,578	10,937	-878	-25,095	-46,790	81,206	603	9,923	-136
	Quarter 4	54,578	-4,849	-40,621	-1,224	-46,694	7,884	-697	11,956	-27,127	26,093	-22	10,900	3,713
2023	Quarter 1	53,764	1,052	-41,815	-1,196	-41,959	11,805	-437	13,809	-24,222	16,125	11	5,723	-5,645
	Quarter 2	35,785	7,184	-30,460	-1,161	-24,437	11,348	-5,570	7,979	87,024	-91,396	-24	3,580	-2,198
	Quarter 3	36,843	10,763	-27,863	-1,113	-18,213	18,629	-1,683	-20,573	44,828	-5,339	-529	18,387	1,441
	Quarter 4	29,667	-7,280	-21,524	-1,382	-30,186	-520	-973	11,704	-9,079	6,498	107	9,229	10,722
2024	Quarter 1	38,814	9,294	-32,043	-1,174	-23,923	14,891	-12,999	14,211	33,405	-36,741	-85	10,789	8,897
	Quarter 2	39,533	24,485	-27,382	-1,156	-4,053	35,481	-4,632	35,701	-4,468	2,954	7	34,196	3,347
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.

Open in Excel: International Accounts Q2 2024 Table 1.2 (XLS 17KB)

Visit Table BPQ15 on PxStat

Table 1.3 Current and Capital Accounts

Table 1.3 Current and Capital Accounts									€ million
		2022	2023	2023				2024
Item		Year	Year	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹	Exports	354,786	305,680	88,961	74,136	71,383	71,200	75,526	79,293
	Imports	149,653	149,621	35,197	38,351	34,540	41,533	36,711	39,760

International trade	Exports	208,763	196,700	50,949	50,216	47,651	47,884	53,239	54,173
	Imports	135,181	134,166	33,179	34,624	31,096	35,267	29,905	31,957
Goods for processing	Exports	131,973	99,011	34,530	21,275	18,990	24,216	20,618	21,620
	Imports	8,993	10,184	1,179	1,978	1,971	5,056	5,599	5,771
Other conceptual adjustments	Exports	-10,422	-15,761	-2233	-2673	-2483	-8372	-3106	-2995
	Imports	5,479	5,273	839	1749	1474	1211	1208	2032
Merchanting (net export)	Exports	24,473	25,730	5,714	5,318	7,226	7,472	4,775	6,494

Services	Exports	371,648	399,015	90,380	97,624	101,439	109,572	105,053	130,146
	Imports	361,951	387,297	89,328	90,440	90,676	116,853	95,759	105,660
Repairs and Processing	Exports	2,343	2,739	602	792	652	693	239	264
	Imports	11,244	11,719	3,444	2,567	2,448	3,260	2,338	2,231
Transport	Exports	7,795	10,541	1,634	2,828	3,945	2,134	1,830	2,699
	Imports	5,915	5,684	1,368	1,366	1,306	1,644	1,413	1,552
Tourism and Travel ²	Exports	6,801	6,981	1,505	1,729	2,132	1,615	1,370	1,993
	Imports	8,183	12,219	2,203	3,440	3,638	2,938	2,820	3,220
Insurance	Exports	14,911	15,847	3,771	3,925	3,856	4,295	3,713	4,124
	Imports	14,235	14,190	3,389	3,674	3,420	3,707	3,481	3,253
Financial services	Exports	22,068	22,145	5,299	5,208	5,787	5,851	6,684	6,323
	Imports	20,439	20,340	4,932	5,185	5,097	5,126	6,006	5,605
Royalties/Licences	Exports	14,854	15,299	3,711	3,229	3,476	4,883	3,664	3,870
	Imports	136,380	141,784	36,751	30,665	33,295	41,073	37,211	41,647
of which: Pharmaceutical products and preparations	Exports	189	267	43	85	28	111	96	154
	Imports	31,046	24,917	6,055	6,543	4,463	7,856	4,919	6,405
Information and communication	Exports	7,345	5,506	1,120	1,193	*	*	921	1,222
	Imports	87,906	99,349	*	*	*	*	*	*
Communications	Exports	187	173	49	45	42	37	36	37
	Imports	838	792	194	197	202	199	197	196
Computer services³	Exports	204,946	228,219	52,253	55,182	57,041	63,743	62,726	66,478
	Imports	10,855	12,164	2,724	2,870	3,425	3,145	4,225	4,701
Business services	Exports	71,732	69,234	15,088	17,629	18,037	18,480	18,723	37,424
	Imports	137,091	149,924	29,907	35,678	33,125	51,214	33,053	37,624
Research and development	Exports	8,440	9,315	1,716	2,456	2,961	2,182	2,650	*
	Imports	46,414	53,414	8,246	9,738	10,075	25,355	9,249	10,926
of which: IP related	Exports	1,504	2,129	89	860	975	205	*	*
	Imports	7,994	15,241	525	274	*	*	*	379
Operational leasing	Exports	19,598	19,759	4,784	4,912	4,958	5,105	4,985	4,958
	Imports	1,843	1,347	365	332	326	324	340	350
Misc. business services⁴	Exports	43,693	40,159	8,587	10,261	10,118	11,193	11,089	*
	Imports	88,835	95,163	21,295	25,608	22,725	25,535	23,465	26,348
Other services n.e.s.	Exports	26,009	27,834	6,467	7,056	6,471	7,840	6,066	6,932
	Imports	16,772	18,480	4,416	4,798	4,719	4,547	5,014	5,631

Merchandise and Services - Total	Exports	726,433	704,694	179,341	171,759	172,822	180,772	180,579	209,439
	Imports	511,603	536,917	124,525	128,790	125,216	158,386	132,471	145,420

Trade Balance	Net	214,831	167,777	54,816	42,969	47,606	22,386	48,108	64,019

Primary Income	Inflows	151,829	249,269	55,647	63,756	62,770	67,096	65,919	75,185
	Outflows	316,312	370,930	97,462	94,216	90,632	88,620	97,962	102,567
Compensation of Employees	Inflows	505	528	132	132	132	132	132	151
	Outflows	898	1,135	254	246	247	388	239	265
Investment Income	Inflows	149,765	247,545	55,230	63,257	62,349	66,709	65,495	74,674
	Outflows	314,497	368,873	97,061	93,520	90,237	88,055	97,547	102,149
Direct investment income	Inflows	38,696	67,328	13,690	16,840	16,498	20,300	17,758	17,964
	Outflows	191,359	185,530	55,304	45,703	43,823	40,700	48,814	43,000

of which: Manufacturing	Outflows	130,520	105,465	36,877	24,527	24,110	19,951	28,111	23,669
Information and communication	Outflows	37,100	44,293	9,595	12,984	10,044	11,670	12,269	10,369

Income on equity	Inflows	35,069	62,283	12,597	15,459	15,100	19,127	16,835	16,974
	Outflows	179,444	170,663	51,592	41,964	40,327	36,780	45,658	39,916
Dividends & distributed	Inflows	9,298	18,494	1,882	2,873	8,510	5,229	2,053	16,927
branch profits	Outflows	87,281	175,349	54,970	79,565	27,727	13,087	38,395	39,658
Reinvested earnings	Inflows	25,771	43,789	10,715	12,586	6,590	13,898	14,783	47
	Outflows	92,163	-4,686	-3,378	-37,601	12,600	23,693	7,263	258
Income on debt	Inflows	3,627	5,045	1,093	1,381	1,398	1,173	923	990
	Outflows	11,916	14,866	3,711	3,739	3,496	3,920	3,157	3,084
Portfolio investment income	Inflows	86,898	118,458	27,662	30,967	29,732	30,097	31,265	38,464
	Outflows	103,550	146,913	33,196	39,303	36,878	37,536	38,534	46,184
Income on equity	Inflows	31,709	36,449	8,454	10,944	8,933	8,118	8,881	13,437
	Outflows	84,094	113,383	25,519	30,718	28,288	28,858	29,625	37,611
Income on debt	Inflows	55,189	82,008	19,208	20,022	20,799	21,979	22,384	25,027
	Outflows	19,456	33,530	7,678	8,585	8,590	8,677	8,909	8,572
Other investment income	Inflows	24,171	61,758	13,878	15,450	16,119	16,311	16,472	18,245
	Outflows	19,587	36,431	8,561	8,514	9,536	9,820	10,199	12,966
Other primary income	Inflows	1,559	1,199	286	367	290	256	293	361
	Outflows	917	923	147	450	149	177	176	154

Secondary Income	Inflows	7,957	9,459	2,277	2,258	2,751	2,173	1,985	2,495
	Outflows	12,661	14,313	3,473	3,419	3,865	3,556	3,159	3,651

Income Balance	Net	-169,187	-126,514	-43,011	-31,621	-28,976	-22,906	-33,217	-28,538

Current Account - Total	Inflows	886,219	963,423	237,265	237,773	238,343	250,042	248,483	287,119
	Outflows	840,576	922,160	225,460	226,425	219,713	250,562	233,591	251,638

Current Account Balance	Net	45,643	41,262	11,805	11,348	18,629	-520	14,891	35,481

Capital Account Balance	Net	-927	-8,663	-437	-5,570	-1,683	-973	-12,999	-4,632

Memorandum Item:
Government Income	Inflows	54	109	13	14	28	54	90	87
	Outflows	2,455	2,578	797	552	647	582	828	545
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.

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Table 1.4 Financial Account

Table 1.4 Financial Account¹									€ million
		2022	2023	2023				2024
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	-28,069	10,441	13,325	-36,523	5,693	27,946	12,993	14,018
	In Ireland	-53,034	-2,476	-484	-44,502	26,266	16,244	-1,218	-21,684

Equity	Abroad	-90,658	-49,606	1,343	*	*	-5,070	1,610	*
	In Ireland	-109,291	-24,657	8,633	-54,682	1,275	20,117	-15,098	6,490
Reinvested Earnings	Abroad	26,208	43,762	10,713	12,584	6,588	13,877	14,781	*
	In Ireland	91,358	-5,420	-3,449	-37,730	12,301	23,458	7,019	14
Other Capital	Abroad	36,380	16,284	1,269	*	*	19,139	-3,398	13,521
	In Ireland	-35,102	27,602	-5,668	47,911	12,690	-27,331	6,862	-28,187

Portfolio Investment	Assets	-39,044	293,285	-8,393	104,790	106,618	90,270	56,581	90,133
	Liabilities	99,751	194,734	15,829	17,766	61,790	99,349	23,176	94,601

Equity	Assets	-8,697	118,530	21,211	14,380	48,724	34,215	15,731	45,465
	Liabilities	100,706	153,634	7,710	7,007	45,706	93,211	32,148	79,231
Debt Instruments	Assets	-30,347	174,755	-29,604	90,410	57,894	56,055	40,850	44,668
	Liabilities	-955	41,100	8,119	10,759	16,083	6,139	-8,971	15,369
Bonds and notes	Assets	-13,419	159,198	43,220	59,023	41,671	15,284	55,494	43,821
	Liabilities	634	31,151	10,557	5,387	13,690	1,517	-9,789	14,582
Money market instruments	Assets	-16,928	15,556	-72,824	31,386	16,223	40,771	-14,644	847
	Liabilities	-1,590	9,950	-2,438	5,372	2,394	4,622	818	786

Other Investment	Assets	69,274	-87,839	21,596	-26,430	-9,164	-73,841	4,903	23,261
	Liabilities	-88,436	-13,727	5,471	64,966	-3,825	-80,339	41,644	20,307

Loans, currency and deposits	Assets	93,945	40,184	51,576	-22,943	7,890	3,661	-16,259	20,297
	Liabilities	-43,385	14,673	15,383	27,917	-3,311	-25,316	15,131	-523
Other²	Assets	-24,671	-128,027	-29,981	-3,488	-17,055	-77,503	21,163	2,964
	Liabilities	-45,051	-28,401	-9,913	37,049	-514	-55,023	26,513	20,831

Reserve Assets		485	-435	11	-24	-529	107	-85	7

Monetary gold		135	0	0	0	0	0	0	0
Special drawing rights		164	-53	-7	44	-26	-64	13	12
Reserve position in the IMF		151	-4	1	1	46	-52	9	-54
Foreign exchange		-100	-324	41	-79	-458	172	-361	1
Other		135	-53	-24	9	-90	52	254	48

Balance on Financial Account		44,364	36,919	5,723	3,580	18,387	9,229	10,789	34,196

Net errors and omissions		-352	4,320	-5,645	-2,198	1,441	10,722	8,897	3,347
Memorandum Item:
Government financial	Assets	300	4,216	-1,294	1,424	1,227	2,859	2,307	-2,593
transactions	Liabilities	-9,632	-636	2,851	-485	-255	-2,747	-1,830	459
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.

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Table 1.5 Current, Capital and Financial Account activity classified by Institutional Sector

Table 1.5 Current, Capital and Financial Account activity classified by Institutional Sector¹									€ million
		2022	2023	2023				2024
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account - Total	Inflows	886,219	963,423	237,265	237,773	238,343	250,042	248,483	287,119
	Outflows	840,576	922,160	225,460	226,425	219,713	250,562	233,591	251,638

Merchandise²	Exports	354,786	305,680	88,961	74,136	71,383	71,200	75,526	79,293
	Imports	149,653	149,621	35,197	38,351	34,540	41,533	36,711	39,760

Services	Exports	371,648	399,015	90,380	97,624	101,439	109,572	105,053	130,146
	Imports	361,951	387,297	89,328	90,440	90,676	116,853	95,759	105,660

General Government	Exports	464	348	103	103	71	71	71	103
	Imports	98	105	26	25	28	26	27	29
Monetary Authority ³	Exports	0	0	0	0	0	0	0	0
	Imports	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Exports	8,163	9,739	2,390	2,549	2,398	2,402	2,544	2,782
	Imports	3,611	3,842	1,101	989	767	985	1,105	1,144
Other Sectors⁵	Exports	363,020	388,927	87,887	94,971	98,970	107,099	102,438	127,261
	Imports	358,240	383,349	88,201	89,426	89,881	115,841	94,627	104,487
of which:
Other Financial Intermediaries	Exports	39,297	39,481	9,723	9,895	9,823	10,040	10,144	9,965
	Imports	40,706	41,381	10,336	10,771	10,019	10,255	10,918	9,927
Non-Financial Companies⁶	Exports	323,724	349,445	78,164	85,076	89,146	97,059	92,295	117,297
	Imports	317,534	341,969	77,865	78,656	79,862	105,586	83,709	94,560

Primary Income	Inflows	151,829	249,269	55,647	63,756	62,770	67,096	65,919	75,185
	Outflows	316,312	370,930	97,462	94,216	90,632	88,620	97,962	102,567

General Government	Inflows	54	109	13	14	28	54	90	87
	Outflows	2,455	2,578	797	552	647	582	828	545
Monetary Authority ³	Inflows	168	175	37	42	47	49	49	49
	Outflows	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Inflows	9,716	38,353	7,552	9,168	10,326	11,307	11,494	11,213
	Outflows	10,045	37,171	7,266	9,162	10,434	10,309	11,345	11,098
Other Sectors⁵	Inflows	141,891	210,631	48,045	54,532	52,368	55,686	54,287	63,836
	Outflows	303,811	331,181	89,398	84,502	79,552	77,729	85,789	90,924
of which:
Other Financial Intermediaries	Inflows	105,336	148,368	35,887	38,802	37,032	36,647	37,490	46,448
	Outflows	106,123	147,538	35,474	37,857	37,114	37,093	37,794	47,820
Non-Financial Companies⁶	Inflows	36,556	62,264	12,158	15,730	15,336	19,040	16,797	17,388
	Outflows	197,688	183,643	53,924	46,645	42,437	40,637	47,996	43,104

Secondary Income	Inflows	7,957	9,459	2,277	2,258	2,751	2,173	1,985	2,495
	Outflows	12,661	14,313	3,473	3,419	3,865	3,556	3,159	3,651

General Government	Inflows	115	170	21	43	57	49	19	2
	Outflows	3,987	3,912	1,002	939	904	1,067	975	933
Monetary Authority ³	Inflows	0	0	0	0	0	0	0	0
	Outflows	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Inflows	0	0	0	0	0	0	0	0
	Outflows	0	0	0	0	0	0	0	0
Other Sectors⁵	Inflows	7,841	9,289	2,256	2,215	2,694	2,124	1,966	2,493
	Outflows	8,674	10,401	2,471	2,480	2,961	2,489	2,183	2,718
of which:
Other Financial Intermediaries	Inflows	6,556	8,248	1,935	1,943	2,423	1,947	1,644	2,156
	Outflows	6,556	8,248	1,935	1,943	2,423	1,947	1,644	2,156
Non-Financial Companies⁶	Inflows	1,287	1,042	322	272	271	177	322	337
	Outflows	2,119	2,153	537	537	538	541	539	562

Balance on Current Account		45,643	41,262	11,805	11,348	18,629	-520	14,891	35,481

Balance on Capital Account		-927	-8,663	-437	-5,570	-1,683	-973	-12,999	-4,632

Financial Account⁷
Direct investment	Abroad	-28,069	10,441	13,325	-36,523	5,693	27,946	12,993	14,018
	In Ireland	-53,034	-2,476	-484	-44,502	26,266	16,244	-1,218	-21,684

General Government	Abroad	0	*	*	*	0	*	*	*
	In Ireland	0	0	0	0	0	0	0	0
Monetary Authority ³	Abroad	0	0	0	0	0	0	0	0
	In Ireland	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Abroad	725	*	*	*	98	*	*	*
	In Ireland	-1,582	16,973	-100	*	377	*	247	283
Other Sectors⁵	Abroad	-28,793	10,213	13,178	-36,619	5,596	28,058	12,963	13,993
	In Ireland	-51,455	-19,450	-384	*	25,888	*	-1,464	-21,967
of which:
Other Financial Intermediaries	Abroad	-38,793	4,997	1,440	3,727	2,706	-2,876	1,812	1,134
	In Ireland	-41,271	19,470	-2,417	2,267	-5,911	25,531	14,886	-11,471
Non-Financial Companies⁶	Abroad	10,000	5,216	11,738	-40,346	2,890	30,934	11,151	12,859
	In Ireland	-10,184	-38,920	2,033	*	31,799	*	-16,350	-10,496

Portfolio investment	Assets	-39,044	293,285	-8,393	104,790	106,618	90,270	56,581	90,133
	Liabilities	99,751	194,734	15,829	17,766	61,790	99,349	23,176	94,601

General Government	Assets	420	-117	27	-54	-183	93	84	-292
	Liabilities	-9,648	1,436	2,745	-310	-255	-744	-1,033	461
Monetary Authority ³	Assets	-1,678	418	107	-76	457	-70	0	0
	Liabilities	0	0	0	0	0	0	0	0
Monetary Financial Institutions⁴	Assets	-33,736	42,023	-71,854	36,994	15,006	61,877	-2,045	12,048
	Liabilities	43,886	34,015	-27,259	-14,881	15,655	60,500	-17,340	21,604
Other Sectors⁵	Assets	-4,049	250,961	63,328	67,924	91,338	28,371	58,541	78,377
	Liabilities	65,511	159,285	40,344	32,957	46,390	39,594	41,549	72,536
of which:
Other Financial Intermediaries	Assets	-4,102	251,141	63,375	67,936	*	*	*	*
	Liabilities	62,218	159,094	41,190	30,119	46,517	41,268	40,238	71,625
Non-Financial Companies⁶	Assets	53	-180	-47	-12	*	*	*	*
	Liabilities	3,293	191	-846	2,838	-127	-1,674	1,311	911

Other investment	Assets	69,274	-87,839	21,596	-26,430	-9,164	-73,841	4,903	23,261
	Liabilities	-88,436	-13,727	5,471	64,966	-3,825	-80,339	41,644	20,307

General Government	Assets	-120	4,333	-1,321	1,478	1,410	2,766	2,223	-2,301
	Liabilities	16	-2,072	106	-175	*	*	-797	-2
Monetary Authority ³	Assets	17,605	-4,399	-12,673	3,638	61	4,575	-8,117	8,792
	Liabilities	2,232	1,717	288	338	*	*	264	259
Monetary Financial Institutions⁴	Assets	97,492	-25,546	71,110	-35,846	2,119	-62,929	6,982	18,048
	Liabilities	25,003	-21,939	11,712	17,452	-1,589	-49,514	20,628	860
Other Sectors⁵	Assets	-45,702	-62,230	-35,521	4,300	-12,753	-18,256	3,815	-1,279
	Liabilities	-115,689	8,567	-6,635	47,352	-2,937	-29,213	21,548	19,189
of which:
Other Financial Intermediaries	Assets	-37,829	-68,892	-25,730	-4,925	-18,915	-19,322	11,819	-3,266
	Liabilities	-116,125	6,932	3,294	40,800	-7,454	-29,708	25,978	12,985
Non-Financial Companies⁶	Assets	-7,873	6,662	-9,791	9,225	6,162	1,066	-8,004	1,987
	Liabilities	436	1,635	-9,929	6,552	4,517	495	-4,430	6,204

Reserve Assets		485	-435	11	-24	-529	107	-85	7

Balance on Financial Account		44,364	36,919	5,723	3,580	18,387	9,229	10,789	34,196
Net errors and omissions		-352	4,320	-5,645	-2,198	1,441	10,722	8,897	3,347
¹Includes transactions which cannot be shown due to confidentiality constraints.
²Adjusted for balance of payments purposes.
³Central Bank of Ireland.
⁴Covering licensed credit institutions and money market funds.
⁵Other sectors includes financial corporations other than the Monetary Authority and Monetary Financial Institutions, non-financial service and manufacturing companies and other industrial enterprises as well as (implicitly) households (see Background Notes). The gross liabilities to non-residents of financial corporations covered in other sectors tend to be very significant.
⁶Including households.
⁷See footnote 1 on Table 1.4.

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Table 1.6 Current and Capital Accounts showing geographical detail

Table 1.6 Current and Capital Accounts showing geographical¹ detail									€ million
		2022	2023	2023				2024
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Current Account - Total	Inflows	886,219	963,423	237,265	237,773	238,343	250,042	248,483	287,119
	Outflows	840,576	922,160	225,460	226,425	219,713	250,562	233,591	251,638

Merchandise²	Exports	354,786	305,680	88,961	74,136	71,383	71,200	75,526	79,293
	Imports	149,653	149,621	35,197	38,351	34,540	41,533	36,711	39,760
EMU	Exports	124,831	104,073	32,524	24,503	21,602	25,444	25,724	22,836
	Imports	51,882	61,236	13,350	16,702	13,623	17,561	16,955	16,893
Non-EMU	Exports	229,954	201,607	56,437	49,633	49,781	45,756	49,802	56,457
	Imports	97,770	88,385	21,846	21,649	20,917	23,973	19,757	22,867
EU	Exports	134,457	112,672	34,822	26,580	23,665	27,605	27,539	24,944
	Imports	56,998	66,502	14,770	18,056	14,763	18,913	18,430	18,307
Non-EU	Exports	220,328	193,007	54,138	47,556	47,718	43,595	47,987	54,349
	Imports	92,654	83,119	20,427	20,295	19,777	22,620	18,281	21,453

Services	Exports	371,648	399,015	90,380	97,624	101,439	109,572	105,053	130,146
	Imports	361,951	387,297	89,328	90,440	90,676	116,853	95,759	105,660
EMU	Exports	97,515	106,559	24,014	26,789	27,241	28,515	26,819	29,728
	Imports	63,481	57,554	12,107	15,188	13,504	16,755	11,704	15,097
Non-EMU	Exports	274,133	292,456	66,366	70,835	74,198	81,057	78,234	100,418
	Imports	298,469	329,742	77,221	75,252	77,172	100,097	84,055	90,564
EU	Exports	118,183	128,420	29,092	32,020	32,808	34,500	32,677	35,689
	Imports	68,701	63,519	13,596	16,550	14,939	18,434	13,195	16,896
Non-EU	Exports	253,466	270,594	61,288	65,603	68,631	75,072	72,376	94,457
	Imports	293,251	323,777	75,732	73,890	75,737	98,418	82,564	88,765

Primary Income	Inflows	151,829	249,269	55,647	63,756	62,770	67,096	65,919	75,185
	Outflows	316,312	370,930	97,462	94,216	90,632	88,620	97,962	102,567
EMU	Inflows	48,255	70,758	16,487	17,971	17,147	19,153	16,779	19,598
	Outflows	69,867	94,896	22,195	24,013	23,856	24,832	24,317	29,241
Non-EMU	Inflows	103,573	178,509	39,160	45,784	45,622	47,943	49,140	55,588
	Outflows	246,444	276,035	75,267	70,203	66,777	63,788	73,645	73,326
EU	Inflows	52,580	76,654	17,766	19,654	18,632	20,602	18,394	21,615
	Outflows	73,053	98,997	23,324	25,168	24,750	25,755	25,507	30,125
Non-EU	Inflows	99,249	172,615	37,881	44,102	44,137	46,495	47,526	53,571
	Outflows	243,259	271,934	74,138	69,048	65,883	62,865	72,455	72,442

Secondary Income	Inflows	7,957	9,459	2,277	2,258	2,751	2,173	1,985	2,495
	Outflows	12,661	14,313	3,473	3,419	3,865	3,556	3,159	3,651
EMU	Inflows	4,335	5,443	1,278	1,302	1,730	1,133	939	1,401
	Outflows	4,962	6,082	1,434	1,463	1,891	1,294	1,098	1,560
Non-EMU	Inflows	3,620	4,017	999	956	1,021	1,041	1,046	1,094
	Outflows	7,698	8,230	2,039	1,956	1,974	2,261	2,061	2,091
EU	Inflows	4,671	5,934	1,360	1,430	1,886	1,258	1,028	1,487
	Outflows	8,593	9,850	2,390	2,379	2,813	2,268	1,979	2,412
Non-EU	Inflows	3,285	3,527	917	829	866	915	957	1,008
	Outflows	4,068	4,463	1,083	1,040	1,052	1,288	1,180	1,239

Balance on Current Account		45,643	41,262	11,805	11,348	18,629	-520	14,891	35,481

Balance on Capital Account		-927	-8,663	-437	-5,570	-1,683	-973	-12,999	-4,632
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 (EMU-19). For years 2018 and 2019, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. From Q12020, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-27 area, which excludes the United Kingdom following their withdrawal from the European Union on 1 February 2020.
²Adjusted for balance of payments purposes.

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Table 1.7 Financial Account showing geographical detail

Table 1.7 Financial Account¹ showing geographical² detail									€ million
		2022	2023	2023				2024
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	-28,069	10,441	13,325	-36,523	5,693	27,946	12,993	14,018
	In Ireland	-53,034	-2,476	-484	-44,502	26,266	16,244	-1,218	-21,684

EMU	Abroad	-16,643	18,745	4,426	8,185	1,012	5,122	596	7,552
	In Ireland	-3,813	-16,673	451	-29,028	-2,863	14,767	4,701	13,098
Non-EMU	Abroad	-11,429	-8,302	8,899	-44,708	4,683	22,824	12,397	6,465
	In Ireland	-49,222	14,196	-936	-15,474	29,129	1,477	-5,919	-34,782
EU	Abroad	-18,219	22,457	4,732	8,309	575	8,841	86	7,728
	In Ireland	-4,261	-16,312	-26	-28,920	-2,121	14,755	4,031	12,843
Non-EU	Abroad	-9,852	-12,014	8,593	-44,830	5,118	19,105	12,908	6,290
	In Ireland	-48,772	13,835	-458	-15,581	28,386	1,488	-5,249	-34,527

Portfolio Investment	Assets	-39,044	293,285	-8,393	104,790	106,618	90,270	56,581	90,133
	Liabilities	99,751	194,734	15,829	17,766	61,790	99,349	23,176	94,601

EMU	Assets	16,965	49,622	12,172	4,038	20,903	12,509	31,539	10,233
	Liabilities	16,599	90,918	6,518	19,522	24,784	40,094	-8,027	26,141
Non-EMU	Assets	-56,009	243,662	-20,565	100,751	85,715	77,761	25,042	79,899
	Liabilities	83,152	103,817	9,311	-1,756	37,006	59,256	31,203	68,460
EU	Assets	17,904	61,462	13,170	6,232	25,312	16,748	38,783	17,173
	Liabilities	11,736	87,386	7,775	16,537	21,495	41,579	-5,041	24,800
Non-EU	Assets	-56,948	231,823	-21,563	98,557	81,306	73,523	17,798	72,960
	Liabilities	88,015	107,349	8,054	1,229	40,295	57,771	28,217	69,800

Other Investment³	Assets	69,274	-87,839	21,596	-26,430	-9,164	-73,841	4,903	23,261
	Liabilities	-88,436	-13,727	5,471	64,966	-3,825	-80,339	41,644	20,307

EMU	Assets	34,493	3,859	25,339	-7,599	617	-14,498	-8,413	-416
	Liabilities	-6,819	-37,556	4,902	2,822	3,277	-48,557	22,050	-402
Non-EMU	Assets	34,782	-91,700	-3,743	-18,831	-9,783	-59,343	13,316	23,677
	Liabilities	-81,616	23,831	570	62,145	-7,101	-31,783	19,593	20,709
EU	Assets	40,238	3,981	25,554	-6,781	-92	-14,700	-1,853	-416
	Liabilities	-4,921	-38,680	5,611	5,871	4,882	-55,044	25,319	2,407
Non-EU	Assets	29,036	-91,821	-3,958	-19,649	-9,072	-59,142	6,756	23,678
	Liabilities	-83,513	24,955	-140	59,097	-8,707	-25,295	16,325	17,900

Reserve Assets		485	-435	11	-24	-529	107	-85	7

Balance on Financial Account		44,364	36,919	5,723	3,580	18,387	9,229	10,789	34,196

Net errors and omissions		-352	4,320	-5,645	-2,198	1,441	10,722	8,897	3,347
¹See footnote 1 on Table 1.4.
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 (EMU-19). For years 2018 and 2019, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-28 area. From Q12020, the term ‘EU’ relates to transactions between residents of Ireland and other residents of the EU-27 area, which excludes the United Kingdom following their withdrawal from the European Union on 1 February 2020.
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.

Open in Excel: International Accounts Q2 2024 Table 1.7 (XLS 19KB)

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International Accounts Q2 2024

Balance of International Payments

Balance of International Payments

Current account balance of €35.5bn in Quarter 2 2024

Balance of Payments Current Account

Current account (see Table 1.3)

Financial account (see Tables 1.4 and 1.5)

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