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Ireland posts highest ever C/A surplus

Thursday, September 20 11:18:04

Ireland's current account surplus topped E3.2 billion in the second quarter of this year - the highest ever recorded as exports continued to rise, the CSO said today.

This was due to a decrease in the invisibles deficit which fell from E9,328m in the first quarter of 2012 to E6,769m in the second quarter.

The services surplus at E1,344m was higher than in any previous quarter while net income outflows at E7,501m were down over E1bn on the previous quarter.

Compared with the second quarter of 2011, merchandise exports at E22,060m were up E274m; imports at E12,056m were down E70m.

Services exports at E22,817m were up E2.35bn mainly due to increased business services and computer services exports.

Service imports increased by E884m to E21,473m due to an increase in royalties/licences payments.

Investment income earned abroad (E15,124m) increased by almost E1bn compared with one year earlier. Income payable to foreign investors at E22,567m was almost unchanged.

Inward direct investment decreased by E1.8bn in the second quarter.

This was due to a reduction of E10.4bn in other capital which was largely offset by increases in reinvested earnings (+E6.0bn) and equity investment (+E2.7bn).

Portfolio investment into foreign debt instruments by Irish investors decreased by E24.3bn in the quarter.

Other investment assets increased by E24.9bn in the same period.