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Ireland had C/A surplus of E8bn in 2012

Thursday, March 21 11:47:16

Ireland's robust export performance saw the country clock up a Balance of Payments current account surplus with the rest of the world of E8bn last year, latest figures from the CSO showed today.

The surplus for the year 2012 was E8,090m compared to a surplus of E1.8bn for 2011.

The fourth quarter 2012 Balance of Payments current account surplus was E2,851m, the figures show.

While the annual 2012 merchandise surplus decreased by E204m the total invisibles deficit decreased by E6,509m. Within the invisibles deficit the services balance for 2012 moved to a surplus of E2,961m from a deficit of E1,810m for 2011.

In the fourth quarter, merchandise exports (E20,846m) decreased by E208m while imports (E12,214m) increased by just E39m compared to the same quarter of 2011.

Services exports (E23,754m) were up E2,142m compared to one year earlier largely due to increased computer services exports. Service imports (E23,747m) increased by E1,696m due to increased royalties/licences and business services imports.

Investment income earned abroad (E13,965m) decreased by E195m compared to one year earlier. Investment income payable to foreign investors (E20,399m) decreased by E1,014m.

Direct investment abroad showed an increase of E3,812m in the 4th quarter.

Direct investment in Ireland showed a small disinvestment of E334m in the quarter due to a decrease in other capital of E5,310m offset by an increase inreinvested earnings of E4,562m.

Portfolio investment in foreign assets increased by E22,112m in the quarter. Foreign portfolio investors invested E27,266m in the quarter due to increased investment in funds based in the IFSC.

Other investment assets decreased by E30,919m in the quarter while the corresponding liabilities decreased by E31,578m.