Ireland - Balance of payments





The volume of Irish exports increased dramatically over the 1995–2000 period, registering average annual growth of 16.9%; the rate of import growth over the same period was only slightly lower at 16.6%. The year 2000 was the first since 1991 that the current account was not in surplus. The reduction of the balance of payments surplus in the early 2000s suggested that the level of Irish imports was increasing due to increased demand for luxury items and services, rather than from a decline in exports. Irish export growth during those years, in fact, consistently surpassed EU growth. However, the slowdown in the global economy and slower than predicted growth in the euro area was expected to negatively impact Irish exports. The current account was forecast to return to a surplus in 2004 due to an improved EU and world economy.

The US Central Intelligence Agency (CIA) reports that in 2002 the purchasing power parity of Ireland's exports was $85.3 billion while imports totaled $48.3 billion resulting in a trade surplus of $37 billion.

The International Monetary Fund (IMF) reports that in 2001 Ireland had exports of goods and services totaling $78.4 billion and imports totaling $48.4 billion. The services credit totaled $20.2 billion and debit $34.9 billion. The following table summarizes Ireland's balance of payments as reported by the IMF for 2001 in millions of US dollars.

Ireland

Current Account -1,043
Balance on goods 30,003
Balance on services -14,659
Balance on income -16,865
Current transfers 477
Capital Account 598
Financial Account 37
Direct investment abroad -5,405
Direct investment in Ireland 9,865
Portfolio investment assets -108,535
Portfolio investment liabilities 91,128
Other investment assets -12,101
Other investment liabilities 25,033
Net Errors and Omissions 803
Reserves and Related Items -395

User Contributions:

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Jan 20, 2011 @ 4:16 pm
I am thinking of setting up my own business and I would like to see if ireland is making surplus or deficit. I would also like to also see how ireland is getting on with it's imports and exports and what they do import and export. I would like to export a product to other countries.

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