The Republic's current account was in surplus by €209 million in the second quarter of this year, according to balance of payments figures released by the Central Statistics Office.
The balance of payments measures the overall movement of funds into and out of the economy, with the current account measuring day-to-day transfers, mainly related to trade.
The modest surplus reverses a deficit of €211 million recorded in the first three months of the year, leaving the overall current account deficit at €3 million in the first half compared to a deficit of €741 million in the same period last year.
The CSO attributed the second-quarter numbers to surpluses on merchandise and current transfers, which combined to exceed deficits on services and income.
Mr Alan McQuaid, chief economist with Bloxham Stockbrokers, highlighted the merchandise surplus of €9.3 billion, which he said was "better than expected" amid concerns about the global economy. Mr McQuaid foresees a current account surplus of €400 million, or 0.4 per cent of gross national product (GNP), for the year as a whole . He expects strengthening trade to bring this to €800 million, or 0.7 per cent of GNP, in 2003.
