The balance of payments current account deficit totalled just over €1 billion in the first quarter, according to new figures from the Central Statistics Office (CSO).
This compares with a deficit of €1.46 billion for the same three-month period a year earlier.
The balance of payments measures the economic transactions between Ireland and the rest of the world.
The latest figures show the first quarter merchandise surplus of €9.1 billion was almost unchanged while the services deficit declined by over €300 million to €1.4 billion.
The income deficit totalled €8.03 billion for the first quarter.
Total services exports at €18.2 billion increased by €1.6 billion while total services imports at €19.7 billion were up almost €1.3 billion.
In the current account the direct investment income abroad of Irish-resident businesses increased to €3.2 billion while the corresponding outflows of foreign-owned enterprises in Ireland were largely unchanged between. Portfolio investment income outflows increased by €651 million to €7.16 billion.
In the financial account, direct investment in Ireland increased by €15.9 billion while direct investment abroad increased by €5.4 billion. Portfolio investment assets decreased by €1.3 billion while liabilities increased by €3 billion. Other investment assets decreased by €24 billion and liabilities decreased by €33 billion.
