A deficit of £486 million (euro 620m) in Ireland’s third quarter Balance of Payments current account 2000 was reported by the Central Statistics Office (CSO) this morning.
This was significantly below economists' forecasts and was the first notable deficit in over two and a half years, following a period when relatively small surpluses predominated.
During the first nine months of 2000, the current account showed a deficit of £171 million, compared to the £167 million reported in the same period in 1999.
According to the CSO the third quarter deficit resulted from a merchandise surplus of £6,019 being exceeded by combined deficits on services, income and current transfers amounting to £6,505 million.
The CSO said merchandise exports continued to increase and the third quarter value was reported at £15,933 million, imports declined marginally to £9,914 million compared to the previous quarter’s £10,030 million.
The overall services balance in the third quarter showed a deficit of £2,953 million, up £0.9 billion on the deficit of £2,002 million in the same quarter last year. Services exports continued to grow and amounted to £3,434 million while imports increased to £6,387 million in the quarter.
Expenditure abroad by Irish residents was slightly exceeded by tourism and travel receipts within the State of £845 million which accounted for one quarter of all services credits the third quarter.
