A small fourth-quarter surplus of €238 million on the current account of the Balance of Payments reversed the series of deficits over the previous seven quarters, Central Statistics Office figures revealed today.
The figures show the annual deficit for 2004 was €648 million, over €1.2 billion lower than that of €1.8 billion for 2003.
Compared to the same period last year, the merchandise surplus at €7,624 million was down from €8,491 million while the deficit on services fell from €3,350 million to €2,161 million and that on income at €5,611 million was down from €6,164 million.
Merchandise exports of €20,508 million in the fourth quarter were over €1 billion higher than the third quarter; imports at €12,884 million were over €1.5 billion higher.
The CSO said despite the seasonal reductions in tourism and travel receipts and expenditures, overall services exports at €10,485 million were well up on the third quarter figure of €9,617 million, mostly due to increased exports of computer services and insurance.
Imports of €12,645 million were over €700 million higher, due largely to increased imports of insurance services as well as higher expenses overseas for commissions and for business services.