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Today’s Top Headlines




Ireland Publishes Stats On UK Trade, Investment Relationship

by Jason Gorringe, Tax-News.com, London

04 January 2017

Ireland's Central Statistics Office (CSO) has published "Brexit: Ireland and the UK in numbers," a new report detailing how the UK leaving the EU may impact trade and business relationship between the two countries.

The CSO decided to compile the data in the wake of the UK's vote to leave the EU. The report is broken down into four key areas: people; business; trade; and tourism and transport.

According to the CSO, exports of services to the UK increased from EUR15.7bn (USD16.4bn) in 2013 to EUR18bn in 2014. Imports of services from the UK rose from EUR9.9bn in 2013 to EUR11.4bn in 2014.

In total, 18 percent of Ireland's EUR101.8bn in services exports in 2014 went to the UK, and 10 percent of Ireland's imports of services were from the UK.

The following year, Ireland exported EUR112.4bn in goods and 13.9 percent of these goods went to the UK. The UK accounted for 25.7 percent of Ireland's goods imports in 2015.

The CSO publication also contains information on the business relationship between the UK and Ireland. The UK accounted for 10.9 percent of the EUR815.2bn in Irish stocks of direct investment abroad at the end of 2015. Investment from the UK represented 4.6 percent of the total stock of direct investment into Ireland at the end of 2015.

TAGS: tax | investment | business | value added tax (VAT) | Ireland | United Kingdom | trade | European Union (EU) | services | Investment | Europe | Invest | Investment

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