Question

Ireland reports the following international transaction information. (in ⬠millions) Exports of goods 79,186 Imports of goods 45,765 Exports of services 33,573 Imports of services 46,216 Income received from abroad 28,456 Income payments to abroad 51,571 Unilateral transfers 440 (is positive) Using the information, Ireland's current account balance is:________. a. â¬1,897 million b. -â¬1,897 million. c. â¬44,333 million d. -â¬44,333 million

Answer 1

Current account balance= - 1,897 millions

Step-by-step explanation:

Given:

Exports of goods = 79,186

Imports of goods = 45,765

Exports of services = 33,573

Imports of services = 46,216

Income received from abroad = 28,456

Income payments to abroad = 51,571

Unilateral transfers = 440

Find:

Current account balance

Computation:

Current account balance = Exports of goods + Exports of services - Imports of goods - Imports of services + Income received from abroad + Unilateral transfer - Income payments to abroad

Current account balance = 79186 - 45765 + 33573 - 46216 + 28456 - 51571 + 440

Current account balance= - 1,897 millions