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Auxiliary Indicators

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In addition to the headline scoreboard the EU Commission also compiles a supplementary list of auxiliary indicators. These indicators provide an additional suite of information covering macroeconomic conditions, competitiveness, house prices and social conditions. The 25 auxiliary indicators have no indicative thresholds set and are intended to complement the reading of the headline scoreboard and the understanding of the general macroeconomic situation.

This publication examines 11 of the 25 auxiliary indicators.

Indicator A1: Real GDP Growth

IrelandGermanyGreeceLuxembourgNetherlandsUnited Kingdom
20075.23.33.38.43.72.4
2008-3.91.1-0.3-1.31.7-0.5
2009-4.6-5.6-4.3-4.4-3.8-4.2
20101.84.1-5.54.91.41.7
201133.7-9.12.51.71.5
201200.5-7.3-0.4-1.11.5
20131.60.5-3.23.7-0.22.1
20148.31.90.75.81.43.1
201525.61.7-0.32.92.32.3
20165.11.9-0.23.12.21.8

Source Publication: National Income and Expenditure Annual Results

Get the data: Eurostat database, StatBank N1604 

Ireland’s GDP growth rates are shown in Figure 3.1. The change in trend during 2008-2009 of a declining GDP growth rate reflects the economic downturn during this period. Ireland experienced increasing GDP growth rates from 2013 to 2015. The substantial jump in GDP in 2015 is mostly due to the relocation of large multinational companies to Ireland in particular where their net exports are now from their Irish owned enterprises. In 2016, the GDP growth of 5.1% largely reflects the continued multinational activity in the country.

Supplementary analysis:

2016
Greece-0.2
Italy0.9
France1.2
Belgium1.5
Austria1.5
Portugal1.5
United Kingdom1.8
Germany1.9
Finland1.9
Denmark2
Estonia2.1
Latvia2.1
Hungary2.2
Netherlands2.2
Lithuania2.3
Czech Republic2.6
Poland2.9
Croatia3
Cyprus3
Luxembourg3.1
Slovenia3.1
Spain3.3
Slovakia3.3
Sweden3.3
Bulgaria3.9
Romania4.6
Ireland 5.1
Malta5.5

Get the data: Eurostat database

Figure 3.2 compares GDP growth rates across countries. Ireland’s 2016 GDP growth rate was the second highest in the EU. Further information from Ireland’s Economic Statistics Review Group can be found here.

Agriculture, forestry and fishingIndustry (excluding construction)ConstructionDistribution, transport, hotels and restaurantsInformation and communicationOther services, public administration, education and healthGDP
20070.0972.5410.1442.8361.5194.4989.76599999999999
20080.238-3.38-0.641-0.7579999999999991.428-0.623000000000005-7.76399999999998
2009-0.411-1.645-2.911-3.0160.950000000000001-2.3-8.76700000000002
2010-0.04099999999999991.701-1.991-0.1360000000000031.1131.7643.256
20110.2257.127-0.869-0.0259999999999998-0.004999999999999013.273000000000015.49200000000002
2012-0.291-0.757999999999996-0.196-0.1519999999999970.587-1.734000000000010.0699999999999932
20130.134-1.3520.380.4379999999999991.6252.040000000000013.10599999999999
20140.453.6970.3171.4682.6184.516.046
20150.11142.7870.3461.7852.3526.93253.337
20160.3042.464000000000010.931.592.1145.09613.473

*Due to individual chain linkages these values do not add up exactly to total GDP growth rates. Values for components are at factor cost. Adding taxes less subsidies provides market costs.

Source Publication: National Income and Expenditure Annual Results

Get the data: StatBank N1604

Many sectors, such as industry, have tended to expand and contract in line with positive and negative overall growth. However, some have not. Construction continually fell in size from 2008 to 2012, with very little increase from 2013 to 2015. Construction exhibited a larger increase in 2016 as the demand for property in Ireland increases.

Indicator A2: Net Lending/Borrowing (% of GDP)

IrelandGermanyNetherlandsUnited Kingdom
2007-6.46.75.3-3.8
2008-6.85.65-4.6
2009-5.65.75.6-3.9
2010-1.95.76.6-3.8
2011-2.26.18.8-2.4
2012-2.679-4.3
20131.66.710-5.6
2014-1.87.58.5-5.4
201510.48.53.6-5.3
20162.38.48.8-6

*Note there are some small differences between the CSO/Eurostat Current Account Balance values for 2008-2011 and 2016related to data vintages.

Source Publication: Balance of International Payments

Get the data: Eurostat database, StatBank ISA04 (Current and Capital Account), StatBank N1605 (GDP)

Net lending/borrowing of a country corresponds to the sum of total current and capital accounts’ balances in the balance of payments. It represents the net resources that the total economy makes available to the rest of the world (if it is positive, i.e. net lending) or receives from the rest of the world (if it is negative, i.e. net borrowing).

Figure 3.4 shows the current and capital account balance as a percentage of GDP for Ireland, the United Kingdom, Germany and the Netherlands. Ireland experienced net borrowing from 2007 to 2012, with the highest amounts in 2007 and 2008, during the financial crisis. In 2015, there was a large increase in the current account balance related to corporate restructuring, both for imports of individual assets and also reclassifications of entire balance sheets, resulting in a high level of net lending. In 2016, the net lending figure stood at 2.3%, again mainly driven by corporate restructuring, but at a lower level than in 2015.

Supplementary analysis:

NFCs (S.11)Financial Sector (S.12)Government (S.13)Households and NPISH (S.14+S.15)Sector Not Known (S.1N)Total Economy (S.1)
2007-5.179.9420.57-17.445-0.51-12.613
2008-3.68610.178-13.142-7.542.541-11.649
2009-3.1529.847-23.4683.4655.374-7.935
20104.04643.182-53.713.5221.023-1.937
20113.60313.125-21.8921.8530.834-2.476
20125.24-1.68-14.1164.7721.247-4.536
201313.861-0.428-11.023.158-2.6642.906
20146.149-0.085-7.0990.6-3.152-3.587
201529.3023.56-4.967-0.368-0.24227.285
20166.6190.582-1.907-1.3430.1784.129

Source Publication: Institutional Sector Accounts Non-Financial and Financial 2016

Get the data: StatBank ISA04

Figure 3.5 shows the net lending/borrowing indicator for each sector expressed in billions of Euro. Notably in 2010, the Government sector was a large net borrower while the financial sector was a large net lender. This was driven by state interventions in the banking sector following the financial crisis. Government net borrowing has fallen steadily from its 2010 peak of €53.7bn and has declined by €51.8bn during the ensuing period, resulting in government net borrowing of €1.9bn in 2016.

Indicator A3: Residential Construction (% of GDP)

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
200711.15.110.86.311.73.8
20088.258.16.210.43.6
20094.75.16.55.68.13
201035.254.76.93.1
20112.35.64.64.25.73.2
20121.85.83.13.54.93.1
201325.82.234.13.2
20142.35.9134.53.5
20151.95.70.73.54.43.6
20162.15.90.644.63.6

Get the data: Eurostat database

This measure refers to the percentage of GDP spent on construction of housing.1 Residential construction in Ireland fell even more sharply than Spain and Greece until its recovery in 2013. However, it has still remained very low relative to its peak and to some of its major trading partners.

Supplementary analysis:

Residential Construction (% of GNI*)
200712.985888256823
20089.63708923115296
20095.72348752906515
20103.7978119415814
20113.06969447744372
20123.0294603938073
20132.25656445578826
20142.29060515224302
20152.61513899975705
20162.59300180267811

Get the data: StatBank N1616 (Gross Fixed Capital Formation), StatBank N1624 (GNI*)

Residential construction as a percentage of GNI* (modified GNI excluding globalisation effects) was 2.6% in 2016 up as compared 2.1% as a percentage of GDP. If GNI* for Ireland is comparable to GDP for other countries which are less significantly affected by globalisation, Ireland’s residential construction still remains low relative to most of its trading partners. For further information on GNI* and its calculation see the National Income and Expenditure Annual Results 2016.

2016
Greece0.6
Latvia2
Ireland2.1
Slovenia2.1
Hungary2.4
Slovakia2.4
Portugal2.5
Romania2.5
Ireland (% of GNI*)2.6
Bulgaria2.7
Lithuania3
Poland3
Luxembourg3.2
United Kingdom3.6
Czech Republic3.7
Malta3.9
Netherlands4
Austria4.2
Denmark4.4
Italy4.4
Cyprus4.6
Spain4.6
Estonia4.8
Sweden5.1
Belgium5.9
Germany5.9
France6
Finland6.1

Get the data: Eurostat database

Ireland had the third lowest share of residential construction in Europe as a percentage of GDP and ninth lowest as a percentage of GNI* in 2016.

Please Note: the following four indicators, Indicators A4-A7 are based on the available data and therefore only contain data on the years 2006-2015. It is planned to update the publication once the 2016 data becomes available.

Indicator A4: People at Risk of Poverty or Social Exclusion (% of Population)

IrelandGreeceNetherlandsSpainUnited Kingdom
200623.329.3162423.7
200723.128.315.723.322.6
200823.728.114.923.823.2
200925.727.615.124.722
201027.327.715.126.123.2
201129.43115.726.722.7
201230.334.61527.224.1
201329.935.715.927.324.8
201427.53616.529.224.1
201525.935.716.428.623.5

Get the data: Eurostat database

Ireland has had a higher than average risk of poverty or social exclusion compared to three of its major European trading partners. This rate increased between 2008 and 2012 and has fallen since. It is important to note that this is a relative measure. 

Indicator A5: At Risk of Poverty Rate after Social Transfer (% of Population)

IrelandEuro Area (EU-18)GermanyGreeceNetherlandsSpainUnited Kingdom
200618.515.512.520.59.720.319
200717.216.115.220.310.219.718.6
200815.51615.220.110.519.818.7
20091516.115.519.711.120.417.3
201015.216.315.620.110.320.717.1
201115.216.815.821.41120.616.2
201216.616.816.123.110.120.816
201315.716.716.123.110.420.415.9
201416.217.116.722.111.622.216.8
201516.317.216.721.411.622.116.7

Get the data: Eurostat database

In contrast to the previous measure, Ireland has had a relatively low at risk of poverty rate once social transfers are taken into account compared to some of its major trading partners and the euro area countries.2

Supplementary analysis:

People at risk of poverty after social transfers (% of population)
Romania25.4
Latvia22.5
Lithuania22.2
Spain22.1
Bulgaria22
Estonia21.6
Greece21.4
Italy19.9
Portugal19.5
Poland17.6
Germany16.7
United Kingdom16.7
Ireland16.3
Malta16.3
Cyprus16.2
Luxembourg15.3
Belgium14.9
Hungary14.9
Sweden14.5
Slovenia14.3
Austria13.9
France13.6
Finland12.4
Slovakia12.3
Denmark12.2
Norway11.9
Netherlands11.6
Czech Republic9.7
Iceland9.6

Get the data: Eurostat database

Ireland had the 17th lowest poverty rate after social transfer in the EU in 2015. 

Indicator A6: Severely Materially Deprived People (% of Population)

IrelandGermanyGreeceNetherlandsSwedenUnited Kingdom
20064.85.111.52.32.14.5
20074.54.811.51.72.24.2
20085.55.511.21.51.44.5
20096.15.4111.41.63.3
20105.74.511.62.21.34.8
20117.85.315.22.51.25.1
20129.84.919.52.31.37.8
20139.95.420.32.51.48.3
20148.4521.53.20.77.4
20157.54.422.22.60.76.1

Get the data: Eurostat database

Compared to its major trading partners, Ireland has a large number of severely materially deprived people. Severe material deprivation is an absolute measure of poverty, where people have living conditions severely constrained by a lack of resources.

Supplementary analysis:

Severely Materially Deprived People (% of Population)
Sweden0.7
Luxembourg2
Finland2.2
Netherlands2.6
Austria3.6
Denmark3.7
Germany4.4
Estonia4.5
France4.5
Czech Republic5.6
Belgium5.8
Slovenia5.8
United Kingdom6.1
Spain6.4
Ireland7.5
Malta8.1
Poland8.1
Slovakia9
Portugal9.6
Italy11.5
Croatia13.7
Lithuania13.9
Cyprus15.4
Latvia16.4
Hungary19.4
Greece22.2
Romania22.7
Bulgaria34.2

Get the data: Eurostat database

Ireland was the 15th least materially deprived country in the EU in 2015.

Indicator A7: People Living in Households with Very Low Work Intensity (% of Total Population Under 60)

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
200612.913.68.110.96.412
200714.311.58.19.76.810.4
200813.711.77.58.26.610.4
20092010.96.68.57.612.7
201022.911.27.68.410.813.2
201124.211.2128.913.411.5
201223.49.914.28.914.313
201323.99.918.29.315.713.2
2014211017.210.217.112.3
201519.19.816.810.215.411.9

Get the data: Eurostat database

This indicator measures people living in households with very low work intensity. These are people aged 0-59 living in households where the adults (aged 18-59) worked less than 20% of their total work potential during the past year (students are excluded).

Ireland has tended to have a higher rate of people living in households with very low work intensity than three of its major trading partners since 2006.

People living in households with very low work intensity (% of population less than 60)
Luxembourg5.7
Sweden5.8
Estonia6.6
Czech Republic6.8
Poland6.9
Slovakia7.1
Slovenia7.4
Latvia7.8
Romania7.9
Austria8.2
France8.6
Lithuania9.2
Malta9.2
Hungary9.4
Germany9.8
Netherlands10.2
Finland10.8
Cyprus10.9
Portugal10.9
Bulgaria11.6
Denmark11.6
Italy11.7
United Kingdom11.9
Croatia14.4
Belgium14.9
Spain15.4
Greece16.8
Ireland19.1

*People living in households with very low work intensity are people aged 0-59 living in households where the adults (aged 18-59) worked less than 20 percent of their total work potential during the past year. Students are excluded.

Get the data: Eurostat database

Ireland had the highest rate of people living in very low work intensity households in 2015 compared to other EU countries.

Indicator A8: Labour Productivity

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
20070.81.51.90.70.51.5
2008-3.3-0.2-1.60.10.9-1.3
20093.5-5.7-3.8-2.92.9-2.6
20106.13.8-32.11.81.4
20113.62.3-2.40.81.70.9
20120.6-0.7-1.1-0.91.10.4
2013-0.9-0.1-0.610.90.9
20146.51.1-0.21.50.40.7
201522.50.8-11.30.70.6
20162.30.6-0.71.10.70.4

Get the data: Eurostat database

This indicator shows the year-on-year percentage change in real labour productivity per person employed. Small fluctuations in labour productivity were seen for most years up to 2014, with the exception of 2010 which saw a 6.1% increase. 2014 saw a similar 6.5% increase, however the most notable change was seen in 2015. The marked level increase in productivity in 2015 of 22.5% can be attributed to the high growth recorded in this year. More information on this high GDP growth observed can be found here. In 2016 the percentage change in labour productivity decreased to 2.3%.

2016
Romania5.5
Bulgaria3.4
Croatia2.7
Latvia2.4
Ireland 2.3
Poland2.3
Estonia1.8
Malta1.8
Sweden1.6
Finland1.4
Czech Republic1.3
Slovenia1.2
Netherlands1.1
Slovakia0.9
Spain0.7
Germany0.6
France0.5
United Kingdom0.4
Lithuania0.4
Denmark0.3
Austria0.2
Belgium0.2
Luxembourg0
Cyprus-0.1
Portugal-0.1
Italy-0.3
Hungary-0.4
Greece-0.7

Get the data: Eurostat database

Ireland has the fifth highest rate of labour productivity in 2016.

Indicator A9: Foreign Direct Investment Flows (% of GDP)

Inward FDI flow (% GDP)
Austria-7.8
Finland-1.8
Latvia0.9
Italy1
Germany1.5
Greece1.6
France1.7
Denmark2.1
Lithuania2.3
Spain2.6
Sweden2.9
Estonia3.2
Slovenia3.2
Czech Republic3.3
Poland3.6
Croatia3.7
Slovakia4
Portugal4.5
Belgium8
United Kingdom11.2
Cyprus13
Netherlands19.6
Malta22.3
Luxembourg23.2
Ireland25.8

Get the data: Eurostat database

Foreign Direct Investment is a category of cross-border investment made by a resident entity in one economy (the direct investor) with the objective of establishing a lasting interest in an enterprise resident in an economy other than that of the direct investor (the direct investment enterprise). The lasting interest of a direct investor is quantitatively defined as the ownership of 10%, or more, of the voting rights in the direct investment enterprise.

Inward Foreign Direct Investment (FDI), as a proportion of the reporting country’s Gross Domestic Product (GDP), can be interpreted as an indication of the extent of globalisation of an economy. A brief examination of Figure 3.18 reveals that there were relatively large flows of FDI into Ireland in 2016, making Ireland a highly globalised economy.

Supplementary analysis:

Inward FDI Flow (% GDP)
Norway-3.67675743654236
Switzerland-2.59993233013277
Iceland-2.43034667391149
Austria-1.53864913399188
Slovak Republic0.0549908503547442
Denmark0.301378261924491
Germany0.352125443297657
Latvia0.453329379338322
France1.14995533454946
Italy1.55787889340151
Greece1.62241821103355
Spain2.35417810288935
Poland2.36551838793697
Slovenia2.81924377442401
Portugal2.94417070401105
Czech Republic3.45708575307338
Sweden3.64127713034781
Estonia3.70515839429495
Belgium7.07413815926325
Ireland7.3172740442976
Netherlands9.4474987938364
United Kingdom9.58592644528013
Luxembourg45.8071920574253

Get the data: OECD

FDI figures can be calculated in two distinct ways. These two methods are on a ‘directional’ basis and an ‘asset/liability’ basis. The above FDI figures, in Figure 3.19, are calculated on a directional basis. The same indicator is presented for MIP purposes in Figure 3.18 on an asset/liability basis.

Inward FDI Flows can differ quite substantially between the directional method and the asset/liability method. This can be seen when comparing the figures found above. Ireland’s Inward FDI Flows rise substantially when the asset/liability method is used, both in absolute terms and in relation to other European countries. International Statistical Manuals recommend interpreting FDI data on a directional basis where items such as intergroup reserve debt are shown on a net basis. For more on this, see the CSO's note on Two Methods of Measuring Foreign Direct Investment.

Indicator A10: Foreign Direct Investment Stocks (% of GDP)

 

Inward FDI Stock (% GDP)
Greece16
Italy25.9
Slovenia37.1
Lithuania41.3
Germany41.7
France44.8
Finland49.9
Poland50.2
Denmark52.5
Croatia57.7
Latvia58.1
Spain59.7
Slovakia65.6
Austria66.6
United Kingdom74.5
Czech Republic75
Portugal76.1
Sweden80.3
Estonia99.8
Belgium214.5
Hungary260.8
Ireland503.3
Netherlands598.9

Please note that Luxembourg, Cyprus, and Malta were removed for Figure 3.20 as their values were many multiples of the other countries values, making it difficult to illustrate a comparison graphically. Their values can be seen in the Eurostat database (link below). 

Get the data: Eurostat database

Inward FDI Stocks as a percentage of GDP measures total investment in Ireland by foreign multinationals. Figure 3.20 shows that in 2016 Ireland had substantial stocks of FDI when compared with other developed economies.

Supplementary analysis:

Inward FDI Stock (% GDP)
2007192.1
2008209
2009267.4
2010294.3
2011304.3
2012337.3
2013344.1
2014385.2
2015499
2016503.3

Get the data: Eurostat database

Figure 3.21 shows Inward FDI Stocks as a percentage of Ireland’s GDP for the years 2007 to 2016. As with Inward FDI Flows, Stocks can also be calculated on either a directional or an asset/liability basis.

Inward FDI Stock (% GDP)
Turkey5.38990424203783
Greece15.4576085990396
Italy19.4615335775272
Germany23.7180706413702
France29.6913044631926
Slovenia32.0394254029039
Denmark33.1713681449521
Norway40.751353848523
Austria41.4303074026233
Poland41.6082860719979
Spain43.3650835656339
Iceland45.3737243281162
Slovak Republic51.1330533882374
Latvia53.9823020210306
Portugal54.3267536986279
Sweden55.9400155007857
United Kingdom57.5435528076997
Czech Republic62.956838101583
Hungary66.2878093337384
Estonia87.0955536236558
Belgium106.530701007923
Netherlands109.969756959813
Ireland289.030873197673
Luxembourg376.733968713801

Get the data: OECD

Figure 3.22 shows that Irish Inward FDI Stocks were higher when calculated using the asset/liability method rather than the directional method.

Inward FDI Stock (% GDP)
200770.162574416081
200872.0589488485055
2009102.065292156828
2010127.53202890508
2011130.575960078865
2012165.450185405642
2013164.400603445407
2014176.161861239764
2015303.638035849899
2016289.030979761728

Get the data: OECD

Figure 3.23 shows that the growth of Inward FDI Stocks as a percentage of Irish GDP over previous years is found whichever method is used to calculate the figures. While Irish Inward FDI Stocks grew in absolute terms in 2016 under the directional presentation, the higher growth rate of Gross Domestic Product meant that they actually fell as a percentage of Irish GDP.

Indicator A11: Financial Sector Leverage (non-consolidated)

% Debt to Equity
2007190.146739516043
2008276.742403322616
2009231.90219076422
2010182.8970668427
2011150.136093246534
2012121.030387200807
201399.082829463245
201484.0354714041508
201578.9190855411046
201672.3100420117403

Source publication: Institutional Sector Accounts Non-Financial and Financial 2016

Get the data: StatBank IFI03

The Financial Sector Leverage (debt-to-equity ratio) indicator shows the relative proportion of debt used to finance assets to shareholders' equity (Figure 3.24). It is defined for balance sheet liabilities as the ratio of the sum of Currency and deposits, Debt securities, Loans and Financial derivatives and employee stock options to Equity and investment fund shares. It is closely related to Headline Indicator 11 – Change in Total Financial Sector Liabilities.

Since 2009 there has been a reduction in the Financial Sector debt-to-equity ratio mainly driven by the growth of the Investment Funds sector and the deleveraging of the banking sector. Since 2013 the structure of the balance sheet of the Financial Sector has evolved such that the leverage ratio has fallen below 100% resulting from more equity than debt in the sector.

Footnotes:

Residential Construction tracks the actual construction (not sales) of housing and is part of gross fixed capital formation. Gross fixed capital formation consists of resident producers' acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by the productive activity of producer or institutional units.

This indicator measures persons with an equivalised disposable income below the risk-of-poverty threshold. This is set at 60 percent of the national median equivalised disposable income (after social transfers) as a percent of total population.

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