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Headline Scoreboard

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The Macroeconomic Imbalance Procedure (MIP) is an annual process which the European Commission undertakes, using a scoreboard of 14 headline indicators and 25 auxiliary indicators to screen for any macroeconomic imbalances that may occur in member states. Each of the 14 headline indicators have a threshold, set by the European Commission, beyond which economic imbalances are determined to have occurred.

All EU member states have obligations to ensure that their economies do not exceed the various thresholds on the headline indicators. This publication is designed to help users to verify the European Commission's data on Ireland, and provides additional analysis of all of the headline indicators and some of the auxiliary indicators. The cut off for inclusion of 2016 data for each country was 24th October 2017. Some data may have been updated/revised since this date as part of the regular production cycle of each domain. The information shown in the MIP scoreboard is based on the data available for the Alert Mechanism Report 2018, published in November 2017.

Table 1.1 Macroeconomic Imbalance Procedure Scoreboard for Ireland, 2012-20161
External Imbalances and Competitiveness
1Current Account Balance as % of GDP (3 year average)-4%/6%-2.3-
2Net International Investment Position as % of GDP-35%-137.4-131.6-161.0-195.1-176.2
3Real Effective Exchange Rate (42 IC - HICP deflator) (3 year % change)±5% -12.2-3.8-3.6-6.3-6.6
4Export Market Share (5 year % change)-6%-15.9-7.8-
5Nominal ULC (3 year % change)9%-11.8-1.9-3.7-19.5-20.5
Internal Imbalances
6Deflated House Prices, % year-on-year change6%-14.8-0.515.111.06.6
7Private Sector Credit Flow as % of GDP, consolidated14%-0.6-1.42.5-3.1-19.0
8Private Sector Debt as % of GDP, consolidated133%279.1267.1279.4306.5278.1
9General Government Sector Debt as % of GDP60%119.6119.4104.576.972.8
20Unemployment Rate (3 year average)10%14.414.
11Total Financial Sector Liabilities, % year-on-year change16.5%-1.80.319.59.72.5
Employment Indicators
12Activity Rate, % of total population aged 15-64-0.2%-
13Long-term Unemployment Rate, % of active population aged 15-740.5%5.51.0-2.0-3.7-3.6
14Youth Unemployment Rate, % of active population aged 15-242.0%6.4-0.8-5.2-9.5-9.6
1Years where the threshold has been breached are highlighted in blue

Table 1.1 (above) provides the MIP Scoreboard for Ireland for the years 2012-2016. Where indicative thresholds are exceeded, cells in Table 1.1 are highlighted in blue.

In 2017, five out of the fourteen MIP indicators for Ireland exceeded their indicative threshold. These indicators were:

- Net International Investment Position
- Deflated House Price Index
- Real Effective Exchange Rate
- Private Sector Debt
- General Government Sector Debt

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