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E-mail: bop@cso.ie Derek Stynes (+353) 1 498 4303 Christopher Sibley (+353) 1 498 4305
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CSO statistical release, 04 June 2015, 11am

Macroeconomic Imbalance Procedure Scoreboard

2013

Table 1 MIP Scoreboard Indicators for Ireland
 Thresholds2004200520062007200820092010201120122013
External Imbalances and Competitiveness           
1. Current Account Balance as % of GDP (3 year average)-4%/6%-0.6-2.1-4.2-6.7-8.1-8.4-6.4-4.2-1.51.1
2. Net International Investment Position as % of GDP-35%-17.9-24.5-5.3-19.5-75.6-92.4-88.0-112.2-112.0-104.9
3. Real Effective Exchange Rate (% change From 3 years ago)±5% 18.412.12.73.17.35.0-5.4-9.6-12.2-3.9
4. Export Market shares % change (from 5 years ago)-6%12.65.9-12.5-15.4-21.2-5.3-13.0-13.1-14.3-4.9
5. Nominal Unit Labour Costs ( % change from 3 years ago)9% 10.714.812.814.317.010.1-3.2-12.8-10.01.3
Internal Imbalances           
6. % y-o-y change in Deflated House Prices6%9.36.511.94.3-8.5-12.7-10.4-15.3-11.90.3
7. Private Sector Credit Flow as % of GDP, consolidated14%23.733.841.024.922.4-5.02.616.3-1.8-5.7
8. Private Sector Debt as % of GDP, consolidated133%150.1171.2191.7198.1237.4258.5261.1277.9281.5266.3
9. General Government Sector Debt as % of GDP60%28.326.223.824.042.662.287.4111.1121.7123.3
10. Unemployment Rate ( 3 year average)10%4.54.54.54.55.27.710.813.514.414.2
11. % y-o-y Change in Total Financial Sector Liabilities16.5%20.035.121.39.66.23.56.3-2.4-1.51.0

In 2013, Four of the Eleven Scoreboard Indicators for Ireland exceeded EU Threshold

Macroeconomic Imbalance Procedure Scoreboard 2013 Figure 1 (png)
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Introduction

Table 1 above provides the Macroeconomic Imbalance Procedure (MIP) Scoreboard for Ireland for the years 2004-2013 Where indicative thresholds are exceeded, cells are highlighted.

In 2013, four out of the eleven MIP indicators for Ireland exceeded their indicative threshold. The four indicators for Ireland whose thresholds were breached are:

  • the Net International Investment Position
  • Private sector Debt
  • General Government Sector Debt
  • the Unemployment rate.

Supplementary analysis is provided in this release for some of the indicators and, in particular, for those indicators which break their indicative thresholds.

The MIP is an annual process undertaken by the European Commission, where the cut off for inclusion of 2013 data for each country was 1 November 2014. Some data may have been updated/revised since this date as part of the regular production cycle of each statistical domain. However the information shown in the MIP scoreboard is based on the data available for the Alert Mechanism Report 2015 published in November 2014.

The recent financial crisis has highlighted the importance of the early detection and correction of macroeconomic imbalances across EU countries and the euro area. This has led the European Commission to develop the MIP which came into force in December 2011 as part of the 'six-pack' of legislative acts which strengthens the monitoring and surveillance of macroeconomic policies in the EU and the euro area.

Under the MIP, any potential macroeconomic vulnerabilities of EU countries are assessed by the European Commission using defined standard indicators related to both internal and external macroeconomic imbalances.

  • Internal imbalances are imbalances that can arise from public and private indebtedness; financial and asset market developments, including housing; the evolution of private sector credit flow and the evolution of unemployment.
  • External imbalances can arise from the evolution of current account and net investment positions of Member States, real effective exchange rates, share of world exports and nominal unit labour costs.

The MIP is built around a “two-step” approach with the first step consisting of an MIP scoreboard which acts as an alert mechanism. The MIP scoreboard is made up of 11 indicators which monitor any potential internal or external macroeconomic imbalances. The MIP scoreboard indicators are accompanied by indicative thresholds which are used to identify any potential economic imbalances. The indicators are mostly compiled by Eurostat with Irish data being provided by the CSO.

The aim of the scoreboard is to trigger in-depth studies undertaken by the Commission which act as the second step of the MIP. If such imbalances are problematic then the Commission may substantiate policy recommendation if appropriate.

The purpose of this release is to explain the source of the 2013 Irish data and to present details of the latest round of the annual MIP Scoreboard which was published in November 2014. Where indicative thresholds have been breached, further analysis and additional details are provided on the Irish MIP indicators.

External Imbalances & Competitiveness Indicators  

 

Indicator 1 : Current Account Balance

3 year averageLower MIP thresholdUpper MIP threshold
2004-0.6-46
2005-2.1-46
2006-4.2-46
2007-6.7-46
2008-8.1-46
2009-8.4-46
2010-6.4-46
2011-4.2-46
2012-1.5-46
20131.1-46

 

Source Publication: Balance of Payments

Source Data:

Statbank Table BPA15

StatBank Table N1305

The current account provides information about all economic transactions of a country with the rest of the world. It covers all transactions in goods, services and income which occur between resident and non-resident units. For the MIP indicator above, it is expressed as a percentage of GDP.

In 2013, the current account balance as a percentage of GDP was 1.1 per cent which was within the indicative thresholds (between -4 and 6 per cent). From 2006 to 2011, this indicator was below the – 4 per cent threshold. A negative current account balance indicates that a country is a net borrower from the rest of the world.

 

Indicator 2 : International Investment Position

Net International Investment Position as % of GDPMIP Threshold
2004-17.9-35
2005-24.5-35
2006-5.3-35
2007-19.5-35
2008-75.6-35
2009-92.4-35
2010-88-35
2011-112.2-35
2012-112-35
2013-104.9-35

Source PublicationInternational Investment Position and External Debt 

Source DataStatbank Table BPA01

The international investment position (IIP) is a point in time statistical statement of the value and composition of the balance sheet stock of an economy's foreign financial assets (i.e. the economy's financial claims on the rest of the world) and its foreign financial liabilities (or obligations to the rest of the world).

The Net international investment position (IIP) for Ireland has been at and below -75.6 per cent of GDP since 2008. This is outside the set MIP threshold of -35 per cent of GDP.

 

Supplementary Analysis: International Investment Position Detailed Breakdown

Central BankGeneral governmentOther sectors and monetary financial institutions MIP thresholdNIIP as % of GDP
2008-12.6093005832932-23.6731417563012-36.6420506234281-35-72.9250280943972
2009-22.1212986425878-38.5196949688902-28.5806060173454-35-89.2204099599082
2010-77.4622865735351-41.854021148622435.0019402405898-35-84.3155801319364
2011-59.2947930917552-57.467756457478310.1308450556004-35-106.632289145356
2012-35.6493299759775-67.4012329599722-3.21264218112356-35-106.263205117073
2013-21.2734065255076-66.865570881796-10.3483588971972-35-98.4856199689915

Source DataStatbank Table BPQ15

By breaking down the components of the IIP by institutional sector it can be seen that, from 2010 to 2013, the largest contributing components to the negative IIP came from the General government and Central Bank sectors.

In the period 2008-2013 both the General Government and Central Bank sectors have had a net deficit in the IIP. For General Government this deficit has increased from €44bn in 2008 to €117bn in 2013. The Central Bank deficit increased until 2010, at which point this trend reversed. At the end of 2013 the Central Bank deficit was €37bn.

 

Indicator 3: Real Effective Exchange Rate

% change (from 3 years ago)Lower thresholdUpper threshold
200418.4-55
200512.1-55
20062.7-55
20073.1-55
20087.3-55
20095-55
2010-5.4-55
2011-9.6-55
2012-12.2-55
2013-3.9-55

Source DataEurostat database

The REER (Real Effective Exchange Rate) aims to assess a country's price or cost competitiveness relative to its principal competitors in international markets. Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends. The specific REER for the Macroeconomic Imbalances Procedure is deflated by the consumer price indices relative to a panel of 42 countries (double export weights are used to calculate REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere).

The lower indicative threshold of -5% was exceeded in 2010, 2011 and 2012. A negative value means improving country competitiveness relative to its principal trading partners. A positive value means real appreciation and a loss of country competitiveness relative to principal trading partners. In 2013, Ireland’s REER indicator (percentage change from 3 years ago) was -3.9 per cent which was within the indicative threshold.

 

Indicator 4: Export Market Share

% change (from 5 years ago)MIP Threshold
200412.6-6
20055.9-6
2006-12.5-6
2007-15.4-6
2008-21.2-6
2009-5.3-6
2010-13-6
2011-13.1-6
2012-14.3-6
2013-4.9-6

Source PublicationBalance of Payments

Source DataEurostat database

The export market share is calculated by dividing the exports of the country by the total exports of the world. This indicator aims at capturing structural losses in competitiveness. The indicator measures the degree of importance of a country within the total exports of the world. For the calculation at current prices, the market share refers to world trade (world export market share). A country might experience a loss of export market share not only if its exports decline but, most importantly, if its exports do not grow at the same rate of world exports and its relative position at the global level deteriorates - as is the case for Ireland since 2006. To capture the structural losses in competitiveness that can accumulate over longer time periods, the indicator is calculated as a five years percentage change (comparing year Y with year Y-5) of export market shares of goods and services.

For Ireland this indicator was within the threshold for 2013 where the percentage change was -4.9 from the level 5 years earlier. For every year from 2006 to 2012 (excluding 2009) this indicator has been outside the indicative threshold.

 

 Indicator 5: Nominal Unit Labour Costs

% change (from 3 years ago)MIP Threshold
200410.79
200514.89
200612.89
200714.39
2008179
200910.19
2010-3.29
2011-12.89
2012-109
20131.39

Source PublicationNational Income & Expenditure (NIE)

Source Data: StatBank Table N1302

This indicator compares remuneration (compensation per employee) and productivity (GDP per person employed including self-employed) to show how the remuneration of employee’s is related to the productivity of their labour. The indicator is expressed as a percentage change over three years. The unit labour cost (ULC) is defined as the ratio of labour costs to labour productivity. A rise in an economy’s nominal unit labour costs corresponds to a rise in labour costs that exceeds the increase in labour productivity. This can potentially be a threat to an economy’s cost competitiveness, if out of line with other costs (e.g. cost of capital).

Ireland’s nominal unit labour cost indicator was below the 9 per cent threshold at 1.3 per cent in 2013 after several years of improvement in competitiveness. Prior to 2010 compensation of employees had an increasing share of GDP.

 

Internal Imbalances MIP Indicators

 

Indicator 6: Deflated House Price Index

% y-o-y change in Deflated House PricesMIP Threshold
20049.36
20056.56
200611.96
20074.36
2008-8.56
2009-12.76
2010-10.46
2011-15.36
2012-11.96
20130.36

Source PublicationResidential Property Price Index

Source Data:

StatBank Table HPM01

StatBank Table N1305

StatBank Table N1306

The deflated house price index (or real house price index) is the ratio between the Residential Property Price Index and the national accounts deflator for private final consumption expenditure for households and non-profit institutions serving households (NPISH). This indicator measures inflation in the housing market relative to inflation in the final consumption expenditure of Households and NPISH. The Residential Property Price Index (RPPI) captures price changes of all residential properties purchased by households (flats, detached houses, terraced houses, etc.), both new and existing, independently of their final use and their previous owners. The land component is included.

The national accounts deflator for private final consumption expenditure is obtained by dividing final consumption expenditure of Households and NPISH at current market prices (NIE item 79a) by final consumption expenditure of Households and NIPSH at constant market prices (NIE item 92a). This data can be found in the links provided to the National Accounts section of Statbank.

In 2013, this indicator did not exceed its indicative threshold; a small increase of 0.3 per cent was recorded. The threshold has not been exceeded since 2006, when the year on year change in the deflated house price index was 11.9 per cent.

 

Indicator 7: Private Sector Credit Flow, Consolidated

Private Sector Credit Flow as % of GDP, consolidatedMIP Threshold
200423.714
200533.814
20064114
200724.914
200822.414
2009-514
20102.614
201116.314
2012-1.814
2013-5.714

Source PublicationAnnual Institutional Sector Accounts Non-Financial and Financial

Source DataStatBank Table IFI04

The private sector credit flow represents the net amount of liabilities (loans and debt securities) which the sectors Non-Financial Corporations (S.11- NFCs) and Households and Non-Profit institutions serving Households (S.14+S.15) have incurred during the year. Transactions between units within both sectors are eliminated to produce a consolidated presentation. The indicator is expressed as a percentage of GDP. Definitions regarding sectors and instruments are in line with the European System of Accounts, 2010 edition (ESA 2010).

The relatively large positive flows of credit in the period 2004-2008 were predominantly related to investment in both residential and commercial property. Apart from 2011 the indicator has been below the MIP threshold since 2009. The threshold breach in 2011 was caused principally by refinancing operations for a large multinational group during this period.

 

Indicator 8: Private Sector Debt, Consolidated

Private Sector Debt as % of GDP, consolidatedMIP Threshold
2004150.1133
2005171.2133
2006191.7133
2007198.1133
2008237.4133
2009258.5133
2010261.1133
2011277.9133
2012281.5133
2013266.3133

Source PublicationAnnual Institutional Sector Accounts Non-Financial and Financial

Source DataStatBank Table IFI05

The private sector debt is the stock of liabilities in the form of loans and debt securities held by the sectors Non-Financial Corporations (S.11-NFCs) and Households (S.14+S.15). Transactions between units within both sectors are eliminated to produce a consolidated presentation. The indicator is expressed as a percentage of GDP. For Ireland, this indicator has exceeded the threshold for all years since 2001 (the first year of the available time series). A more detailed breakdown of total private sector debt is shown in Figure 10.

 

Supplementary Analysis: Private Sector Debt, Consolidated

NFCs - Foreign ParentNFCS - Irish ParentHouseholdsMIP Threshold
200129.183773896221862.659464075437348.3560360884662133
200241.834291750963743.167991272389853.2298803977509133
200334.800766231472546.285473171661460.9216741335367133
200436.083293153948843.641515847663570.4073150946067133
200536.144165029452951.931835626517983.0944138004265133
200636.730854718165162.903495713741992.1078653895853133
200735.596715137934863.738438939646298.7625093128526133
200852.585950444935676.3411293227178108.481331632595133
200968.59061240008972.3195197744709117.603411850553133
201090.249992711757658.8003812518267112.096352633319133
2011109.49896611012963.8961576318002104.48216430114133
2012110.53911269755272.781241467481398.1966301538323133
2013106.81105196506367.546010532451195.9634816034494133

This analysis uses the residency of the ultimate controlling parent as the basis for distinguishing between Irish-controlled and Foreign-controlled enterprises. It is clear from Table 2 and Figure 10 that the MIP threshold is first breached in 2005 if the influence of foreign NFCs is excluded. The subsequent threshold breaches, in the period 2005 to 2009, are driven primarily by the growth in property related investment by the Irish private sector. In the period following the initial financial crisis (roughly 2009 onwards), the contribution to overall private sector debt by Irish entities (NFCs and Households) has been decreasing, whereas the contribution from foreign NFCs has been steadily increasing. In the period since 2009 several large multinational corporations have relocated their head offices to Ireland, thus becoming an Irish Parent in this analysis. However, their impact on the scale of Private sector debt during this time is relatively small due to the fact that the debt instruments (debt securities and loans) play a minor role in the structure of their balance sheets which are predominately composed of equity liabilities vis-à-vis the rest of the world.

 

Table 2 Breakdown of Private Sector Debt, Consolidated, % of GDP
HouseholdsNFCS - Irish ParentNFCs - Foreign ParentTotal Private Sector Debt
200148.4%62.7%29.2%140.2%
200253.2%43.2%41.8%138.2%
200360.9%46.3%34.8%142.0%
200470.4%43.6%36.1%150.1%
200583.1%51.9%36.1%171.2%
200692.1%62.9%36.7%191.7%
200798.8%63.7%35.6%198.1%
2008108.5%76.3%52.6%237.4%
2009117.6%72.3%68.6%258.5%
2010112.1%58.8%90.2%261.1%
2011104.5%63.9%109.5%277.9%
201298.2%72.8%110.5%281.5%
201396.0%67.5%106.8%270.3%

 

 Indicator 9: General Government Debt

General Government Sector Debt as % of GDPMIP Threshold
200428.360
200526.260
200623.860
20072460
200842.660
200962.260
201087.460
2011111.160
2012121.760
2013123.360

Source PublicationGovernment Finance Statistics

Source DataStatBank Table  GFQ13

Public debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year. It is comprised of the financial instruments Currency and Deposits (AF.2), Debt Securities (AF.3) and Loans (AF.4). The scoreboard indicator is obtained by expressing the debt as a percentage of GDP.

General government debt has grown steadily since 2007 and breached the MIP threshold for the first time in 2009. The debt level stood at 123.3% at the end of 2013 – its highest level during the period of interest. The rise in General Government debt since 2007 has occurred as a result of the financial crisis, the most significant factor being the state interventions in the banking sector from 2010 onwards.

 

Supplementary Analysis: General Government Debt (% of GDP)

/tbody>
Debt SecuritiesLoansCurrency and DepositsMIP Threshold
2004221.15.260
200520.11.24.960
200618.31.14.460
2007191.13.960
200836.41.54.760
200954.41.76.160
201058.420.78.360
20115522.134.160
201250.535.235.960
201364.540.917.960

Source DataEurostat database

A breakdown of General Government debt into its constituent debt instruments is shown in Figure 12. The impact of the financial crisis is clearly seen from 2008 onwards with the significant growth in the issuance of debt securities to fund state financing. The impact of the interventions in the financial sector is also evident with the growth in the loans and currency and deposits instruments during this period. The growth in the currency and deposit component of debt liabilities in 2011 and 2012 is due mainly to a combination of the classification of IBRC into the Government sector in 2011 and the growing participation of the Household sector in state savings schemes since 2008. The significant increase in loan liabilities during the years 2010-2013 is predominantly as a result of Ireland’s Programme of Financial Support from the EU and the IMF.

 

Indicator 10: Unemployment Rate

Unemployment rate (3 year average)MIP threshold
20044.510
20054.510
20064.510
20074.510
20085.210
20097.710
201010.810
201113.510
201214.410
201314.210

 

Source PublicationQuarterly National Household Survey

Source DataStatBank Table QNQ20

The unemployment rate is the number of unemployed persons as a percentage of the labour force based on the International Labour Office definition. The labour force is the total number of people employed and unemployed. The indicator monitors rates of unemployment and it helps to better understand the potential severity of macroeconomic imbalances. The indicator is derived as a three-year average based on the reference year plus the previous two years.

This indicator has exceeded the indicative threshold from 2010. The rate of unemployment has decreased from 14.4 per cent in 2012 to 14.2 per cent in 2013. This trend has continued into 2014.

 

Supplementary Analysis: Contribution to Unemployment Rate, by Broad Age Group

Total 15-24 (Youths)Over 25MIP Threshold
20041.502048344820893.0062849885124410
20051.474841936397093.0084913969362410
20061.442849344978173.0071506550218310
20071.448983043589963.0593502897433710
20081.661929609903563.5130703900964410
20092.307112536780675.3762207965526710
20102.928215470577967.813451196088710
20113.3120817363694410.179584930297210
20123.2466962432405911.136637090092710
20133.0073228045248411.117677195475210

Source DataStatBank Table QNQ24

According to the QNHS, from 2007 to 2012, the unemployment rate increased for both those aged 15-24 and those aged over 25. The rate of increase in youth unemployment has been higher relative to the increase in unemployment of those 25 and over. In 2013 the contribution to the unemployment rate (3 year average) has decreased for the 15-24 age group but has remained relatively stable during this period for the over 25 group.

 

Supplementary Analysis: Unemployment by Previous Sector of Employment

IndustryConstructionWholesale and retail TradeOther Service Activities + Agriculture, Forestry and FishingNot stated/Not previously workedMIP Treshold
20040.6512377439083580.5195021518946380.6481741254894351.080581982331811.6088373297090910
20050.6049982699506150.5267292629989620.6688827026516941.10676606586771.5759570318643610
20060.5736581149927220.5566548398835520.7023971979621541.105617721979621.5116721251819510
20070.5536481973109530.6030672832633950.747849761639691.09494162313381.508826467985510
20080.5992928602274360.8998704476752560.860016913775731.181824888441051.6339948898805210
20090.8713287669030281.809369221616581.210817133761031.698924316241382.0928938948113110
20101.21089924917062.790169955183051.699310284616732.404167685233692.637119492462610
20111.492356883853763.465309717055572.180932251155453.096878170443023.2561896441588710
20121.543007189245533.433133335115052.441749293992933.445434339115023.520009175864810
20131.460434996447893.016971555822722.439976228209193.550354527569813.6572626919503810

Source DataTable 11 QNHS Unemployment Thematic Report

Figure 15 augments the trend in the unemployment rate with the percentage of unemployed persons who cited their previous sector of employment. From 2004 to 2008, the unemployment rate, according to the QNHS, was at or below 6.4 per cent. The percentage of people unemployed who classified their previous sector of employment to be in the construction sector, other service activities or sector not stated/not previously worked is clearly shown in Figure 15. The not stated/not previously worked category in Figure 15 includes persons who have never worked previously and those who have worked previously but not during the past eight years.

During the period under review the total unemployment rate from the CSO QNHS increased from 4.5 per cent in 2004 to 14.7 per cent in 2012, before decreasing slightly to 13.1 per cent in 2013.

 

Indicator 11: Change in Total Financial Sector Liabilities

% y-o-y Change in Total Financial Sector LiabilitiesMIP threshold
20042016.5
200535.116.5
200621.316.5
20079.616.5
20086.216.5
20093.516.5
20106.316.5
2011-2.416.5
2012-1.516.5
2013116.5

 

Source PublicationAnnual Institutional Sector Accounts Non-Financial and Financial

Source DataStatBank Table IFI03

This Indicator measures the evolution of the sum of all liabilities of the financial sector. The MIP indicator is expressed as a year over year growth rate, with an indicative threshold 16.5 per cent.

The indicator breached the MIP threshold from 2004 to 2006 and this growth in financial sector liabilities was mainly related to bank lending to fund investment in both residential and commercial property by the private sector. Since 2007 the indicator has fallen below the threshold which has corresponded with a period of deleveraging in the banking sector. It should be noted that the positive year-on-year growth in total financial sector liabilities from 2004 to 2010 has also been heavily influenced by the expansion of the investment funds sector in Ireland. Despite a contraction in this indicator in 2011 and 2012 the investments funds sector has continued to expand during these years as can be seen in the following chart.

 

Supplementary Analysis: Changes in Financial Sector Liabilities

Central BankBanks + Money Market FundsInvestment FundsOtherTotal Financial Sector
20040.184999999999999179.537520.6618526019593.5571623505223293.941514952472
20054.6908263.1165128.63594499789220.606378524204617.049623522094
20067.397161304.81382.9077364231112.279133381995507.397030805095
200713.246039189.52524.888974731959953.3575956007068281.017609332667
200862.61159.183-125.05180052568208.236872068786204.979071543106
20098.187-117.288109.4768964116.457570186166116.833466586166
201079.122-126.124186.21299282.2997159091544221.510707909154
2011-28.15-266.451788753134173.07434532.3589123290189-89.1685314241155
2012-38.537-145.816185593866199.627479115882-71.5826562102473-56.308362688231
2013-32.837-93.867825653162.462267025444-9.5331477148022326.2242936576417

Source Publication Annual Institutional Sector Accounts Non-Financial and Financial

Source DataStatBank Table IFI03

Apart from a contraction in 2008, due to the financial crisis, the Investment Funds sector has shown continuous growth in balance-sheet size since 2004. Figure 17 clearly shows the effect of this growth on the total financial sector in helping to offset the deleveraging which has been occurring in the banking sector since 2009.

Background Notes

 

The MIP Scoreboard is just one component in the preventive arm of the economic surveillance framework which the European Commission has in place to monitor economic developments in member states. Details of this surveillance framework, and the functioning of the MIP Scoreboard within it, can also be found on the European Commission website at

http://ec.europa.eu/economy_finance/economic_governance/index_en.htm

Documentation outlining the scoreboard indicators can be found on the European Commission website at

http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/op92_en.htm

 

Table 3 MIP Scoreboard Indicators
 Indicator Source
Institution Statistical domain
  1. Current account balance as % of GDP CSO BOP
  2. Net international investment position as % of GDP CSO BOP
  3. Real effective exchange rate DG ECFIN  
  4. Share of world exports CSO, Eurostat, IMF BOP
  5. Nominal unit labour cost CSO NA
  6. House prices - deflated CSO Price statistics
  7. Private credit flow as % of GDP CSO FA
  8. Private debt as % of GDP CSO FA
  9. General government gross debt (EDP) as % of GDP CSO GFS
  10. Unemployment rate CSO LFS
  11. Total financial sector liabilities CSO FA

 

Set out in Table 3 are the 11 headline indicators from the latest round of the MIP Scoreboard, along with the Irish institution and Statistical domain which supplied the data.

The statistical areas in the CSO providing the data for compilation of the MIP scoreboard are:

  • Balance of payments statistics (BOP)
  • National accounts (NA)
  • Financial Accounts (FA)
  • Government Finance Statistics (GFS)
  • Price statistics
  • Labour Force statistics (LFS)
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