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External Imbalances

 

Indicator 1 : Current Account Balance

Current Account BalanceLower MIP thresholdUpper MIP threshold
2005-0.99038-46
2006-2.681-46
2007-4.51371-46
2008-5.67052-46
2009-5.86601-46
2010-3.83349-46
2011-1.9705-46
2012-1.13567-46
20130.159563-46
20141.710518-46

Source publication: Balance of International Payments

Get the data:

StatBank BPA15

StatBank N1405 (Gross Domestic Product)

 

The current account balance is mainly driven by exports less imports, although it also includes net income and current transfers in and out of Ireland. As part of the MIP, it is expressed as a three year average and as a percentage of GDP. A positive current account balance usually indicates that exports are greater than imports and vice versa. From 2005 to 2012, Ireland ran a current account deficit (measured as a three year average) and surpassed the lower MIP threshold during the years 2007 to 2009. In 2009, 2010, 2011 and 2012 the current account became less negative and became positive in 2013 and 2014. 

 

Supplementary analysis:

Current Account BalanceCurrent Account Balance minus effect of Redomiciled PLCsCurrent Account Balance without aircraft adjustmentLower MIP thresholdUpper MIP threshold
2005-0.99038-0.99038-0.6996-46
2006-2.681-2.681-1.43663-46
2007-4.51371-4.51371-3.04476-46
2008-5.67052-5.67052-4.20026-46
2009-5.86601-6.17823-4.2156-46
2010-3.83349-5.19987-1.92863-46
2011-1.9705-4.39010.460376-46
2012-1.13561-4.638271.750969-46
20130.159685-3.572833.130093-46
20141.710518-2.092974.588273-46
Show Table: Table 2 Effects of new Aircraft Leasing Measurement and of Redomiciled PLCs on Current Account Balance as % of GDP (3 year average)

The previous values of the current account balance have changed recently due to the implementation of a change in the EU-wide methodology involved in measuring trade in aircraft on the Irish data. This recalculation shows a lower current account balance than before. Under the new methodology, Ireland’s current account balance breached the lower MIP threshold in 2007 while under the old methodology it did not do so. In 2011 and 2012 Ireland experienced a current account deficit, but did not do so under the old methodology. More information on this methodological change can be found Here (PDF 595KB)

Another factor affecting the Current Account Balance is the presence of the redomiciled PLCs (also called corporate inversions) in the Irish economy. Beginning in 2008, possibly as a reaction to proposed changes to corporate tax in the United Kingdom and the United States, a number of multinational corporations relocated their group headquarters to Ireland. Many of these companies conduct little manufacturing or service activity in Ireland, but hold substantial investments overseas. By locating their headquarters in Ireland, the profits on these overseas investments are payable to the company in Ireland, even though under double taxation agreements their tax liability arises in other jurisdictions. These profit inflows are retained in Ireland with a corresponding outflow only arising when a dividend is paid to the foreign shareholders.

While these companies are considered domestic firms under internationally comparable statistics, users may also wish to understand the effect that redomiciled PLCs have on the balance of payments. From the year 2008 onwards, redomiciled PLCs have had a large positive effect on the balance of payments. Without their presence in the economy, the three year average of Ireland’s current account balance would continue to be negative into 2014 and would have been below the lower MIP threshold until 2013. More information on redomiciled PLCs can be found here Here (PDF 183KB) .

 

Indicator 2 : International Investment Position

Net international investment as % of GDPMIP threshold
2005-38.0602-35
2006-19.6383-35
2007-25.2263-35
2008-87.3886-35
2009-106.429-35
2010-103.233-35
2011-125.688-35
2012-129.487-35
2013-123.924-35
2014-104.261-35
Show Table: Table 3 Net International Investment Position as % of GDP

Source publication: International Investment Position and External Debt

 

The international investment position (IIP) expresses the balance sheet stock of an economy's foreign financial assets and its foreign financial liabilities.

The Net IIP for Ireland has been below -85 percent of GDP since 2008, well outside the MIP threshold of -35 per cent. It has, however, become less negative in 2013 and 2014.

 

Supplementary analysis:

Monetary Financial Institutions and Other SectorsCentral BankGeneral GovernmentTotal NIIPMIP Threshold
2005-26.84-15.2-38.0602-35
2006-7.85.3-17.2-19.6383-35
2007-11.26-20.1-25.2263-35
2008-51.2-12.6-23.6-87.3886-35
2009-46.3-21.9-38.2-106.429-35
201015.2-76.9-41.5-103.233-35
2011-10.9-58.3-56.5-125.688-35
2012-25.3-35.2-66.6-129.487-35
2013-35.2-28.5-60.2-123.924-35
2014-31.4-9.5-63.3-104.261-35
Show Table: Table 4 Breakdown of Net International Investment Position as % of GDP

By breaking down the components of the IIP by institutional sector it can be seen that, from 2010 to 2012, the largest contributing components to the negative IIP came from the General Government and Central Bank sectors.

In the period 2008-2014 both the General Government and Central Bank sectors have had a net debt in the IIP. For General Government this debt has increased from 34 percent of GDP in 2008 to 63 percent in 2014. The Central Bank’s portion of the debt increased until 2010, at which point this trend reversed. At the end of 2014 this debt was 9.5 percent of GDP.

Central Bank debt greatly increased in 2010 as a result of providing Emergency Liquidity assistance (ELA) to provide exceptional capital support for domestic financial institutions. Much of this ELA was assumed by General Government from 2011 onwards when Ireland switched from ECB support to the EU-IMF programme of financial assistance. The IIP with respect to these sectors combined has been falling from 2012 onwards.

Net international investment as % of GDPNet international investment as % of GDP, without aircraft adjustmentMIP threshold
2005-38.1-23.5-35
2006-19.6-5.1-35
2007-25.2-18.7-35
2008-87.4-72.7-35
2009-106.4-88.5-35
2010-103.2-83.7-35
2011-125.7-104.9-35
2012-129.5-107.9-35
2013-123.9-99-35
2014-104.3-95.2-35

The change in methodology in measuring trade in aircraft has also had an effect on the net IIP. In 2014 the new methodology describes the IIP as -104 percent of GDP compared to the -92.5 percent described with the old methodology. More information on this methodological change can be found here.

 

Competitiveness Indicators

 

Indicator 3 Real Effective Exchange Rate  

Real Effective Exchange RateLower MIP ThresholdUpper MIP Threshold
200512.1-55
20062.7-55
20073.1-55
20087.3-55
20095.1-55
2010-5.4-55
2011-9.6-55
2012-12.1-55
2013-3.9-55
2014-3.5-55

Get the data: Eurostat 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. 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. Changes in cost and price competitiveness depend on cost and price trends as well as exchange rate movements. This specific REER for the Macroeconomic Imbalance Procedure is deflated by the consumer price indices relative to a panel of 42 countries.

The upper MIP threshold of 5 percent was exceeded in 2005, 2008 and 2009 while the lower MIP threshold of -5 percent was exceeded in 2010, 2011 and 2012. However, in 2013, the three year change in Ireland’s REER did not exceed either threshold. This continued in 2014.

 

Supplementary analysis:

IrelandEU 28 AverageGermanyNetherlandsUnited KingdomUSA (Real Broad Effective Exchange Rate)
200512.15.4392864.53.2-2.9-11.7838
20062.72.846429-1.5-2.11.8-6.85545
20073.13.742857-1.5-2.1-0.4-7.04238
20087.36.1464290.9-0.1-11.2-9.73284
20095.15.3752.92.6-19.9-5.17288
2010-5.40-3.7-1.5-20.4-4.82535
2011-9.6-2.56071-4.9-2.4-8.2-5.36124
2012-12.1-4.29643-8.9-65.9-6.99588
2013-3.9-0.78571-1.90.43.4-2.28
2014-3.5-0.63571-0.30.810.25.254291

Get the data: Eurostat database

 Federal Reserve database

The pattern of Ireland’s REER has been very similar to other euro area countries and to the EU 28 average. However, it has been different to those of the UK and the USA which have other currencies in circulation. It is important to note that data on the USA are calculated in a different way to Eurostat by the Bank of International Settlements and therefore are not fully comparable.

Comparing REERs accross the EU in 2014Lower MIP ThresholdUpper MIP Threshold
Czech Republic-10-55
Hungary-7-55
Greece-5.6-55
Sweden-3.7-55
Ireland-3.5-55
Bulgaria-2.6-55
Portugal-1.8-55
Cyprus-1.4-55
Poland-1.3-55
Denmark-1.2-55
France-1.2-55
Romania-1.1-55
Spain-1-55
Croatia-0.9-55
Belgium-0.5-55
Germany-0.3-55
Malta0-55
Italy0.2-55
Latvia0.4-55
Luxembourg0.5-55
Netherlands0.8-55
Slovenia1.2-55
Slovakia1.3-55
Lithuania1.4-55
Austria1.9-55
Finland2.7-55
Estonia4.7-55
United Kingdom10.2-55

Get the data: Eurostat database

 

The chart above displays REERs across the EU in 2014. Ireland has experienced the fifth lowest fall in its REER.

 

Indicator 4: Export Market Share

Export Market ShareLower MIP ThresholdUpper MIP Threshold
20055.9-66
2006-12.5-66
2007-14.08-66
2008-19.93-66
2009-4.37-66
2010-12.11-66
2011-12.24-66
2012-15.04-66
2013-6.23-66
2014-6.39-66

Source publication: Balance of Payments

Get the data: Eurostat database

 

The export market share is calculated by dividing the exports of the country by the total exports of the world. For a country to increase its export market share its exports must increase at a faster rate than world exports. This means that a country’s exports may increase but its export market share may still fall. To capture the structural losses in competitiveness that can accumulate over longer time periods, this indicator is calculated as the percentage change in values compared to five years previously.

Ireland surpassed the -6 percent lower MIP threshold in 2014 with its change in export market share being -6.39 percent. Ireland’s export market share has consistently declined since 2005. Except for 2009 and 2014, the lower MIP threshold has been breached continually.

 

Supplementary analysis:

Export Market Share in 2014Lower MIP ThresholdUpper MIP Threshold
Finland-26.21-66
Malta-18.73-66
Croatia-18.47-66
Denmark-18.03-66
Greece-17.5-66
Austria-16.7-66
Hungary-14.79-66
Italy-14.58-66
France-14.33-66
Slovenia-12.05-66
Spain-11.46-66
Netherlands-11.28-66
United Kingdom-10.73-66
Sweden-10.05-66
Belgium-9.92-66
Germany-8.61-66
Ireland-6.39-66
Portugal-5.97-66
Czech Republic-5.26-66
Slovakia2.38-66
Poland4.81-66
Latvia8.96-66
Luxembourg9.1-66
Romania21.16-66
Estonia22.59-66
Lithuania35.26-66

Get the data: Eurostat database

 

Most European countries experienced a decline in their export market share in 2014. The fall in Ireland’s declining share is not as low as most countries in the EU. With the exception of Luxembourg, the European countries with an increasing share have had lower levels of exports per capita in 2014 than the EU average.

IrelandGermanyNetherlandsUnited KingdomChina export market share (constant 2005 US$), 5 year change
200509.470-6.9883.26808
2006020-7.91103.4846
2007-14.082.320-15.3397.49268
2008-19.93-4.540-22.6882.65636
2009-4.37-6.48-3.07-19.2671.42304
2010-12.11-7.67-6.89-23.2365.74677
2011-12.24-8.57-6.78-25.1339.84928
2012-15.04-16.26-12.54-20.4328.24447
2013-6.23-11.73-10.05-12.1727.26678
2014-6.39-8.61-11.28-10.73

It can be seen that three of Ireland’s largest EU trading partners have also mainly experienced declining export market shares over time. On the other hand, China has seen increases of over 25 percent each year during the period, albeit these increases are at a declining rate. Note that, unlike the other data, which is sourced from Eurostat, the data on China is from the World Bank World Development Indicators  

 

Get the data:

Eurostat database

World Bank database

 

Indicator 5: Nominal Unit Labour Costs

 

% change (from 3 years ago)MIP Threshold
200513.107359
200611.255419
200711.630329
200813.386619
20096.6147869
2010-6.976749
2011-14.62569
2012-12.22639
2013-3.79
2014-2.167189

Source publication: National Income & Expenditure Annual Results

Get the data:

StatBank N1401 (employee compensation/total labour costs)

StatBank N1402 (Gross Domestic Product)

The nominal unit labour cost is an index computed using the ratio of labour costs (compensation per employee) to labour productivity (GDP per person employed, including self-employed). A rise in an economy’s nominal unit labour costs corresponds to the change in labour costs being greater than the change in labour productivity, making Ireland less competitive.

The three year change in Ireland’s nominal unit labour cost indicator was -2.2 percent in 2014. This was well below the 9 percent upper MIP threshold. There is no lower threshold for this indicator. Measured as a three year change, Ireland’s nominal unit labour cost has been falling since 2010, although these decreases have become less negative during 2013 and 2014.

 

Supplementary analysis:

Nominal Unit Labour CostsLabour CostsLabour ProductivityMIP Threshold
200513.1073418.060994.3795989
200611.2554115.645323.9457979
200711.6303216.277674.1631559
200813.3866114.631961.0983229
20096.6147868.6767551.9340369
2010-6.97674-1.850225.5110159
2011-14.6256-4.4182711.955899
2012-12.2263-3.3684910.091629
2013-3.70.4513924.3108959
2014-2.167180.9766813.2135079

Get the data:

StatBank N1401 (employee compensation/total labour costs)

StatBank N1402 (Gross Domestic Product)

 

Breaking nominal unit labour costs into its two components shows the interrelationship between labour costs and productivity. In the years 2005 to 2009, labour costs rose at a faster rate than labour productivity compared to their respective levels three years previously. This caused overall increases in nominal unit labour costs. However, between 2010 and 2014 the three year changes in labour costs were continually lower than those in labour productivity. This resulted in constant declines in nominal unit labour costs in this period, thus improving economic competitiveness.

 

Internal Indicators

 

Indicator 6: Deflated House Price Index

Percentage Change in House Price IndexMIP Threshold
20056.5 6
200612.022346
20074.2512396
2008-8.410066
2009-13.16936
2010-10.31636
2011-15.37976
2012-11.98956
20130.4491866
201411.062546

Source publication: Residential Property Price Index
Get the data:

StatBank HPM01 (Residential Property Price Index)

StatBank N1405 (Consumption at Current Market Prices by Item and Year)

StatBank N1406 (Consumption at Constant Market Prices by Item and Year)

 

The deflated 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 year-on-year indicator measures inflation in the housing market relative to inflation in the final consumption expenditure of Households and NPISH.

The national accounts deflator for private final consumption expenditure is obtained by dividing final consumption expenditure of Households and NPISH at current market prices (79a) by final consumption expenditure of Households and NPISH at constant market prices (92a). 

This indicator exceeded its threshold in 2014. An increase of 11.1 percent was recorded, over 5 percent above the 6 percent MIP threshold. The threshold had not been exceeded since 2006, when the year on year change in the deflated house price index was 11.9 per cent. With the introduction of new lending regulations by the Central Bank, this trend has not continued into 2015.

 

Supplementary analysis:

OverallDublinExcluding DublinMIP Threshold
20056.5 6.56.56
200612.0223415.3166210.131136
20074.2512392.4497295.2784386
2008-8.41006-10.5884-7.254296
2009-13.1693-18.8671-10.41616
2010-10.3163-12.5917-9.329036
2011-15.3797-16.5202-14.55056
2012-11.9895-12.6579-11.96276
20130.4491866.721253-4.03266
201411.0625419.046924.0933756

Get the data:

StatBank HPM01 (Residential Property Price Index)

StatBank N1405 (Consumption at Current Market Prices by Item and Year)

StatBank N1406 (Consumption at Constant Market Prices by Item and Year)

 

The above graph shows the differences in changes in the deflated house price index between Dublin and the rest of the country1. Dublin experienced a sharper fall in deflated house prices between 2007 and 2011 and a steeper rise from 2012 to 2014 compared to house prices in the rest of the country.

 

Indicator 7: Private Sector Credit Flow, consolidated

Private Sector Credit Flow as % of GDPMIP Threshold
200533.6378814
200640.7488514
200724.8789714
200822.3042814
2009-5.0090914
20102.58490514
201116.0716314
2012-0.7349414
2013-2.2112314
201413.5199914

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

Get the data: StatBank IFI04

 

The private sector credit flow represents the net amount of liabilities (loans and debt securities) which Non-Financial Corporations (S.11) 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. 

The relatively large positive flows of credit in the period 2005-2008 were predominantly related to investment in residential and commercial property. In 2014 private sector credit flows increased by €29.6bn over the 2013 level, standing at 13.5 percent – just under the MIP threshold of 14 per cent of GDP. 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 large multinational groups during this period.

 

Supplementary analysis:

HouseholdsNon-Financial CorporationsTotal
200531.09426.08357.177
200628.19547.15975.354
200724.89824.12749.025
20087.54334.28841.831
2009-2.014-6.473-8.487
2010-9.81914.1144.295
2011-8.90236.85727.955
2012-7.4966.211-1.285
2013-5.7821.814-3.968
2014-4.88330.44225.559
Show Table: Table 5 Breakdown of Private Sector Credit Flow, consolidated (% of GDP)

A breakdown of the private sector credit flow shows flows in non-financial corporation liabilities to be much greater than flows in household liabilities from 2006 onwards. The scale of credit flows in both sectors has mainly declined since 2005. However, there have been sharp increases in flows of commercial liabilities in the years 2011 and 2014 - the latter year also reflecting broad activity in the multinational sector.

 

Indicator 8: Private Sector Debt, consolidated

Private Sector Debt as % of GDPMIP Threshold
2005170.34133
2006190.5347133
2007197.7913133
2008236.5517133
2009256.5034133
2010259.2191133
2011273.2482133
2012277.5294133
2013267.8017133
2014261.7571133

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

Get the data: StatBank 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 (NFCs) (S.11) and Households (S.14+S.15). Positions 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 every year since 2001 (the first year from which this time series is available).

 

Supplementary analysis:

NFCs - Foreign ParentNFCS - Irish ParentHouseholdsMIP ThresholdTotal Private Sector Debt
200536.059253115548551.682.6912063649653133170.339826927306
200636.459812370348662.591.5280424786811133190.535190457799
200735.529314213068263.798.6095443198467133197.790846482825
200852.541551672624975.9108.08974028111133236.551424494989
200968.011950514706571.8116.688789523116133256.503038925052
201087.29719826422560.7111.269042657938133259.219373147159
2011104.76057690853165.7102.741575779263133273.24807671984
2012110.88495702026569.699.3108686661396133279.817666633667
201396.142014763819177.893.8462422368495133267.801768940222
201494.371041407747985.283.7496647508597133263.343459037655
Show Table: Table 6 Breakdown of Private Sector Debt, consolidated (% of GDP)

This analysis uses the residency of the ultimate controlling parent as the basis for distinguishing between Irish-controlled and foreign-controlled enterprises. The expansion of private sector debt in the period 2005 to 2009 is 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) until 2012, 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 2013 and 2014 total private sector debt has continued to fall. However, this has been due to decreases in foreign-parent NFCs and Irish Household debt, while Irish NFCs' debt has risen. 

Redomiciled PLCsForeign Parent - ROW DebtIrish Parent - ROW DebtForeign Parent - Irish DebtIrish Parent - Irish DebtHouseholdsMIP Threshold
20128.3727254321275769.124386123340511.66278828702241.787989140482949.559184229138199.3108686661396133
201311.094401107397966.425436633988716.450888662795229.750686477034650.234099183767793.8462422368495133
201423.29898441595467.776358112487218.041557615094226.571416994155743.905377566594183.7496647508597133
Show Table: Table 7 Breakdown of Private Sector Debt by Location of Counterparty as % of GDP

In the period since 2009 several large multinational corporations have relocated their head offices to Ireland (i.e. redomiciled PLCs/corporate inversions), thus becoming an Irish Parent and Irish NFC in this analysis. A further breakdown of the debt of the NFC element of the Private Sector is shown in the chart above. This analysis exploits newly available classifications from the BPM6 methodology. The debt of redomiciled PLCs is shown separately from the other non-financial corporations. It is clear that entities with an Irish parent predominantly borrow from Irish counterparties whilst entities with foreign parents are mostly indebted to non-resident counterparties.

 

Indicator 9: General Government Debt 

General Government Debt as % of GDPMIP Threshold
200526.1086760
200623.6271360
200723.9264460
200842.4453660
200961.7752360
201086.8016460
2011109.303860
2012120.242560
2013119.997436583360
2014107.48019000666560

 Source publication: Government Financial Statistics - Annual

 Get the data: StatBank GFQ13

 

General government gross debt (GG Debt) comprises liabilities in the financial instruments Currency and Deposits (AF.2), Debt Securities (AF.3) and Loans (AF.4). The scoreboard indicator is obtained by expressing GG Debt as a percentage of GDP. 

General government gross debt has grown steadily since 2007 and breached the MIP threshold for the first time in 2009. The year 2014 has seen a fall in debt to 107.5 per cent of GDP from 120 per cent of GDP in 2013 and from the peak in 2012 of 120.2 per cent. The level of general government gross debt since 2007 has been strongly influenced by the financial crisis, the most significant factor being the state interventions in the banking sector from 2009 onwards.

 

Supplementary analysis:

Debt securitiesLoansCurrency and depositsMIP Threshold
200520.0527198493571.16127829690794.8948703688485160
200618.17158779224871.09021588630034.3655165285472660
200718.97261594558421.058477116412983.8952292224314260
200836.2407834959041.489106155206444.7153314397084560
200954.01472038395041.677410726989676.0833285861005160
201058.0059218271620.54551019085638.2502619216764960
201154.049097389904621.687363458663933.566747154191160
201249.928222139609434.801681489319135.512596871514860
201362.784204895011439.739646025589617.473585662698960
201462.988902171958233.426256043502611.065031791204360

Get the data: StatBank GFQ13

 

This figure shows a breakdown of General Government debt into its constituent debt instruments. The largest amount of growth in debt securities occurred in 2009 to fund government spending. The significant increase in loan liabilities during the years 2010-2013 is predominantly as a result of the EU-IMF Programme of Financial Support. Currency and deposits saw the largest amount of growth in 2011. 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 Irish Bank Resolution Corporation (IBRC) into the Government sector from mid-2011 and the growing participation of the Household sector in state savings schemes since 2008. The decline in the size of the currency and deposits sector once again in 2013 and 2014 is related to the liquidation of IBRC. Loan liabilities have also declined in 2014. For further information about the classification of IBRC see here.

General government gross debt by country in 2014MIP Threshold
Estonia10.460
Luxembourg2360
Norway26.460
Bulgaria2760
Romania39.960
Latvia40.660
Lithuania40.760
Czech Republic42.760
Sweden44.960
Denmark45.160
Poland50.460
Slovakia53.560
Finland59.360
Netherlands68.260
Malta68.360
Germany74.960
Hungary76.260
Slovenia80.860
Austria84.260
Croatia85.160
United Kingdom88.260
France95.660
Spain99.360
Belgium106.760
Ireland107.560
Cyprus108.260
Portugal130.260
Italy132.360
Greece178.660

Get the data: Eurostat database

 

Ireland’s gross general government debt was the fifth highest in the EU in 2014.

 

Indicator 10: Unemployment Rate

Unemployment Rate (3 year average)MIP Threshold
20054.48333310
20064.4510
20074.50833310
20085.17510
20097.68333310
201010.7416710
201113.4916710
201214.3833310
201314.12510
20141310

The unemployment rate is the percentage of persons in the labour force who are unemployed. 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 since 2010. The average rate of unemployment has decreased from 14.7 percent in 2012 to 13 percent in 2014. This trend has continued into 2015.


Source publication: Quarterly National Household Survey

Get the data: StatBank QNQ20

 

Supplementary analysis:

Percentage of labour force unemployed and below 25Percentage of labour force unemployed and at least 25MIP Threshold
20051.4753123.01080110
20061.4462893.01300110
20071.4524563.06827210
20081.6660783.52490910
20092.3083625.38579610
20102.9273717.82653510
20113.30996310.1856510
20123.24687511.136310
20133.00417211.1095210
20142.65588710.3371910

Get the data: StatBank QNQ24

 

From 2007 to 2012, the unemployment rate increased both for 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 for those 25 and over. In 2014 the unemployment rate has decreased for both age groups, as it did in 2013.

IndustryConstructionWholesale and Retail trade; Repair of motor vehicles and motorcyclesOther service activities and Agriculture, Forestry and FishingNot stated/Not applicableAll
20050.60.50.41.41.64.500139
20060.60.60.41.41.54.473412
20070.60.60.51.41.54.534893
20080.60.90.51.51.65.208185
20090.91.80.82.12.17.718846
20101.22.81.232.610.78868
20111.53.51.53.83.313.53828
20121.53.41.74.23.514.4288
20131.531.64.43.714.1604
20141.32.41.54.23.613.0404
Show Table: Table 8 Unemployment by Sector as a Percentage of the Total Labour Force, 3 year average

This shows the percentage of people unemployed who classified their previous sector of employment. The Not stated/Not applicable category in this figure includes persons who have never worked previously and those who have worked previously but not during the past eight years.

 

Indicator 11 Change in Total Financial Sector Liabilities

% y-o-y Change in Total Financial Sector LiabilitiesMIP Threshold
200535.1272316.5
200621.582116.5
20079.65026516.5
20086.5007916.5
20093.38997716.5
20106.2613916.5
2011-2.4181916.5
2012-1.1669216.5
2013-2.532116.5
201416.0029616.5

Source publication: Institutional Sector Accounts Non-Financial and Financial

Get the data: StatBank IFI05

 

This indicator measures the year-on-year change in the sum of all liabilities of the financial sector. There is one MIP threshold of 16.5 per cent.

The indicator breached the MIP threshold in 2005 and 2006. The growth in financial sector liabilities in these years 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. This has corresponded with a period of deleveraging in the banking sector. The sharp increase in financial sector liabilities in 2014 was driven mainly by growth in the investment funds sector.

It should be noted that the positive year-on-year growth in total financial sector liabilities from 2005 to 2010 has also been heavily influenced by the expansion of the investment funds sector in Ireland. Despite a contraction in this indicator in the period 2011 to 2013, the investment funds sector has continued to expand during these years, as can be seen in the following chart.

 

Supplementary analysis:

 

Central BankBanks + Money Market FundsInvestment FundsOtherTotal Financial Sector
20054.6908262.3825128.63594499789219.490378524204615.199623522094
20067.397161305.51682.9077364231114.928133381995510.749030805095
200713.246039189.98924.888974731959949.5425956007068277.666609332667
200862.61158.8309999999999-125.05180052568208.704872068786205.095071543106
20098.187-117.362109.4768964113.604570186166113.906466586166
201079.122-127.316186.21299279.4997159091545217.518707909154
2011-28.15-266.049788753134173.07434531.8589123290189-89.2665314241154
2012-38.537-147.830185593866199.627479115882-55.2970589804618-42.0367654584456
2013-32.837-92.4188256529999162.462267025444-127.352939708127-90.1464983356825
2014-23.167763211042246.7960680872714453.56869054947478.1118960593005555.308891485004
Show Table: Table 9 Breakdown of Change in Financial Sector Liabilities (€bn)

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 28 clearly shows the effect of this growth on the total financial sector in helping to offset the deleveraging which occurred in the banking sector in the years 2009 to 2013. For the first time since 2008 the banking sector showed year-on-year growth in its balance-sheet during 2014.

Footnotes:

1This refers to year-on-year changes in the index, where January 2005 is 100 for each indicator. Annual values are calculated by taking the average of the values for March, June, September and December.

 

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