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National Accounts

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This chapter contains information on the performance of the overall economy. The details are drawn from the National Income and Expenditure 2016 electronic release (NIE 2016) and the Government Income and Expenditure 2016 electronic release (GIE 2016).  The results are compiled in accordance with the latest EU standard framework, ESA 2010.

Estimates are provided at current and at constant prices. The impact of inflation is eliminated from the tables at constant prices and they indicate the real or volume changes in the various aggregates over time. At present, the constant price tables are chain linked annually and referenced to year 2015.

The table General Government Transactions provides a summary of the revenue and expenditure of the Government sector and the General Government balance (Surplus/Deficit) for each period. The General Government Surplus/Deficit is the standard European measure used to monitor compliance with the Stability and Growth Pact. This table also shows details of how this balance is financed.

The table General Government Net Worth, Gross and Net Debt presents the net worth of the Government sector at the end of each period, calculated as financial assets plus non-financial assets minus financial liabilities. It also shows General Government Gross Debt (also known as Maastricht Debt) which comprises the sum of certain categories of liabilities (namely currency and deposits, loans and debt securities) and a Net Debt measure which is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt.

15.1 Main Aggregates, 2011-2016
 
Description 201120122013201420152016 1
€million
Gross Domestic Product (GDP) at current market prices 171,939175,561180,298194,537262,037275,567
plus Net factor income from the rest of the world -33,788-33,549-28,309-29,715-56,048-48,818
Gross National Product (GNP) at current market prices 138,151142,012151,990164,822205,990226,749
EU subsidies1,6981,6321,4501,3181,5711,479
EU taxes-240-242-247-275-327-486
Gross National Income (GNI) at current market prices 139,610143,402153,193165,866207,234227,742
less provision for depreciation-23,992-25,650-27,177-29,486-56,781-62,893
less Non EU taxes-17,779-18,359-19,302-21,210-22,525-23,431
plus Non EU subsidies 1,7251,9101,9061,8631,7661,674
Net National Product at factor cost99,563101,303108,620117,033129,694143,093
Gross National Disposable Income at current market prices136,968140,808150,284163,136203,910224,115
Chained linked volume measures referenced to year 2015€million
Gross Domestic Product at constant market prices 189,478189,548192,654208,700262,037275,510
Index of GDP at constant market prices72.372.373.579.6100.0105.1
Gross National Product at constant market prices 152,291153,963162,436177,129205,990225,781
Index of GNP at constant market prices73.974.778.986.0100.0109.6
Gross National Income at constant market prices 153,823155,409163,516178,095207,234226,717
Index of GNI at constant market prices74.275.078.985.9100.0109.4
Gross national disposable income at constant market prices 148,063146,672153,775163,510203,910222,010
Index of gross national disposable income at constant market prices72.671.975.480.2100.0108.9
Per head of population (€)
GDP at current market prices37,58338,28739,25442,20356,53058,961
GNP at current market prices30,19830,97033,09135,75644,43848,516
GNI at current market prices30,51631,27433,35335,98344,70748,728
GNDI at current market prices29,93930,70832,72035,39143,99047,952
Net national product at factor cost21,76322,09323,64825,38927,97930,617
GDP at constant market prices41,41741,33741,94445,27556,53058,949
GNP at constant market prices 33,28833,57735,36538,42644,43848,309
GNI at constant market prices33,62333,89235,60038,63644,70748,509
GNDI at constant market prices32,36431,98733,48035,47243,99047,502
Per person in employment 2(€)
GDP at current market prices92,37695,61196,421102,302133,781136,765
GNP at current market prices74,22377,34081,28286,676105,166112,536
GNI at current market prices75,00678,09781,92687,224105,802113,029
GNDI at current market prices73,58876,68480,37085,789104,105111,229
Net national product at factor cost53,49155,17058,08961,54466,21471,017
GDP at constant market prices101,799103,228103,029109,749133,781136,736
GNP at constant market prices 81,82083,84986,86993,147105,166112,056
GNI at constant market prices82,64384,63687,44693,655105,802112,520
GNDI at constant market prices79,54879,87882,23785,986104,105110,184
1Preliminary
2 Persons in employment on an ILO basis as in the QNHS (April-June) for 2011 to 2016
Source:CSO

Table 15.1 shows the main aggregates e.g. Gross Domestic Product (GDP), Gross National Product (GNP) at current and constant (i.e. annually chain linked and referenced to the year 2015) market prices.

Gross National Income at current market prices increased each year from 2011.  The changes are due to both price and volume changes. The effect of price changes over the period is eliminated by re-valuing Gross National Income at constant market prices, thus indicating the real or volume changes which occurred.

The table also contains particulars per head of population and per person at work of Gross National Income in current and constant terms. 

GDP %GNP %
20120.03715304370443661.09762202577335
20131.638820553687785.50316597239229
20148.328387324084319.04541940254235
201525.557285044470716.2937965925336
20165.141398247803689.60783932758243

Detailed annual national accounts show that Gross Domestic Product (GDP) increased by 5.1% in constant prices between 2015 and 2016. Gross National Product (GNP) increased by 9.6% over the same period. 

15.2 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross National Income at Constant Market Prices (chain linked annually and referenced to year 2015)
(Note the sectors here are the NACE Rev. 2 A10 breakdown.
        
€million
Description ESA Code201120122013201420152016 1
Agriculture, forestry and fishing 1,9361,6451,7792,2292,3402,644
Industry (excluding construction) (B.1g-D.29+D.39) Pt50,08049,32247,97051,66794,45496,918
of which: Manufacturing(B.1g-D.29+D.39) Pt45,23144,51743,00146,38789,92892,364
Construction(B.1g-D.29+D.39) Pt5,3325,1365,5165,8336,1797,109
Distribution, transport, hotels and restaurants (B.1g-D.29+D.39) Pt27,13026,97827,41628,88430,66932,259
Information and communication(B.1g-D.29+D.39) Pt14,35114,93816,56319,18121,53323,647
Financial and insurance activities(B.1g-D.29+D.39) Pt16,72414,96114,26915,18616,39316,944
Real estate activities(B.1g-D.29+D.39) Pt13,06713,46713,92714,49114,49114,637
Professional, administration and support services(B.1g-D.29+D.39) Pt16,46416,46818,11820,67425,21328,849
Public administration, education and health(B.1g-D.29+D.39) Pt27,35926,93427,54627,91028,97829,433
Arts, entertainment and other services(B.1g-D.29+D.39) Pt2,7742,8242,8342,9333,0513,359
Statistical discrepancy ........-121-504
Gross value added at constant basic pricesB.1g173,995174,087176,541191,029243,181255,294
Product taxesD.2116,40116,36616,97818,45619,76821,082
Product subsidies D.31-1,056-1,041-1,035-991-911-866
Gross domestic product at constant market pricesB.1*g189,478189,548192,654208,700262,037275,510
Net factor income from the rest of the worldD.1 & D.4-37,148-35,551-30,318-31,676-56,048-49,729
 (net to abroad)      
Gross national product at constant market prices  152,291153,963162,436177,129205,990225,781
EU subsidiesD.3 (Pt)1,7221,6411,3091,2521,5711,422
EU taxesD.2 (Pt)-246-243-247-274-327-485
Gross national income at constant market pricesB.5*g153,823155,409163,516178,095207,234226,717
        
1Preliminary
..Chain linked series not additive except for 2015 and 2016
Source:CSO

All of the sectors distinguished in table 15.2 showed positive growth in 2016. Construction increased by 15.1% and Professional, admin and support services increased by 14.4%. The other sectors had annual increases ranging from 1.0% to 13.0%.

Interactive table: StatBank link

15.3 General Government transactions: revenue, expenditure, financing and deficit
           
€million
DescriptionESA2010 code201120122013201420152016
General Government transactions       
RevenueTR57,73659,49361,51365,94370,60372,645
Taxes and social contributionsD2 + D5 + D91 + D6149,23150,81852,92557,45062,17464,976
TaxesD2 + D5 + D9138,86340,94442,51646,46750,78652,928
Social contributions D6110,3689,87410,41010,98311,38812,048
Sales of goods and servicesP1O5,1635,0574,8684,7395,1194,692
Investment incomeD42,4713,0653,2723,0682,7101,822
Current transfer revenue (excluding taxes)D7262254150282292231
Capital transfer revenue (excluding taxes)D9N610299298405308925
           
ExpenditureTE79,62273,60372,53373,04275,57274,553
ExpenseExpense78,39573,16172,09572,14174,69173,328
Compensation of employeesD119,38918,99618,59418,34418,89819,354
Use of goods and services plus taxes payableP2 + D5 + D298,8018,3438,1968,9069,1799,406
Depreciation (Consumption of fixed capital)P51c3,0493,1113,1753,3303,5263,738
Interest (excluding FISIM)D415,7687,2987,7747,6046,8586,187
SubsidiesD31,7251,9101,9061,8631,7661,674
Social benefitsD62 + D63228,82729,45428,52628,07628,42228,494
Other current transfersD72,6142,5312,9082,7842,5643,012
Capital transfersD98,2221,5191,0161,2343,4781,462
           
 Net operating balanceNOB-20,659-13,670-10,581-6,197-4,088-683
           
Net acquisition of non-financial assetsP5 + NP - P51c1,2284424389018811,225
           
 General Government Surplus/DeficitB9-21,886-14,112-11,020-7,099-4,968-1,907
equals       
Net acquisition of financial assetsΔFA3,7705,640-5,676-18,871-7,489-4,207
Debt instrumentsF2 + F3 + F4-4364,105-4,322-19,597-7,222-4,305
Equity and Investment Fund SharesF53,7031,826-1,307-91240-385
Other financial assetsF6 + F7 + F8 503-291-47817-507483
less       
Net incurrence of liabilitiesΔL25,65619,7525,344-11,772-2,521-2,300
Debt instrumentsF2 + F3 + F425,30219,6625,501-12,559-2,831-2,057
Other liabilitiesF5 + F6 + F7 + F8 35490-157787310-243
      
Memo: Net derivative flows on debt interest swap contracts -132-221-274-264-240-275
General Government Surplus/Deficit (% of GDP) -12.7-8.0-6.1-3.6-1.9-0.7
Government interventions to support financial institutions       
Revenue (a+b+c+d)3,0653,0362,8092,2952,1741,711
Guarantee fees receivable (a)P131(part)1,2159344201555342
Interest receivable (b)D4(part)1,0411,5391,090712505135
Dividends receivable (c) D4(part)333502760761962749
Other (d) P131(part)47661539668653785
Expenditure (e+f+g+h)9,4362,6812,3702,2814,0081,732
Interest payable (e)D4(part)2,1502,0471,8641,5281,2111,050
Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)7,114280002,1110
Calls on guarantees (g)D9(part)000000
Other (h)various172353506753686682
Impact of the above interventions on General Government Surplus/Deficit-6,37035543915-1,834-21
  General Government Surplus/Deficit excluding interventions to support financial institutions -15,516-14,466-11,458-7,113-3,135-1,886
Source:CSO

Interactive table: StatBank link

General Government experienced a deficit of €1,907 million (0.7% of GDP) in 2016 - an improvement on the 2015 position of €4,968 million (1.9% of GDP).

Government revenue increased from €57,736 million in 2011 to €72,645 million in 2016 driven mainly by increased tax and social contribution revenues. In the same period expenditure decreased from €79,622 million to €74,553 million.

Taxes and social contributions continue to form the largest component of revenue over the period, respresenting 89.4% of total government revenue in 2016, with social benefits, the biggest expenditure category, accounting for 38.2% of government spending in 2016.

15.4 General Government Net Worth, Gross and Net Debt
             
€million
Description ESA2010 code201120122013201420152016
General Government net worth
Net worth at market value, excluding pension liabilitiesNW-20,490-49,476-53,504-58,050-48,227-44,025
equals      
Non-financial assets at market valueNFA85,01687,37190,08195,053100,877107,059
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-105,506-136,847-143,585-153,103-149,104-151,084
equals      
 Financial assets at market valueFA88,21492,60994,29284,00884,29479,839
EDP debt instrumentsF2 + F3 + F454,63157,90553,83736,12029,07624,975
Equity and Investment Fund SharesF522,97525,09830,79538,20145,26045,230
Other financial assetsF6 + F7 + F8 10,6089,6069,6609,6879,9589,634
less      
Liabilities at market valueL193,720229,456237,877237,111233,398230,923
EDP debt instrumentsF2 + F3 + F4182,594218,412228,858227,779223,144221,003
Other liabilitiesF5 + F6 + F7 + F811,12611,0449,0199,33210,2549,920
      
Memo: Estimated pension liabilities of government116,00098,00098,00098,00098,00098,000
Memo: Net worth, including pension liabilities-136,490-147,476-151,504-156,050-146,227-142,025
Contingent liabilities141,994118,92659,52229,41217,25510,325
Memo: Net worth, including pension liabilities and contingent liabilities -278,484-266,402-211,026-185,462-163,482-152,350
      
General Government: changes in net worth      
Opening net worth6,378-20,490-49,476-53,504-58,050-48,227
Change in net worth due to transactions-20,658-13,670-10,581-6,197-4,088-683
Net acquisition of non-financial assets P5 + NP - P51c1,2284424389018811,225
Net lending/net borrowingB9-21,886-14,112-11,020-7,099-4,968-1,907
Change in net worth due to other economic flowsKx-6,210-15,3166,5541,65113,9114,884
Other changes in non-financial assets-6041,9132,2724,0704,9444,957
Other changes in financial assets22,385-1,2457,3598,5877,775-248
Other changes in liabilities-27,991-15,984-3,077-11,0061,192175
Closing net worth -20,490-49,476-53,504-58,050-48,227-44,025
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market valueF2 + F3 + F4182,594218,412228,858227,779223,144221,003
+ Difference between EDP face value and market value7,131-8,396-13,562-24,453-21,555-20,411
Gross General Government Debt (EDP face value)GGDebt189,725210,016215,296203,326201,589200,592
less EDP debt instrument assetsF2 + F3 + F4-54,632-57,905-53,836-36,120-29,075-24,975
Net General Government Debt GGNetDebt135,093152,111161,460167,206172,514175,617
             
Closing Net Worth (% of GDP)-11.9-28.2-29.7-29.8-18.4-16.0
Gross General Government Debt (% of GDP)110.3119.6119.4104.576.972.8
Net General Government Debt (% of GDP) 78.686.689.686.065.863.7
Source:CSO

Interactive table: StatBank link

The gross debt of General Government stood at €200,592 million at the end of 2016, or 72.8% of GDP. The increase in GDP in 2016 coupled with the decrease in GG Debt contributed to the decrease in the debt to GDP.

General Government Net Debt for 2016 amounted to €175,617 million or 63.7% of GDP, an increase of €40,524 million at the 2011 level. This net debt figure is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt.

 

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