Meeting 18

Macroeconomic Statistics Liaison Group Meeting
Location: Microsoft Teams
Date: Tuesday, 7^th December 2021

Present:

Matthew Allen-Coghlan (D/Fin), Michael Flanagan (D/Fin), Kieran McQuinn (ESRI), Annette Hughes (EY), Killian Carroll (IFAC), Kevin Timoney (IFAC), Austin Hughes (KBC), Tom McDonnell (NERI), Simon Barry (Ulster Bank).

CSO: Chris Sibley, John Sheridan, Gordon Cavanagh, Eimear Quinn Healy, Ruth O’Shaughnessy.

Apologies:

Loretta O’Sullivan (BOI), Terry Quinn, (Central Bank)

Minutes:

1. The 2021Q3 Quarterly National and International accounts, released on December 3^rd, were reviewed in detail. Aspects of Personal Consumption Expenditure (PCE), seasonal adjustment, and the statistical discrepancy were discussed. The shifting patterns in service spending were reviewed, along with the associated consumption weights.

   The CSO Balance of Payments and Trade Divisions recently concluded a trade asymmetry exercise with the US, which included royalties among other service categories. Overall levels were found to be well aligned, with some service classification mismatches identified.

2. Eimear Quinn Healy, a statistician in the National Accounts Integration Division, presented recent developments and planned future work in wages data, based on the PMOD administrative dataset.

   Four new tables were published in September in the GVA chapter of the National Income Expenditure (NIE), and will be published with the main NIE tables in future years.

   • Table 23 details GVA Components by NACE Rev. 2 A64 Sector at Current Market Prices;
   • Table 24 details Component Percentage Contribution to NACE Sector GVA by NACE Rev. 2 A64 Sector;
   • Table 25 details Breakdown of Foreign-owned multinational enterprise dominated sector and Other sectors; and
   • Table 26 details Compensation of Employees, Wages and Salaries and Employers' Social Contribution by NACE Rev. 2 A64 Sector at Current Market Prices.

             https://www.cso.ie/en/releasesandpublications/ep/p-nie/nie2020/gvaa/

   Future development work planned over the next year includes a distributional COE release; early estimate of COE; Constant Prices COE estimates; and MNE vs Domestic Firm COE.