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| Location: | CSO Teams |
|---|---|
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Date: |
Tuesday 15th July 2025 |
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Present: |
Annette Hughes (EY), Austin Hughes (Indp.), Chris Smart (NERI), David Purdue (NTMA), Eamonn Sweeney (DFIN), Kevin Timoney (UL / Davy), Killian Carroll (IFAC), Loretta O’Sullivan (EY), Niall Conroy (IFAC), Oisín Tarrant (DFIN), Seamus Coffey (UCC), Shawn Britton (NTMA), Simon Barry (Indp.), Thomas Conefrey (CBI) CSO: Kieran Culhane, Clare Sullivan, John Sheridan, Brian King, Conor Prescott, Justin Flannery, Rachel O’Carroll, Shaun Mc Laughlin |
1. The format of the meeting was a questions and answers session regarding the Annual National Accounts and International Accounts.
2. Changes in modified investment was largely driven by building and construction and domestic intangibles. Domestic intangibles were revised using data from recent Business Expenditure On Research and Development (BERD) publication. Decreases in investment in M&E would have also contributed.
3. Research and Development assets are depreciated over 10 years which is in line with Eurostat guidance.
4. There are asymmetries in royalties payments in regards to balance of payments with the US which are being investigated.
5. The Personal Consumption Deflator (PCD) is largely driven by high foreign travel, Financial Intermediation Services Indirectly Measured (FISIM) and interest rates.
6. The decline in stocks figures was driven by a surge in exports some of which related to stocks from previous quarters, some may be due to price adjustments and a rebase of the wholesale price index at the end of 2024.
7. The modified current account (CA*) was strong in 2024 related to multinational activity. There are strong income flows in Q1 2025 relating to strong production.
8. Revisions to food consumption were based on the Household Budget Survey (HBS) and commodity flows from trade.