1. Value added from agriculture, forestry and fishing. Gross receipts from the sale of agricultural produce, timber and turf (excluding inter-farm transactions) together with the value of farmers’ own produce consumed in farm households without process of sale and the value of the changes in the numbers of livestock on farms and on-farm stocks of the principal crops, all valued at current agricultural prices, less expenses incurred in production, including purchased materials, maintenance of machinery, depreciation, rent (item 8) and other expenses. The income originating from agricultural activity is measured prior to any distribution to the various factors of production, which in combination produced it. Therefore, no deduction is made for interest on capital whether borrowed or not. The total represents income from agricultural activity only and does not, for example, include investment income of agriculturists, which is contained in items 4, 5 and 14. The item also includes income from sea and inland fisheries.
2. Agricultural wages and salaries. Payments in cash and kind to farm employees and to employees in forestry.
3. Employers’ social contributions. This item consists of the contributions of employers to the State social insurance funds. These contributions are classified as part of employee remuneration and also as part of direct taxation on households.
4 to 5. Domestic trading profits, self-employed earnings, etc. Domestic here means arising from economic activity within the State. Hence these items include the profits of subsidiaries or branches of foreign companies in respect of operations within the State (these are included also, net of corporation tax, as a negative entry in item 14), and exclude the profits of Irish concerns in respect of their operations abroad as well as investment income, etc., originating outside the State (included as a positive entry in item 14).
Trading profits are taken after payment of indirect (but not direct) taxes. For years after 1990, they are taken after net payments of royalties. In computing profits all interest payments are treated as an allocation of profit; they are not deducted as operating expenses before the trading profit is struck. For this reason, interest received as well as dividends received are excluded from trading profits. In the case of banks and similar businesses a charge is calculated on interest earned on loans and interest paid on deposits of customers. The charge, in the case of deposits, is the difference between the reference rate of interest and the actual rate paid by the bank and applied to the stock of deposits of customers. In the case of loans, the charge is the difference between the reference rate and the actual loan rate charged by the banks and applied to the stock of loans of customers. This charge is also treated as intermediate consumption by business and owner occupiers of dwellings with loans. It also forms part of the final expenditure aggregates Personal Expenditure, Government Expenditure, Exports and also forms part of Imports. However, the interest itself is not treated as a receipt or a cost in the calculation of domestic profits. The effect of this is that net payments (i.e. receipts minus payments) of interest (i.e. pure interest) by households and central and local government are excluded from the calculation of GDP. The provision for depreciation deducted to arrive at net profits were, up until NIE09, those allowed for tax purposes adjusted, as appropriate, for free depreciation etc. as distinct from either the depreciation provisions of the enterprises themselves or depreciation estimates at replacement costs. Now depreciation (or more properly “consumption of fixed capital”) is taken from the CSO’s estimates of the capital stock of fixed assets. The methodology is described in the background notes to the annual release on this topic. Item 4 includes, in addition to trading profits of public and private companies, the operating profits of certain corporate bodies such as the ESB Group, the Central Bank, National Lottery, etc. These bodies are also regarded as companies in items 124 and 141.
6. Adjustment for stock appreciation. The adjustment has the effect of replacing the total of items 154 and 155 by item 82 identical with item 156. It is included to ensure that only the value of physical change in stocks is counted as part of national product by eliminating the effects of price changes on the level of stocks.
7. Rent of dwellings. This represents net income from ownership of dwellings, i.e. gross receipts of rent for rented dwellings plus imputed rent of owner-occupied dwellings less depreciation, repairs and maintenance and other costs (which include bank charges, principally FISIM, on housing loans). In the case of dwellings owned by local government the amount included represents the full economic rent less depreciation, repair costs and other current expenses. In the national accounts, the difference between the economic rent and the lower rent actually paid by tenants is treated as an income transfer from local government to households.
8. Rent element in land annuities. This item represents the interest element in land annuities (forming the major part thereof) and includes both the interest element in actual payments by farmers and that met by way of subsidy under the Land Acts. This item forms part of Government trading and investment income (item 120). Letting of lands, e.g. on conacre, is considered as an inter-farm transaction and hence the corresponding rent is not included either as an expense or as a source of income for the agricultural sector.
9. Domestic wages and salaries. Wages and salaries include, in addition to basic wages and salaries, all items of earnings such as overtime payments, bonuses, piecework payments, commission earnings of distribution employees, directors’ fees, income in kind, etc., arising from economic activity within the State. They exclude transfer payments such as old-age pensions, unemployment benefit, etc. Earnings are measured gross, i.e. before deduction of employees’ contributions to social insurance and to contributory pension funds. The value of unpaid domestic service performed by household members is excluded, although the remuneration in cash and in kind of domestic servants is included. The earnings of Irish diplomatic and consular personnel abroad are included, while those of representatives of other states in this country are excluded. Since the item measures remuneration for current work, pensions currently paid to former employees are in principle excluded.
10. Employers’ social contributions. This item consists of the contributions of employers to the state social insurance funds. These contributions are classified as part of employee remuneration and as part of direct taxation on households. These contributions include the provision being made by employers for their current employees’ future pensions in the form of contributions to funded pension schemes. Where funded pension schemes do not exist, the value to the current employees of their future pension entitlements is estimated. The amount of actual pensions currently being paid directly to former employees is sometimes taken as an estimate but in the case of the Public Service an actuarial assessment is available.
12. Statistical discrepancy. This arises from the fact that Gross Domestic Product is calculated in two independent ways (viz. income and expenditure methods). The two methods produce different estimates as can be seen from summing the income components in Table 3.1 (plus depreciation from Table 3.3) and the expenditure components in Table 8.1. The official level of GDP is taken to be the average of the two independent estimates and the statistical discrepancy is the amount by which each estimate has to be adjusted to bring it in line with the official estimate. In other words, it is calculated as the average less the sum of the relevant components from either method or one half of the difference between the two independent estimates. If the income-based estimate is higher than the expenditure-based estimate, the discrepancy will have a negative sign in the income tables (Tables 3.1, 3.3 and 3.4, and also item 149 in Table 12.6, and items in Tables 12.6 and 12.7) and a positive sign in the expenditure table (Table 8.1), and vice versa.
13. Net value added at factor cost. This item is the total of items 1 to 12.
14. Net factor income from the rest of the world. This is taken from the current account of the Balance of Payments/International Accounts where it is equal to Primary Income less Other Primary Income.
15. Net national product at factor cost. Total of items 13 and 14.
16. National (i.e. non EU) taxes. This covers all taxes on production except EU taxes on production as defined in item 58.
17. National (i.e. non EU) subsidies. This covers all subsidies on production except EU subsidies on production as defined in item 57.
18. Net national income at market prices. Total of items 15, 16 and 17.
24.1 Agriculture, forestry and fishing. The total contribution of the agricultural sector to the national income equals the total of items 1, 2, 3 and 8. As indicated in the note to item 1, this total does not include the income of agriculturists from sources other than their agricultural activities and in the estimation the value of the change in livestock numbers together with the on-farm stocks of the principal crops is taken into account.
24.2 Industry (excluding construction). This total represents remuneration of employees (including all elements of earnings, see items 9 and 10) and profits in the case of all concerns engaged in industrial production. The contribution to national income is divided into remuneration of employees and other. Remuneration of employees in this item and in items 24.3, 24.4, 24.5, 24.6, 24.7, 24.8, 24.9, 24.10 and 24.11 includes, in addition to all elements of earnings, employers’ social contributions.
24.3 Of which: Manufacturing. This total represents remuneration of employees and profits in the case of all concerns engaged in manufacturing. This item is also included within item 24.2. Remuneration of employees is shown separately.
24.4 Construction. This total represents remuneration of employees and earnings and profits in the case of all concerns engaged in construction. Remuneration of employees is shown separately.
24.5 Distribution, transport, hotels and restaurants. This total represents remuneration of employees and earnings and profits for all concerns engaged in distributions, transport, hotels and restaurants. Remuneration of employees is shown separately.
24.6 Information and communication. This total represents remuneration of employees and earnings and profits for all concerns engaged in information and communication. Remuneration of employees is shown separately.
24.7 Financial and insurance activities. This total represents remuneration of employees and earnings and profits for all concerns engaged in financial and insurance activities. Remuneration of employees is shown separately.
24.8 Real estate activities. This total represents remuneration of employees and earnings and profits for all concerns engaged in real estate activities. Remuneration of employees is shown separately.
24.9 Professional, admin and support services. This total represents remuneration of employees and earnings and profits for all concerns engaged in professional, admin and support services. Remuneration of employees is shown separately.
24.10 Public admin, education and health. This item includes payments in cash and kind to employees of the central government and local government who are engaged in administrative or regulatory activities, including those in the administrative departments and offices of government, the army and Gardaí and diplomatic and consular officials abroad. It also includes remuneration of employees and earnings and profits of all concerns engaged in education and health. Remuneration of employees is shown separately.
24.11 Arts, entertainment and other services. This total represents remuneration of employees and earnings and profits for all concerns engaged in arts, entertainment and any services not elsewhere indicated. Remuneration of employees is shown separately.
26. Identical with item 12.
27. Identical with item 13.
28. Provision for depreciation. Separate estimates are shown for the main sectors. For the agricultural sector the figure is based on the perpetual inventory method, carried forward using data on capital formation, and covers machinery, vehicles and equipment and farm buildings. In the case of business concerns included in the other sectors, depreciation up until NIE 09 was generally taken as being the amount allowed for tax purposes (adjusted appropriately for free depreciation, etc.). Now it is based on the estimates derived from the CSO’s Capital stock of fixed assets. For central and local government an estimate of the depreciation on government buildings is included. An estimate of the depreciation on dwellings is also included. There was a significant increase to the provision for depreciation in NIE 2014 based on the higher capital stock associated with implementation of the change of economic ownership basis for trade in aircraft (see ‘Definitions and Concepts’ for more details). This resulted in an offsetting change in the level of Net Value Added at Factor Cost (item 13/27) and related aggregates.
29. Item 27 plus item 28.
30. Non-product taxes. These are taxes on production excluding taxes on products as defined in item 52. Rates on commercial property and motor vehicle duties paid by businesses are examples of non-product taxes.
31. Non-product subsidies. These are subsidies on production excluding subsidies on products as defined in item 53. Grants for employment creation are examples of non-product subsidies.
32. Item 29 plus item 30 plus item 31.
46.1. Output, intermediate consumption and gross value added for Agriculture, forestry and fishing. The gross value added is item 24.1 plus item 28.1 plus non-product taxes and subsidies.
46.2. Output, intermediate consumption and gross value added for Industry (excluding construction). The gross value added is item 24.2 plus item 28.2 plus non-product taxes and subsidies.
46.3. Output, intermediate consumption and gross value added for Of which: Manufacturing. The gross value added is item 24.3 plus item 28.3 plus non-product taxes and subsidies.
46.4. Output, intermediate consumption and gross value added for Construction. The gross value added is item 24.4 plus item 28.4 plus non-product taxes and subsidies.
46.5. Output, intermediate consumption and gross value added for Distribution, transport, hotels and restaurants. The gross value added is item 24.5 plus item 28.5 plus non-product taxes and subsidies.
46.6. Output, intermediate consumption and gross value added for Information and communication. The gross value added is item 24.6 plus item 28.6 plus non-product taxes and subsidies.
46.7. Output, intermediate consumption and gross value added for Financial and insurance activities. The gross value added is item 24.7 plus item 28.7 plus non-product taxes and subsidies.
46.8. Output, intermediate consumption and gross value added for Real estate activities. The gross value added is item 24.8 plus item 28.8 plus non-product taxes and subsidies.
46.9. Output, intermediate consumption and gross value added for Professional, admin and support services. The gross value added is item 24.9 plus item 28.9 plus non-product taxes and subsidies.
46.10. Output, intermediate consumption and gross value added for Public admin, education and health. The gross value added is item 24.10 plus item 28.10 plus non-product taxes and subsidies.
46.11. Output, intermediate consumption and gross value added for Arts, entertainment and other services. The gross value added is item 24.11 plus item 28.11 plus non-product taxes and subsidies.
47. Identical with item 12.
51. The total of items 46 and 47 excluding item 46.3.
52. Product taxes. These are taxes that are payable per unit of some good or service produced or transacted. Excise duties on drink and tobacco are examples of product taxes.
53. Product subsidies. These are subsidies that are payable per unit of good or service produced or imported.
54. Item 51 plus item 52 plus item 53.
55. Identical with item 14.
56. Item 54 plus item 55.
57. EU subsidies. These consist principally of all payments made under the Guarantee section of the European Guidance and Guarantee fund (E.A.G.G.F. or F.E.O.G.A.) and are gross of levies paid to the EU such as the Co-responsibility levy on milk, the Co-responsibility levy on cereals and the Super levy in the dairy sector. These tax elements form part of EU taxes.
58. EU taxes. This mainly consists of the annual Exchequer contribution to the EU Budget, but excludes the GNI based Fourth Own Resource contribution and EU VAT, which in ESA 2010 are treated as a Vat and GNI based EU Own Resource (D.76).
59. Gross national income at current market prices (ESA code B.5*g). Item 56 plus item 57 plus item 58.
60. Total provision for depreciation (ESA Code P.51c)
61. Net national income at current market prices (ESA code B.5*n). Total of items 59 and 60.
The entries in this table have been obtained by expressing the items in Tables 3.4/6.1 in prices of the previous year and then chain linking them. The Statistical discrepancy item 66 arises from the fact that estimates of gross domestic product at constant market prices are calculated in two independent ways (viz. the output method and the expenditure method). The two methods produce different estimates as can be seen from summing the output components in Table 3.6/6.2 and the expenditure components in Table 8.3 for the year 2023. The official level of GDP at constant prices is taken to be the average of the two independent estimates when calculated to base the previous year and the statistical discrepancy in item 66 is the amount by which either estimate has to be adjusted to bring it in line with the official estimate. The statistical discrepancy is only shown for the years 2022 and 2023 as these are the only years when the sums of the components (including the discrepancy) of either the output or expenditure methods are equal to the output or expenditure estimate of GDP. Irrespective of the official GDP being the average of two independent estimates additivity is lost for the individual estimates due to the chain linking process (see introductory text on Page 1 of these Methodology Notes). Also, the two independent estimates of GDP are not chain linked. The average of the two is calculated to base the previous year and it is this average which is chain linked to give the official level of GDP, referenced to year 2022.
For the Foreign-owned MNE dominated sector and ‘Other’ sector variables set out in Tables 5.1, 5.2 and 5.3 of this publication, the table below shows the correspondence with the relevant ANA and Nace Rev. 2 sectors for Foreign-owned MNE dominated sector and 'Other' sector.
| Nace classification of sectors dominated by foreign-owned multinational enterprises (MNEs) | |||
| ANA Sectors | Nace Rev. 2 sections | Foreign-owned MNE dominated (Nace codes) | Other (Nace codes) |
|---|---|---|---|
| Agriculture, forestry and fishing | Section A | 01-03 | |
| Industry (excluding Construction) | Sections B to E | 19, 20, 21, 26, and 31-32 | 05-18, 22-25, 27-30 and 33-39 |
| Of which: Manufacturing | Section C | 19, 20, 21, 26, and 31-32 | 10-18, 22-25, 27-30 and 33 |
| Construction | Section F | 41-43 | |
| Distribution, transport, hotels and restaurants | Sections G to I | 45-56 | |
| Information and communication | Section J | 58,61-63 | 59-60 |
| Financial and insurance activities | Section K | 64-66 | |
| Real estate activities | Section L | 68 | |
| Professional, admin and support services | Sections M to N | 69-82 | |
| Public admin, education and health | Sections O to Q | 84-88 | |
| Arts, entertainment and other services | Sections R to T | 90-98 | |
This table provides gross value added at basic prices in current terms for 37 sectors of the economy according to the Nace Rev. 2 classification system. It provides more detail than that of the 10 sectors shown in Table 3.4. Table 5.4 provides valuations of GVA for the sectors at ‘basic prices’, in line with the valuation used in Tables 3.3 and 3.4. “Basic prices” is the valuation used in EU publications and differs from ‘factor cost’ in that overhead taxes (such as rates) are included in the basic prices valuations while overhead subsidies are excluded.
Table 5.5 provides gross value added at constant prices (chain linked and referenced to 2022) for 37 sectors of the economy. The same sectors are used as in Table 5.4 which is in current prices. The table provides a detailed breakdown of real growth in the constituent sectors of the economy. It is similar to Table 3.6 but provides a greater level of detail. The valuation used in Table 5.5 (as in Table 5.4) is ‘basic prices’.
79. Personal consumption of goods and services at current market prices. The consumption of personal goods and services by Irish residents. Excludes the purchase of dwellings but includes the purchase of all durable (e.g. private motor cars, furniture, etc.) and non-durable (e.g. food, etc.) goods as well as gross rent (including the gross rental value of Local Government and owner-occupied dwellings) and services. In particular this item includes the consumption of a number of goods and services, which are paid for by the state. These form part of state transfer payments. For national accounts purposes it is considered that the state provides the money to the households and the household pays the concern providing the good or service. They thus form part of personal income and personal expenditure. Principal among these are:
Also included is an imputed rent for owner-occupied dwellings, which never actually takes place as a real transaction. Here an estimated rent is assigned to households, which own their dwellings. This is done to avoid changes in the level of owner-occupied versus rented dwellings affecting the level of GDP in national or international comparisons.
The allocation of the total between different categories of expenditure, given in Table 10.1 at current prices and in Table 10.3 at constant prices, is based on a direct estimate of the expenditure in these categories. These figures include expenditure in the State by tourists and other visitors and this is deducted in aggregate at the foot of the tables to obtain the total expenditure by Irish residents. Expenditure on consumption goods by business concerns and their representatives is excluded. Taxes on income and wealth (including total contributions to social insurance) are also excluded.
In principle the life funds of assurance companies are regarded as part of the personal sector and the payments of life assurance premiums and the receipt of accrued benefits are treated as transfers within that sector. The effect of this is that the increase in the life funds of assurance companies forms part of personal savings and not part of personal expenditure. However, management charges deducted by pension and life assurance managers for the management of the funds are included in personal expenditure.
80. Current Government expenditure on goods and services. Government receipts, plus an estimated provision for depreciation of central and local government fixed assets. This item is made up of a number of components classified as non-market output by government and categorised in accordance with ESA2010 as follows:
Compensation of Employees (D.1)
Intermediate Consumption expenditure (P.2)
Consumption of fixed capital (P.51c)
Less Miscellaneous sales (P.131)
Data for all years from 1995 are available in the Government Income & Expenditure (GIE) release and related PxStat tables published in July to coincide with the publication of the Government Finance Statistics Quarterly release.
81. Gross domestic fixed capital formation includes expenditure on building and construction work, machinery and equipment and research and produced and imported capital goods and services.
82. Value of physical changes in stocks.
83. Exports of goods and services.
84. Imports of goods and services.
85. Statistical discrepancy. Equals items 12, but with sign reversed. See the notes for item 12.
86. Gross domestic product at current market prices. The total of items 79 to 85. Identical with item 54.
87. Net factor income from the rest of the world. Identical with item 14.
88. Gross national product at current market prices. Item 86 plus item 87. Identical to item 56, Table 3.4.
89. EU subsidies. These consist principally of all payments made under the Guarantee section of the European Guidance and Guarantee fund (E.A.G.G.F. or F.E.O.G.A.) and are gross of levies paid to the EU such as the Co-responsibility levy on milk, the Co-responsibility levy on cereals and the Super levy in the dairy sector. These tax elements form part of EU taxes. Identical to Item 57 Table 3.4.
90. EU taxes. This mainly consists of the annual Exchequer contribution to the EU Budget, but excludes the GNI based Fourth Own Resource contribution and EU VAT, which in ESA 2010 are treated as a Vat and GNI based EU Own Resource (D.76). Identical to Item 58 Table 3.4.
91. Gross national income at current market prices (ESA code B.5*g). Item 88 plus item 89 plus item 90. Identical to Item 59 Table 3.4.
91.1 Total provision for depreciation (ESA Code P.51c) Identical to Item 60 Table 3.4.
91.2 Net national income at current market prices (ESA code B.5*n). Total of items 91 and 91.1. Identical to Item 61 Table 3.4.
92. Personal consumption of goods and services at constant market prices. The constituents of personal expenditure on consumers’ goods and services were separately valued at previous year’s prices and chain linked to reference year 2022.
93. Net expenditure by central and local government on current goods and services at constant market prices. In most cases, employees’ remuneration was expressed at constant prices by applying an index of employment to the base year remuneration. Where reliable employment data were not available the implied index of rates of remuneration was used to deflate current values. Other expenditure was deflated partly by the consumer price index and partly by other suitable indices.
94. Gross domestic fixed capital formation at constant market prices. The construction elements of item 81 were deflated using price indicators supplied by the Department of the Environment, Community and Local Government. The remaining constituents of item 81 were separately deflated by the most appropriate wholesale and import price index numbers.
95. Changes in stocks at constant market prices. Agricultural and intervention stocks were re-valued at individual commodity level to 2022 prices. Other non-agricultural stocks were deflated by the most appropriate price index numbers.
96. Exports of goods and services at constant market prices. Merchandise exports were deflated by the export price index (after taking account of the Balance of Payments adjustment) and receipts from services were deflated by the most appropriate price index in each case.
97. Imports of goods and services at constant market prices. Merchandise imports were deflated by the import price index and expenditures on services were deflated by the most appropriate price index in each case.
98. Statistical Discrepancy. Equals item 66, but with sign reversed. See the notes for Table 6.2.
99. Gross domestic product at constant market prices. The total of items 92 to 98.
100. Net factor income from the rest of the world. Identical with item 74. Item 87 when negative, is generally deflated by the implied price index for exports of goods and non-factor services. The rationale is that the deficit net-factor income flow must be financed by increased exports. Since 1999 exceptional adjustments for Balance of Payments purposes have been separately deflated.
101. Gross national product at constant market prices. Item 99 plus item 100.
102. EU subsidies. These consist principally of all payments made under the Guarantee section of the European Guidance and Guarantee fund (E.A.G.G.F. or F.E.O.G.A.) and are gross of levies paid to the EU such as the Co-responsibility levy on milk, the Co-responsibility levy on cereals and the Super levy in the dairy sector. These tax elements form part of EU taxes. Identical to Item 76 Table 6.2.
103. EU taxes. This mainly consists of the annual Exchequer contribution to the EU Budget, but excludes the GNI based Fourth Own Resource contribution and EU VAT, which in ESA 2010 are treated as a Vat and GNI based EU Own Resource (D.76). Identical to Item 77 Table 6.2.
104. Gross national income at constant market prices (ESA code B.5*g). Item 101 plus item 102 plus item 103. Identical to Item 78 Table 6.2.
104.1 Total provision for depreciation (ESA Code P.51c) Identical to Item 78.1 Table 6.2.
104.2 Net national income at constant market prices (ESA code B.5*n). Total of items 104 and 104.1. Identical to Item 78.2 Table 6.2.
79. Personal consumption of goods and services at current market prices. Identical with Table 8.1 item 79.
80. Net expenditure by central and local government on current goods and services. Identical with Table 8.1 item 80.
81. Gross domestic fixed capital formation. Identical with Table 8.1 item 81.
Final Domestic Demand (FDD). Total of items 79, 80 and 81. (i.e. FDD = Items 79+80+81)
82. Value of physical changes in stocks and net acquisitions of valuables. Identical with Table 8.1 item 82.
Total Domestic Demand (TDD) is Final Domestic Demand (FDD) plus the value of physical changes in stocks and net acquisitions of valuables (Table 8.1 Item 82). (so TDD = FDD + Item 82)
The entries in this table have been obtained by expressing the items in Table 9.1 in prices of the previous year and then chain linking them.
79. Personal consumption of goods and services at current market prices. Identical with Table 8.1 item 79.
80. Net expenditure by central and local government on current goods and services. Identical with Table 8.1 item 80.
Modified Gross domestic fixed capital formation (Modified GDFCF). This is Gross domestic fixed capital formation (GDFCF) (Table 8.1 Item 81) adjusted to exclude Aircraft related to Leasing and also Research & Development (R&D) service imports and trade in Intellectual Property Products (IPP)
Modified Final Domestic Demand (MFDD). Total of items 79, 80 and Modified Gross domestic fixed capital formation (Modified GDFCF). (so MFDD = Items 79+80+Modified GDFCF)
82. Value of physical changes in stocks and net acquisitions of valuables. Identical with Table 8.1 item 82.
Modified Total Domestic Demand (MTDD) is Modified Final Domestic Demand (MFDD) plus the value of physical changes in stocks and net acquisitions of valuables (Table 8.1 Item 82). (so MTDD = MFDD + Item 82)
The entries in this table have been obtained by expressing the items in Table 9.5 in prices of the previous year and then chain linking them.
A quarterly version of this data is available in our Quarterly National Accounts publication.
(See the special note on item 79 in Table 8.1 for background information on the scope of personal consumption.)
This table provides a breakdown of personal consumption of different categories of goods and services.
A variety of methods are used to compile the estimates. Administrative sources provide information for some commodities, but consumption estimates for the majority of goods are estimated using a commodity flow approach. The total supply of individual commodities is derived by adding home production to imports and subtracting off any exports. Personal consumption is estimated by deducting the purchases of businesses and central and local government from the available supply.
For some well-defined products including certain foodstuffs the commodity flow exercise provides reliable estimates of the quantities of produce consumed. Personal consumption of these items is calculated by valuing the quantities at national average retail prices. For other goods, the commodity flow calculations are done directly in value terms. The resulting estimates valued at producer and import prices are marked up to incorporate trade margins and taxes.
A variety of methods are used for estimating personal consumption of services, the most important sources being household budget surveys and direct inquiries.
In NIE 2004 the methods of estimating and allocating FISIM (financial intermediation services indirectly measured) were changed. FISIM represents the margin which banks withhold for themselves in paying interest on deposits or charging interest on loans. In the case of deposits, it is calculated as the difference between a reference rate (calculated as the effective FISIM-free interest rate on inter-bank business) and the average interest rate, multiplied by the stock of deposits held by households. In the case of loans, it is calculated as the difference between the reference rate and the average loan rate, multiplied by the stock of loans held by households. The FISIM in this table does not include FISIM charged on mortgage lending. This latter FISIM is regarded as being incurred by householders in their business capacity as landlords. Households which own their own dwellings are regarded in the national accounts as being landlords to themselves and an imputed rent is entered in respect of owner-occupied dwellings under the housing heading in this table.
Consumption of all items is valued at retail prices, except for own consumption of home grown produce, which is valued at farm gate prices.
In NIE 2008 an estimate of the consumption of smuggled tobacco products has been included in the “tobacco” item.
In NIE 2013 estimates for illegal activities were revisited and now include prostitution and a revised methodology for estimation of consumption of illegal narcotics. These figures are included under the heading Miscellaneous goods and services.
In NIE 2015, the CSO changed the methodology used to calculate FISIM to bring it into line with the European System of Accounts (ESA 2010) standards. This revised methodology has been applied to estimates from 2010 onwards.
In NIE 2020, the consumption product classifications were updated to the international Classification of individual consumption by purpose (COICOP) codes, for more see, https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:COICOP_HICP.
158. Identical with item 79.
159. Taxes on personal income and wealth. This item is the difference between the total taxes on income and wealth (including contributions to social insurance) and the payments of direct tax on undistributed profits of domestic companies and on profits of foreign concerns arising from their activity within the State. Since 1987 this item includes Deposit Interest Retention Tax (DIRT). Some relatively small proportion of this tax is in fact paid by companies and is not therefore appropriate to this heading. No adjustment has been made for this as firm information is not available on the proportion involved.
160. Total personal consumption. Equals the total of items 158 and 159.
(See the special note on item 79 in Table 8.1 for background information on the scope of personal consumption.)
The entries in this table have been obtained by valuing, at previous year’s prices, each of the constituents of personal consumption in Table 13 to obtain an annual volume change. The volume changes are chain linked to 2022. When consumption quantities are not directly available expenditures at previous year’s prices are estimated by deflating current value amounts by appropriate price indices.
161. Total personal consumption (except taxes on income and wealth) at constant market prices. Identical with item 92. This represents the total consumption, included in item 79, valued in constant prices and thus gives a measure of the changes in the volume of consumption.
In this table, the main constituents of item 151 and of the total of items 152 and 153 are shown separately. The figure for dwellings includes the total value of new building (excluding site costs), reconstruction and conversion, and is based mainly on data relating to numbers of dwellings built, estimates of capital repairs and extensions to dwellings, together with information on work done by local government. For roads the expenditure included relates to improvement and new construction only, ongoing repair and maintenance work being excluded. The other building and construction category includes the full cost of work done on land reclamation. Transport equipment covers aircraft, ships and boats, rail vehicles and road vehicles for business use (including the proportion of private cars estimated to be purchased for business use). Other machinery and equipment includes tools and durable containers as well as all industrial machinery.
162. Item 81 plus the value of changes in agricultural stocks and work in progress plus an adjustment for stock appreciation.
164. Total gross domestic physical capital formation at constant prices. With the exception of construction works, the constituents of Table 11.1 are separately deflated to previous year’s prices using the appropriate wholesale and import price index number in each case. Annual volume changes are derived in this way and these volume changes are chain linked to the 2022 figures. Construction works are valued at previous year’s prices using price deflators provided by the Department of Environment, Community and Local Government and tender price indices produced by the Irish Society of Chartered Surveyors.
In these tables, Gross Fixed Capital Formation is broken down over the various sectors of use. The majority of the sectoral headings are self-explanatory and are as defined in the European System of Accounts. Market services include all recovery, repair and trade services, the services of transport and communication, credit and insurance institutions and all business, recreational, cultural and other personal services. Non-market services, on the other hand, covers general government and local government services and other services which are predominantly non-market such as health, education and other public services.
Deflation to constant prices is consistent with the estimates in Table 11.3 and is done within the various sectors at product level.
163. Identical with item 81.
165. Identical with item 94.
105. Identical with item 54.
106. Identical with item 14.
107. Identical with item 56.
108. Identical with item 57.
109. Identical with item 58.
110. Identical with item 59.
111. Net current transfers from the rest of the world. Receipts less payments to the rest of the world which are not in exchange for a specified amount of goods or services. Includes, in particular, emigrants’ remittances, social welfare transactions, contributions by the central and local government to international organisations and net current transfers from the European Union.
112. Item 110 plus item 111, represents the income of the nation from all sources after allowance for transfers received and paid.
113. Identical with item 79.
114. Identical with item 80.
115. Item 113 plus item 114.
116 Item 112 less item 115.
117. Identical with item 28.
118. Item 116 less item 117. Identical with item 145.
Following the convention used for deflation of net factor income from abroad the implied price index of the exports of goods and services is used to deflate net current international transfers when they are negative and the import index is used when they are positive.
This table provides a measurement of real income available for consumption or saving incorporating the conventional adjustment for terms of trade. This adjustment was obtained as the difference between the figure obtained by deflating to prices of the previous year, the current value of exports of goods and services by an index of import prices and the value of exports of goods and services as normally deflated to previous year’s prices. In years in which there is an improvement in the terms of trade (i.e. where export prices rise faster than or fall more slowly than import prices), the adjustment is positive so that the increase in the availability of goods and services to the community is larger than the change in gross national product at previous year’s prices without taking account of the terms of trade.
Following the convention used for deflation of net factor income from abroad the implied price index of the exports of goods and services is used to deflate net current international transfers when they are negative and the import index is used when they are positive.
1. Net income of households
2. Income and wealth taxes
3. Pension and other social contributions paid. Social contributions include social security contributions, private social contributions (i.e. contributions to pension schemes) and imputed social contributions. Employers, employees, self-employed persons and non-active persons pay these contributions. Actually, the employers' part is paid directly to the insurers. However, in the national accounts, the employers' contributions are considered to be part of primary income of households (i.e. the income from direct participation in the production process). Therefore, in the first instance, these contributions are treated as payments by employers to households, as compensation of employees, who are deemed to pay them to the insurers.
4. Pension and other social benefits received. Social benefits are transfers to households, intended to relieve them from the financial burden of a number of risks or needs, such as sickness, invalidity, disability, old age, dependants, and unemployment. Social benefits are classified as social security benefits, social assistance benefits, private social benefits (i.e. pension benefits) and unfunded employee social benefits.
Social security benefits: Social security benefits are paid by social security funds in the field of unemployment, disability, sickness, old age, etc.
Social assistance benefits: Social assistance benefits are payments of the central and local government to households, for which no quid pro quo by the beneficiary is expected. Children's allowance is a social assistance benefit.
Pension benefits: Pension benefits are private social benefits in the field of old age, survivors, or disability, paid by pension funds and life insurance companies.
Unfunded employee social benefits: These social benefits are directly paid by employers to their (former) employees, without involving any social security fund. Examples are some civil service pension provisions.
5. Other transfers
6. Net disposable income of households. This is the sum of items 1 to 5.
7. Consumption of fixed capital. Consumption of fixed capital represents the depreciation of the stock of produced fixed assets as a result of normal technical and economical ageing and insurable accidental damage. The consumption of fixed capital is the depreciation of the net stock of produced fixed assets during the year not caused by revaluations because of price changes, new fixed capital formation or discarding of fixed assets.
8. Gross disposable income of households. This is the sum of items 6 and 7.
9. Personal consumption of Goods and Services
9.1 Final consumption expenditure of government. Final consumption expenditure by general government results from the specific recording of government output. Only a small part of government output is actually sold (market output). The larger part of government output is paid out of public funds and provided free of charge to all sectors (non-market output).
10. Final consumption expenditure of households. This is the sum of items 9 and 9.1. Final consumption expenditure by households includes the following borderline cases:
Non cash expenditure arising from:
• Income in kind, such as accommodation, food, clothing etc.
• Services of dwellings, which are occupied by the owners themselves and without any actual rent payments. These services are valued by applying the rents of similar dwellings.
Goods and services produced for own use, as in agriculture. The value of these products is calculated by applying the market prices for similar products.
It also includes durable consumption goods such as private cars, household appliances, furniture, and clothing. However, the purchases of dwellings by households are not seen as final consumption, but as fixed capital formation by households.
11. Adjustment for saving in pension funds
12. Gross saving of households. This is the sum of items 8, 10 and 11.
13. Taxes on income and wealth
14. Social contributions
15. Taxes on production and imports (excluding rates). This item comprises all taxes classified to ESA 2010 codes D.21 (taxes on products) and D.29 (other taxes on production). It includes stamp and excise duties, property taxes, VRT, and the portion of TV licence and motor tax receipts paid by businesses. A full list of all taxes classified to this category can be seen in the National Tax List for Ireland published by Eurostat.
16. Gross value added
17. Investment income
18. Current transfers
19. Current income. This is the sum of items 13 to 18.
20. Compensation of employees. Compensation of employees is the total remuneration paid by employers to their employees in return for work done. Employees are all residents and non-residents working in a paid job. Managing directors of limited companies are considered to be employees, therefore their salaries are also included in the compensation of employees. The same holds for people working in sheltered workshops. Compensation of employees includes both wages and salaries and employers' social contributions.
21. Subsidies (excluding EU subsidies). Subsidies are current payments from the government to producers, with the objective to influence output prices, employment, or the remuneration of production factors. Subsidies are distinguished between subsidies on products and other subsidies on production.
22. Social transfers in cash
23. Current transfers
24. Debt interest. Interest paid on government borrowing. In line with ESA 2010 accounting conventions, all interest is recorded on an accruals basis.
25. Total final consumption expenditure. Final consumption expenditure consists of expenditure incurred by resident institutional units on goods and services that are used for the direct satisfaction of individual needs or wants, or the collective needs of members of the community. Final consumption expenditure may take place on the domestic territory or abroad. Final consumption expenditure exists only for households, NPISH and general government.
26. Current expenditure. This is the sum of items 20 to 25.
27. Gross saving of government. This is item 19 minus item 26.
28. Household saving
29. Companies’ saving
30. Government saving
31. Statistical discrepancy. This is included for consistency with the Institutional Sector Accounts. It is included twice (here and in item 34) because this spans the income and expenditure methods.
32. Gross national saving. This is the sum of items 28 to 31
33. Net foreign capital transfers. Capital transfers are payments for which no quid pro quo by the beneficiary is expected. They burden the wealth of the payer, or are meant to finance fixed capital formation or other long-term expenditures of the receiver.
34. Statistical discrepancy. Same as item 31.
35. Net foreign disinvestment. Net debit balance on current account of the Balance of International Payments Statement, item 5 in Table 13.1 plus capital transfers (i.e. Balance on Capital Account Table 13.2). It includes some revisions for years prior to 2000 which have not been included in the Balance of payments publications themselves.
36. Net investment in non-produced non-financial assets. Purchases less sales of assets that are not treated as being outputs of a production process.
37. Gross total available for investment in domestic capital formation. This is the sum of items 32 to 36.
Items 38 to 43 are a breakdown of gross domestic physical capital formation.
38. Building and construction. Includes all new building and major reconstruction of existing buildings as well as all construction work such as roads, harbours, airports, electricity generating stations, drainage and reclamation of agricultural land, bog development, forestry development, etc.
39. Other home produced capital goods and services. Includes transport equipment (aircraft, ships, rail vehicles and road vehicles other than those bought for personal use), agricultural machinery and other machinery and equipment including tools, containers and other durable goods for industrial, agricultural, commercial and professional use. Durable goods for personal and household use are excluded. Data are largely estimated from the CSO’s PRODCOM enquiry after deductions are made in respect of exports (including re-exports) and distribution margins are added.
40. Imported capital goods and services. Covers the same goods as item 39, data being obtained from detailed import returns and additions made in respect of distribution margins.
41. Value of physical changes in agricultural stocks
42. Increase in value of non-agricultural stocks and work in progress (including EU intervention stocks). Includes the increase in the value of (i) stocks of raw materials and finished goods held by industry, (ii) distribution stocks including intervention stocks and (iii) work in progress in industry. The total change in the value of stocks during any year can be considered in two parts; (a) that due to price changes and (b) that due to volume changes.
43. Adjustment for stock appreciation. This item represents that portion of the change in the value of non-agricultural stocks during each year attributable to price changes alone.
44. Gross domestic physical capital formation. This is the sum of items 38 to 43.
45. Wages and salaries include all such elements of earnings as overtime payments, bonuses, piece-work payments, commission earnings of distribution employees, directors’ fees, etc. as well as income in kind (food, clothing, fuel and light). These are computed without deduction of employees’ contributions to social insurance and to contributory pension funds. The value of unpaid domestic services performed by spouses is excluded, whereas the remuneration in cash and kind of domestic servants is included.
46. Employers’ social contributions. This item consists of the contributions of employers to the State social insurance funds. These contributions are classified as part of employee remuneration and also as part of direct taxation on households.
47. Net compensation of employees from abroad
48. Income of independent traders. This is the profit earned by the self-employed and small partnerships that are not incorporated as companies. This also includes profits made by landlords that are not companies.
49. Imputed rent of households. This represents an estimate of the rent that would be paid on dwellings if the occupiers were not also the owners. Deductions are made from an imputed gross rent for depreciation, repairs and maintenance and other costs (which include bank charges, principally FISIM, on housing loans).
50. Interest and other investment income
51. FISIM on interest received
52. Interest paid and land rent
53. Adjustment for FISIM on interest paid
54. Net income of households. This item is the sum of items 45 to 53.
55. Undistributed profits of companies. Conceptually, that portion of company income (profits plus investment income) before tax which is not distributed in the form of dividends or interest.
56. Private income. This item is the sum of items 54 and 55.
57. Government interest paid
58. Government trading and investment income. Consists of property income (interest and dividends) and imputed net rental income of local government. Interest income includes interest earned on contingent capital and preference share holdings in financial institutions and can be seen to decrease in recent years as the State divests itself of these holdings. Dividends include part or all of the Central Bank surplus paid to the Exchequer, and of dividends paid by other state-owned corporations. Such payments are subject to the super-dividend test whereby payments in excess of the distributable entrepreneurial income of a corporation to government are recorded as a withdrawal of equity rather than a dividend. In recent years the Central Bank surplus paid to the Exchequer has been partitioned into a dividend and an equity withdrawal due to part of this surplus arising as a result of holding gains.
The interest and dividends received on the Ireland Strategic Investment Fund’s (ISIF) holdings of securities and equity investments also contribute to property income.
59. Statistical discrepancy. Same as items 31 and 34.
60. Net National Product at Factor Cost. This is the sum of items 56, 58 and 59 minus item 57.
61. Taxes less subsidies of National Government
62. Net National Income at Market Prices. This is the sum of items 60 and 61.
Item 1. Merchandise exports and imports are valued f.o.b. (free on board) for BOP purposes (imports are valued c.i.f. [cost, insurance and freight] in the official external trade statistics and this valuation was formerly used in the BOP). Some adjustments are also made to the official merchandise trade statistics to conform to the BOP change of ownership and market valuation principles. In addition, certain exports sales of software licences, which were formerly included in merchandise exports, are now recorded as service exports.
Services covers transport, tourism and travel, communications, insurance services, financial services, computer services, royalties and licences, business services and other services not elsewhere specified. Because of the presentation of merchandise imports on a f.o.b. basis (rather than c.i.f. as before), the freight element of the c.i.f. to f.o.b. adjustment is included in transport services.
Item 2. Income covers (a) compensation of employees, which relates to the earnings of persons working outside their country of residence for less than one year and earnings of local staff working in embassies and consulates, and (b) investment income, which covers earnings arising from foreign investors’ investments in Ireland and Irish investors’ investments abroad. Investment income excludes realised and unrealised capital and exchange gains or losses.
Item 3. Subsidies less Taxes. These relate to EU subsidies and taxes.
Item 4. Current transfers cover unrequited receipts and payments such as payments under development aid programmes operated by non-governmental organisations.
Item 5. Current account balance is the total of all current account credits less the total of all current account debits.
Retrospective estimates of the main balance of payments flows for the current account are included in Table 13.1 which are consistent with the Balance of Payments related elements set out in Table 8.1. This year we have also included National Accounts adjustments for GNI audit purposes in the years 2010-2019. While these create a difference with the published International Accounts data in those years, both publications are aligned from 2020 onwards. The next benchmark revision in the International Accounts will pick up these updates to the full time series and align the data between the National Accounts and Balance of Payments.
Item 6. Balance on Capital account. The capital account largely covers capital transfers, in particular amounts receivable under the EU Regional Development Fund and the Cohesion Fund and all other transfers intended for capital purposes. Estimates of migrants’ transfers (i.e. the transfer of the net worth of immigrants and emigrants) are included but they are not well based. In addition, acquisitions and disposals of non-produced, non-financial assets (good will, brand names, etc.) are also covered here. These transactions tend to occur infrequently, but the amounts can vary substantially. Because of certain data limitations only the net flows are shown.
Financial account. The financial account covers transactions in foreign financial assets (i.e. claims on non-residents) and foreign liabilities (i.e. obligations to non-residents). The four categories of functional investment, which are distinguished (i.e. direct investment, portfolio investment, other investment and reserve assets), are based primarily on the relationship between the parties and secondly on the nature of the instrument involved.
Item 7. Direct investment is a category of international investment that, based on an equity ownership of at least 10%, reflects a lasting interest by a resident in one economy (the direct investor) in an enterprise resident in another economy (the direct investment enterprise). Using this criterion, a direct investment relationship can exist between a number of affiliated enterprises whether the linkage involves a single chain or a number of chains. It can extend to a direct investment enterprise’s subsidiaries, sub-subsidiaries and associates. Once the direct investment relationship is established, all subsequent financial flows between the related entities are recorded as direct investment transactions, regardless of the type of financial instrument used in the financing arrangement (except for financial intermediary affiliates among which direct investment transactions are limited to those involving equity and permanent debt).
Item 8. Portfolio investment covers the acquisition and disposal of equity and debt securities, which cannot be classified under direct investment or reserve assets transactions. The securities involved are traded (or tradable) in organised and other financial markets. Debt securities cover bonds and notes, which have an original maturity term of more than one year and money market instruments with original maturity of one year or less. Transactions are valued at market value inclusive of accrued income.
Item 9. Other investment covers assets and liabilities other than those classifiable to direct investment, portfolio investment or reserve assets. It comprises loans, currency and deposits, short and long-term trade credits, financial derivatives and other accounts receivable and payable. Derivatives cover over-the-counter (OTC) and exchange-traded contracts and include options, futures, swaps, forwards, etc. For BOP purposes, all receipts and payments connected to financial derivative contracts (other than the values of transactions in the underlying commodities or financial instruments) are recorded in the financial account i.e. there are no entries in the current account other than related fees and service charges (not always identifiable). In principle, other investment transactions are valued at market valuation inclusive of accrued income. For loans, book values are accepted as a proxy for market values.
Item 10. Reserve assets at national level in the context of EMU have been defined by the European Central Bank from 1 January 1999, the date of introduction of the euro currency, as: (a) qualifying assets which are under the effective control of the national monetary authority (i.e. the Central Bank of Ireland), and (b) consisting of highly liquid, marketable and credit-worthy foreign (non-euro) currency denominated claims on non euro-area residents together with gold, special drawing rights (SDRs) and the reserve position in the IMF. Up to 31 December 1998, together with gold, SDRs and the reserve position in the IMF, the definition covered all foreign currency (non-Irish Pound) denominated claims on non-residents of Ireland. Therefore, all claims on euro-area residents as well as euro-denominated claims on non euro-area residents, which prior to 1999 would have been classified as reserve assets, are from 1999 onwards classified to portfolio investment or other investment as appropriate.
Item 11. Balance on Financial Accounts is the total of all financial account credits less the total of all financial account debits.
Item 12. Net errors and omissions. The sum of the credit entries should, in principle, equal the sum of the debit entries over all three accounts. In practice, because of differences in coverage, valuation and timing this does not occur, and a balancing item, net errors and omissions is inserted to balance the overall account.
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