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Annual National Accounts 2021

GDP by Incomes

Industry grew strongly by 21.4% in 2021

Online ISSN: 2811-5724

CSO statistical publication, 15 July 2022, 11am

Tables 3.1 to 3.7 show Net Value Added (NVA) and Gross Value Added (GVA) compiled using the Income Method which looks at Compensation of Employees, Net Operating Surplus & Net Mixed Income, and Consumption of Fixed Capital. These terms are often referred to as Wages, Profits and Depreciation.

Figure 3.1 above shows the contributing components to Gross Value Added (GVA) at current prices in 2021. Net Operating Surplus and Net Mixed Income represented 45.1% of GVA in the year, Consumption of Fixed Capital 27.9% with Compensation of Employees accounting for 27.7%.

	2021
Compensation of Employees	27.6981749401642
Net Operating surplus	45.1311617062115
Consumption of Fixed Capital	27.9127185756593

	Industry (excl. Construction)	Information & Communication	Professional, Admin & Support Services	Public Admin, Education & Health	Distribution, Transport, Hotels & Restaurants	Real Estate Activities	Financial & Insurance Activities	Construction	Arts, Entertainment & Other Services	Agriculture Forestry & Fishing
2021	159.7747821875	70.223796445	40.612624509	37.4949792458	32.033622046	22.6960710023	18.716718855	7.9220286185	3.5448809198	3.4849695139

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Figure 3.2 above shows the relative contributions of each sector. Just over 40% of total GVA at constant basic prices in 2021 was accounted for by Industry (excluding Construction).

	Agriculture, Forestry & Fishing	Industry (excl. Construction)	Construction	Distribution, Transport, Hotels & Restaurants	Information & Communication	Financial & Insurance Activities	Real Estate Activities	Professional, Admin & Support Services	Public Admin, Education & Health	Arts, Entertainment & Other Services
2020-2021	0.377434552779299	21.3616600835715	-3.13726373518074	3.78177849813697	16.1367506364829	17.7626809503789	6.63246555186454	0.592739508455553	3.08058446129016	1.44092304781274

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Figure 3.3 above shows the growth in each sector. Multinational Enterprise (MNE) dominated sectors of the economy distinguished in Table 5.2 (in Chapter 5 - Gross Value Added by Activity) showed growth of 20.7% in 2021. Industry (excluding Construction) increased by 21.4% while Information & Communication grew by 16.1%. Apart from Construction, domestic sectors of the economy all posted increases in 2021. Financial & Insurance activities grew by 17.8% in the year, Real Estate activities by 6.6% while the Distribution, Transport, Hotels & Restaurants sector increased by 3.8% in 2021. Construction contracted by 3.1% in 2021 compared with 2020. All other sectors posted more modest growth: Public Administration, Education & Health grew by 3.1%, Arts & Entertainment by 1.4%, Professional, Administration & Support Services by 0.6% and Agriculture, Forestry & Fishing by 0.4%.

The Domestic Trading Profits of non-agricultural companies, which represents 53.2% of overall economy Net Value Added at Factor Cost, recorded growth of 29.0% in 2021 compared with 2020. Remuneration of non-agricultural employees grew by 9.8% in the year. After taking into account factor incomes from the rest of the world, overall Net National Product at Factor Cost increased by 20.0% year-on-year while Net National Income at Market Prices that takes account of national (i.e. non-EU) taxes and national subsidies increased by a similar rate of 21.1%, the first time this high level macroeconomic aggregate has exceeded €200 billion.

Table 3.1 Net Value Added at Factor Cost and Net National Income at Market Prices

Table 3.1 Net Value Added at Factor Cost and Net National Income at Market Prices
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021¹
Value added from agriculture, forestry and fishing	(B.1n-D.29+D.39)	3,292	4,216	3,672	3,848	4,090	4,818
1. Income from self-employment and other trading income	B.3n	2,612	3,510	2,945	3,070	3,266	3,945
Remuneration of employees:	D.1
2. Wages and salaries	D.11	561	577	590	635	681	719
3. Employers' social contribution	D.12	120	129	137	143	143	154
Non-agricultural value added	(B.1n-D.29+D.39)	181,199	195,205	220,068	238,864	245,260	287,554
Profits and self employed earnings:
4. Domestic trading profits of companies (including corporate bodies) before tax	B.2n	80,576	88,346	106,587	115,486	120,540	155,494
5. Self employed earnings	B.3n	7,789	8,311	8,592	8,890	7,686	8,396
6. Adjustment for stock appreciation	B.2n	1,180	128	-442	889	1,613	-3,541
7. Rent of dwellings (actual and imputed)	B.2n	9,879	10,861	12,234	13,402	14,933	16,884
of which imputed rent		7,627	8,385	9,445	10,347	11,529	13,035
8. Rent element in land annuities		1	0	0	0	0	0
Remuneration of employees:	D.1
9. Wages and salaries	D.11	68,050	72,822	77,968	83,694	84,282	92,321
10. Employers' social contribution	D.12	13,725	14,737	15,130	16,502	16,207	18,000
Adjustments:
12. Statistical discrepancy		-637	2,171	-1,057	-929	1,175	-40
13. Net value added at factor cost	(B.1n-D.29+D.39)	183,854	201,592	222,683	241,782	250,525	292,332
14. Net factor income from the rest of the world	D.1 & D.4	-50,842	-62,039	-74,463	-80,774	-93,268	-103,595
	(net to abroad)
15. Net national product at factor cost		133,011	139,553	148,220	161,009	157,258	188,737
16. National (i.e. non EU) taxes	D.2	23,471	24,649	25,717	27,510	23,724	29,564
17. National (i.e. non EU) subsidies	D.3	-1,768	-1,814	-1,948	-1,907	-6,421	-6,875
18. Net national income at market prices	B.5*n	154,714	162,388	171,989	186,612	174,561	211,426

¹Preliminary

Open in Excel: Annual National Accounts 2021 Table 3.1 (XLS 25KB)

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Table 3.2 Annual Percentage Changes in the Main Constituents of Table 3.1

After adjusting Net Value Added (NVA) at Factor Cost across the 10 main economic sectors by the Provision for Depreciation, Gross Value Added at Factor Cost recorded a 13.4% increase in 2021 compared with 2020. After Non Product Taxes and Subsidies are taken into account, Gross Value Added at Current Basic Prices posted a 13.6% increase in the year. NVA at Factor Cost grew in all sectors in 2021 compared with 2020. For the Multinational dominated sectors, Industry (excluding Construction) NVA rose strongly by 23.1% with Information & Communication NVA rising by 22.6%. Of the domestic facing sectors, Financial & Insurance Activities NVA grew by 19.3%, Real Estate Activities NVA by 18.7%, Agriculture, Forestry & Fishing NVA by 17.8% with Distribution, Transport, Hotels & Restaurants NVA increasing by 15.4%. Arts & Entertainment NVA rose by 21.3% over the period. More modest, single digit growth in NVA was recorded in Public Administration, Education & Health, which grew by 7.1%, Construction which increased by 6.4% and Professional, Administration & Support Services which grew by 5.5% in the year.

Table 3.3 Net Value Added at Factor Cost and Depreciation by Sector of Origin and Gross Value Added at Basic Prices

Table 3.3 Net Value Added at Factor Cost and Depreciation by Sector of Origin and Gross Value Added at Basic Prices
(Note the sectors here are based on NACE Rev. 2 A10. For further details see the methodology notes)
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
24.1 Agriculture forestry and fishing
Net value added	(B.1n-D.29+D.39)	3,293	4,216	3,672	3,848	4,090	4,818
Remuneration of employees	D.1	681	705	727	777	824	873
Other	(B.2n & B.3n)	2,612	3,511	2,945	3,071	3,266	3,945
24.2 Industry (excluding construction)
Net value added	(B.1n-D.29+D.39)	58,928	59,805	70,450	74,042	82,136	101,133
Remuneration of employees	D.1	11,380	12,095	13,175	14,195	14,392	15,501
Other	(B.2n & B.3n)	46,767	47,955	57,916	59,180	66,873	88,212
Adjustment for stock appreciation	(B.2n & B.3n)	780	-245	-641	668	871	-2,581
24.3 of which: Manufacturing
Net value added	(B.1n-D.29+D.39)	56,758	57,675	68,090	71,737	79,853	99,155
Remuneration of employees	D.1	10,032	10,658	11,682	12,648	12,835	13,922
Other	(B.2n & B.3n)	45,937	47,245	57,022	58,481	66,169	87,689
Adjustment for stock appreciation	(B.2n & B.3n)	789	-228	-614	607	848	-2,456
24.4 Construction
Net value added	(B.1n-D.29+D.39)	5,438	7,163	7,715	8,413	8,163	8,686
Remuneration of employees	D.1	2,946	3,510	3,876	4,151	4,108	4,709
Other	(B.2n & B.3n)	2,492	3,653	3,839	4,261	4,055	3,977
24.5 Distribution, transport, hotels and restaurants
Net value added	(B.1n-D.29+D.39)	27,931	29,666	29,641	31,627	27,662	31,923
Remuneration of employees	D.1	17,156	18,092	18,666	19,570	17,583	19,393
Other	(B.2n & B.3n)	10,375	11,200	10,776	11,836	9,338	13,491
Adjustment for stock appreciation	(B.2n & B.3n)	400	373	199	221	742	-961
24.6. Information and communication
Net value added	(B.1n-D.29+D.39)	18,864	22,974	28,596	36,682	39,536	48,453
Remuneration of employees	D.1	6,079	6,783	7,537	8,416	9,155	10,739
Other	(B.2n & B.3n)	12,786	16,191	21,059	28,266	30,381	37,713
24.7 Financial and insurance activities
Net value added	(B.1n-D.29+D.39)	14,555	13,772	14,722	14,985	13,566	16,178
Remuneration of employees	D.1	7,126	7,541	7,770	8,279	8,520	9,129
Other	(B.2n & B.3n)	7,429	6,230	6,952	6,706	5,047	7,049
24.8 Real estate activities
Net value added	(B.1n-D.29+D.39)	9,932	10,589	12,494	13,641	14,318	16,993
Remuneration of employees	D.1	711	774	849	911	885	957
Other	(B.2n & B.3n)	9,221	9,815	11,645	12,730	13,434	16,037
24.9 Professional, admin and support services
Net value added	(B.1n-D.29+D.39)	15,902	19,396	22,972	23,938	24,007	25,329
Remuneration of employees	D.1	9,799	10,833	11,866	13,438	13,615	15,237
Other	(B.2n & B.3n)	6,104	8,563	11,106	10,499	10,392	10,093
24.10 Public admin, education and health
Net value added	(B.1n-D.29+D.39)	26,570	28,167	29,554	31,475	32,656	34,960
Remuneration of employees	D.1	24,623	25,904	27,209	29,020	30,330	32,561
Other	(B.2n & B.3n)	1,947	2,263	2,345	2,456	2,326	2,400
24.11 Arts, entertainment and other services
Net value added	(B.1n-D.29+D.39)	3,078	3,674	3,925	4,061	3,215	3,899
Remuneration of employees	D.1	1,954	2,027	2,148	2,217	1,902	2,095
Other	(B.2n & B.3n)	1,123	1,647	1,777	1,843	1,313	1,804
26. Statistical discrepancy (equals Item 12, Table 3.1)		-637	2,171	-1,057	-929	1,175	-40
27. Net value added at factor cost	B.1n-D.29+D.39	183,854	201,592	222,683	241,782	250,525	292,332
28. plus Provision for depreciation	P.51c	65,642	74,408	81,312	90,452	106,109	112,055
28.1 Agriculture, forestry and fishing	P.51c	860	894	957	1,015	1,033	1,135
28.2 Industry (excluding construction)	P.51c	34,154	38,783	40,519	42,549	49,273	50,533
28.3 of which Manufacturing	P.51c	32,388	36,948	38,590	40,540	47,244	48,348
28.4 Construction	P.51c	269	287	312	336	351	389
28.5 Distribution, transport, hotels and restaurants	P.51c	3,797	4,267	4,643	4,680	4,566	4,603
28.6 Information and communication	P.51c	5,935	8,273	10,831	13,874	20,933	23,941
28.7 Financial and insurance activities	P.51c	1,396	1,564	1,703	1,795	1,887	2,132
28.8 Real estate activities	P.51c	5,009	5,306	5,613	6,229	6,465	7,304
28.9 Professional, admin and support services	P.51c	10,479	11,076	12,523	15,501	16,992	16,974
28.10 Public admin, education and health	P.51c	3,305	3,511	3,765	3,997	4,121	4,528
28.11 Arts, entertainment and other services	P.51c	438	446	446	475	490	515
29. Gross value added at factor cost	B.1g-D.29+D.39	249,496	276,000	303,995	332,234	356,634	404,387
30. Non product taxes	D.29	3,071	3,355	3,701	3,721	3,000	3,998
31. Non product subsidies	D.39	-2,310	-2,361	-2,491	-2,305	-6,404	-6,977
32. Gross value added at basic prices	B.1g	250,256	276,994	305,204	333,650	353,230	401,408

¹Preliminary

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Gross Value Added at Current Basic Prices across the 10 main economic sectors recorded a 13.6% increase in 2021 compared with 2020. For the Multinational dominated sectors, Information & Communication GVA rose significantly by 19.9% with Industry (excluding Construction) GVA rising by 15.7%. Of the domestic facing sectors, Agriculture, Forestry & Fishing GVA increased by 25.0%, Financial & Insurance Activities GVA grew by 19.4%, Real Estate Activities GVA increased by 17.4%, with Distribution, Transport, Hotels & Restaurants NVA increasing by 12.6% in the year. Arts & Entertainment GVA rose by 17.3% over the period. More modest, single digit increases in GVA were recorded in Public Administration, Education & Health which grew by 7.1%, Construction which increased by 6.6% and Professional, Administration & Support Services which grew by 3.5% year-on-year.

Table 3.4 Gross Value Added at Basic Prices by Sector of Origin and Gross and Net National Income at Current Market Prices

Table 3.4 Gross Value Added at Basic Prices by Sector of Origin and Gross and Net National Income at Current Market Prices
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
46.1 Agriculture, forestry and fishing	B.1g	2,553	3,508	2,912	3,228	3,472	4,339
46.2 Industry (excluding construction)	B.1g	93,983	99,525	111,978	117,605	131,652	152,382
46.3 of which: Manufacturing	B.1g	89,455	94,941	107,027	112,666	126,933	147,558
46.4 Construction	B.1g	5,735	7,478	8,055	8,779	8,179	8,718
46.5 Distribution, transport, hotels and restaurants	B.1g	32,228	34,441	34,821	36,898	30,866	34,747
46.6 Information and communication	B.1g	24,936	31,388	39,580	50,735	60,466	72,473
46.7 Financial and insurance activities	B.1g	16,166	15,707	16,979	17,325	15,894	18,972
46.8 Real estate activities	B.1g	15,522	16,493	18,735	20,493	21,284	24,980
46.9 Professional, admin and support services	B.1g	26,352	30,451	35,474	39,451	40,373	41,775
46.10 Public administration, education and health	B.1g	29,852	31,659	33,298	35,467	36,374	38,965
46.11 Arts, entertainment and other services	B.1g	3,568	4,174	4,429	4,600	3,495	4,098
47. Statistical discrepancy (equals Item 12, Table 3.1)		-637	2,171	-1,057	-929	1,175	-40
51. Gross value added at basic prices	B.1g	250,256	276,994	305,204	333,650	353,230	401,408
52. Product taxes	D.21	20,886	21,727	22,449	24,246	21,134	26,300
53. Product subsidies	D.31	-937	-958	-1,022	-1,191	-1,528	-1,425
54. Gross domestic product at current market prices	B.1*g	270,205	297,763	326,631	356,705	372,836	426,283
55. Net factor income from the rest of the world	D.1 & D.4	-50,842	-62,039	-74,463	-80,774	-93,268	-103,595
	(net to abroad)
56. Gross national product at current market prices		219,363	235,724	252,168	275,931	279,569	322,688
57. EU subsidies	D.3	1,479	1,504	1,566	1,589	1,512	1,527
58. EU taxes	D.2	-486	-433	-433	-456	-410	-735
59. Gross national income at current market prices	B.5*g	220,356	236,796	253,301	277,064	280,670	323,481
60. minus Provision for depreciation	P.51c	-65,642	-74,408	-81,312	-90,452	-106,109	-112,055
61. Net National Income at current market prices	B.5*n	154,714	162,388	171,989	186,612	174,561	211,426

¹Preliminary

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Table 3.5 Annual Percentage Change in the Main Constituents of Table 3.4

Gross Value Added at Constant Basic Prices or Real GVA across the 10 principal high level economic sectors recorded a 13.0% increase overall in 2021 over 2020. For the Multinational dominated sectors, Industry (excluding Construction) GVA rose by 21.4% while Information & Communication GVA increased by 16.1%. Of the domestic facing sectors, Financial & Insurance Activities Real GVA grew by 17.8%, Real Estate Activities by 6.6%, with Distribution, Transport, Hotels & Restaurants GVA increasing 3.8% year-on-year. More modest, single digit increases in Real GVA were recorded in Public Administration, Education & Health that grew by 3.1%, Arts & Entertainment by 1.4%, Professional, Administration & Support Services by 0.6% year-on-year while Agriculture, Forestry & Fishing GVA recorded an increase of 0.4%. However Real GVA for the Construction sector declined by 3.1% over the period, the only sector to do so in 2021.

Table 3.6 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2020)

Table 3.6 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2020)
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
65.1 Agriculture, forestry and fishing	B.1g	2,909	3,087	2,730	3,417	3,472	3,485
65.2 Industry (excluding construction)	B.1g	91,446	94,953	105,333	107,597	131,652	159,775
65.3 of which: Manufacturing	B.1g	87,475	90,742	101,034	102,970	126,933	155,633
65.4 Construction	B.1g	7,321	8,145	8,885	9,337	8,179	7,922
65.5 Distribution, transport, hotels and restaurants	B.1g	34,000	35,518	37,174	38,157	30,866	32,034
65.6 Information and communication	B.1g	26,382	33,748	42,257	50,886	60,466	70,224
65.7 Financial and insurance activities	B.1g	17,825	16,232	17,651	17,604	15,894	18,717
65.8 Real estate activities	B.1g	20,525	20,996	21,187	21,557	21,284	22,696
65.9 Professional, admin and support services	B.1g	28,026	32,393	37,615	39,889	40,373	40,613
65.10 Public administration, education and health	B.1g	33,138	34,337	35,492	36,974	36,374	37,495
65.11 Arts, entertainment and other services	B.1g	3,953	4,304	4,404	4,445	3,495	3,545
66. Statistical discrepancy		..	..	..	..	1,175	2,704
70. Gross value added at constant basic prices	B.1g	261,259	285,878	311,515	328,208	353,230	399,208
71. Product taxes	D.21	21,178	21,957	22,575	24,158	21,134	25,681
72. Product subsidies	D.31	-951	-969	-1,028	-1,187	-1,528	-1,390
73. Gross domestic product at constant market prices	B.1*g	281,488	306,837	333,003	351,121	372,836	423,498
74. Net factor income from the rest of the world	D.1 & D.4	-51,650	-63,010	-74,407	-78,925	-93,268	-102,723
	(net to abroad)
75. Gross national product at constant market prices		230,220	244,021	258,691	272,284	279,569	320,775
76. EU subsidies	D.3	1,495	1,517	1,569	1,575	1,512	1,465
77. EU taxes	D.2	-494	-438	-436	-455	-410	-718
78. Gross national income at constant market prices	B.5*g	231,223	245,102	259,826	273,404	280,670	321,523
78.1 Provision for depreciation	P.51c	-65,619	-73,054	-79,793	-88,628	-106,109	-111,434
78.2 Net national income at constant market prices	B.5*n	166,446	172,674	180,502	184,945	174,561	210,089

¹Preliminary
..Chain linked series not additive except for 2020 and 2021

Open in Excel: Annual National Accounts 2021 Table 3.6 (XLS 24KB)

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Table 3.7 Annual Percentage Changes in the Main Constituents of Table 3.6

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