| Table 2.1 GNI and Modified GNI (GNI*) | |||
| 2020 | 2021 | % change | |
| GNI at current prices | €280,670m | €323,481m | 15.3% |
| Modified GNI (GNI*) at current prices | €199,996m | €233,879m | 16.9% |
| Chain linked volume measures referenced to year 2020 | |||
| GNI at constant prices | €280,670m | €321,523m | 14.6% |
| Modified GNI (GNI*) at constant prices | €199,996m | €230,713m | 15.4% |
Modified Gross National Income (GNI*) at current market prices increased from €200bn in 2020, to €234bn in 2021, or expressed as a share of GDP, from 53.6% to 54.9%. In constant prices, real GNI* has increased by 15.4% in the year 2021.
Modified GNI (GNI*) is an indicator that was recommended by the Economic Statistics Review Group and is designed to exclude globalisation effects that are disproportionally impacting the measurement of the size of the Irish economy.
| GDP | GNI* | |
| 2013 | 179.4575883354 | 136.794309329538 |
| 2014 | 195.0852465782 | 148.847642307301 |
| 2015 | 262.9759135783 | 161.898291417586 |
| 2016 | 270.2053362432 | 172.235141520833 |
| 2017 | 297.7632158117 | 182.959007510598 |
| 2018 | 326.6312777648 | 193.975139398266 |
| 2019 | 356.7045954962 | 210.735930156762 |
| 2020 | 372.8363973561 | 199.995643991946 |
| 2021 | 426.2834356798 | 233.878701315153 |
Get the data: PxStat NA001
Figure 2.1 above shows a comparison of Gross Domestic Product, Modified GNI from 2013 to 2021.
To produce Modified GNI (GNI*) we take GNI and adjust for:
| Depreciation on R&D Service Imports and Trade in IP | Factor Income of Redomiciled Companies | Depreciation on Aircraft Leasing | GNI | GNI* | |
| 2013 | -5.3743546825085 | -6.47375948 | -3.0596956549538 | 151.702119147 | 136.794309329538 |
| 2014 | -5.5346421403285 | -6.851084976 | -3.78271035417 | 165.0160797778 | 148.847642307301 |
| 2015 | -31.272266423186 | -4.662566246 | -4.6068895861284 | 202.4400136729 | 161.898291417586 |
| 2016 | -37.476650033085 | -5.78006588 | -4.864608742882 | 220.3564661768 | 172.235141520833 |
| 2017 | -44.152929440305 | -4.456802568 | -5.2271081931974 | 236.7958477121 | 182.959007510598 |
| 2018 | -47.88458012815 | -4.912479245 | -6.5288127560843 | 253.3010115275 | 193.975139398266 |
| 2019 | -52.832507982234 | -4.861797101 | -8.633583909004 | 277.063819149 | 210.735930156762 |
| 2020 | -66.710067652455 | -4.255637464 | -9.708963143099 | 280.6703122515 | 199.995643991946 |
| 2021 | -69.827626060771 | -9.97892422 | -9.7957821671762 | 323.4810337631 | 233.878701315153 |
Get the data: PxStat NA001
Figure 2.2 shows the difference between GNI at current prices and Modified GNI at current prices as well as the adjustments. We can see that the series start to diverge in recent years, particularly from 2015, with most of the difference explained by the depreciation on R&D service imports and trade in IP.
| GDP | GNI | GNI* | NNI | MDD | |
| 2013 | 204.2147880135 | 175.6582689984 | 166.971004313 | 151.580025170809 | 149.897254947 |
| 2014 | 221.8780404666 | 191.0818352205 | 181.5190088592 | 165.641927878283 | 156.057641671 |
| 2015 | 275.9507069358 | 215.4108566879 | 178.1675655476 | 158.213264833655 | 163.307391423 |
| 2016 | 281.4880840138 | 231.2228596719 | 186.6490537679 | 166.446148543106 | 172.109731937 |
| 2017 | 306.837049712 | 245.1017723804 | 195.3295490345 | 172.673585886569 | 177.814691686 |
| 2018 | 333.0027056319 | 259.8263501232 | 204.0158448467 | 180.50174081226 | 186.742840982 |
| 2019 | 351.1211743156 | 273.404063915 | 209.6987304108 | 184.945155779688 | 191.169670163 |
| 2020 | 372.8363973561 | 280.6703122515 | 199.9956439919 | 174.561272631306 | 179.523363575 |
| 2021 | 423.4983278944 | 321.5225318181 | 230.7127353559 | 210.088921466629 | 189.948860508 |
Get the data: PxStat NA002
Figure 2.3 above shows a comparison of GDP, GNI, NNI, Modified GNI (GNI*) and Modified Domestic Demand (MDD) at constant prices from 2013 to 2021.
Within the National Accounts framework, net national income (NNI) is an important internationally comparable measure of de-globalised economic activity. When we remove depreciation (the cost of using up capital assets) from GNI we get to NNI.
Modified Domestic Demand (MDD), is a de-globalised measure developed in our quarterly accounts and is presented here on an annual basis for comparison.
We can see that the series start to diverge in recent years, particularly from 2015, due to large globalisation events in the Irish economy.
In 2021 both GNI* and NNI show strong growth rates, while the new levels are broadly consistent with the pre-pandemic output path. Further analysis is needed to understand the change from 2020 to 2021, CSO’s initial findings suggest that MNE’s are having strong domestic effects on these de-globalised indicators through several factors. We are examining timing issues with profits, the build up of stocks after the pandemic, tax payments and in the case of NNI this indicator had been effected by substantially larger inflows of payments to redomiciled PLC’s in 2021.
More information on Modified Domestic Demand can be found in our Quarterly National Accounts publication.
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