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Annual National Accounts 2022

GDP by Incomes

Compensation of Employees share drops to 25% of GVA

Online ISSN: 2811-5724

CSO statistical publication, 14 July 2023, 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 2022. Net Operating Surplus and Net Mixed Income represented 49.2% of GVA in the year, Consumption of Fixed Capital 25.3% with Compensation of Employees accounting for 25.3%.

	2022
Compensation of Employees	25.2913005853159
Net Operating surplus	49.1752711832749
Consumption of Fixed Capital	25.2879084538617

	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
2022	187.0353285005	81.1279509027	42.6616238256	41.8751485067	38.6630798865	25.1176909681	16.9150200008	9.7222757488	4.6175263565	4.574309653

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Figure 3.2 above shows the relative contributions of each sector. Just over 41% of total GVA at constant basic prices in 2022 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
2021-2022	6.27080205788078	18.6510121413187	4.17218716150605	16.860241965519	7.05339099644107	-7.8389219776511	4.23336691979841	1.07855724787365	6.13554063653683	11.0142294065273

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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 15.6% in 2022. Industry (excluding Construction) increased by 18.7% while Information & Communication grew by 7.1%. Apart from Financial and insurance activities, domestic sectors of the economy all posted increases in 2022. The Distribution, Transport, Hotels & Restaurants sector expanded by 16.9% in the year, Arts & Entertainment by 11%, Agriculture, Forestry & Fishing by 6.3% while Public Administration, Education & Health increased by 6.1%. Other sectors posted more modest growth: Real Estate activities and Construction both grew by 4.2%, while Professional, Administration & Support Services increased by 1.1% in 2022 compared with 2021. Financial & Insurance activities contracted by 7.8% over the period.

The Domestic Trading Profits of non-agricultural companies, which represents 58.1% of overall economy Net Value Added at Factor Cost, recorded growth of 27.5% in 2022 compared with 2021. Remuneration of non-agricultural employees grew by 9.5% in the year. After taking into account factor incomes from the rest of the world, overall Net National Product at Factor Cost increased by 12.3% 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 14.1%, or almost €242 billion in year 2022 in money terms.

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	2017	2018	2019	2020	2021	2022¹
Value added from agriculture, forestry and fishing	(B.1n-D.29+D.39)	4,216	3,672	3,848	4,085	4,862	5,875
1. Income from self-employment and other trading income	B.3n	3,510	2,945	3,070	3,261	3,989	4,772
Remuneration of employees:	D.1
2. Wages and salaries	D.11	577	590	635	681	719	933
3. Employers' social contribution	D.12	129	137	143	143	154	169
Non-agricultural value added	(B.1n-D.29+D.39)	195,874	220,327	238,520	249,254	294,663	353,053
Profits and self employed earnings:
4. Domestic trading profits of companies (including corporate bodies) before tax	B.2n	88,410	106,446	115,678	124,472	162,465	207,142
5. Self employed earnings	B.3n	8,311	8,592	8,890	8,068	8,821	9,808
6. Adjustment for stock appreciation	B.2n	733	-42	353	1,605	-3,530	-2,962
7. Rent of dwellings (actual and imputed)	B.2n	10,861	12,234	13,402	14,620	16,587	18,264
of which imputed rent		8,385	9,445	10,347	11,287	12,806	14,100
8. Rent element in land annuities		0	0	0	0	0	0
Remuneration of employees:	D.1
9. Wages and salaries	D.11	72,822	77,968	83,694	84,282	91,998	100,933
10. Employers' social contribution	D.12	14,737	15,130	16,502	16,207	18,323	19,867
Adjustments:
12. Statistical discrepancy		2,331	-648	-880	-708	975	-2,414
13. Net value added at factor cost	(B.1n-D.29+D.39)	202,421	223,351	241,487	252,631	300,500	356,514
14. Net factor income from the rest of the world	D.1 & D.4	-62,039	-74,463	-80,774	-92,332	-110,756	-143,407
	(net to abroad)
15. Net national product at factor cost		140,382	148,888	160,714	160,298	189,744	213,107
16. National (i.e. non EU) taxes	D.2	24,649	25,717	27,510	23,724	29,391	31,838
17. National (i.e. non EU) subsidies	D.3	-1,814	-1,947	-1,767	-6,257	-7,298	-3,249
18. Net national income at market prices	B.5*n	163,217	172,658	186,457	177,766	211,838	241,695
¹Preliminary

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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 15.9% increase in 2022 compared with 2021. After Non Product Taxes and Subsidies are taken into account, Gross Value Added at Current Basic Prices posted a 17.1% increase in the year. NVA at Factor Cost grew in all sectors in 2022 compared with 2021 except for Financial and Insurance activities which posted a decline. For the Multinational dominated sectors, Industry (excluding Construction) NVA rose strongly by 34.0% with Information & Communication NVA rising by 12.8%. Of the domestic facing sectors, strong double digit-growth was recorded in the following sectors in 2022 compared to 2021: Distribution, Transport, Hotels & Restaurants NVA grew by 28.7%, Agriculture, Forestry & Fishing NVA increased by 20.8%, Professional, Administration & Support Services NVA rose by 15.3% with Construction NVA posting growth of 10.2% in the year. By comparison, more modest, single-digit growth in NVA was recorded in Real Estate Activities which rose by 9.1% in the year, Public Administration, Education & Health, which grew by 6.6% and Arts & Entertainment where NVA increased by 4.3% year-on-year. Financial & Insurance Activities was the only main economic sector recording an NVA decline in 2022, a fall of 12.5% over the period compared with 2021.

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	2017	2018	2019	2020	2021	2022 ¹
24.1 Agriculture forestry and fishing
Net value added	(B.1n-D.29+D.39)	4,216	3,672	3,848	4,086	4,862	5,875
Remuneration of employees	D.1	705	727	777	824	873	1,103
Other	(B.2n & B.3n)	3,511	2,945	3,071	3,261	3,989	4,772
24.2 Industry (excluding construction)
Net value added	(B.1n-D.29+D.39)	60,410	70,851	73,507	83,460	106,250	142,427
Remuneration of employees	D.1	12,095	13,175	14,195	14,392	15,509	16,792
Other	(B.2n & B.3n)	47,956	57,917	59,181	68,140	93,268	127,350
Adjustment for stock appreciation	(B.2n & B.3n)	359	-241	131	927	-2,528	-1,715
24.3 of which: Manufacturing
Net value added	(B.1n-D.29+D.39)	58,278	68,491	71,190	81,050	103,322	138,614
Remuneration of employees	D.1	10,658	11,682	12,648	12,835	13,930	15,112
Other	(B.2n & B.3n)	47,246	57,023	58,483	67,365	91,594	125,202
Adjustment for stock appreciation	(B.2n & B.3n)	375	-213	59	849	-2,202	-1,700
24.4 Construction
Net value added	(B.1n-D.29+D.39)	7,163	7,715	8,413	8,159	9,298	10,246
Remuneration of employees	D.1	3,510	3,876	4,151	4,108	4,709	5,271
Other	(B.2n & B.3n)	3,653	3,839	4,262	4,051	4,589	4,975
24.5 Distribution, transport, hotels and restaurants
Net value added	(B.1n-D.29+D.39)	29,666	29,642	31,628	28,471	30,335	39,050
Remuneration of employees	D.1	18,092	18,666	19,570	17,583	19,385	21,964
Other	(B.2n & B.3n)	11,201	10,776	11,837	10,211	11,953	18,333
Adjustment for stock appreciation	(B.2n & B.3n)	373	199	221	677	-1,003	-1,247
24.6. Information and communication
Net value added	(B.1n-D.29+D.39)	22,974	28,596	36,683	39,554	52,020	58,661
Remuneration of employees	D.1	6,783	7,537	8,416	9,155	10,739	12,135
Other	(B.2n & B.3n)	16,192	21,060	28,267	30,400	41,280	46,526
24.7 Financial and insurance activities
Net value added	(B.1n-D.29+D.39)	13,772	14,723	14,986	12,673	15,701	13,734
Remuneration of employees	D.1	7,541	7,770	8,279	8,520	9,129	9,276
Other	(B.2n & B.3n)	6,231	6,953	6,708	4,153	6,572	4,458
24.8 Real estate activities
Net value added	(B.1n-D.29+D.39)	10,650	12,349	13,827	14,396	16,572	18,083
Remuneration of employees	D.1	774	849	911	885	957	976
Other	(B.2n & B.3n)	9,876	11,500	12,916	13,511	15,616	17,108
24.9 Professional, admin and support services
Net value added	(B.1n-D.29+D.39)	19,397	22,972	23,938	26,393	25,076	28,913
Remuneration of employees	D.1	10,833	11,866	13,438	13,615	15,237	16,762
Other	(B.2n & B.3n)	8,564	11,106	10,500	12,778	9,840	12,152
24.10 Public admin, education and health
Net value added	(B.1n-D.29+D.39)	28,167	29,554	31,475	32,725	35,436	37,791
Remuneration of employees	D.1	25,904	27,209	29,020	30,330	32,561	35,018
Other	(B.2n & B.3n)	2,263	2,345	2,456	2,396	2,875	2,773
24.11 Arts, entertainment and other services
Net value added	(B.1n-D.29+D.39)	3,674	3,925	4,061	3,422	3,975	4,145
Remuneration of employees	D.1	2,027	2,148	2,217	1,902	2,095	2,607
Other	(B.2n & B.3n)	1,647	1,777	1,844	1,520	1,880	1,539
26. Statistical discrepancy (equals Item 12, Table 3.1)		2,331	-648	-880	-708	975	-2,414
27. Net value added at factor cost	B.1n-D.29+D.39	202,421	223,351	241,487	252,631	300,500	356,514
28. plus Provision for depreciation	P.51c	74,344	81,453	90,259	106,253	112,269	121,887
28.1 Agriculture, forestry and fishing	P.51c	894	957	1,015	1,032	1,129	1,309
28.2 Industry (excluding construction)	P.51c	38,783	40,518	42,548	49,359	50,707	55,759
28.3 of which Manufacturing	P.51c	36,947	38,589	40,539	47,331	48,513	53,312
28.4 Construction	P.51c	287	312	336	354	395	462
28.5 Distribution, transport, hotels and restaurants	P.51c	4,267	4,643	4,679	4,554	4,587	4,923
28.6 Information and communication	P.51c	8,272	10,830	13,873	20,823	23,708	24,978
28.7 Financial and insurance activities	P.51c	1,563	1,702	1,794	1,889	2,072	2,287
28.8 Real estate activities	P.51c	5,245	5,759	6,043	6,292	6,920	8,269
28.9 Professional, admin and support services	P.51c	11,076	12,523	15,500	17,333	17,686	18,254
28.10 Public admin, education and health	P.51c	3,511	3,765	3,996	4,126	4,557	5,088
28.11 Arts, entertainment and other services	P.51c	446	446	475	491	508	558
29. Gross value added at factor cost	B.1g-D.29+D.39	276,765	304,805	331,747	358,884	412,769	478,401
30. Non product taxes	D.29	3,355	3,701	3,721	3,000	3,781	4,225
31. Non product subsidies	D.39	-2,361	-2,491	-2,307	-6,406	-7,164	-3,042
32. Gross value added at basic prices	B.1g	277,760	306,014	333,161	355,478	409,386	479,584
¹Preliminary

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Gross Value Added at Current Basic Prices across the 10 main economic sectors recorded a 17.1% increase in 2022 compared with 2021. For the Multinational dominated sectors, Industry (excluding Construction) GVA rose significantly by 26.4% with Information & Communication GVA rising by 10.6%. Of the domestic facing sectors, Distribution, Transport, Hotels & Restaurants GVA increased strongly by 33.4% while Agriculture, Forestry & Fishing GVA also posted strong growth of 30.3% year-on-year. Construction GVA expanded by 14.8% in 2022 compared with 2021, with Arts & Entertainment GVA increasing by 13.0% in the year, Real Estate Activities by 12.1% while Professional, Administration & Support Services rose by 11.7% in the year. Public Administration, Education & Health GVA grew by 8.4% year-on-year. Financial & Insurance Activities GVA declined by 8.8% over the period, the only sector to do so in year 2022.

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	2017	2018	2019	2020	2021	2022 ¹
46.1 Agriculture, forestry and fishing	B.1g	3,508	2,912	3,228	3,465	4,304	5,607
46.2 Industry (excluding construction)	B.1g	100,130	112,379	117,068	133,061	157,635	199,324
46.3 of which: Manufacturing	B.1g	95,544	107,428	112,118	128,216	151,863	192,361
46.4 Construction	B.1g	7,478	8,055	8,779	8,178	9,333	10,710
46.5 Distribution, transport, hotels and restaurants	B.1g	34,441	34,821	36,898	31,663	33,085	44,146
46.6 Information and communication	B.1g	31,388	39,580	50,735	60,375	75,783	83,833
46.7 Financial and insurance activities	B.1g	15,707	16,979	17,325	15,002	18,354	16,741
46.8 Real estate activities	B.1g	16,493	18,735	20,493	21,189	24,098	27,015
46.9 Professional, admin and support services	B.1g	30,451	35,474	39,450	43,101	42,206	47,137
46.10 Public administration, education and health	B.1g	31,659	33,298	35,467	36,449	39,454	42,786
46.11 Arts, entertainment and other services	B.1g	4,174	4,429	4,600	3,703	4,159	4,699
47. Statistical discrepancy (equals Item 12, Table 3.1)		2,331	-648	-880	-708	975	-2,414
51. Gross value added at basic prices	B.1g	277,760	306,014	333,161	355,478	409,386	479,584
52. Product taxes	D.21	21,727	22,449	24,246	21,134	26,345	28,488
53. Product subsidies	D.31	-958	-1,022	-1,049	-1,362	-1,662	-1,790
54. Gross domestic product at current market prices	B.1*g	298,528	327,441	356,357	375,250	434,070	506,282
55. Net factor income from the rest of the world	D.1 & D.4	-62,039	-74,463	-80,774	-92,332	-110,756	-143,407
	(net to abroad)
56. Gross national product at current market prices		236,489	252,978	275,584	282,917	323,314	362,876
57. EU subsidies	D.3	1,504	1,566	1,589	1,512	1,527	1,582
58. EU taxes	D.2	-433	-433	-456	-410	-735	-876
59. Gross national income at current market prices	B.5*g	237,561	254,111	276,717	284,019	324,107	363,582
60. minus Provision for depreciation	P.51c	-74,344	-81,453	-90,259	-106,253	-112,269	-121,887
61. Net National Income at current market prices	B.5*n	163,217	172,658	186,457	177,766	211,838	241,695
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 10.0% increase overall in 2022 over 2021. For the Multinational dominated sectors, Industry (excluding Construction) GVA expanded by 18.7% while Information & Communication GVA rose by 7.1%. Of the domestic facing sectors, Distribution, Transport, Hotels & Restaurants Real GVA grew by 16.9%, Arts & Entertainment GVA by 11.0%, Agriculture, Forestry & Fishing GVA by 6.3%, with Public Administration, Education & Health GVA increasing 6.1% year-on-year. More modest, single digit increases in Real GVA were recorded in Real Estate Activities and Construction that both grew by 4.2%. Professional, Administration & Support Services GVA increased by 1.1% year-on-year while Financial & Insurance Activities GVA contracted by 7.8% over the period, the only sector to do so in 2022.

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 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 2021)²
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)
							€ million
Description	ESA Code	2017	2018	2019	2020	2021	2022 ¹
65.1 Agriculture, forestry and fishing	B.1g	3,757	3,234	4,112	4,168	4,304	4,574
65.2 Industry (excluding construction)	B.1g	92,101	102,153	104,363	126,947	157,635	187,035
65.3 of which: Manufacturing	B.1g	87,226	97,103	98,977	121,278	151,863	181,782
65.4 Construction	B.1g	8,786	9,584	10,071	8,823	9,333	9,722
65.5 Distribution, transport, hotels and restaurants	B.1g	35,914	37,557	38,552	31,456	33,085	38,663
65.6 Information and communication	B.1g	34,725	43,480	52,359	62,420	75,783	81,128
65.7 Financial and insurance activities	B.1g	14,920	16,225	16,182	14,515	18,354	16,915
65.8 Real estate activities	B.1g	22,016	22,215	22,607	22,337	24,098	25,118
65.9 Professional, admin and support services	B.1g	33,404	38,789	41,134	44,446	42,206	42,662
65.10 Public administration, education and health	B.1g	35,890	37,096	38,646	38,019	39,454	41,875
65.11 Arts, entertainment and other services	B.1g	4,741	4,851	4,897	3,872	4,159	4,618
66. Statistical discrepancy		..	..	..	..	975	-2,095
70. Gross value added at constant basic prices	B.1g	288,222	313,888	330,084	356,769	409,386	450,215
71. Product taxes	D.21	22,488	23,120	24,742	21,644	26,345	26,459
72. Product subsidies	D.31	-993	-1,054	-1,072	-1,396	-1,662	-1,659
73. Gross domestic product at constant market prices	B.1*g	309,622	335,848	353,640	377,041	434,070	475,016
74. Net factor income from the rest of the world	D.1 & D.4	-63,657	-75,170	-79,735	-93,242	-110,756	-139,112
	(net to abroad)
75. Gross national product at constant market prices		246,086	260,722	273,940	283,779	323,314	335,903
76. EU subsidies	D.3	1,581	1,635	1,642	1,576	1,527	1,431
77. EU taxes	D.2	-448	-446	-466	-420	-735	-813
78. Gross national income at constant market prices	B.5*g	247,203	261,896	275,100	284,922	324,107	336,521
78.1 Provision for depreciation	P.51c	-73,322	-80,091	-88,941	-106,848	-112,269	-115,860
78.2 Net national income at constant market prices	B.5*n	174,606	182,368	186,394	178,104	211,838	220,661
¹Preliminary
²Chain linked series not additive except for 2021 and 2022

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

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