Annual National Accounts 2022

Get the data: PxStat NA001

Figure 2.1 above shows a comparison of Gross Domestic Product, Modified GNI from 2014 to 2022.

To produce Modified GNI (GNI*) we take GNI and adjust for:

• factor income of Redomiciled Companies
• depreciation on R&D Service Imports and Trade in Intellectual Property (IP)
• depreciation on Aircraft Leasing

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.

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 2022.

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 2022 both GNI* and NNI show moderate growth rates compared with those posted for 2021, while the new levels are 17.1% and 18.4% above the pre-pandemic peak levels in 2019 respectively.

More information on Modified Domestic Demand can be found in ANA Tables 9.5, 9.6, 9.7 and 9.8, newly introduced for ANA 2022.