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GNI* and De-Globalised Results

GNI* and De-Globalised Results

GNI* increased by 4.8% in 2024

Online ISSN: 2811-5724
CSO statistical release, , 11am
Table 2.1 GNI and Modified GNI
 20232024% change
GNI at current prices€390,996m€422,827m8.1%
Modified GNI at current prices€291,428m€321,098m10.2%
    
Chain linked volume measures referenced to year 2023
GNI at constant prices€390,996m€404,288m3.4%
Modified GNI at constant prices€291,428m€305,374m4.8%

Modified Gross National Income (GNI*) at current market prices increased from €291bn in 2023, to €321bn in 2024 or expressed as a share of GDP, from 55.5% to 57.1%. In constant prices, real GNI* has increased by 4.8% in the year 2024.

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.

GDPGNI*
2016275.9331408728173.269188802512
2017308.365952635184.687681779622
2018335.1359574974191.591477529013
2019363.7526270578206.596055375888
2020381.7286933046198.283114054007
2021448.4451232112230.177952465768
2022520.7183925554266.681842781111
2023524.7287518444291.427583931395
2024562.794208639321.09835428272

Get the data: PxStat NA001

Figure 2.1 above shows a comparison of Gross Domestic Product, Modified GNI from 2014 to 2024.

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
Depreciation on R&D service imports and trade in IPFactor Income of redomiciled companiesDepreciation on aircraft leasingGross National IncomeModified Gross National Income
2016-37.8552918558882-5.78006588-7.8518099116997224.7563564501173.269188802512
2017-44.2986426810822-4.456802568-8.4545758193955241.8977028481184.687681779622
2018-48.0870906931687-5.251740238-9.00347333341798253.9337817936191.591477529013
2019-52.9951607335916-5.289555458-9.21593650871994274.0967080762206.596055375888
2020-66.899104246602-4.234380596-9.29192684699054278.7085257436198.283114054007
2021-69.8316273681885-10.614131668-9.31719744504323319.940908947230.177952465768
2022-75.078860268893-4.648143081-9.50806682879604355.9169129598266.681842781111
2023-78.6015514978245-10.97714747-9.98938966728091390.9956725665291.427583931395
2024-80.917724878597-10.483746917-10.3275850131834422.8274110915321.09835428272

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. Most of the difference is explained by the depreciation on R&D service imports and trade in IP.

Table 2.2 Modified Gross National Income at Current Market Prices

Table 2.3 Annual Percentage Changes in the Main Constituents of Table 2.2

GDPGNIGNI*NNIMDD
2016322.9526052805267.7973215153220.1275037788193.554214643142203.433691464
2017355.5994242493283.0885645542229.8868904299200.290081787992212.048898162
2018382.9402532383295.0551164295235.5030077962205.185453572227224.306395815
2019401.9834127979306.8814505472240.6740564418208.895637678318229.121039709
2020430.7400804568318.864508839234.7716113492201.93090518116216.240553837
2021500.7706128533362.1332793977267.0831737538240.638023745782233.705207524
2022538.3841889058366.5217045904275.8324140866241.019272665152253.301823075
2023524.7287518444390.9956725665291.4275839313261.886350403234268.89777112
2024538.3689040455404.2876475549305.3737198724273.560812305835273.640897575

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 2016 to 2024.

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. In constant prices, real NNI exhibited a similar rate to GNI* at 4.5% in the year 2024.

Modified Domestic Demand (MDD), is a de-globalised measure developed in our quarterly accounts and is presented here on an annual basis for comparison.

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

Table 2.4 Modified Gross National Income at Constant Market Prices (chain linked annually and referenced to year 2023)

Table 2.5 Annual Percentage Changes in the Main Constituents of Table 2.4