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Introduction

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Introduction

The institutional sector accounts presented in this publication provide more detailed insights on the drivers behind the very significant increase in Irish gross domestic product (GDP) of 32.4 per cent (26.3 per cent in constant prices) previously reported for 20151. This integrated macroeconomic analysis of the Irish economy presents both the non–financial and financial institutional accounts on a sector by sector basis. The commentary emphasises the inter-linkages between the two sets of accounts; financial and non-financial both balance sheets and transactions. It explains how the overall result for 2015 is mainly explained by developments in the non-financial sector (S.11) of the domestic economy (S.1) and associated changes in the rest of the world sector (S.2). The commentary also demonstrates that the household sector continued to improve in a more gradual way during 2015 and prior years. A number of key indicators, which help to explain the more significant developments which occurred in 2015 and in previous years, are highlighted for each of the institutional sectors.

The analysis has been supplemented with a number of indicators from the EU Macroeconomic Imbalances Procedure (MIP)2. The selected indicators aim to identify the emergence or existence of macroeconomic imbalances in sectors of the economy.

Both consolidated and non-consolidated tables are presented for the financial accounts. The consolidated analysis allows a clearer view of transactions and balance sheet positions between institutional sectors. Transactions between entities in the same institutional sector are netted out in this consolidated presentation.


1 CSO National Income and Expenditure 2015, July 2016 

2 The MIP Scoreboard is an early warning system consisting of eleven indicators covering the major features of an economy. It acts as a trigger for further in-depth analyses, supplemented by a secondary scoreboard of auxiliary economic and social indicators. For more on this topic, see http://ec.europa.eu/economy_finance/economic_governance/macroeconomic_imbalance_procedure/index_en.htm.

 

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