The Institutional Sector Accounts in this publication present significant additional analytical information on the Irish Economy in 2016. The Non-Financial Corporate Sector (S.11) now consists of two distinct sets of accounts; the activities of large foreign-owned multi-national enterprises (MNEs) are given for 2013 – 2016 and recorded separately from the remaining corporations in this sector. The Non-Profit Institutions Serving Households (NPISH) are now also presented separately from the Household sector from 2010 onwards1.
These new presentations of the Non-Financial Corporate Sector are the outcome of the initial phase of implementation of the recommendations of the Economic Statistics Review Group (ESRG)2. In this presentation the large MNE sector is a proxy for the activities of all foreign owned MNEs in Ireland.
The NPISH accounts (S.15) were previously combined with the Household Sector (S.14) in these accounts. In fact, these NPISH accounts deliver significant insights into the activities and critical social supports delivered by this sector and, at the same time, explains how their activities are funded.
More generally, the commentary in this set of macro accounts emphasises the inter-linkages between financial and non financial accounts, between balance sheets and transactions. A number of key indicators, which help to explain the more significant developments which occurred in 2016 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)3. 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 Non-financial account only.
2 Recommendation and the response in Central Statistics Office (CSO) Response to the Main Recommendations of the Economic Statistics Review Group (ESRG) (PDF 488KB)
3 The MIP Scoreboard is an early warning system consisting of 14 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.