| Table 1 Macroeconomic Imbalance Procedure Scoreboard for Ireland | ||||||||||||
| Ireland | Thresholds | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |
| External Imbalances | ||||||||||||
| 1. Current Account Balance as % of GDP | 3 year average | -4%/6% | -2.1 | -4.2 | -6.7 | -8.1 | -8.4 | -6.4 | -4.2 | -1.5 | 1.1 | 1.7 |
| 2. Net International Investment Position as % of GDP | -35% | -38.1 | -19.6 | -25.2 | -87.4 | -106.4 | -103.2 | -125.7 | -129.5 | -123.9 | -104.3 | |
| Competitiveness | ||||||||||||
| 3. Real Effective Exchange Rate (42 IC - HICP deflator) | % change (previous 3 years) | ±5% | 12.1 | 2.7 | 3.1 | 7.3 | 5.1 | -5.4 | -9.6 | -12.1 | -3.9 | -3.5 |
| 4. Export Market shares1 | % change (previous 5 years) | -6% | 5.9 | -12.5 | -14.1 | -19.9 | -4.4 | -12.1 | -12.2 | -15.0 | -6.2 | -6.4 |
| 5. Nominal ULC | % change (previous 3 years) | 9% | 3.6 | 3.3 | 6.6 | 15.2 | 14.5 | 2.3 | -13.3 | -14.7 | -7.9 | -4.2 |
| Internal Imbalances | ||||||||||||
| 6. Percentage y-o-y change in Deflated House Prices | 6% | 5.9 | 12.0 | 4.3 | -8.4 | -13.2 | -10.3 | -15.4 | -12.0 | 0.4 | 11.1 | |
| 7. Private Sector Credit Flow as % of GDP, consolidated | 14% | 33.6 | 40.7 | 24.9 | 22.3 | -5.0 | 2.6 | 16.1 | -0.7 | -2.2 | 13.5 | |
| 8. Private Sector Debt as % of GDP, consolidated | 133% | 170.3 | 190.5 | 197.8 | 236.6 | 256.5 | 259.2 | 273.2 | 277.5 | 267.8 | 261.8 | |
| 9. General Government Sector Debt as % of GDP | 60% | 26.1 | 23.6 | 23.9 | 42.4 | 61.8 | 86.8 | 109.3 | 120.2 | 120.0 | 107.5 | |
| 10. Unemployment Rate | 3 year average | 10% | 4.5 | 4.5 | 4.5 | 5.2 | 7.7 | 10.7 | 13.5 | 14.4 | 14.1 | 13.0 |
| 11. Percentage y-o-y Change in Total Financial Sector Liabilities | 16.5% | 35.1 | 21.6 | 9.7 | 6.5 | 3.4 | 6.3 | -2.4 | -1.2 | -2.5 | 16.0 | |
| 1 This indicator did not breach the threshold for last year's MIP. However, it has done so under this year's data revisions. See the scoreboard on the previous publication to see four threshold breaches in 2013. | ||||||||||||
| *Years where the threshold has been breached are highlighted in blue | ||||||||||||
Table 1 above provides the Macroeconomic Imbalance Procedure (MIP) Scoreboard for Ireland for the years 2005-2014. Where indicative thresholds are exceeded, cells in Table 1 are highlighted.
In 2014, six out of the eleven MIP indicators for Ireland exceeded their indicative threshold. These indicators were:
New:
Existing:
The MIP is an annual process which the European Commission undertakes using a scoreboard of eleven headline indicators and 28 auxiliary indicators to screen for and correct any macroeconomic imbalances that may occur in Member States. Each of the eleven headline indicators contain a threshold set by the European Commission beyond which economic imbalances are determined to have occurred. Several of the headline indicators include both upper and lower thresholds.
All EU member states have obligations to ensure that their economies do not exceed the various thresholds on the headline indicators. This publication is designed to help users to verify the European Commission's data on Ireland and provides additional analysis of all of the headline indicators and some of the auxiliary indicators. The cut off for inclusion of 2014 data for each country was 1 November 2015. Some data may have been updated/revised since this date as part of the regular production cycle of each domain. The information shown in the MIP scoreboard is based on the data available for the Alert Mechanism Report 2016, published in November 2015.
For further information contact:
Balance of Payments, Central Statistics Office, Ardee Road, Dublin 6
E-mail: bop@cso.ie
Eoin Flaherty (+353) 1 498 4025
Derek Stynes (+353) 1 498 4303
Christopher Sibley (+353) 1 498 4305
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