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Headline Scoreboard

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The Macroeconomic Imbalance Procedure (MIP) is an annual process which the European Commission undertakes, using a scoreboard of 14 headline indicators and 28 auxiliary indicators to screen for any macroeconomic imbalances that may occur in member states. Each of the 14 headline indicators has a threshold, set by the European Commission, beyond which economic imbalances are determined to have occurred.

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 headline indicators and many auxiliary indicators. The information shown in the MIP scoreboard is based on the data available for the Alert Mechanism Report (AMR) 2022, due to be published in late November 2021. The cut off for inclusion of data for each country in the AMR 2022 was 22nd October 2021.

Data shown in this publication was compiled throughout the month of October 2021. Some data may have been updated/revised since this date as part of the regular production cycle of each domain, meaning small differences may exist between this publication and the AMR.

Table 1.1 Macroeconomic Imbalance Procedure Scoreboard for Ireland, 2016-20201
IrelandThresholds20162017201820192020
External Imbalances and Competitiveness
1Current Account Balance as % of GDP (3 yr average)-4%/6%0.40.20.4-4.8-5.9
2Net International Investment Position as % of GDP-35%-172.7-167.3-183.6-193.5-174.0
3Real Effective Exchange Rate (42 IC - HICP deflator) (3 yr % change)±5% -7.1-6.32.3-1.4-1.2
4Export Market Share (5 yr % change)-6%58.370.978.573.450.0
5Nominal Unit Labour Cost (3 yr % change)9%-16.2-14.4-1.7-4.3-6.3
Internal Imbalances
6Deflated House Prices (1 yr % change)6%7.29.88.10.3-0.2
7Private Sector Credit Flow as % of GDP, consolidated14%-15.80.3-8.8-9.6-1.8
8Private Sector Debt as % of GDP, consolidated133%283.2249.8231.2209.4188.9
9General Government Sector Debt as % of GDP60%74.367.863.157.258.4
10Unemployment Rate (3 yr average)10%10.18.47.05.85.5
11Total Financial Sector Liabilities (1 yr % change)16.5%1.54.25.215.37.2
Employment Indicators
12Activity Rate, % of total population aged 15-64 (3 yr change in p.p)-0.2%0.90.90.80.6-0.8
13Long-term Unemployment Rate, % of active population aged 15-74 (3 yr change in p.p)0.5%-3.8-3.6-3.2-2.6-1.7
14Youth Unemployment Rate, % of active population aged 15-24 (3 yr change in p.p)2.0%-9.9-9.0-6.4-4.31.4
1Years where the threshold has been breached are highlighted in blue.

Table 1.1 above provides the MIP Scoreboard for Ireland for the years 2016-2020. Where indicative thresholds are exceeded, cells in Table 1.1 are highlighted in blue.

In 2020, four out of the 14 MIP indicators for Ireland breached their thresholds. These indicators were:
- Current Account Balance
- Net International Investment Position 
- Private Sector Debt
- Activity Rate

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