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Statistical Yearbook of Ireland 2016

National Accounts

Introduction - National Accounts

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This chapter contains information on the performance of the overall economy. The details are drawn from the National Income and Expenditure 2015 electronic release (NIE 2015) and the Government Income and Expenditure 2015 electronic release (GIE 2015). The results are compiled in accordance with the latest EU standard framework, ESA 2010.

Estimates are provided at current and at constant prices. The impact of inflation is eliminated from the tables at constant prices and they indicate the real or volume changes in the various aggregates over time. At present, the constant price tables are chain linked annually and referenced to year 2014.

The table General Government Transactions provides a summary of the revenue and expenditure of the Government sector and the General Government balance (Surplus/Deficit) for each period. The General Government Surplus/Deficit is the standard European measure used to monitor compliance with the Stability and Growth Pact. This table also shows details of how this balance is financed.

The table General Government Net Worth, Gross and Net Debt presents the net worth of the Government sector at the end of each period, calculated as financial assets plus non-financial assets minus financial liabilities. It also shows General Government Gross Debt (also known as Maastricht Debt) which comprises the sum of certain categories of liabilities (namely currency and deposits, loans and debt securities) and a Net Debt measure which is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt.

Main Aggregates, 2010-2015

13.1 Main Aggregates, 2010-2015

Description	2010	2011	2012	2013	2014	2015¹
						€million
Gross Domestic Product (GDP) at current market prices	167,124	173,070	175,754	180,209	193,160	255,815
plus Net factor income from the rest of the world	-28,457	-33,788	-33,551	-28,310	-29,715	-53,173
Gross National Product (GNP) at current market prices	138,667	139,282	142,203	151,899	163,445	202,642
EU subsidies	1,494	1,698	1,632	1,450	1,318	1,571
EU taxes	-229	-240	-242	-247	-275	-327
Gross National Income (GNI) at current market prices	139,932	140,741	143,593	153,102	164,488	203,886
less provision for depreciation	-25,087	-25,349	-26,994	-28,452	-30,891	-61,558
less Non EU taxes	-18,063	-17,779	-18,344	-19,285	-21,196	-22,455
plus Non EU subsidies	1,828	1,725	1,921	1,913	1,853	1,785
Net National Product at factor cost	98,610	99,338	100,175	107,278	114,254	121,658
Gross National Disposable Income at current market prices	137,253	138,099	140,999	150,194	161,759	200,762
Chained linked volume measures referenced to year 2014						€million
Gross Domestic Product at constant market prices	178,190	178,118	176,153	178,089	193,160	243,914
Index of GDP at constant market prices	92.3	92.2	91.2	92.2	100.0	126.3
Gross National Product at constant market prices	149,379	143,434	142,903	149,658	163,445	193,986
Index of GNP at constant market prices	91.4	87.8	87.4	91.6	100.0	118.7
Gross National Income at constant market prices	150,952	144,983	144,372	150,794	164,488	195,169
Index of GNI at constant market prices	91.8	88.1	87.8	91.7	100.0	118.7
Gross national disposable income at constant market prices	146,308	144,583	144,831	151,050	161,759	199,737
Index of gross national disposable income at constant market prices	90.4	89.4	89.5	93.4	100.0	123.5
Per head of population						€
GDP at current market prices	36,692	37,830	38,329	39,235	41,904	55,187
GNP at current market prices	30,444	30,445	31,012	33,071	35,457	43,716
GNI at current market prices	30,722	30,764	31,315	33,333	35,684	43,985
GNDI at current market prices	30,134	30,186	30,749	32,700	35,092	43,311
Net national product at factor cost	21,650	21,714	21,847	23,356	24,786	26,246
GDP at constant market prices	39,121	38,934	38,416	38,773	41,904	52,620
GNP at constant market prices	32,796	31,352	31,165	32,583	35,457	41,849
GNI at constant market prices	33,141	31,691	31,485	32,831	35,684	42,104
GNDI at constant market prices	32,122	31,604	31,585	32,886	35,092	43,090
Per person in employment²						€
GDP at current market prices	88,257	92,984	95,716	96,374	101,577	130,605
GNP at current market prices	73,230	74,831	77,444	81,234	85,951	103,457
GNI at current market prices	73,898	75,614	78,201	81,877	86,500	104,093
GNDI at current market prices	72,483	74,195	76,788	80,322	85,064	102,498
Net national product at factor cost	52,076	53,370	54,556	57,371	60,083	62,112
GDP at constant market prices	94,101	95,695	95,934	95,240	101,577	124,529
GNP at constant market prices	78,886	77,061	77,825	80,035	85,951	99,038
GNI at constant market prices	79,717	77,893	78,625	80,643	86,500	99,642
GNDI at constant market prices	77,265	77,679	78,875	80,780	85,064	101,974
¹Preliminary
²Persons in employment on an ILO basis as in the QNHS (April-June) for 2010 to 2015
Source:CSO

Open in Excel: 13.1 Main Aggregates, 2010-2015 (XLS 33KB)

Table 13.1 shows the main aggregates e.g. Gross Domestic Product (GDP), Gross National Product (GNP) at current and constant (i.e. annually chain linked and referenced to the year 2014) market prices.

Gross National Income at current market prices increased each year from 2010. The changes are due to both price and volume changes. The effect of price changes over the period is eliminated by re-valuing Gross National Income at constant market prices, thus indicating the real or volume changes which occurred.

The table also contains particulars per head of population and per person at work of Gross National Income in current and constant terms.

	GDP %	GNP %
2011	-0.0405652896626312	-3.97961499752267
2012	-1.10288043707962	-0.370577410959491
2013	1.09883981290887	4.72681388046573
2014	8.46236674407536	9.21233475619133
2015	26.2760573009194	18.6860204721971

Detailed annual national accounts show that Gross National Product (GNP) increased by 18.7% in constant prices between 2014 and 2015. Gross Domestic Product (GDP) increased by 26.3% over the same period.

Gross Value Added at Constant Factor Cost by Sector of Origin and Gross National Income at Constant Market Prices

13.2 Gross Value Added at Constant Factor Cost by Sector of Origin and Gross National Income at Constant Market Prices
(chain linked annually and referenced to year 2014)
(Note the sectors here are based on NACE Rev. 2.)

€million
Description	ESA Code	2010	2011	2012	2013	2014	2015¹
60. Agriculture, forestry and fishing		3,937	4,109	3,960	3,651	4,154	4,585
61. Industry (including building)	(B.1g-D.29+D.39) Pt	46,984	46,564	45,525	43,461	46,525	87,144
Industry	(B.1g-D.29+D.39) Pt	41,673	41,643	40,834	38,511	41,121	81,355
of which^{2 & 3}
Chemicals and pharmaceuticals		17,329	17,688	16,481	14,956	16,056	n/a³
Computers and Instrument engineering		4,396	3,295	3,613	2,933	2,886	n/a³
Medical and dental instruments and supplies		1,778	2,048	1,986	1,803	2,953	n/a³
Building and construction	(B.1g-D.29+D.39) Pt	5,622	4,895	4,560	4,938	5,405	5,789
62. Distribution, transport, software and communication	(B.1g-D.29+D.39) Pt	42,515	41,823	41,519	44,123	47,107	50,727
of which
Software and communication		16,437	15,996	15,846	18,079	19,335	21,089
63. Public administration and defence	(B.1g-D.29+D.39) Pt	7,517	7,592	7,420	7,160	7,161	7,571
64. Other services (including rent)	(B.1g-D.29+D.39) Pt	65,396	64,170	63,579	64,918	71,825	76,023
66. Statistical discrepancy		..	..	..	..	-1,913	-1,677
67. Gross value added at constant factor cost	B.1g-D.29+D.39	162,818	163,173	161,093	161,897	174,860	224,372
68. Non product taxes	D.29	1,953	2,056	2,231	2,529	2,957	3,023
69. Non product subsidies	D.39	-2,428	-2,524	-2,573	-2,353	-2,191	-2,396
70. Gross value added at constant basic prices	B.1g	162,344	162,717	160,773	162,089	175,626	224,999
71. Product taxes	D.21	16,888	16,450	16,415	17,029	18,514	19,817
72. Product subsidies	D.31	-1,051	-1,045	-1,031	-1,025	-981	-902
73. Gross domestic product at constant market prices	B.1*g	178,190	178,118	176,153	178,089	193,160	243,914
74. Net factor income from the rest of the world	D.1 & D.4	-29,053	-34,618	-33,191	-28,452	-29,715	-49,928
	(net to abroad)
75. Gross national product at constant market prices		149,379	143,434	142,903	149,658	163,445	193,986
76. EU subsidies	D.3 (Pt)	1,813	1,812	1,727	1,377	1,318	1,510
77. EU taxes	D.2 (Pt)	-231	-246	-244	-247	-275	-328
78. Gross national income at constant market prices	B.5*g	150,952	144,983	144,372	150,794	164,488	195,169
¹Preliminary
²The three sectors distinguished correspond to NACE Rev 2 classes 20 & 21; 26; 32.5.
³Sub-sector detail within the Industry Sector of Origin is suppressed for 2015 for confidentiality reasons
^..Chain linked series not additive except for 2014 and 2015
Source:CSO

Open in Excel: 13.2 Gross Value Added at Constant Factor Cost by Sector of Origin and Gross National Income at Constant Market Prices (XLS 33KB)

All of the five main sectors distinguished in table 13.2 showed positive growth in 2015. Industry (including building) advanced by 87.3%, while the other main sectors had annual increases ranging from 5.7% to 10.4%.

General Government Transactions

13.3 General Government transactions: revenue, expenditure, financing and deficit

€million
Description				ESA2010 code	2010	2011	2012	2013	2014	2015
General Government transactions
	Revenue			TR	55,407	57,716	59,493	61,522	65,803	70,534
		Taxes and social contributions		D2 + D5 + D91 + D61	47,377	49,231	50,803	52,908	57,431	62,123
			Taxes	D2 + D5 + D91	37,891	38,863	40,929	42,499	46,448	50,735
			Social contributions	D61	9,485	10,368	9,874	10,410	10,983	11,388
		Sales of goods and services		P1O	5,284	5,163	5,113	4,938	4,705	5,296
		Investment income		D4	2,112	2,454	3,027	3,181	2,964	2,661
		Current transfer revenue (excluding taxes)		D7	313	258	250	196	298	253
		Capital transfer revenue (excluding taxes)		D9N	322	610	299	298	405	201

	Expenditure			TE	109,084	79,557	73,506	71,715	73,000	75,320
		Expense		Expense	106,786	78,585	73,254	72,092	72,201	74,540
			Compensation of employees	D1	19,293	19,389	18,996	18,594	18,344	18,874
			Use of goods and services plus taxes payable	P2 + D5 + D29	9,168	8,801	8,343	8,196	8,906	9,193
			Depreciation (Consumption of fixed capital)	P51c	3,186	3,305	3,301	3,267	3,433	3,627
			Interest (excluding FISIM)	D41	4,743	5,719	7,179	7,614	7,449	6,693
			Subsidies	D3	1,828	1,725	1,921	1,913	1,853	1,785
			Social benefits	D62 + D631	28,774	28,827	29,476	28,583	28,209	28,249
			Other current transfers	D7	2,664	2,598	2,519	2,892	2,773	2,565
			Capital transfers	D9	37,130	8,222	1,519	1,033	1,234	3,554

	Net operating balance			NOB	-51,381	-20,871	-13,762	-10,570	-6,398	-4,007

		Net acquisition of non-financial assets		P5 + NP - P51c	2,298	972	252	-377	798	779

	General Government Surplus/Deficit			B9	-53,677	-21,842	-14,014	-10,193	-7,197	-4,786
	equals
		Net acquisition of financial assets		ΔFA	-11,638	3,665	6,059	-5,526	-18,856	-7,284
			Debt instruments	F2 + F3 + F4	-8,984	-71	4,380	-4,381	-19,508	-7,314
			Equity and Investment Fund Shares	F5	-2,388	3,703	1,826	-1,307	-91	240
			Other financial assets	F6 + F7 + F8	-266	33	-147	162	743	-210
	less
		Net incurrence of liabilities		ΔL	42,039	25,507	20,073	4,667	-11,659	-2,498
			Debt instruments	F2 + F3 + F4	40,927	25,143	19,700	5,538	-12,529	-2,806
			Other liabilities	F5 + F6 + F7 + F8	1,112	364	373	-871	870	308

		Memo: Net derivative flows on debt interest swap contracts			10	-132	-221	-274	-264	-240

General Government Surplus/Deficit (% of GDP)					-32.1	-12.6	-8.0	-5.7	-3.7	-1.9
		Government interventions to support financial institutions
			Revenue (a+b+c+d)		1,744	3,065	3,036	2,809	2,295	2,174
			Guarantee fees receivable (a)	P131(part)	1,074	1,215	934	420	155	53
			Interest receivable (b)	D4(part)	508	1,041	1,539	1,090	712	505
			Dividends receivable (c)	D4(part)	32	333	502	760	761	962
			Other (d)	P131(part)	130	476	61	539	668	653
			Expenditure (e+f+g+h)		37,287	9,436	2,681	2,370	2,281	3,940
			Interest payable (e)	D4(part)	1,894	2,150	2,047	1,864	1,528	1,211
			Capital injections recorded as deficit-increasing (capital transfer)(f)	D9(part)	35,393	7,114	280	0	0	2,111
			Calls on guarantees (g)	D9(part)	0	0	0	0	0	0
			Other (h)	various	0	172	353	506	753	618
		Impact of the above interventions on General Government Surplus/Deficit			-35,544	-6,370	355	439	15	-1,766
		General Government Surplus/Deficit excluding interventions to support financial institutions			-18,134	-15,471	-14,369	-10,632	-7,211	-3,020
Source:CSO

Open in Excel: 13.3 General Government Transactions (XLS 15KB)

Interactive table: StatBank link

General Government experienced a deficit of -€4,786 million (-1.9% of GDP) in 2015 - an improvement on the 2014 position of -€7,197 million (-3.7% of GDP).

Government revenue increased from €55,407 million in 2010 to €70,534 million in 2015 driven mainly by increased tax and social contribution revenues. In the same period expenditure decreased from €109,084 million to €75,320 million.

Taxes and social contributions continue to form the largest component of revenue over the period, respresenting 88% of total government revenue in 2015, with social benefits, the biggest expenditure category, accounting for 37.5% of government spending in 2015.

The profile of expenditure remained quite consistent over the period, with the exception of 2010 where capital transfers related to the financial crisis had a signifiant impact on the profile of government spending.

General Government Net Worth, Gross and Net Debt

13.4 General Government Net Worth, Gross and Net Debt

€million
Description					ESA2010 code	2010	2011	2012	2013	2014	2015
General Government net worth
	Net worth at market value, excluding pension liabilities				NW	6,015	-19,609	-49,407	-55,126	-58,361	-49,561
	equals
		Non-financial assets at market value			NFA	84,392	85,016	87,371	90,081	95,053	100,877
	plus
		Financial net worth at market value, excluding pension liabilities			FNW	-78,377	-104,625	-136,778	-145,207	-153,414	-150,438
		equals
			Financial assets at market value		FA	62,231	88,281	93,068	94,806	84,342	84,810
				EDP debt instruments	F2 + F3 + F4	33,516	55,168	58,718	54,590	36,808	29,602
				Equity and Investment Fund Shares	F5	20,130	22,975	25,098	30,795	38,202	45,259
				Other financial assets	F6 + F7 + F8	8,585	10,138	9,252	9,421	9,332	9,949
		less
			Liabilities at market value		L	140,608	192,906	229,846	240,013	237,756	235,248
				EDP debt instruments	F2 + F3 + F4	132,998	181,857	218,596	231,503	228,849	225,423
				Other liabilities	F5 + F6 + F7 + F8	7,610	11,049	11,250	8,510	8,907	9,825

	Memo: Estimated pension liabilities of government					116,000	116,000	98,000	98,000	98,000	98,000

	Memo: Net worth, including pension liabilities					-109,985	-135,609	-147,407	-153,126	-156,361	-147,561

		Contingent liabilities				149,355	3,576	119,131	59,723	29,253	16,862

	Memo: Net worth, including pension liabilities and contingent liabilities					-259,340	-139,185	-266,538	-212,848	-185,614	-164,422
General Government: changes in net worth
	Opening net worth					46,883	6,015	-19,609	-49,407	-55,126	-58,361

	Change in net worth due to transactions					-51,380	-20,870	-13,762	-10,570	-6,398	-4,007
		Net acquisition of non-financial assets			P5 + NP - P51c	2,298	972	252	-377	798	779
		Net lending/net borrowing			B9	-53,677	-21,842	-14,014	-10,193	-7,197	-4,786

	Change in net worth due to other economic flows				Kx	10,511	-4,754	-16,036	4,852	3,163	12,807
		Other changes in non-financial assets				-6,332	-348	2,103	3,087	4,173	5,045
		Other changes in financial assets				474	22,385	-1,272	7,264	8,392	7,752
		Other changes in liabilities				16,369	-26,791	-16,867	-5,500	-9,402	10

Closing net worth						6,015	-19,609	-49,407	-55,126	-58,361	-49,561

General Government Debt (GGDebt)
		Debt instrument liabilities at market value			F2 + F3 + F4	132,998	181,857	218,596	231,503	228,849	225,423
		+ Difference between EDP face value and market value				11,229	7,850	-8,610	-16,205	-25,550	-24,289

Gross General Government Debt (EDP face value)					GGDebt	144,227	189,707	209,986	215,298	203,299	201,134

	less EDP debt instrument assets				F2 + F3 + F4	-33,516	-55,170	-58,718	-54,590	-36,808	-29,601
	Net General Government Debt				GGNetDebt	110,711	134,537	151,268	160,708	166,491	171,533
Closing Net Worth (% of GDP)						3.6	-11.3	-28.1	-30.6	-30.2	-19.4
Gross General Government Debt (% of GDP)						86.3	109.6	119.5	119.5	105.2	78.6
Net General Government Debt (% of GDP)						66.2	77.7	86.1	89.2	86.2	67.1
Source:CSO

Open in Excel: 13.4 General Government Net Worth, Gross and Net Debt (XLS 15KB)

Interactive table: StatBank link

The gross debt of General Government stood at €201,134 million at the end of 2015, or 78.6% of GDP. This is almost double the level of debt at the end 2010 of €144,227 million or 86.3% of GDP.

General Government Net Debt for 2015 amounted to €171,533 million or 67.1% of GDP, an increase of €60,822 million at the 2010 level. This net debt figure is obtained by deducting the values of the financial assets from the corresponding categories of financial liabilities in General Government Gross Debt.

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Statistical Yearbook of Ireland 2016

National Accounts

Introduction - National Accounts

Main Aggregates, 2010-2015

Gross Value Added at Constant Factor Cost by Sector of Origin and Gross National Income at Constant Market Prices

General Government Transactions

General Government Net Worth, Gross and Net Debt

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