Economy Statistical Yearbook of Ireland 2014

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 2013 publication (NIE 2013).

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 2012.

General Government Transactions provide 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. 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). 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 is also presented. These tables were published in October 2014 as part of the Government Finance Statistics annual statistical release.

Main Aggregates, 2008-2013

Table 13.1 Main Aggregates, 2008-2013

Description	2008	2009	2010	2011	2012	2013 ¹
						€ million
Gross Domestic Product (GDP) at current market prices	186,870	168,114	164,928	171,042	172,755	174,791
Gross National Product (GNP) at current market prices	161,033	139,597	138,503	138,915	141,229	147,505
Gross National Income (GNI) at current market prices	162,583	141,107	139,768	140,376	142,619	148,709
Gross National Disposable Income at current market prices	159,879	138,174	137,089	137,732	140,027	146,067
Chain linked volume measures						€ million
Gross Domestic Product at constant market prices (referenced to 2012)	180,593	169,088	168,622	173,297	172,755	173,055
Gross National Product at constant market prices (referenced to 2012)	152,149	138,784	140,781	139,717	141,229	145,929
Gross National Income at constant market prices (referenced to 2012)	153,709	140,291	142,016	141,207	142,619	147,127
Per head of population (€)						€
GDP at current market prices	41,665	37,083	36,210	37,387	37,675	38,055
GNP at current market prices	35,904	30,793	30,408	30,365	30,800	32,115
GNI at current market prices	36,250	31,126	30,686	30,684	31,103	32,377
GDP at constant market prices (referenced to 2012)	40,265	37,298	37,021	37,880	37,675	37,677
GNP at constant market prices (referenced to 2012)	33,923	30,614	30,908	30,540	30,800	31,771
GNI at constant market prices (referenced to 2012)	34,271	30,946	31,179	30,866	31,103	32,032
Per person in employment (€)²
GDP at current market prices	87,026	85,164	87,098	91,894	94,083	93,476
GNP at current market prices	74,993	70,718	73,143	74,634	76,914	78,884
GNI at current market prices	75,715	71,483	73,811	75,418	77,671	79,528
GDP at constant market prices (referenced to 2012)	84,102	85,657	89,048	93,106	94,083	92,548
GNP at constant market prices (referenced to 2012)	70,856	70,306	74,346	75,064	76,914	78,041
GNI at constant market prices (referenced to 2012)	71,583	71,069	74,998	75,865	77,671	78,682
¹Preliminary
²Persons in employment on an ILO basis as in the QNHS (April-June) for 2008 to 2013

Open in Excel: 13.1 Main Aggregates, 2008-2013 (XLS 29KB)

Tables 13.1 and 13.2 updated to reflect the changes to the National Income and Expenditure 2013 in December 2014.

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 2012) market prices.

Gross National Income at current market prices decreased each year from 2008 to 2010 but increased each year from 2011 to 2013. 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
2008	-2.60966482209705	-2.27483431300198
2009	-6.37066818669702	-8.95266183781403
2010	-0.275504929961697	1.65725960975219
2011	2.77272891662543	-0.896443375405066
2012	-0.313100551229734	2.024420593787
2013	0.173670598392233	3.32846258822232

Detailed annual national accounts show that Gross National Product (GNP) increased by 3.3% in constant prices between 2012 and 2013. Gross Domestic Product (GDP) increased by 0.2% over the same period.

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

Table 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 2012)
(Note the sectors here are based on NACE Rev. 2.)
							€ million
Description	ESA Code	2008	2009	2010	2011	2012	2013 ¹
Agriculture, forestry and fishing		4,323	4,067	3,977	3,954	3,798	4,008
Industry (including building)	(B.1g-D.29+D.39) Pt	46,858	41,845	42,285	43,328	42,306	41,706
Industry	(B.1g-D.29+D.39) Pt	39,654	37,481	39,007	40,433	39,566	38,641
of which²
Chemicals and pharmaceuticals		10,225	12,577	15,777	17,558	17,497	17,549
Computers and Instrument engineering		5,625	3,888	2,752	2,697	2,815	2,143
Medical and dental instruments and supplies		2,295	2,220	2,303	2,350	2,221	2,179
Building and construction	(B.1g-D.29+D.39) Pt	6,345	4,613	3,402	2,916	2,740	3,065
Distribution, transport, software and communication	(B.1g-D.29+D.39) Pt	43,379	40,773	40,692	40,535	40,958	38,839
of which
Software and communication		15,764	16,080	16,513	16,932	17,796	15,694
Public administration and defence	(B.1g-D.29+D.39) Pt	7,859	7,435	6,985	6,632	6,462	6,319
Other services (including rent)	(B.1g-D.29+D.39) Pt	64,429	63,030	63,377	64,007	65,709	67,274
Statistical discrepancy		..	..	..	..	-1,728	-1,314
Gross value added at constant factor cost	B.1g-D.29+D.39	160,649	153,286	153,138	158,259	157,506	156,831
Non product taxes	D.29	1,937	1,976	1,880	1,844	2,095	2,267
Non product subsidies	D.39	-2,100	-2,280	-2,284	-2,274	-2,120	-1,963
Gross value added at constant basic prices	B.1g	160,525	152,974	152,732	157,822	157,481	157,135
Product taxes	D.21	21,510	17,292	16,999	16,559	16,334	16,883
Product subsidies	D.31	-1,149	-1,137	-1,084	-1,078	-1,061	-963
Gross domestic product at constant market prices	B.1*g	180,593	169,088	168,622	173,297	172,755	173,055
Net factor income from the rest of the world	D.1 & D.4	-27,968	-30,394	-27,759	-33,662	-31,526	-27,125
	(net to abroad)
Gross national product at constant market prices		152,149	138,784	140,781	139,717	141,229	145,929
EU subsidies	D.3 (Pt)	1,783	1,736	1,500	1,734	1,632	1,443
EU taxes	D.2 (Pt)	-219	-220	-262	-242	-242	-246
Gross national income at constant market prices	B.5*g	153,709	140,291	142,016	141,207	142,619	147,127

¹Preliminary
² The three sectors distinguished correspond to NACE Rev 2 classes 20 & 21; 26; 32.5.
^.. Chain linked series not additive except for 2012 and 2013

Open in Excel: 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 2012) (XLS 26KB)

Tables 13.1 and 13.2 updated to reflect the changes to the National Income and Expenditure 2013 in December 2014.

Two of the five main sectors distinguished in 13.2 showed positive growth in 2013. The Agriculture, forestry and fishing sector advanced by 5.5% and Other services by 2.4%. Industry (including building) decreased in aggregate by 1.4% while the Distribution, transport, software and communication sectors fell by 5.2%. Public administration and defence shrank, for the fifth year in succession, in 2013 by 2.2%.

General Government Transactions

13.3 General Government transactions: revenue, expenditure, financing and deficit									€m
General Government transactions				ESA2010 code	2009	2010	2011	2012	2013

	Revenue			TR	56,653	55,486	57,319	59,083	60,837
		Taxes and social contributions		D2 + D5 + D91 + D61	49,111	47,573	48,972	50,716	52,790
			Taxes	D2 + D5 + D91	38,868	38,088	39,000	41,064	42,489
			Social contributions	D61	10,243	9,485	9,972	9,651	10,301
		Sales of goods and services		P1O	4,576	5,284	5,163	4,926	4,461
		Investment income		D4	1,984	2,112	2,445	3,023	3,142
		Current transfer revenue (excluding taxes)		D7	175	187	126	128	143
		Capital transfer revenue (excluding taxes)		D9N	806	331	613	290	301

	Expenditure			TE	80,009	108,953	78,907	72,984	70,804
		Expense		Expense	76,942	106,584	77,880	72,712	71,480
			Compensation of employees	D1	20,713	19,293	19,175	18,907	18,652
			Use of goods and services plus taxes payable	P2 + D5 + D29	10,048	9,082	8,702	8,424	8,272
			Depreciation (Consumption of fixed capital)	P51c	3,185	3,077	3,105	3,151	3,071
			Interest (excluding FISIM)	D41	3,412	4,921	5,888	7,157	7,657
			Subsidies	D3	1,889	1,789	1,584	1,548	1,508
			Social benefits	D62 + D631	28,848	28,773	28,796	29,406	28,603
			Other current transfers	D7	2,704	2,520	2,429	2,452	2,717
			Capital transfers	D9	6,143	37,130	8,201	1,666	1,000

	Net operating balance			NOB	-20,289	-51,098	-20,561	-13,629	-10,643

		Net acquisition of non-financial assets		P5 + NP - P51c	3,067	2,369	1,027	272	-676

	General Government Surplus/Deficit			B9	-23,357	-53,467	-21,588	-13,901	-9,967
	equals
		Net acquisition of financial assets		ΔFA	2,998	-11,499	4,076	5,710	-5,050
			Debt instruments	F2 + F3 + F4	5,266	-8,935	278	4,400	-3,933
			Equity and Investment Fund Shares	F5	-2,357	-2,388	3,701	1,827	-1,337
			Other financial assets	F6 + F7 + F8	89	-176	97	-517	220
	less
		Net incurrence of liabilities		ΔL	26,355	41,968	25,664	19,611	4,917
			Debt instruments	F2 + F3 + F4	26,130	40,852	25,748	19,297	5,708
			Other liabilities	F5 + F6 + F7 + F8	225	1,116	-84	314	-791

		Memo: Net derivative flows on debt interest swap contracts			-7	10	-132	-221	-274

General Government Surplus/Deficit (% of GDP)					-13.9	-32.4	-12.6	-8.0	-5.7
Source: CSO

Open in Excel: 13.3 General Government Transactions (XLS 14KB)

Interactive table: StatBank link

General Government experienced a deficit of €9,967 million (5.7% of GDP) in 2013 - an improvement on the 2012 position of €13,901 million (8.0% of GDP).

Government revenue increased from €56,653 million in 2009 to €60,837 million in 2013 driven mainly by increased tax and social contribution revenues. In the same period expenditure decreased from €80,009 million to €70,804 million.

Taxes and social contributions, the largest component of revenue, represented between 85% and 87% of total government revenue over the period. Social benefits, the biggest expenditure category for all years except 2010, rose from 36.1% of total expenditure to over 40% between 2009 and 2013.

The profile of expenditure remained quite consistent over the period, with the exception of 2010 where capital transfer 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										€m
General Government net worth					ESA2010 code	2009	2010	2011	2012	2013
	Net worth at market value, excluding pension liabilities				NW	46,298	5,586	-19,638	-50,344	-57,601
	equals
		Non-financial assets at market value			NFA	88,375	84,412	85,043	87,058	88,575
	plus
		Financial net worth at market value, excluding pension liabilities			FNW	-42,077	-78,826	-104,681	-137,402	-146,176
		equals
			Financial assets at market value		FA	72,689	61,676	88,138	92,078	93,731
				EDP debt instruments	F2 + F3 + F4	41,981	32,874	54,874	58,445	54,603
				Equity and Investment Fund Shares	F5	21,788	20,130	22,975	24,601	29,865
				Other financial assets	F6 + F7 + F8	8,920	8,672	10,289	9,032	9,263
		less
			Liabilities at market value		L	114,766	140,502	192,819	229,480	239,907
				EDP debt instruments	F2 + F3 + F4	108,335	132,934	182,260	218,855	231,798
				Other liabilities	F5 + F6 + F7 + F8	6,431	7,568	10,559	10,625	8,109

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

	Memo: Net worth, including pension liabilities					-69,702	-110,414	-135,638	-148,344	-155,601

		Contingent liabilities				287,559	163,376	148,537	120,606	61,427

	Memo: Net worth, including pension liabilities and contingent liabilities					-357,261	-273,791	-284,174	-268,950	-217,028
General Government: changes in net worth
	Opening net worth					74,476	46,298	5,586	-19,638	-50,344

	Change in net worth due to transactions					-20,289	-51,098	-20,561	-13,629	-10,643
		Net acquisition of non-financial assets			P5 + NP - P51c	3,067	2,369	1,027	272	-676
		Net lending/net borrowing			B9	-23,357	-53,467	-21,588	-13,901	-9,967

	Change in net worth due to other economic flows				Kx	-7,889	10,386	-4,662	-17,078	3,386
		Other changes in non-financial assets				-11,722	-6,332	-396	1,742	2,194
		Other changes in financial assets				3,077	486	22,386	-1,770	6,703
		Other changes in liabilities				757	16,232	-26,653	-17,050	-5,510

Closing net worth						46,298	5,586	-19,638	-50,344	-57,601

General Government Debt (GGDebt)
		Debt instrument liabilities at market value			F2 + F3 + F4	108,335	132,934	182,260	218,855	231,798
		+ Difference between EDP face value and market value				-3,795	11,229	7,851	-8,629	-16,248

	Gross General Government Debt (EDP face value)				GGDebt	104,540	144,163	190,111	210,226	215,550

		less EDP debt instrument assets			F2 + F3 + F4	-41,981	-32,874	-54,876	-58,445	-54,588
	Net General Government Debt				GGNetDebt	62,559	111,289	135,235	151,781	160,962

Closing Net Worth (% of GDP)						27.5	3.4	-11.5	-29.1	-33.0
Gross General Government Debt (% of GDP)						62.2	87.4	111.1	121.7	123.3
Net General Government Debt (% of GDP)						37.2	67.5	79.1	87.9	92.1
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 €215,550 million at the end of 2013, or 123.3% of GDP. This was more than double the level of debt at the end 2009 of €104,540 million or 62.2% of GDP.

General Government Net Debt for 2013 amounted to €160,962 million or 92.1% of GDP, an increase of over €98,000 million at the 2009 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.

Go to next chapter >>> Balance of Payments

Statistical Yearbook of Ireland 2014

National Accounts

Introduction - National Accounts

Main Aggregates, 2008-2013

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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