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For more information on this release:
E-mail: nat_acc@cso.ie Christopher Sibley christopher.sibley@cso.ie (+353) 1 498 4305 Gordon Cavanagh gordon.cavanagh@cso.ie (+353) 1 498 4307
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2711-9998

This release was compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation.  For further information see Information Note - Implications of COVID-19 on the Gross Value Added for Foreign-owned Multinational Enterprises and Other Sectors Quarter 3 2020

CSO statistical release, , 11am

Quarterly Gross Value Added for Foreign-owned Multinational Enterprises and Other Sectors

Quarter 3 2020 (Provisional)

GVA at constant (2018) basic prices for sectors dominated by Foreign-owned MNEs and Other Sectors - seasonally adjusted1
Q3 2020
 Amount €mQuarterly % change
Foreign-owned MNE dominated43,9938.2
Other 41,78516.0
Total GVA (MNE dominated + Other)85,77811.9
1 Seasonally Adjusted data are non-additive, see Background Notes for further details

COVID-19 impact; Non-Multinational dominated sectors grew by 16.0% in Q3 2020 while the MNE sector grew by 8.2%.

Figure 1 Seasonally Adjusted growth rates(% change on previous quarter)
go to full release

On a seasonally adjusted basis, initial estimates indicate that Gross Value Added (GVA) in volume terms for the non-MNE dominated sectors of the economy increased by 16.0% for the third quarter of 2020. GVA in the Foreign-owned MNE dominated sector grew by 8.2% over the same period.

Real GVA for the total economy was almost €86 billion in the Q3 2020 reference period, an increase of 11.9% on the previous period, with GVA for MNE dominated sectors representing approximately 51.3% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 48.7% of the total.

The share of total GVA at constant prices accounted for by the foreign-owned MNE dominated sectors stood at 43.4% in 2019, an increase from 42.8% in 2018.

 

The calculation methods for quarterly Gross Value Added (GVA) for Foreign-owned Multinational Enterprises and Other sectors are similar to those used in the CSO’s annual GVA for Foreign-owned Multinational Enterprises and Other Sectors release. As some of the sources available quarterly are of lesser reliability than those used for the annual accounts, the quarterly estimates are subject to a greater margin of error than the equivalent annual figures. These preliminary quarterly estimates will therefore be revised when the next detailed annual results are published.

Data for the reference quarters contained in the tables of this release as well as data for earlier reference quarters can be downloaded from the PxStat database service on the CSO Website.

For annual data for years 1995-2019 at the more detailed 37 sectoral breakdown level, please refer to Tables 21 and 22 of the National Income & Expenditure 2019 publication issued in August 2020 (For long time series of these annual data see PxStat Tables N1921 &N1922).  For information on chain linking see NIE 2019 Methodology Note.

Table A Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2018)1€million
 CURRENT BASIC PRICES CONSTANT BASIC PRICES
PeriodForeign-owned MNE dominatedOther Total Foreign-owned MNE dominatedOther Total
201445,288133,612 178,900 55,615146,639 204,853
2015101,101143,243 244,344 102,083155,520 257,448
2016100,093151,828 251,921 102,661158,854 261,286
2017114,411165,476 279,887 113,099167,924 280,832
2018131,826175,952 307,778 131,826175,952 307,778
2019146,540188,288 334,828 140,903183,836 324,739
          
2014         
Q111,23831,662 42,900 13,69534,868 49,157
Q212,36733,119 45,485 15,09936,248 51,920
Q311,37434,266 45,640 13,95037,608 52,240
Q410,30934,566 44,875 12,87137,916 51,536
          
2015         
Q125,01334,312 59,325 28,33537,228 65,262
Q224,14035,405 59,545 23,47138,382 61,931
Q325,13136,621 61,752 24,74939,970 64,779
Q426,81736,905 63,722 25,52839,940 65,475
          
2016         
Q123,57636,667 60,244 25,50738,348 63,831
Q222,09737,828 59,925 23,17439,518 62,532
Q324,68838,700 63,388 22,72740,668 63,181
Q429,73238,632 68,364 31,25340,320 71,741
          
2017         
Q126,51839,699 66,217 26,02640,615 66,580
Q223,68340,795 64,478 24,60341,192 65,713
Q329,08742,281 71,368 29,67542,907 72,542
Q435,12342,700 77,823 32,79443,210 75,996
          
2018         
Q131,85741,677 73,534 31,46241,504 72,971
Q229,92843,449 73,377 32,34843,465 75,809
Q335,63944,950 80,589 35,28545,135 80,442
Q434,40145,877 80,278 32,73145,849 78,555
          
2019         
Q134,00744,904 78,911 31,60643,759 75,365
Q233,69046,077 79,767 34,77744,913 79,691
Q339,57947,734 87,313 38,77246,792 85,563
Q439,26549,572 88,837 35,74848,372 84,120
          
2020         
Q143,40945,400 88,809 38,88344,293 83,177
Q240,75037,526 78,276 39,37335,570 74,944
Q349,46044,031 93,491 47,44942,480 89,929
          
Annual Percentage Changes
201411.77.9 8.8 12.46.1 7.6
2015123.27.2 36.6 83.66.1 25.7
2016-1.06.0 3.1 0.62.1 1.5
201714.39.0 11.1 10.25.7 7.5
201815.26.3 10.0 16.64.8 9.6
201911.27.0 8.8 6.94.5 5.5
          
Percentage change on corresponding period of previous year
2014         
Q18.57.7 7.9 7.26.5 6.7
Q217.57.7 10.2 17.75.8 8.8
Q312.88.5 9.5 13.76.4 8.1
Q47.57.6 7.5 10.95.7 6.9
          
2015         
Q1122.68.4 38.3 106.96.8 32.8
Q295.26.9 30.9 55.45.9 19.3
Q3121.06.9 35.3 77.46.3 24.0
Q4160.16.8 42.0 98.35.3 27.0
          
2016         
Q1-5.76.9 1.5 -10.03.0 -2.2
Q2-8.56.8 0.6 -1.33.0 1.0
Q3-1.85.7 2.6 -8.21.7 -2.5
Q410.94.7 7.3 22.41.0 9.6
          
2017         
Q112.58.3 9.9 2.05.9 4.3
Q27.27.8 7.6 6.24.2 5.1
Q317.89.3 12.6 30.65.5 14.8
Q418.110.5 13.8 4.97.2 5.9
          
2018         
Q120.15.0 11.0 20.92.2 9.6
Q226.46.5 13.8 31.55.5 15.4
Q322.56.3 12.9 18.95.2 10.9
Q4-2.17.4 3.2 -0.26.1 3.4
          
2019         
Q16.77.7 7.3 0.55.4 3.3
Q212.66.0 8.7 7.53.3 5.1
Q311.16.2 8.3 9.93.7 6.4
Q414.18.1 10.7 9.25.5 7.1
          
2020         
Q127.61.1 12.5 23.01.2 10.4
Q221.0-18.6 -1.9 13.2-20.8 -6.0
Q325.0-7.8 7.1 22.4-9.2 5.1
1Chain linked series not additive
Table B Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2018)1 - Seasonally Adjusted€million
 CURRENT BASIC PRICES CONSTANT BASIC PRICES
PeriodForeign-owned MNE dominatedOther Total Foreign-owned MNE dominatedOther Total
2014         
Q110,82632,294 43,120 13,12335,792 48,915
Q212,22333,109 45,331 14,96436,469 51,433
Q311,44033,874 45,313 13,99136,981 50,972
Q410,59834,310 44,908 13,33537,367 50,702
          
2015         
Q124,29134,976 59,268 27,40238,179 65,581
Q224,50435,441 59,944 23,74238,698 62,440
Q324,99936,151 61,150 24,57339,230 63,803
Q426,91436,643 63,557 25,85839,364 65,222
          
2016         
Q123,06837,372 60,440 25,03739,547 64,583
Q223,05437,890 60,944 23,84339,674 63,518
Q324,25738,222 62,478 22,26439,907 62,170
Q429,27638,295 67,570 31,13839,661 70,799
          
2017         
Q126,14040,470 66,611 25,99541,704 67,699
Q225,26240,907 66,169 25,59241,635 67,228
Q328,16841,811 69,979 28,54442,109 70,653
Q434,35742,196 76,553 32,57842,362 74,939
          
2018         
Q131,52242,507 74,029 31,88742,948 74,835
Q232,33643,611 75,946 33,74543,731 77,477
Q334,10544,551 78,656 33,37344,333 77,706
Q433,69945,199 78,898 32,68044,773 77,453
          
2019         
Q133,74745,754 79,501 32,43345,134 77,567
Q236,50546,321 82,826 36,11345,479 81,592
Q337,53847,417 84,955 36,19545,992 82,188
Q438,75248,726 87,477 36,07447,088 83,162
          
2020         
Q143,10646,209 89,315 40,15345,767 85,920
Q244,02937,756 81,784 40,64736,029 76,677
Q346,75943,820 90,579 43,99341,785 85,778
          
Percentage change on previous quarter
2014         
Q17.01.4 2.7 6.61.4 2.7
Q212.92.5 5.1 14.01.9 5.1
Q3-6.42.3 -0.0 -6.51.4 -0.9
Q4-7.41.3 -0.9 -4.71.0 -0.5
          
2015         
Q1129.21.9 32.0 105.52.2 29.3
Q20.91.3 1.1 -13.41.4 -4.8
Q32.02.0 2.0 3.51.4 2.2
Q47.71.4 3.9 5.20.3 2.2
          
2016         
Q1-14.32.0 -4.9 -3.20.5 -1.0
Q2-0.11.4 0.8 -4.80.3 -1.7
Q35.20.9 2.5 -6.60.6 -2.1
Q420.70.2 8.1 39.9-0.6 13.9
          
2017         
Q1-10.75.7 -1.4 -16.55.2 -4.4
Q2-3.41.1 -0.7 -1.5-0.2 -0.7
Q311.52.2 5.8 11.51.1 5.1
Q422.00.9 9.4 14.10.6 6.1
          
2018         
Q1-8.30.7 -3.3 -2.11.4 -0.1
Q22.62.6 2.6 5.81.8 3.5
Q35.52.2 3.6 -1.11.4 0.3
Q4-1.21.5 0.3 -2.11.0 -0.3
          
2019         
Q10.11.2 0.8 -0.80.8 0.1
Q28.21.2 4.2 11.30.8 5.2
Q32.82.4 2.6 0.21.1 0.7
Q43.22.8 3.0 -0.32.4 1.2
          
2020         
Q111.2-5.2 2.1 11.3-2.8 3.3
Q22.1-18.3 -8.4 1.2-21.3 -10.8
Q36.216.1 10.8 8.216.0 11.9
1Chain linked series not additive

Background Notes

Gross Value Added at Constant Basic Prices Nace Rev 2 

This release provides gross value added at current basic prices and constant basic prices (chain linked and referenced to 2018) for the economy divided into two sectors, namely

(a) the economic sectors dominated by Foreign-owned Multi National Enterprises (MNEs)

and

(b) all other remaining sectors.

Gross value added at basic prices is measured as the difference between out­put at basic prices and intermediate consumption at purchasers’ prices.

The sectoral data underlying the aggregates in the release are the same as those used for

  1. Gross Value Added for Foreign-owned Multinational Enterprises and Other Sectors Annual Results 2019 (CSO PxStat Table N1923)

    and
  2. National Income & Expenditure 2019 (NIE 2019) Table 4 (CSO PxStat Table N1904), which gives a breakdown of the economy at Constant Basic Prices by 10 principal economic sectors (Nace Rev.2 A10) and NIE Table 22 (CSO PxStat Table N1922) which illustrates a 37 sector breakdown of the Irish economy.

 

The correspondence with the relevant A10 sections of NACE Rev.2 is as follows:

Agriculture, forestry and fishing

Section A

Industry (excluding Construction)

Sections B,C,D,E

Of which: Manufacturing

Section C

Construction

Section F

Distribution, transport, hotels and restaurants

Sections G,H,I

Information and communication

Section J

Financial and insurance activities

Section K

Real estate activities

Section L

Professional, admin and support services

Sections M,N

Public admin, education and health

Sections O,P,Q

Arts, entertainment and other services

Sections R,S,T

National accounts are compiled in the EU according to the European System of National and Regional Accounts (ESA) framework. In 2014, the new ESA 2010 framework replaced the ESA 95 version and all EU member states were required to adopt ESA 2010 by September 2014.  ESA 2010 is the European version of the current UN mandated international standards for national accounts statistics, the System of National Accounts (SNA) 2008. The results for all years in this release are published on an ESA 2010 basis.

Nace classification 

In compliance with EU regulations the contents of the sectors in this release conform to the Nace Rev. 2 system which corresponds with the UN International Standard Industrial Classification (ISIC Rev 4).

For the Foreign-owned MNE dominated sector and ‘Other’ sector variables set out in Tables A and B of this release, the following is the correspondence with the relevant NIE and Nace Rev. 2 sectors:

NIE Sectors

Nace 2 Sections

Foreign-owned
MNE dominated
(Nace codes)

Other
(Nace codes)

Agriculture, forestry and fishing

Section A

 

01-03

Industry (excluding Construction)

Sections B to E

18.2, 20, 21, 26,
27 and 32.5

 05-18.1,
19, 22-25
28-32.4 and
32.9-39

Of which: Manufacturing

Section C

18.2, 20, 21, 26,
27 and 32.5

10-18.1,
19, 22-25
28-32.4 and
32.9-33

Construction

Section F

 

41-43

Distribution, transport, hotels and restaurants

 Sections G to I

 

45-56

Information and communication

Section J

58-63

n.a.

Financial and insurance activities

Section K

 

64-66

Real estate activities

Section L

 

68

Professional, admin and support services

Sections M to N

 

69-82

Public admin, education and health

Sections O to Q

 

84-88

Arts, entertainment and other services

Sections R to T

 

90-98

Further information on the Nace Rev. 2 classification of industrial activity is available on the CSO website, see Classification of Industrial Activity.

Seasonal Adjustment

Seasonal adjustment is conducted using the indirect seasonal adjustment approach. This approach is in line with CSO’s Policy on Seasonal Adjustment and Eurostat’s Recommendations on Seasonal Adjustment. Under this indirect approach, individual time series are independently adjusted at the component level.  These individual series are then aggregated to compute seasonally adjusted results for Total Gross Value Added at Current Prices or Constant Prices respectively. This indirect approach is applied to the Foreign-owned MNE dominated sector, the combination of all other remaining non-MNE dominated NACE sectors (i.e. the ‘Other’ sector) and the seasonally adjusted values for the total economy are then derived as the sum of the seasonally adjusted components. On this account, the sum of the seasonally adjusted components of the Foreign-owned MNE dominated and ‘Other’ sectors add to the respective seasonally adjusted total economy series. As part of the seasonal adjustment process, ARIMA models have been identified for each series based on unadjusted data spanning Q1 1995 to Q1 2020. These models are then applied to the entire series (Q1 1995 to Q3 2020). Seasonal factors and the parameters of the ARIMA models will be updated each quarter.

COVID-19 note 

Seasonally adjusting the Gross Value Added for the Foreign-owned Multinational Enterprises and Other Sectors will continue to be challenging until the full scale and shape of the impact COVID-19 has on the time series is better understood.  Based on Eurostat guidance, Q1, Q2 and Q3 2020 have been modelled as additive outliers (AO) which will be reviewed as required. This treatment for seasonal adjustment reflects the volatile nature of economic sectors experiencing a greater COVID impact, such as the retail and wholesale sectors, and will be kept under review going forward as required. Users should be aware that as further data observations become available in the months and quarters ahead, revisions to the seasonal adjustment models may result in revisions to the quarterly seasonally adjusted series.

The adjustments are completed by applying the X-13-ARIMA model, developed by the U.S. Census Bureau to the unadjusted data. This methodology estimates seasonal factors while also taking into consideration factors that impact on the quality of the seasonal adjustment such as:

  • Calendar effects, e.g. the timing of Easter,
  • Outliers, temporary changes and level shifts in the series.

For additional information on the use of X-13-ARIMA see US Census Bureau information on X-13ARIMA-SEATS Seasonal Adjustment Program.

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