Information Note - Goods and Services Account

Goods and Services Account

The purpose of the Goods and Services account is to show, by product group and for the total economy, the supply of products and their uses. The account shows, at aggregate level, the matching of the supply and use of products in the economy. It is therefore related to the Supply and Use Tables which are published annually by the CSO.

The Goods and Services Account also shows the Resources (output and imports) and the Uses of goods and services (intermediate consumption, final consumption, capital formation, exports).

The Goods and Services Account can be represented in simple form as in the table below and in the companion chart. This table also includes the Annual National Accounts (ANA) item numbers and table locations to enable users to see how these items, as well as the ANA tables themselves, are interlinked. Taxes less Subsidies on products (D.21, D.31) which are shown explicitly in the Resources are included implicitly in the items in the Uses. The total Supply and total Use are also shown.

Table 1.1 Goods and Services account showing Total Supply and Use, current prices, 2019-2023								€million
Resources
ESA Code	Description	ANA Item	ANA Table	2019	2020	2021	2022	2023
P.1	Output	ANA Items 46.1-46.11	Table 6.1	684,866	708,760	859,780	1,004.928	1,005,052
D.21	Taxes on products	ANA Item 52	Table 6.1	24,246	21,134	26,345	28,462	29,654
D.31	Subsidies on products	ANA Item 53	Table 6.1	1,074	1,380	1,693	1,908	1,965
P.7	Imports of goods and services	ANA Item 84	Table 8.1	445,408	438,184	410,421	497,207	520,955
Total Supply	(minus ANA Statistical discrepancy)	Total Supply = P.1+D.21-D.31+P.7		1,150,999	1,169,092	1,295,175	1,525,540	1,551,769
Uses
P.2	Intermediate consumption	ANA Items 46.1-46.11	Table 6.1	341,916	348,701	435,537	507,398	520,862
P.3	Final consumption expenditure	ANA Items 79 & 80	Table 8.1	148,439	142,740	158,437	183,566	205,967
P.5g	Gross capital formation	ANA Items 81 & 82	Table 8.1	195,343	162,296	103,818	119,391	134,282
P.6	Exports of goods and services	ANA Item 83	Table 8.1	462,855	517,749	597,705	712,038	688,732
Total Use	(plus ANA Statistical discrepancy)	Total Use = P.2+P.3+P.5g+P.6		1,150,999	1,169,092	1,295,175	1,525,540	1,551,769
	ANA Statistical discrepancy	ANA Items 12, 26 & 47	Tables 3.1, 3.3 & 6.1	2,446	-2,394	-322	3,148	1,926

 

Another benefit of the Goods and Services account, in addition to being an initial part of the Sequence of Accounts and showing total Supply and Use, is that it displays different methods of calculating GDP as described in more detail in the accompanying Three methods to calculate Gross Domestic Product Information Note. For example, both the Output method and the Expenditure method are within the summary account above. In the expanded Goods and Services account below, the Income method is also included. The Output method items are highlighted in the darker colour as an example to illustrate that all three methods of calculating GDP can be found in this one table. ANA item and table numbers are again also included for reference.

Table 1.2 Goods and services account, current prices, 2019-2023 showing Total Supply and Use, and GDP calculated using the 3 approaches								€million
Resources
ESA Code	Description	ANA Item	ANA Table	2019	2020	2021	2022	2023
P.1	Output	ANA Items 46.1-46.11	Table 6.1	684,866	708,760	859,780	1,004,928	1,005,052
D.21	Taxes on products	ANA Item 52	Table 6.1	24,246	21,134	26,345	28,462	29,654
D.31	Subsidies on products	ANA Item 53	Table 6.1	1,074	1,380	1,693	1,908	1,965
P.7	Imports of goods and services	ANA Item 84	Table 8.1	445,408	438,184	410,421	497,207	520,955
P.1+D.21-D.31+P.7	Total Supply (minus ANA Statistical discrepancy)			1,150,999	1,169,092	1,295,175	1,525,540	1,551,769
Uses								€million
ESA Code	Description	ANA Item	ANA Table	2019	2020	2021	2022	2023
P.2	Intermediate consumption	ANA Items 46.1-46.11	Table 6.1	341,916	348,701	435,537	507,398	520,862
P.3	Final consumption expenditure	ANA Items 79 & 80	Table 8.1	148,439	142,740	158,437	183,566	205,967
P.5g	Gross capital formation	ANA Items 81 & 82	Table 8.1	195,343	162,296	103,818	119,391	134,282
P.6	Exports of goods and services	ANA Item 83	Table 8.1	462,855	517,749	597,705	712,038	688,732
P.2+P.3+P.5g+P.6	Total Use (plus ANA Statistical discrepancy)			1,150,999	1,169,092	1,295,175	1,525,540	1,551,769
Income approach								€million
ESA Code	Description	ANA Item	ANA Table	2019	2020	2021	2022	2023
D.1	Compensation of Employees	ANA Items 2, 3, 9 & 10	Table 3.1	106,264	106,103	117,272	128,591	142,550
D.29	Taxes on production	ANA Item 30	Table 3.3	3,745	3,019	3,812	4,091	4,346
D.39	Subsidies on production	ANA Item 31	Table 3.3	2,307	6,484	7,212	3,081	1,794
B.2n & B.3n	Net Operating Surplus & Mixed Income	ANA Items 1, 4, 5, 6, 7 & 8	Table 3.1	143,135	150,574	197,934	245,928	210,831
P.51c	Depreciation	ANA Item 28	Table 3.3	92,112	106,847	112,435	122,002	128,257
ANA Statistical discrepancy	ANA Items 12, 26 & 47	Tables 3.1, 3.3 & 6.1		2,446	-2,394	-322	3,148	1,926
GDP as per ANA23								€million
ESA Code	Description	ANA Item	ANA Table	2019	2020	2021	2022	2023
P.1-P.2+D.21-D.31	Output GDP	ANA Item 54	Tables 3.4 & 6.1	363,675	382,207	449,217	520,935	509,952
P.3+P.5g+P.6-P.7	Expenditure GDP	ANA Item 86	Table 8.1	363,675	382,207	449,217	520,935	509,952
D.1+D.29-D.39+B.2n+ B.3n+P.51c+D.21-D.31	Income GDP	ANA Item 54	Tables 3.4 & 6.1	363,675	382,207	449.217	520,935	509,952
Including ANA Statistical discrepancy

Next steps

The Supply and Use Tables are published at a lag to the main aggregates in the National Accounts with the latest Supply and Use Table describing 2021. By producing an up-to-date Goods and Services Account we can show total Supply and total Use for the latest years consistent with the live National Accounts. This may be considered as a first step in an incremental process of more fully integrating the Supply and Use Tables into the Irish National Accounts.

The Goods and Services account is also the prequel to the Sequence of Accounts which forms part of the Institutional Sector Accounts which illustrate the detailed transactions and money flows in the economy.

The Goods and Services account has not previously been produced by the CSO, but it will be included in summary form in the forthcoming benchmark Annual National Accounts 2024 (ANA24), due for publication in the Summer of 2025.

Further details on the Supply and Use Tables and the Institutional Sector Accounts, which are published quarterly and annually, are available by clicking on the links.