21. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which all economic indicators are positively aligned to maximum economic benefit for the State over the next five years; and if he will make a statement on the matter. (Question 50833/17 asked on 30 Nov 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): Recent economic indicators have generally been positive, indicating that the recovery is continuing in a sustainable manner.  
Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter. 
As part of Budget 2018, my Department is forecasting real GDP growth of 4.3 per cent for this year and 3.5 per cent for next year, with growth averaging close to 3 per cent in...

185. Deputy Pearse Doherty asked the Minister for Finance the projected figures for net fiscal space in each of the years 2019 to 2023. (Question 45681/17 asked on 07 Nov 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): As I am sure the Deputy is aware, projections beyond 2021 have not been compiled or published. 
The current estimates of net fiscal space for years 2019 – 2021 are set out below. It is important to stress that the figures, as always, are work-in-progress estimates and will evolve over time. 
  - 2019 2020 2021 Net fiscal space (€billions) 3.2 3.5 3.6 

I also wish to highlight that the economy is now on a path towards full-e...

12. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the economic indicators remain on course and in line with expectation for the foreseeable future; the extent to which specific factors have impacted or are likely to impact in a negative way; and if he will make a statement on the matter. (Question 40415/17 asked on 24 Oct 2017 - Economic Data)

Deputy Bernard J. Durkan: This question relates to the need for ongoing monitoring of the economy with particular reference to the economic indicators affected by recent developments such as US economic retrenchment, Brexit, and the Apple tax decision, all of which will have an impact on them one way or the other.
 ...

75. Deputy Bernard J. Durkan asked the Minister for Finance if he is satisfied regarding the ongoing progress of economic recovery; if he has identified particular issues requiring further attention; if he has further satisfied himself that the economy remains well placed to maximise its potential including job creation in the future; and if he will make a statement on the matter. (Question 44728/17 asked on 24 Oct 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 75, 100, 102 and 104 together.
Recent economic indicators have generally been positive.
Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter.
Strong GDP growth is being confirmed by developments in the labour market. Employment growth remains strong with an annual rate of 2.4 per cent recorded in the second quarter of 20...

100. Deputy Bernard J. Durkan asked the Minister for Finance the degree to which the economic situation continues to compete effectively with all others in the EU having particular regard to the situation in the UK; and if he will make a statement on the matter. (Question 45067/17 asked on 24 Oct 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 75, 100, 102 and 104 together.
Recent economic indicators have generally been positive.
Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter.
Strong GDP growth is being confirmed by developments in the labour market. Employment growth remains strong with an annual rate of 2.4 per cent recorded in the second quarter of 20...

102. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the basic fundamental indicators remain positive and constant for the economy, notwithstanding developments regarding Brexit; and if he will make a statement on the matter. (Question 45069/17 asked on 24 Oct 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 75, 100, 102 and 104 together.
Recent economic indicators have generally been positive.
Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter.
Strong GDP growth is being confirmed by developments in the labour market. Employment growth remains strong with an annual rate of 2.4 per cent recorded in the second quarter of 20...

104. Deputy Bernard J. Durkan asked the Minister for Finance if he continues to remain satisfied regarding the veracity of the main economic indicators in view of the challenges of the future; and if he will make a statement on the matter. (Question 45071/17 asked on 24 Oct 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): I propose to take Questions Nos. 75, 100, 102 and 104 together.
Recent economic indicators have generally been positive.
Real GDP grew by 5.8 per cent in the second quarter of this year on an annual basis. This follows annual growth of 5.2 per cent in the first quarter.
Strong GDP growth is being confirmed by developments in the labour market. Employment growth remains strong with an annual rate of 2.4 per cent recorded in the second quarter of 20...

1. Deputy Noel Grealish asked the Taoiseach further to Regulation EC No 138/2004 of 5 December 2003, on the economic accounts for agriculture in the Community EEA, the EEA figures supplied by Ireland to the EU since the introduction of the regulation by the different agri sectors; and the details of the calculations in tabular form. (Question 35047/17 asked on 26 Jul 2017 - Economic Data)

Minister of State at the Department of the Taoiseach (Deputy Joe McHugh): The agricultural accounts compiled by the Central Statistics Office (CSO) meet national and EU requirements and are part of the Economic Accounts of Agriculture (EAA) framework. The estimates are prepared under Regulation (EC) No 138/2004 of 5 December 2003, which sets the scope and main methodological approaches. They provide detailed estimates of major accounting items, such as output, input costs, gross and net value ad...

171. Deputy Richard Boyd Barrett asked the Minister for Finance the total household wealth here including all property and financial assets less all liabilities. (Question 36315/17 asked on 26 Jul 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): The Central Bank calculates household net worth at an aggregate level as the sum of household housing and financial assets minus their liabilities. According to its most recent Quarterly Financial Accounts, as of Quarter 4 of 2016 household net worth stood at €654 billion. The breakdown is provided in the following table.
 Household Net Worth (€ billions)
 Date Financial Assets Liabilities Housing Assets Net Worth 2016 Q4 368 -155 4...

172. Deputy Richard Boyd Barrett asked the Minister for Finance the distribution of household wealth assets among the population; and the percentage of those assets owned by the top 1%, 5%, 10%, 20% and 50%, respectively. (Question 36316/17 asked on 26 Jul 2017 - Economic Data)

Minister for Finance (Deputy Paschal Donohoe): I assume the Deputy’s question refers to the distribution of household net wealth (i.e. assets less liabilities).
In 2013, the Central Statistics Office conducted the Household Finance and Consumption Survey (HFCS). This survey provided for the first time comprehensive data on household wealth in Ireland. The survey provides information on the ownership and values of different types of assets and liabilities along with more general information on ...

146. Deputy Pearse Doherty asked the Minister for Finance if, regarding the CSO’s new measurement of economic performance, which is designed to remove the distorting effects of multinational companies, to be known as adjusted gross national income, GNI, which will be phased in from the end of 2018, this new measurement will be used instead of the current economic current metrics of GDP and GNP by the European Commission, IMF and other international organisations; the way it will affect the calculation for projected fiscal space and the measurement of national debt in view of the current widespread use of the debt-GDP ratio; and if he will make a statement on the matter. (Question 9377/17 asked on 23 Feb 2017 - Economic Data)

Minister for Finance (Deputy Michael Noonan): As the Deputy is aware the publication of a new adjusted gross national income (GNI*) was one of a number of recommendations included in the Report of the Economic Statistics Review Group. The Group was established by the CSO on foot of the exceptional growth rate in 2015 and the increasing limitations of both GDP and GNP as measures of economic activity in Ireland. It was tasked with advising on alternative indicators that would provide better indi...

239. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he remains satisfied that all previous economic and budgetary projections remain on target; and if he will make a statement on the matter. (Question 41550/16 asked on 17 Jan 2017 - Economic Data)

Minister for Finance Deputy Michael Noonan: The most recent economic forecast, published by my Department as part of Budget 2017, projected real GDP growth of 4.2 per cent in 2016 and 3.5 per cent in 2017. 
The third quarter national accounts, published by the CSO in early-December, show that GDP grew by 6.9 per cent year-on-year, bringing the average increase in the first three quarters of 2016 to 4.7 per cent. 
On the basis of this data and other indicators since the Budget, the GDP forecast r...

63. Deputy Maureen O’Sullivan asked the Minister for Finance the nominal GNP numbers for 2015-2021 that underpin budget 2017; the reason he excluded these figures from the budget documentation published on budget day; and if he will make a statement on the matter. (Question 32287/16 asked on 26 Oct 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): My Department’s forecasts for growth in real GDP and GNP are included in table 3 of the Fiscal and Economic Outlook (page c.13). These measures of economic output are adjusted for price changes i.e. inflation or deflation, and as a result provide a more accurate measure of economic growth than nominal metrics. 
Nominal GDP forecasts have been reported in Budget 2017 as EU Member States express fiscal metrics such as the General Government Balance an...

68. Deputy Michael McGrath asked the Taoiseach the steps being taken to address concerns concerning the methodology used to formulate revised 2015 growth figures issued by the Central Statistics Office; and if he will make a statement on the matter. (Question 26601/16 asked on 27 Sep 2016 - Economic Data)

Minister of State at the Department of the Taoiseach (Deputy Regina Doherty): National accounts statistics for Ireland are compiled in accordance with the 2010 European System of Accounts (ESA 2010) as required under EU legislation. The ESA 2010 standards are based on the UN’s 2008 edition of the System of National Accounts (SNA 2008).
The revisions to the national accounts and balance of payments statistics published on July 12th 2016 were driven largely by the relocation of large balance sh...

239. Deputy David Cullinane asked the Minister for Finance the other indicators that investors are looking at in terms of the Irish economy, as highlighted by a person (details supplied) when appearing before the Committee of Public Accounts on 21 July 2016. (Question 24983/16 asked on 16 Sep 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): The Central Statistics Office (CSO) published the National Income and Expenditure results for 2015 in July. These figures suggest that the economy grew by 26.3 per cent last year. This is significantly stronger than their previous estimate of 7.8 per cent.
The exceptional figure is largely related to the activities of multinationals across a small number of sectors including the tech, pharmaceutical and aircraft leasing sectors.  In particular, cor...

240. Deputy David Cullinane asked the Minister for Finance the up to 40 different economic indicators that the NTMA has in the investor pack it uses in its roadshows; the rationale behind the inclusion of those indicators; and if he will provide the up to 30 indicators that investment managers look to when deciding whether to invest in Government debt, as highlighted by a person (details supplied) when appearing before the Committee of Public Accounts on 21 July 2016. (Question 24984/16 asked on 16 Sep 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): The National Treasury Management Agency (NTMA) advise me that their presentation for institutional investors contains a wide range of information relating to the Irish economy and public finances. Generally speaking, the content of the presentation reflects questions asked of the NTMA by investors. The content is refreshed following investor roadshows undertaken by the NTMA. It is also constantly updated for the latest available information.
While...

252. Deputy Pearse Doherty asked the Minister for Finance his views on whether the EU Commission should adopt a four-year potential output forecast horizon for reasons outlined in documents (details supplied); if Ireland has given any view on this issue at ECOFIN or any other EU institutional meeting; and if he will make a statement on the matter. (Question 25161/16 asked on 16 Sep 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): Work is continuing at European level to improve the predictability and stability of the agreed methodology used to calculate potential output. As part of this, the merit of extending the forecast horizon applied by the European Commission when implementing this methodology, from two years, as current practice dictates, to four years, is currently under review. At present, the three and four year ahead forecasts are determined soley by mechanical rule...

323. Deputy Sean Sherlock asked the Minister for Finance when he will publish updated forecasts of growth and fiscal space in advance of budget 2017 in light of the significant economic events of the summer; and if he will make a statement on the matter. (Question 26054/16 asked on 16 Sep 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): My Department will prepare a full macroeconomic projection in advance of Budget 2017 in October.  In accordance with the endorsement process, officials from my Department will go through the normal procedural steps with the Irish Fiscal Advisory Council required under the Memorandum of Understanding. This requires my Department to provide preliminary forecasts to the Council Secretariat no later than 15 days prior to Budget day.  Following an iterat...

146. Deputy Pearse Doherty asked the Minister for Finance the steps his Department will take in preparing new measures for economic growth that reflect conomic activity, while stripping out aircraft leasing, inversions and other activities which distort the picture of our economic growth, in light of last week’s growth figures, which were discredited both nationally and internationally; and if he will make a statement on the matter. (Question 23973/16 asked on 21 Jul 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): The National Income and Expenditure accounts figures for 2015 published by the CSO last week are the definitive measure of Irish national output. On the basis of these figures, however, it is not possible to isolate an underlying measure which directly strips out the factors cited by the Deputy. 
As I have previously stated, these various factors are clearly exaggerating headline GDP figures in an Irish context and are not reflective of activity le...

66. Deputy Bríd Smith asked the Minister for Jobs, Enterprise and Innovation if she is aware of a recent report that describes Ireland as a low wage economy; and if she will make a statement on the matter. (Question 22765/16 asked on 20 Jul 2016 - Economic Data)

Minister of State at the Department of Jobs, Enterprise and Innovation (Deputy Pat Breen): I am aware of a Report by Unite the Union which describes Ireland as a low wage economy.
The report relies on the Eurostat definition of low pay as ‘earning less than two-thirds of the median wage’. By this measure Ireland has a relatively large proportion of wage earners who would be classified as low paid, ahead of the UK and Portugal. This is confirmed by recent research from Logue and Callan (ESRI, 2...

109. Deputy Thomas P. Broughan asked the Minister for Finance the most up-to-date gross domestic product and gross national product to debt ratios following the recent Central Statistics Office revisions to growth figures for 2014 and 2015; and if he will make a statement on the matter. (Question 23259/16 asked on 20 Jul 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): The most up-to-date general government debt (GGD) to Gross Domestic Product (GDP) and Gross National Product (GNP) ratios are set out as follows:
   2014 2015 GGD (% GDP) 105.2% 78.7% GGD (% GNP) 124.4% 99.3% 

Source: Eurostat, CSO, Department of Finance
The historical debt, GDP and GNP data included within the table is published by the Central Statistics Office on its website (www.cso.ie). Updated general government debt figures wi...

110. Deputy Thomas P. Broughan asked the Minister for Finance his views on the recent gross domestic product statistics from the Central Statistics Office; if the revisions to previous lower estimates will be maintained in upcoming quarters; if he is satisfied that there are no further major unknowns in the compilation of national output going forward; and if he will make a statement on the matter. (Question 23260/16 asked on 20 Jul 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): The Central Statistics Office (CSO) last week published national income and expenditure results for 2015. These figures indicate that real GDP grew by some 26 per cent last year. This is significantly stronger than the previous estimate of 7.8 per cent.
This substantial upward revision is largely related to the activities of a small number of large multinational firms and reflects a number of exceptional factors which have limited impact on actual ...

503. Deputy David Cullinane asked the Minister for Public Expenditure and Reform to outline expenditure as a percentage of gross domestic product for each of the years 2002 to 2015; and if he will make a statement on the matter. (Question 22073/16 asked on 19 Jul 2016 - Economic Data)

Minister for Public Expenditure and Reform (Deputy Paschal Donohoe): The Table below sets out General Government Expenditure and Gross Domestic Product for the period 2002 to 2015 as published by the Central Statistics Office (CSO), with the figures for 2015 reflecting the CSO’s recent releases in relation to National Accounts and Government Income and Expenditure.
  (€bn) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 General Government ...

214. Deputy David Cullinane asked the Minister for Finance the level to which intellectual property imports and aircraft trade by aircraft leasing companies distort investment and net exports data; and if he will make a statement on the matter. (Question 21338/16 asked on 12 Jul 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): Subject to the release of the annual 2015 National Income and Expenditure (NIE) accounts on 12 July the latest available data at the time of writing (referenced below) refer to data to the fourth quarter of 2015.
Prior to the release of Q1 2016 Quarterly National Accounts, the CSO published annual but not quarterly data on intangible investment.  It does not publish a disaggregated breakdown of investment in aircraft, whether for leasing or any other...

100. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he remains satisfied that all economic indicators remain stable and consistent with requirements; and if he will make a statement on the matter. (Question 17764/16 asked on 23 Jun 2016 - Economic Data)

Minister for Finance (Deputy Michael Noonan): Recent indicators have generally been very positive, indicating the economic recovery is continuing in a sustainable manner. In the Stability Programme Update, published at the end of April, my Department forecast that the economy would grow by 4.9 per cent in 2016 and by 3.9 per cent in 2017. Furthermore, over the remainder of the forecast horizon out to 2021, growth rates are forecast to move towards its potential growth rate, estimated at around...