Loretta O’Sullivan (BOI), Thomas Conefrey (Central Bank), Mike Flanagan (D/Fin), Kieran McQuinn (ESRI), Austin Hughes (KBC), Seamus Coffey (IFAC), Kevin Timoney (IFAC), Simon Barry (Ulster Bank).
CSO: Michael Connolly, Chris Sibley, Brian King, Niamh Holton, Justin Flannery, Annette Hayes, John Sheridan, Ruth O’Shaughnessy.
Annette Hughes (EY), Ciarán Nugent (NERI)
1. The Quarterly National Accounts for 2018Q4, released on 14th March, were reviewed. The non-additivity of the seasonally adjusted components of GDP was discussed and will be revisited at the next MSLG meeting. The domestic component of the ICT sector was discussed, with the CSO undertaking to review a possible further sectoral split for sectors dominated by domestic activity. Factors influencing the nett International Investment Position were discussed. A recent paper for the Statistical and Social Inquiry Society of Ireland concerning the Estimates of Foreign Assets and Liabilities for Ireland was referenced. Stock building activity in preparation for Brexit was discussed, an analysis of which will be presented at a future meeting, as will the topic of internet sales and the digital economy. The CSO intends to make the new series of adjusted indicators, along with Brexit-specific releases, available on StatBank.
http://www.ssisi.ie/meeting.php
https://www.cso.ie/en/releasesandpublications/er/na/quarterlynationalaccountsquarter42018/
2. Brian King - Senior Statistician with responsibly for National Accounts data collection and quality - presented data sources, methodologies, statistical outputs and planned future developments in the compilation of Compensation of Employees (COE) and employment statistics. The National Income and Expenditure (NIE) produces an estimate for the COE on an annual basis which includes wages and salaries and employer contributions to social insurance of all employees in the whole economy. These data are compiled from a variety of sources including Revenue's P35L data, the Earnings, Hours and Employment Cost Survey (EHECS) and the Irish Pension Authority. The EHECS is a quarterly enterprise survey that collects data from enterprises with three or more employees in NACE sectors B to S. The survey produces the statistics for the Earnings and Labour Cost release which is the official source of short-term earnings, hours and labour cost trends in Ireland. The two measures of earnings and labour costs are compiled using different methodologies and thus provide differing estimates of earnings and labour costs over time.
3. A joint presentation by Balance of Payments and National Accounts looked at the treatment of tourism data. Niamh Holton presented an overview of the differences in data sources and methodology between the Balance of Payments, Tourism and Travel Publication, and the National Accounts. Methodological adjustments to Tourism and Travel data for inclusion in Balance of Payments were reviewed. Justin Flannery summarised the treatment of expenditure by non-residents, expenditure by residents outside the State, and the recording of tourism in the National Accounts. This is ongoing work for a forthcoming methodological note.
4. Christopher Sibley presented the layout of the new International Accounts – previously published separately as the Balance of International Payments and the International Investment Position – which now has expanded sections on Goods and Services, Accounts with the UK, and Foreign Direct Investment. All methodological notes are now available in the News and Developments section.
https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq42018/
5. The next MSLG meeting will be held after the publication of the National Income and Expenditure results in the summer. A calendar invite will issue closer to the time.