Loretta O’Sullivan (BOI), Terry Quinn (Central Bank), Brendan O’Connor (D/Fin), Matthew Allen Coghlan (ESRI), Annette Hughes (EY), Austin Hughes (KBC), Kevin Timoney (IFAC), Tom McDonnell (NERI), Simon Barry (Ulster Bank).
CSO: Michael Connolly, Chris Sibley, John Sheridan, Justin Flannery, Ruth O’Shaughnessy.
Seamus Coffey (IFAC)
1. The Quarterly National Accounts for 2020Q1, released via the CSO Virtual Meeting Room on 5th June, were briefly reviewed. While the 2020Q1 results will be recalibrated as part of the standard NIE revisions process, there are no plans to make significant adjustments. On account of the economic impact of COVID19, seasonal adjustment in 2020Q1 required a detailed review of all models and methodologies. The CSO Methodology department liaised closely with National Accounts and also with Eurostat on this global issue prior to publication of the results.
2. An overview of development work on Distribution National Accounts, which will provide distributional estimates of household income, consumption and saving compatible with the System of National Accounts, was presented by Justin Flannery. This work has been ongoing with Eurostat on a voluntary basis, and the CSO intends to publish results towards the end of the year. Quintile data for the country, linked to the National Accounts totals, will be published, showing changes in different income bands.
3. The COVID 19 impact on the compilation of the National Accounts was discussed. While some issues were being experienced, particularly in the collection of household data, National Accounts is not being impacted overall. The 100% response rate through the Large Cases Unit for the largest multinationals operating in the economy is unaffected. Eurostat has issued guidance for the imputation of non-market output, particularly in health and education, where particular estimation difficulties have arisen, and this note will be shared with the Group.
The next meeting will take place following the publication of the 2020Q2 QNA results.