Macroeconomic Statistics Liaison Group Meeting
Location: CSO National Accounts Zoom
Wednesday, 9 December 2020
Attendees:
Loretta O’Sullivan (BOI), Stephen Byrne (Central Bank), Terry Quinn (Central Bank), John Hartnett (D/Fin), Kevin McQuinn (EsRI), Annette Hughes (EY), Austin Hughes (KBC), Kevin Timoney (IFAC), Tom McDonnell (NERI), Seamus Coffey (UCC), Simon Barry (Ulster Bank)
CSO: Chris Sibley, John Sheridan, Michael Connolly, Shaun McGrath, Ruth O’Shaughnessy.
Minutes:
- The new Macroeconomic Divisional organisational chart was reviewed. The key domestic indicators of PCE and wages are now in the same division which should allow for better quarterly analysis in the future.
- The Quarterly National Accounts for 2020Q3, released on December 4th, were reviewed. The difference in quarterly growth between the Retail Sales Index and the goods element of Personal Consumption Expenditure is largely attributable to the weights for either series being taken from different data sources. Better data sources are available on an annual basis to allocate PCE goods and services. Revisions between 2020Q1 and 2020Q2 data were largely due to the reclassification of subsidies out of the agriculture sector as better data became available. The seasonal adjustment methodology will be reviewed again at year end. The strong increase in profits which led to the fall in GNP was seen across the board in different sectors. Building and Construction classifications were discussed, with a focus on private sector construction.
- Shaun McLaughlin (National Accounts Data Collection and Quality) presented an overview of the data sources and the methodology behind the compilation in changes in inventory in the National Accounts. Inventories held abroad, and the Brexit effect on global supply chains were discussed.
