| Location: |
CSO Ardee Road |
|---|---|
| Date: | Tuesday 10th December 2024 |
| Present: | Thomas Conefrey (CBI), Stephen Byrne (CBI), Michael Flanagan (DFIN), Donal O’Shea (ESRI), Annette Hughes (EY), Loretta O’Sullivan (EY), Kevin Timoney (UL / Davy), Killian Carroll (IFAC), David Purdue (NTMA) |
| CSO: Kieran Culhane, Clare Sullivan, John Sheridan, Brian King, Conor Prescott. |
1. The Quarterly National and International Accounts for 2024Q3 were reviewed following their publication on Thursday 5th December 2024.
Queries concerning compensation of employees estimates relative to income tax were addressed regarding data sources and methods of estimation. Further clarification was provided regarding the strong performance in the areas of modified investment and goods for processing imports this quarter. The potential impact of the large IP exports in 2024Q2 on 2024Q3 and future quarters was discussed. Approaches to capital stock depreciation and its impact on GDP and GNI* were explained. There was also further discussion of approaches to estimating GDP. The reasons behind recent changes in the US current account were provided. The potential use of credit/debit card data from the Central Bank of Ireland in the expenditure estimates was discussed. Estimates for building and construction and major capital projects were addressed including the data sources used and how estimates are calculated and classified and the timing of reporting.
2. Conor Prescott, Statistician in the National Accounts – Data Collection & Quality division, presented an overview of the approach to estimating compensation of employees and jobs in foreign-owned enterprises using Revenue PMOD (PAYE Modernisation) data. This also highlighted the structural differences between Revenue administrative data and Labour Force Survey (LFS) data for estimating employment
Revenue PMOD and LFS data differ and there are merits and challenges associated with both sources. Ultimately, they are aligned with different definitions of employment and jobs. PMOD is a by-product of the PAYE tax collection process, while LFS is a household survey that must comply with the "Integrated European Social Statistics" (IESS) framework that has rules-based employment definitions. CSO will continue to develop both sources to gain more insights on workers and jobs in the labour market.
Enterprises are identified in PMOD as foreign owned using information available on the Business Register based on the location of the Ultimate Controlling Parent of a company group.
3. Kieran Culhane, Senior Statistician in the National Accounts – Integration division, presented an overview of findings related to Fixed Assets in National Statistics.
Produced fixed assets are assets which result from human effort and are made up primarily of dwellings, buildings and structures, machinery and equipment, livestock as well as intangible fixes assets such as research and development or works of art. They exclude natural assets such as land or mineral deposits. Estimates for the Capital Stock of Fixed Assets for 2023 were presented, which showed an overall growth in the value of produced assets. Most assets showed growth including dwellings and other buildings and structures, however, there was a decrease in research and development. Broken down by economic activity sector, the largest capital stock of fixed assets was in Real Estate Activities followed by Manufacturing. Potential future developments in the area of fixed assets may include further breakdowns for Building and Construction investment and infrastructure statistics.