| Location: | CSO Teams |
|---|---|
|
Date: |
Tuesday 11th March 2025 |
|
Present: |
Thomas Conefrey (CBI), Stephen Byrne (CBI), Gabriel Arce Alfaro (CBI), Michael Flanagan (DFIN), Oisín Tarrant (DFIN), Kieran McQuinn (ESRI), Loretta O’Sullivan (EY), Kevin Timoney (UL / Davy), Killian Carroll (IFAC), Austin Hughes (Indp.), Simon Barry (Indp.), Chris Smart (NERI), Shawn Britton (NTMA), Seamus Coffey (UCC), Eddie Casey (IFAC) CSO: Kieran Culhane, Clare Sullivan, John Sheridan, Brian King, Rachel O’Carroll, Edel Flannery, Anthony Dawson, Conor Prescott, Lucia Perez Alfaro |
1. The Quarterly National and International Accounts for 2024Q4 were reviewed following their publication on Thursday 6th March 2025. Queries concerning changes in modified domestic demand (MDD) and modified investment as well as their drivers were addressed. Clarification was provided regarding the sectors driving increases in goods for processing and contract manufacturing. Differences between figures produced by the Central Statistics Office (CSO) and the United States (US) Bureau of Economic Analysis (BEA) regarding the US current account goods and services were discussed.
2. Edel Flannery, Senior Statistician and Anthony Dawson, Statistician – Prices Division, provided an overview of the Harmonised Index of Consumer Prices (HICP) and the Consumer Price Index (CPI) classification changes and rebase required by Eurostat. The changes are being implemented to account for old classifications becoming obsolete and new products needing classifications. An information note will be added to releases impacted by the change once implemented. Questions and feedback are welcome at present regarding the proposed changes and user needs. Queries were addressed regarding the specifics of the classification changes and their potential impact on current series and other indicators.
3. Kieran Culhane, Senior Statistician in the National Accounts – Integration division, provided an update on intellectual property (IP) product assets from 2015 that will disappear from asset stocks due to depreciation in 2025. This will result in a reduction in fixed capital and higher profit outflows.
4. Questions concerning changes to be included in the revised System of National Accounts (SNA) were addressed as well as new areas to be covered in the revised system such as crypto assets, data as an asset and estimates of the depletion of national resources.
5. A separate meeting is to be arranged to discuss GNI*.