Meeting 9

Macroeconomic Statistics Liaison Group Meeting
Location: Central Statistics Office, Ardee Road, Rathmines
Date: Tuesday 18th December 2018

Attendees:

Kieran McQuinn (ESRI), Annette Hughes (EY), Kevin Timoney (IFAC), Ciarán Nugent (NERI), Simon Barry (Ulster Bank).
CSO: Michael Connolly, Chris Sibley, Shaun McLaughlin, Justin Flannery, Ruth O’Shaughnessy.

Apologies:

Loretta O’Sullivan (BOI), Terry Quinn (Central Bank), Mike Fahy (D/Fin), Austin Hughes (KBC), Seamus Coffey (IFAC)

Minutes:

1. The Quarterly National Accounts for Quarter 3 2018, released on 13th December, were reviewed. Volatility in the data sources and resultant revisions in Annex 3A (Components of Gross Domestic Fixed Capital Formation at Current Market Prices – Non-Seasonally Adjusted) were discussed. Attention was drawn to significant inventory movements in the quarter. The online retail element of Personal Consumption Expenditure will be discussed in more detail in a future MSLG meeting.
   
2. Shaun McLaughlin – a Statistician in National Accounts – gave an update on a revised methodology for the calculation of Personal Consumption Expenditure and Capital Formation for private cars. Second-hand imports are now deflated using a Sterling-adjusted second-hand car index from the UK. Revised data using the new methodology will be published with the National Income and Expenditure annual results in 2019.
3. Chris Sibley presented a recent note ‘Explaining Ireland’s Trade Balance’, which takers two measures for Ireland’s trade in goods and services based on data available in the CSO. One measurement uses a goods balance based largely on the physical movement of goods across borders; the other calculates Ireland’s goods balance based on a change of ownership. The services trade balance is the same for both measurements. Ireland’s trade balance with individual countries can vary significantly across the two measurements.
   
4. The next meeting will be held on Wednesday 20th March 2019, after the publication of the 2019Q1 Quarterly National Accounts which is planned for Thursday 14th March 2019.