| Table 2.1 GNI and Modified GNI | |||
| 2022 | 2023 | % change | |
| GNI at current prices | €356,517m | €388,351m | 8.9% |
| Modified GNI at current prices | €266,979m | €290,932m | 9.0% |
| Chain linked volume measures referenced to year 2022 | |||
| GNI at constant prices | €356,517m | €375,811m | 5.4% |
| Modified GNI at constant prices | €266,979m | €280,231m | 5.0% |
Modified Gross National Income (GNI*) at current market prices increased from €267bn in 2022, to €291bn in 2023 or expressed as a share of GDP, from 51.2% to 57.1%. In constant prices, real GNI* has increased by 5.0% in the year 2023.
Modified GNI (GNI*) is an indicator that was recommended by the Economic Statistics Review Group and is designed to exclude globalisation effects that are disproportionally impacting the measurement of the size of the Irish economy.
| GDP | GNI* | |
| 2015 | 272.5443132875 | 168.238262806533 |
| 2016 | 276.2058690971 | 173.541916859224 |
| 2017 | 308.5227947853 | 184.844523680859 |
| 2018 | 334.8657485914 | 191.868105255115 |
| 2019 | 363.6749386913 | 206.829634077662 |
| 2020 | 382.2071491487 | 198.390796176162 |
| 2021 | 449.2165456231 | 230.808077749196 |
| 2022 | 520.9353396555 | 266.978512447681 |
| 2023 | 509.9518062054 | 290.932459342772 |
Get the data: PxStat NA001
Figure 2.1 above shows a comparison of Gross Domestic Product, Modified GNI from 2015 to 2023.
To produce Modified GNI (GNI*) we take GNI and adjust for:
| Depreciation on R&D service imports and trade in IP | Factor Income of redomiciled companies | Depreciation on aircraft leasing | Gross National Income | Modified Gross National Income | |
| 2015 | -31.5383292002416 | -4.662566246 | -7.35761070852522 | 211.7967689613 | 168.238262806533 |
| 2016 | -37.8552918558882 | -5.78006588 | -7.85181007928756 | 225.0290846744 | 173.541916859224 |
| 2017 | -44.2986426810822 | -4.456802568 | -8.45457606845885 | 242.0545449984 | 184.844523680859 |
| 2018 | -48.0870906931687 | -4.912479245 | -9.13154669431603 | 253.9992218876 | 191.868105255115 |
| 2019 | -52.9951607335916 | -4.861797101 | -9.67111333154659 | 274.3577052438 | 206.829634077662 |
| 2020 | -66.899104246602 | -4.255637464 | -9.96262782333569 | 279.5081657101 | 198.390796176162 |
| 2021 | -69.8789307005627 | -10.347840283 | -10.0283463475415 | 321.0631950803 | 230.808077749196 |
| 2022 | -74.8771432689005 | -4.425092797 | -10.2366171146181 | 356.5173656282 | 266.978512447681 |
| 2023 | -78.2627173407374 | -8.273305467 | -10.882888036591 | 388.3513701871 | 290.932459342772 |
Get the data: PxStat NA001
Figure 2.2 shows the difference between GNI at current prices and Modified GNI at current prices as well as the adjustments. We can see that the series start to diverge in recent years, particularly from 2015, with most of the difference explained by the depreciation on R&D service imports and trade in IP.
| GDP | GNI | GNI* | NNI | MDD | |
| 2015 | 305.9335436898 | 244.4336796948 | 205.6736888959 | 181.428158247133 | 181.116129929 |
| 2016 | 309.6740052679 | 258.0020764567 | 210.808221639 | 186.287004111755 | 189.891358125 |
| 2017 | 340.7950918594 | 272.5601993737 | 219.9749014926 | 192.595799843975 | 197.580945743 |
| 2018 | 366.5058391055 | 283.9619311 | 225.4757793223 | 197.03245714127 | 208.342358185 |
| 2019 | 384.9797498543 | 295.5782712381 | 230.375648795 | 200.468694759211 | 213.046937579 |
| 2020 | 412.5362106957 | 307.102729442 | 224.004134651 | 193.543877224604 | 200.998119268 |
| 2021 | 479.5965027335 | 348.7513910114 | 255.218595952 | 230.686870830838 | 217.012440482 |
| 2022 | 520.9353396555 | 356.5173656282 | 266.9785124477 | 234.515511878423 | 236.11502657 |
| 2023 | 492.1275773424 | 375.8110496206 | 280.2307108849 | 251.016427434766 | 242.344384735 |
Get the data: PxStat NA002
Figure 2.3 above shows a comparison of GDP, GNI, NNI, Modified GNI (GNI*) and Modified Domestic Demand (MDD) at constant prices from 2015 to 2023.
Within the National Accounts framework, net national income (NNI) is an important internationally comparable measure of de-globalised economic activity. When we remove depreciation (the cost of using up capital assets) from GNI we get to NNI.
Modified Domestic Demand (MDD), is a de-globalised measure developed in our quarterly accounts and is presented here on an annual basis for comparison.
We can see that the series start to diverge in recent years, particularly from 2015, due to large globalisation events in the Irish economy.
In 2023 GNI* exhibited a similar growth rate to year 2022 (2022: +4.6%, 2023: +5.0%) while NNI showed a significant growth rate increase compared with the value posted for 2022 (2021: +1.7%, 2022 +7.0%). The growth rates in NNI are impacted by the provision for depreciation across the total economy. The new levels for GNI* and NNI are 21.6% and 25.2% above the pre-pandemic peak levels in 2019 respectively.
More information on Modified Domestic Demand can be found in ANA Tables 9.5, 9.6, 9.7 and 9.8.
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