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Auxiliary Indicators

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In addition to the headline scoreboard the EU Commission also compiles a supplementary list of auxiliary indicators. These indicators provide an additional suite of information covering macroeconomic conditions, competitiveness, house prices and social conditions. The 28 auxiliary indicators have no indicative thresholds set and are intended to complement the reading of the headline scoreboard and the understanding of the general macroeconomic situation.

This publication examines 13 of the 28 auxiliary indicators.

Indicator A1: Real GDP Growth

IrelandGermanyGreeceLuxembourgNetherlandsUnited Kingdom
20075.33.33.38.43.82.5
2008-4.41.1-0.3-1.32.2-0.3
2009-5-5.6-4.3-4.4-3.7-4.2
20101.94.1-5.54.91.31.7
20113.73.7-9.12.51.61.6
20120.20.5-7.3-0.4-11.4
20131.30.5-3.23.7-0.12
20148.82.20.75.81.42.9
201525.11.7-0.32.922.3
201652.2-0.23.12.21.8
20177.22.21.42.32.91.7

Source Publication: National Income and Expenditure 2017

Get the data: Eurostat database, StatBank N1704

Ireland’s Real GDP growth rates are shown in Figure 4.1. The change in trend during 2008-2009 of a declining GDP growth rate reflects the economic downturn during this period. Ireland experienced increasing GDP growth rates from 2013 to 2015. The substantial jump in GDP in 2015 is mostly due to the relocation of large multinational companies to Ireland in particular where their net exports are now from their Irish owned enterprises. In 2017, the GDP growth of 7.2% reflects both the continued multinational activity in the country and increased domestic activity.

Supplementary analysis:

Real GDP Growth Rate
Greece1.4
Italy1.5
Belgium1.7
United Kingdom1.7
Sweden2.1
Germany2.2
France2.2
Denmark2.3
Luxembourg2.3
Austria2.6
Portugal2.8
Finland2.8
Croatia2.9
Netherlands2.9
Spain3
Slovakia3.4
Bulgaria3.6
Lithuania3.8
Hungary4
Cyprus4.2
Czech Republic4.3
Latvia4.5
Poland4.6
Estonia4.9
Slovenia4.9
Malta6.7
Romania6.9
Ireland7.2

Get the data: Eurostat database

Figure 4.2 compares Real GDP growth rates across countries. Ireland’s 2017 Real GDP growth rate was the highest in the EU. Further information from Ireland’s Economic Statistics Review Group can be found here.

Agriculture, Forestry and FishingIndustry (excluding Construction)ConstructionDistribution, Transport, Hotels and RestaurantsInformation and CommunicationOther Services, Public Administration, Education and HealthGDP
20070.1832.5690.09600000000000013.0871.7624.5969.892
20080.0919999999999999-4.179-0.584-1.0351.672-1.129-8.64400000000001
2009-0.277-2.461-2.611-3.7690.952-3.206-9.41900000000001
20100.2751.701-1.822-0.2799999999999981.1221.180000000000013.423
20110.2881.23099999999999-0.729-0.2970000000000010.3539999999999999.2116.756
2012-0.387-0.662999999999997-0.0880000000000001-0.256-0.0960000000000001-1.1780.344000000000023
20130.0550000000000002-1.4380.4040.4409999999999991.591.8782.523
20140.4454.5540.3240000000000011.7172.5054.3229999999999916.825
20150.12839.2280.3352.2512.5938.0759999999999952.247
20160.2494.6220.8431.4911.3575.4470000000000212.98
20170.1286.945000000000010.9499999999999990.5449999999999953.7814.5959999999999919.733

*Due to individual chain linkages these values do not add up exactly to total GDP growth rates. Values for components are at factor cost. Adding taxes less subsidies provides market costs.

Source Publication: National Income and Expenditure 2017

Get the data: StatBank N1704

Many sectors, such as industry, have tended to expand and contract in line with positive and negative overall growth. However, some have not. The construction sector continually contracted in size from 2008 to 2012, with a moderate recovery phase in growth terms occurring from 2013 to 2015. Construction growth exhibited a larger increase in years 2016 and 2017 as the demand for property in Ireland increased.

Indicator A2: Net Lending/Borrowing (% of GDP)

IrelandGermanyNetherlandsUnited Kingdom
2007-6.46.75.2-3.8
2008-6.85.64.9-4.6
2009-5.65.75.5-3.9
2010-1.95.76.5-3.8
2011-2.26.18.7-2.4
2012-2.678.9-4.3
201316.79.9-5.2
2014-2.47.68.4-5
20153.98.95.8-5
2016-5.78.67.9-5.3
2017-1.17.910.4-3.8

*Note there are some small differences between the CSO/Eurostat Current Account Balance values related to data vintages.

Source Publication: Balance of International Payments Q2 2018

Get the data: Eurostat database, StatBank ISA04 (Current and Capital Account), StatBank N1705 (GDP)

Net lending/borrowing of a country corresponds to the sum of total current and capital accounts’ balances in the balance of payments. It represents the net resources that the total economy makes available to the rest of the world (if it is positive, i.e. net lending) or receives from the rest of the world (if it is negative, i.e. net borrowing).

Figure 4.4 shows the current and capital account balance as a percentage of GDP for Ireland, the United Kingdom, Germany and the Netherlands. Ireland experienced net borrowing from 2007 to 2012, with the highest amounts in 2007 and 2008, during the financial crisis. In 2015, there was a large increase in the current account balance related to corporate restructuring, both for imports of individual assets and also reclassifications of entire balance sheets, resulting in a higher level of net lending than was previously seen. In 2016 and 2017 Ireland experienced net borrowing of 5.7% of GDP and 1.1% of GDP respectively.

Supplementary analysis:

NFCs (S.11)Financial Sector (S.12)Government (S.13)Households and NPISH (S.14+S.15)Sector Not Known (S.1N)Total Economy (S.1)
2007-5.590636799059579.81155825334050.570324103140174-16.9956535316624-0.509100702199999-12.7135086764413
2008-3.995445979292849.6431662715349-13.1202843792999-6.646526368085032.5237141124-11.5953763427429
2009-3.4435361051748.90664270131252-23.4665122069284.754331489134935.3473887046-7.90168541705453
20103.5305424696009441.82111644495-53.71144163855965.655742605025570.7951178122-1.90892230678314
20112.9455629848718110.9371147838918-21.87519853985783.10170087881092.444038308-2.4467815842832
2012-1.762083477907811.1908476015635-14.11322967886395.903489848758142.93317837659999-5.8477973298501
20135.766965160994474.72580311995712-11.02659019189964.39350167193486-2.007381374000011.85229838698683
2014-1.681966152286033.79425573725986-7.044729443045083.43005143873868-3.1720703802-4.67445879953257
20156.418323510910679.07856527008051-4.946002462101423.67648119873267-3.974890957410.2524765602224
2016-21.17072674120118.17341894429839-1.414419863356772.93657043976699-4.22837599620004-15.7035332166926
2017-8.523627700676655.71820555977705-0.7960898813194345.90394079414541-5.5464011618-3.24397238987363

Source Publication: Institutional Sector Accounts Non-Financial and Financial 2017

Get the data: StatBank ISA04

Figure 4.5 shows the net lending/borrowing indicator for each sector expressed in billions of Euro. Notably in 2010, the government sector was a large net borrower while the financial sector was a large net lender. This was driven by state interventions in the banking sector following the financial crisis. Government net borrowing has fallen steadily from its 2010 peak of €53.7bn and has declined by €52.9bn during the ensuing period, resulting in government net borrowing of €0.8bn in 2017.

Indicator A3: Residential Construction (% of GDP)

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
200711.15.110.86.211.73.8
20088.258.16.210.43.6
20094.75.16.55.68.13
201035.254.76.93.1
201125.64.64.25.73.1
20121.45.83.13.54.93
20131.65.82.234.13.2
20141.75.913.14.53.5
20151.45.70.73.54.43.6
20161.75.90.64.14.83.8
201726.10.64.45.24

Get the data: Eurostat database

This measure refers to the percentage of GDP spent on construction of housing.1 Residential construction in Ireland fell even more sharply than Spain and Greece until its recovery in 2013. However, it has remained very low relative to its peak and to some of its major trading partners

Supplementary analysis:

Residential Construction (% of GNI*)
200713.2230007248128
20089.84984640485386
20095.87803412908537
20103.90619547262871
20112.65990633465223
20122.01195786276929
20132.05177274918557
20142.30373819199612
20152.34226865449678
20162.72881866835014
20173.324833592741

Get the data: StatBank N1716 (Gross Fixed Capital Formation), StatBank N1724 (GNI*)

Residential construction as a percentage of GNI* (modified GNI excluding globalisation effects) was 3.32% in 2017 up as compared 2% as a percentage of GDP. If GNI* for Ireland is comparable to GDP for other countries which are less significantly affected by globalisation, Ireland’s residential construction remains low relative to most of its trading partners. For further information on GNI* and its calculation see the National Income and Expenditure Annual Results 2017.

Residential Construction (% of GDP)
Greece0.6
Latvia1.9
Ireland2
Slovenia2.1
Lithuania2.7
Slovakia2.7
Hungary2.8
Poland2.8
Portugal2.8
Bulgaria2.9
Luxembourg3.2
Ireland (% of GNI*)3.324833592741
Czechia3.9
United Kingdom4
Estonia4.3
Italy4.4
Netherlands4.4
Austria4.4
Denmark4.6
Malta4.8
Spain5.2
Cyprus5.7
Sweden5.7
Belgium5.9
Germany6.1
France6.2
Finland6.4

Get the data: Eurostat database

Ireland had the third lowest share of residential construction in Europe as a percentage of GDP and 11th lowest as a percentage of GNI* in 2017.

Please Note: The following four indicators, Indicators A4-A7, were updated in February 2019 to include data for 2017. At the time of the original publication, in December 2018, Indicators A4-A7 were based on the data available (2007-2016). 

Indicator A4: People at Risk of Poverty or Social Exclusion (% of Population)

IrelandGreeceNetherlandsSpainUnited Kingdom
200723.128.315.723.322.6
200823.728.114.923.823.2
200925.727.615.124.722
201027.327.715.126.123.2
201129.43115.726.722.7
201230.334.61527.224.1
201329.935.715.927.324.8
201427.73616.529.224.1
20152635.716.428.623.5
201624.235.616.727.922.2
201722.734.81726.622

Source Publication: Survey on Income and Living Conditions

Get the data: StatBank SIA12Eurostat database

Ireland has consistently had a higher risk of poverty or social exclusion when compared to two of its major trading partners, the Netherlands and the UK. This rate increased from 2007 to 2012, but a reversal of this trend has been seen since 2012. It is important to note that this is a relative measure. 

Note: The figures above are consistent with those used by Eurostat. They are not directly comparable to our national figures in Statbank because of the use of different deprivation variables, minor differences in household income definitions, and differences in equivalence scales used to calculate equivalised household size.

Indicator A5: At Risk of Poverty Rate after Social Transfer (% of Population)

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
200717.215.220.310.219.718.6
200815.515.220.110.519.818.7
20091515.519.711.120.417.3
201015.215.620.110.320.717.1
201115.215.821.41120.616.2
201216.616.123.110.120.816
201315.716.123.110.420.415.9
201416.416.722.111.622.216.8
201516.316.721.411.622.116.6
201616.616.521.212.722.315.9
201715.616.120.213.221.617

Source Publication: Survey on Income and Living Conditions

Get the data: StatBank SIA24, Eurostat database

Similar to the previous measure, Ireland has had a relatively high at risk of poverty rate after social transfer when compared to the Netherlands. In contrast, the consideration of social transfers shifts Ireland's at risk of poverty rate to generally lie below that of the UK, where it was consistently higher than the UK in the previous measure. Again, this is a relative measure.2

Note: The figures above are consistent with those used by Eurostat. They are not directly comparable to our national figures in Statbank because of the use of different deprivation variables, minor differences in household income definitions, and differences in equivalence scales used to calculate equivalised household size.

Supplementary analysis:

2017
Czechia9.1
Finland11.5
Denmark12.4
Slovakia12.4
Netherlands13.2
France13.3
Slovenia13.3
Hungary13.4
Austria14.4
Poland15
Ireland15.6
Cyprus15.7
Sweden15.8
Belgium15.9
Germany16.1
Malta16.8
United Kingdom17
Portugal18.3
Luxembourg18.7
Croatia20
Greece20.2
Italy20.3
Estonia21
Spain21.6
Latvia22.1
Lithuania22.9
Bulgaria23.4
Romania23.6

Get the data: Eurostat database

Ireland had the 11th lowest poverty rate after social transfer in the EU in 2017. 

Indicator A6: Severely Materially Deprived People (% of Population)

IrelandGermanyGreeceNetherlandsSwedenUnited Kingdom
20074.54.811.51.72.24.2
20085.55.511.21.51.84.5
20096.15.4111.423.3
20105.74.511.62.21.94.8
20117.85.315.22.51.75.1
20129.84.919.52.31.87.8
20139.95.420.32.51.98.3
20148.4521.53.217.4
20157.54.422.22.61.16.1
20166.53.722.42.60.85.2
20175.23.421.12.61.14.1

Get the data: Eurostat database

Compared to most of its major trading partners, Ireland has a large number of severely materially deprived people. Severe material deprivation is an absolute measure of poverty, where people have living conditions severely constrained by a lack of resources.

Supplementary analysis:

2017
Sweden1.1
Luxembourg1.2
Finland2.1
Netherlands2.6
Denmark3.1
Malta3.3
Germany3.4
Czech Republic3.7
Austria3.7
France4.1
United Kingdom4.1
Estonia4.1
Slovenia4.6
Belgium5.1
Spain5.1
Ireland5.2
Poland5.9
Portugal6.9
Slovakia7
Italy10.1
Croatia10.3
Latvia11.3
Cyprus11.5
Lithuania12.4
Hungary14.5
Romania19.7
Greece21.1
Bulgaria30

Get the data: Eurostat database

Figure 4.13 shows that Ireland was the 13th most materially deprived country in the EU in 2017. 

Indicator A7: People Living in Households with Very Low Work Intensity (% of total population under 60)

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
200714.311.58.19.76.810.4
20092010.96.68.57.612.7
201022.911.27.68.410.813.2
201124.211.2128.913.411.5
201223.49.914.28.914.313
201323.99.918.29.315.713.2
2014211017.210.217.112.3
201519.29.816.810.215.411.9
201618.29.617.29.714.911.3
201716.28.715.69.512.810.1

Get the data: Eurostat database

This indicator measures people living in households with very low work intensity. These are people aged 0-59 living in households where the adults (aged 18-59) worked less than 20% of their total work potential during the past year (students are excluded).

Ireland has tended to have a significantly higher rate of people living in households with very low work intensity when compared with some of its major trading partners. This gap was widest in the period 2009 to 2014, and while it has narrowed somewhat since, Ireland still has the highest rate of people living in households with very low work intensity in the EU.

2017
Slovakia5.4
Czech Republic5.5
Poland5.7
Estonia5.8
Slovenia6.2
Hungary6.6
Malta6.7
Luxembourg6.9
Romania6.9
Latvia7.8
Portugal8
France8.1
Austria8.3
Germany8.7
Sweden8.8
Cyprus9.4
Netherlands9.5
Lithuania9.7
Denmark10
United Kingdom10.1
Finland10.7
Bulgaria11.1
Italy11.8
Croatia12.2
Spain12.8
Belgium13.5
Greece15.6
Ireland16.2

Get the data: Eurostat database

Figure 4.15 shows that Ireland had the highest rate of people living in very low work intensity households in 2017 when compared to other EU countries.

Indicator A8: Labour Productivity

IrelandGermanyGreeceNetherlandsSpainUnited Kingdom
20070.91.51.90.80.51.7
2008-3.8-0.2-1.60.50.9-1.2
20093.1-5.7-3.8-2.82.9-2.7
20106.73.8-321.81.5
20115.82.3-2.40.71.71.1
20120.7-0.7-1.1-0.81.10.4
2013-1.6-0.1-0.61.10.90.9
201461.3-0.21.50.40.6
201520.90.8-1.210.80.6
20161.20.9-0.71.10.60.4
20174.20.700.70.40.7

Get the data: Eurostat database

This indicator shows the year-on-year percentage change in real labour productivity per person employed. Small fluctuations in labour productivity were seen for most years up to 2014, with the exception of 2010 and 2011 which saw 6.7% and 5.8% increases respectively. A similar increase of 6% was seen in 2014, however the most notable change was seen in 2015. The marked level increase in productivity in 2015 of 20.9% can be attributed to the high GDP growth recorded in this year. More information on this high GDP growth observed in 2015 can be found here. In 2017 the percentage change in labour productivity was 4.2%.

Further information on labour productivity can be found in our new Productivity in Ireland publication.

Labour Productivity (% Change)People Employed (% Change)GDP, Constant Prices (% Change)
20070.94.371066731612275.30940202135139
2008-3.8-0.629474998809931-4.40564109621158
20093.1-7.84078901021487-5.0218864463982
20106.7-4.067303317535541.92152239811385
20115.8-2.156710903124313.72102245501562
20120.7-0.5467618956605640.182668769481564
2013-1.62.948519917979421.33730514197272
201462.700320362844758.80033056813783
201520.93.6179530907278525.1174216748153
20161.23.716815279276834.98735869790745
20174.23.013577041461267.22190910488292

Get the data: StatBank N1704 (GDP Constant Prices), Eurostat (People Employed)

Figure 4.17 shows the breakdown of real labour productivity into its components which are change in people employed and change in constant prices GDP. Here it can be seen that the change in GDP has a significant effect on the change in labour productivity. In particular in 2015, when the change in people employed was 3.6% but the 25.1% increase in real GDP resulted in a 20.9% increase in labour productivity. Further information on labour productivity can be found in the CSO's new publication Productivity in Ireland 2016.

Real Labour Productivity
Latvia4.7
Lithuania4.7
Romania4.3
Ireland4.2
Poland3.4
Czechia2.7
Estonia2.1
Hungary2.1
Bulgaria2
Slovenia1.9
Finland1.6
Malta1.4
France1.1
Slovakia1
Austria0.8
Croatia0.7
Netherlands0.7
Germany0.7
United Kingdom0.7
Denmark0.7
Spain0.4
Cyprus0.4
Italy0.4
Belgium0.3
Greece0
Sweden-0.2
Portugal-0.5
Luxembourg-1

Get the data: Eurostat database

Ireland has the fourth highest rate of labour productivity in the EU in 2017.

Indicator A9: Foreign Direct Investment Flows (% of GDP)

Inward FDI Flows (% GDP)
200722.9
20087.9
200922.8
201016.8
201115.2
201225
201329.6
201438.3
201582.1
201634.4
20170.3

Get the data: Eurostat database

Foreign direct investment is a category of cross-border investment made by a resident entity in one economy (the direct investor) with the objective of establishing a lasting interest in an enterprise resident in an economy other than that of the direct investor (the direct investment enterprise). The lasting interest of a direct investor is quantitatively defined as the ownership of 10%, or more, of the voting rights in the direct investment enterprise.

A brief examination of Figure 4.19 shows that flows of direct investment into Ireland in 2017 decreased from an investment of €36bn in 2016 to a disinvestment of €1bn in 2017. This trend was also seen in other European countries too (4.20). For more information on this see Foreign Direct Investment 2017.

Supplementary analysis:

Assets/Liability PresentationDirectional Presentation
Hungary-9.32.04
Belgium-7.8-1.17
Ireland-0.3-0.38
Greece1.81.8
Finland5.8-0.05
Estonia5.96.44
Portugal4.63.1
Netherlands39.46.92

Get the data: Eurostat databaseOECD

FDI figures can be calculated in two distinct ways. These two methods are on an asset/liability basis and a directional basis. The above FDI figures, in Figure 4.20, shows the calculations of FDI flows for selected EU countries using the two methods.

Inward FDI flows can differ quite substantially between the asset/liability method and the directional method. The largest flows on an asset/liability basis were seen in the Netherlands, at 39.4% of GDP, however on a directional basis they were 6.92%. Ireland's flows showed a small disinvestment with both methods.

International statistical manuals recommend interpreting FDI data on a directional basis where items such as intergroup reserve debt are shown on a net basis. For more on this, see the CSO's note on Two Methods of Measuring Foreign Direct Investment.

Indicator A10: Foreign Direct Investment Stocks (% of GDP)

Assets/Liability PresentationDirectional Presentation
2007192.170.162574416081
200820972.0589488485055
2009267.4102.065292156828
2010294127.53202890508
2011305.8130.575960078865
2012337.7165.450185405642
2013347.3170.7621745
2014387.5161.1976538
2015498.3305.6328475
2016511.9276.5281358
2017435.6270.2841098

Get the data: Eurostat database, OECD

Figure 4.21 shows Inward FDI stocks as a percentage of GDP which measures total investment in Ireland by foreign multinationals using the two methods explained previously. In 2017, inward FDI was 270% of GDP using the directional basis and 435.6% using the asset/liability basis, meaning a reduction of 6.2% and 76.3% respectively over 2016 values. 

Supplementary analysis:

Assets/Liability PresentationDirectional Presentation
Italy26.121.4
Germany42.125.8
France46.534
Finland5531.5
Spain58.645
Austria66.747.75627672
Portugal79.659.9
Hungary21167
Ireland435.6270.3
Netherlands615.5204

Get the data: Eurostat database, OECD

Using the directional basis, in 2017 Ireland has the second largest FDI stock as a percentage of GDP after Luxembourg which is not shown in Figure 4.22 due to graphical reasons (rescaling of the axis would make it difficult to compare most countries in the graph). On an asset/liability basis Ireland has the third largest FDI stock as a % of GDP, behind Luxembourg and the Netherlands. 

Indicator A11: Financial Sector Leverage (non-consolidated)

% Debt to Equity
2007190.146739516043
2008276.576818427056
2009231.756991628959
2010182.8970668427
2011150.034439272308
2012121.030387200807
2013101.564902432885
201486.2784050452208
201581.3776852850121
201671.7623086110577
201758.8346816573342

Source publication: Institutional Sector Accounts Non-Financial and Financial 2017

Get the data: StatBank IFI03

The financial sector leverage (debt-to-equity ratio) indicator shows the relative proportion of debt used to finance assets to shareholders' equity (Figure 4.23). It is defined for balance sheet liabilities as the ratio of the sum of currency and deposits, debt securities, loans and financial derivatives and employee stock options to equity and investment fund shares. It is closely related to Headline Indicator 11 – Change in Total Financial Sector Liabilities.

Since 2009 there has been a reduction in the financial sector debt-to-equity ratio mainly driven by the growth of the investment funds sector and the deleveraging of the banking sector. Since 2013 the structure of the balance sheet of the financial sector has evolved such that the leverage ratio has fallen below 100% resulting from more equity than debt in the sector.

Supplementary analysis:

DebtEquity% Debt to Equity (right axis)
20071.886041073959310.991887149240433190.146739516043
20082.266600110703550.8195191931103276.576818427056
20092.218623532330530.957305976720014231.756991628959
20102.171406324746631.18722862112061182.8970668427
20111.962990682364111.30836006178645150.034439272308
20121.757008581972041.4517086350033121.030387200807
20131.603345806810051.57864160591259101.564902432885
20141.737647864886892.0140009124834286.2784050452208
20151.836951289912792.2573157290959781.3776852850121
20161.779402214048882.4795777177306371.7623086110577
20171.645432584663632.7967051716995458.8346816573342

Source publication: Institutional Sector Accounts Non-Financial and Financial 2017

Get the data: StatBank IFI03

Figure 4.24 shows the breakdown of financial sector leverage into its components - debt and equity. The value of debt reached its peak in 2008 and dropped steadily in the following years up to 2013. Debt climbed again in 2014 and 2015, but has been dropping since and stands at €1,645bn in 2017. While the value of equity dropped from €992bn in 2007 to €820bn in 2008, it has increased consistently since 2008, rising to €2,797bn in 2017.

Indicator A12: Net IIP Excluding Non-Defaultable Instruments (NENDI)

Net International Investment PositionNet International Investment Position Excluding Non-Defaultable InstrumentsNet Direct Investment PositionNet Equity (Portfolio Investment)
2012-137.682060998996-256.60784403250812.4788832070131106.4468998265
2013-133.256077633641-309.79424417247548.3681817676549128.169984771179
2014-164.300307742725-351.27577537341379.705877834843107.269589795845
2015-198.692021061776-243.608695983486.8389810489739638.0776938727302
2016-170.689289191108-246.4170430174435.5329053791932370.1948484471413
2017-149.340042841114-259.095236476148-9.26592091394376119.021114548978

Get the data: Eurostat database

The NENDI indicator is a subset of the Net international investment position (NIIP) that abstracts from its pure equity-related components, i.e. foreign direct investment (FDI) equity and equity shares, and from intracompany cross-border FDI debt, and represents the NIIP excluding instruments that cannot be subject to default. The indicator is based on annual figures from the CSO balance of payments and is defined as the NIIP minus net direct investment minus net portfolio equity. It is calculated as a percentage of GDP and expressed in national currency.

A13: Household Debt

Household Debt (% of GDP)
200798.5353631780048
2008107.962029291715
2009116.229959851811
2010110.231666452402
2011104.497209951976
201299.1168153018829
201393.6927188706696
201481.4869061036022
201557.06213959872
201652.2333849159555
201747.672139096383

Get the data: StatBank N1705 (GDP)

Household debt increased from 98.5% of GDP in 2007 to its peak of 116.2% of GDP in 2009. Household debt has decreased every year since 2009 and stands at 47.7% of GDP in 2017, a 4.5% decrease on the 2016 value of 52.2% of GDP. Notably, the 2017 value for household debt as a percentage of GDP is less than half of the 2007 value.

Footnotes:

1Residential Construction tracks the actual construction (not sales) of housing and is part of gross fixed capital formation. Gross fixed capital formation consists of resident producers' acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by the productive activity of producer or institutional units.

2This indicator measures persons with an equivalised disposable income below the risk of poverty threshold. This is set at 60% of the national median equivalised disposable income (after social transfers) as a percentage of total population.

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