Dáil Éireann Debate, Tuesday - 4 November 2014
334. Deputy Terence Flanagan asked the Minister for Finance the new measurement of economic growth, GDP and GNP, in view of a recent EU directive; the way this compares to the previous measurement; and if he will make a statement on the matter. [41896/14]
View answerThe first full-year estimates of GDP and GNP for 2013 were published in March of this year, along with estimates for previous years. The second estimate of 2013 GDP and GNP was released in July of this year and included revisions for 2013 and previous years. This was subsequently updated in September.
I am advised by the CSO that the estimates subsequent to July include the impact of the transition to the new statistical standard ESA 2010, the inclusion of some previously unrecorded illicit activities, as well as regular revisions due to updated source data. Estimates are also impacted by the move to a new base year for chain linking.
The growth in GDP and GNP at constant prices for 2008 to 2013 as set out in March and more recently in September is set out in the table below.
|
y-o-y % growth |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
GDP at constant prices |
||||||
|
March 2014 Estimate |
-2.2 |
-6.4 |
-1.1 |
2.2 |
0.2 |
-0.3 |
|
September 2014 Estimate |
-2.6 |
-6.4 |
-0.3 |
2.8 |
-0.3 |
0.2 |
|
GNP at constant prices |
||||||
|
March 2014 estimate |
-1.8 |
-9.1 |
0.5 |
-1.6 |
1.8 |
3.4 |
|
September 2014 estimate |
-2.3 |
-9.0 |
1.7 |
-0.9 |
2.0 |
3.3 |
These estimates are subject to change with the publication of national income and expenditure estimates in mid-2015. More detail on the transition to the new statistical approach can be found at the following link: http://www.cso.ie/en/newsandevents/pressreleases/2014pressreleases/implementingnewinternationalstandardsfornationalaccountsandbalanceofpaymentsstatistics/
