Dáil Éireann Debate, Wednesday - 20 July 2016
30. Deputy Micheál Martin asked the Taoiseach if he is satisfied regarding the way in which the CSO collects its data, the criteria being used, the comparisons with previous data and reclassifying methodology, particularly in respect of Ireland's growth rates. [22555/16]
View answerThe CSO is fully compliant with international standards of European System of Accounts (ESA) 2010 and Balance of Payments and International Investment Position (BPM) 6th edition methodologies for the estimations and aggregations required for calculating GDP and its components for Ireland. As always, the CSO continues to compile National Accounts and Balance of Payments results in accordance with these legally required international standards. The results are based on information collected directly from our data providers, and the CSO works closely with data providers to ensure the quality and accuracy of the information provided.
In particular, the CSO’s Large Cases Unit works with a core group of the largest multi-national companies to ensure that the data provided correctly reflects the structures and activities of these companies in Ireland.
Adherence to the legally required standards for the statistics ensures that a consistent approach is followed at all times. This allows valid comparisons of growth against earlier periods to be made, either on a seasonally adjusted basis or with the same period in the previous year. The consistent application of the standards also allows comparisons of economic activity or growth rates across countries.
The reclassifying methodology, or treatment of a number of entities who relocated significant operations and balance sheets to Ireland, has been discussed with EUROSTAT, and EUROSTAT agree that the CSO’s recording of events in the results is in accordance with the standards for the statistics. The results are also subject to audit by EUROSTAT and this audit will take place in the next two to three months.
As the Director General of the CSO has indicated, the CSO intends to convene a high-level, cross-sector consultative group to examine how best to provide insight and understanding of all aspects of the Irish economy including:
- the development and expansion of existing indicators within the National Accounts framework;
- identification of key CSO indicators where additional detail in these indicators would provide additional insight;
- the potential to develop new indicators; and
- the potential that new presentations of existing information would improve understanding and insight.
