Press Statement

Preasráiteas

01 June 2021

Go to release: National Accounts Explained

Have you ever wondered what Gross Domestic Product (GDP) actually means or how it is calculated? Or what Intellectual Property (IP) is? Or if the Public Sector is the same thing as Government? Then National Accounts Explained, being launched today by the Central Statistics Office (CSO), might hold the answers.

National Accounts Explained is intended for all users of economic statistics, and anyone interested in the Irish economy. It uses simple language to describe key economic terms.

Commenting on the new resource, Peter Culhane, Statistician, said: “While the National Accounts statistics we produce are relevant to everyone involved in economic life in this country, some of the terms used can be a bit unfamiliar. We use these definitions from international organisations because the statistics are comparable across countries, but the language can be highly technical. In National Accounts Explained, the concepts are described using language you don’t have to be an economist to understand.”

National Accounts Explained has more than 70 pages clarifying the concepts used in the CSO’s economic output. Many of the terms are those defined in European System of Accounts’ legal definitions put into more accessible language for all readers. There are also many concepts particular to Irish official statistics. The CSO has focused on explaining globalisation and its effects on the Irish economy.

The new pages help readers through the distinctions between concepts such as GDP, GNP, GNI, and GNI* (modified GNI). The building blocks of GDP, such as output and capital formation are all explained in plain language. The distribution of GDP is looked at in sections such as investment income and household saving. Globalisation is addressed through topics such as redomiciled public limited companies (PLCs), contract manufacturing, reinvested earnings and intellectual property. For those wishing to delve more deeply, concepts peculiar to national accounts such as imputed rent and financial intermediation services indirectly measured (FISIM) are explained.

The CSO has committed to turning statistics into information and knowledge for all. National Accounts Explained is a citizen-focused output to improve understanding of statistics. Students from Leaving Certificate upwards, journalists, social and economic researchers and anyone looking for a deeper understanding of the economy should find something here to help them make the most out of the extensive economic statistics available from the CSO.

Visit National Accounts Explained

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