The 2011 Annual Report for the Irish Bank Resolution Corporation has been released. The Consolidated Income Statement and Consolidated Financial Position are reproduced below the fold though I would recommend looking at the relevant Note in the full report to get more insight on any particular figure.
Author: Seamus Coffey
Today the CSO begin their release of the detailed results (schedule) from last April’s Census with the publication of This is Ireland (Part 1). There is lots of information in the volume and here is just one table that reflects a point made in the press release.
I couldn’t see the equivalent 1996 numbers in a quick search and the category on “Being purchased from a Local Authority” was not used in the 2011 Census so the “Rented from Local Authority” figure is presumably the sum of earlier categories. The “Rented from a Voluntary/Cooperative Body” first appeared in the 2006 Census and the initial number seems high.
As the press release highlights the big change is in the number of households renting which increased from 300,000 to almost 475,000 over five years. It can also be seen that around 35% of households have a mortgage. There were 290,000 vacant units on Census night.
The CSO have now released the full results of the 2010 EU-SILC. The report gives lots of detail on income and poverty in Ireland. One graph immediately stood out.
Care has to be taken when interpreting this as different households are surveyed each year and the composition of the households in each decile will also change. Detailed tables can be seen in the report which can be compared to those in the 2009 release.
When looking at the annual change by household composition the following can be seen.
The largest drops are seen for households with one adult aged under 65 and no children under 18, and “other households with children”. Drops are also recorded for other categories.
The Q4 2011 Quarterly National Accounts have been published by the CSO. The –1.9% seasonally adjusted drop in real GDP in Q3 has been revised to –1.1% and the first estimate for Q4 is a fall of 0.2%. Although many will claim we never exited, Ireland is technically back in a recession for the first time since the end of 2009. Real GNP fell 2.2% in the quarter.
Looking at the individual components in real terms there was a small rise in consumption and a jump of 14% in investment (though from a very low base). Government consumption declined in all four quarters in 2011. The final quarter also saw a 1.1% drop in export volumes.
The preliminary annual figures for 2011 show that real growth in the year is estimated to be 0.7%. These figures are subject to revision (as was significantly seen with the 2009 figures) and it will be June before the final figures are available.
For all our Maastricht Criteria junkies nominal GDP for 2011 is estimated to be €156,438 million, a rise of 0.3%. This is slightly above the budget day forecast of €155,250 million. Nominal GNP fell 3.4% in the year and is estimated to be €123,879 million for the year, primarily because the outflow of net factor income rose to €32,559 million from €27,785 million in 2010.
The 2011 Balance of Payments has also been published. As expected there is a small surplus on the current account. This surplus of €127 million compares to a surplus of €761 million in 2010 but remains a marked improvement on the deficits of €10 billion recorded in 2007 and 2008.
Lots more detail in the releases to be discussed.