Modified gross national income

Not to be confused with Gross national income.
The Central Bank of Ireland in Dublin's IFSC. Then Governor Philip Lane chaired the Economic Statistics Review Group which published a report in 2016 recommending the creation of Modified Gross National Income.

Modified gross national income (also Modified GNI or GNI*) is a metric used by the Central Statistics Office (Ireland) to measure the Irish economy rather than GNI or GDP. GNI* is GNI minus the depreciation on Intellectual Property, depreciation on leased aircraft and the net factor income of redomiciled PLCs.

While "Inflated GDP-per-capita" due to BEPS tools is a feature of tax havens,[1][2] Ireland was the first to adjust its GDP metrics. Economists, including Eurostat,[3] noted Irish Modified GNI (GNI*) is still distorted by Irish BEPS tools and US multinational tax planning activities in Ireland (e.g. contract manufacturing); and that Irish BEPS tools distort aggregate EU-28 data,[4] and the EU-US trade deficit.[5]

In August 2018, the Central Statistics Office (Ireland) (CSO) restated table of Irish GDP versus Modified GNI (2009–2017) showed GDP was 162% of GNI* (EU-28 2017 GDP was 100% of GNI).[6] Ireland's public § 2018 Debt metrics differ dramatically depending on whether Debt-to-GDP, Debt-to-GNI* or Debt-per-Capita is used.[7]

  1. ^ Cite error: The named reference imfx was invoked but never defined (see the help page).
  2. ^ Cite error: The named reference be was invoked but never defined (see the help page).
  3. ^ Cite error: The named reference eurostat1 was invoked but never defined (see the help page).
  4. ^ Brad Setser (11 May 2018). "Ireland Exports its Leprechaun". Council on Foreign Relations. Archived from the original on 14 May 2018. Retrieved 13 May 2018. Ireland has, more or less, stopped using GDP to measure its own economy. And on current trends [because Irish GDP is distorting EU-28 aggregate data], the eurozone taken as a whole may need to consider something similar.
  5. ^ Cite error: The named reference z5 was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference eurostat2 was invoked but never defined (see the help page).
  7. ^ Fiona Reddan (12 September 2018). "Who still owes more, Ireland or the Greeks". Irish Times. Archived from the original on 12 September 2018. Retrieved 15 September 2018.