Where does IBISWorld source its data for Ireland Industry Reports?
Our primary source for Ireland Industry Reports is Eurostat. Eurostat allows our analysts to effectively detail the overall sector and specific industries classified under NACE, the Statistical Classification of Economic Activities in the European Community.
Eurostat
Data from Eurostat provides a foundation on which analysts can build their research.
The primary dataset we use from Eurostat is the Structural Business Statistics (SBS), which releases annual granulated industry statistics by NACE codes. The SBS includes data on revenue, wages, number of firms and employees. This data can be found in the Industry Data table in the Key Statistics chapter of Industry Reports. The Industry Data table is the basis for many of the charts found throughout reports, including the Performance Snapshots, Business Concentration, Cost Structure Benchmarks and International Trade charts.
The figures after the current year in the Industry Data table and related charts are forecast using our Forecasting Methodology.
Analysts also use the following catch-all and sector-specific surveys from Eurostat to cover data not included in the SBS.
Regional business demography: This annual survey provides a regional breakdown of establishments by industry and size.
International trade in goods - detailed data: We use this dataset to compile international trade statistics for manufacturing industries.
Statistics on the production of manufactured goods: This report provides annual manufacturer sales broken down by individual product types. We use this data to create our product segmentation and fill any gaps in the SBS.
Production in construction - monthly data: This monthly updated dataset measures output in the construction market.
Turnover and volume of sales in wholesale and retail trade - monthly data: This survey provides a monthly breakdown of retail sales by broad sector.
Production in services - monthly data: This survey provides monthly turnover for service industries.
Other sector-specific sources
In addition to Eurostat, we use industry and trade associations for insights on current issues and trends (e.g., regulation and taxation), collecting statistics on production values and/or market and product segmentation.
We use the following sources for more granular annual data and industry-specific information:
Central Statistics Office: Ireland's national statistics agency compiles information on economic and social activities. Statistics from the CSO are used throughout our Ireland Industry Reports.
Companies Registration Office: Company financials are collected from official accounts reported to the Companies Registration Office. International business registers are also used where appropriate.
Teagasc: Teagasc is an Irish national body that conducts research and statistics into the agri-food sector. It is commonly used for agriculture and food reports (A01 and C10).
How does IBISWorld estimate unreported data?
Many of the data from the CSO and Eurostat are incomplete and missing multiple years. IBISWorld analysts employ various methods depending on the industry, type of data and data availability.
Some of the methods our analysts use rely on Compound Annual Growth Rates (CAGR), Business Environment Driver (BED) growth rates, product sales growth, major companies' growth rates and industry ratios.
Compound Annual Growth Rates (CAGR)
Unreported Key Statistics data such as revenue, establishments, enterprises, employment and wages can be estimated in several ways, including using Compound Annual Growth Rates (CAGR).
Example: Meat Processing in Ireland (C10.110IE)
Eurostat did not report data for this industry for 2018. To estimate this industry’s 2018 revenue, we apply a Compound Annual Growth Rate (CAGR) to the preceding and succeeding years, in this case, 2017 and 2019.
Business Environment Driver (BED) growth rates
Our analysts apply BED growth rates to the latest reported data to estimate recent unreported figures. Business Environment Drivers are external factors that influence the performance, growth and profitability of industries. These drivers can include economic indicators, demographic trends and market-specific variables that provide valuable insights for forecasting industry trends.
Example: Building Construction in Ireland (F41.200IE)
Eurostat revenue data for Building Construction in Ireland is incomplete and has missing years. Analysts use growth rates of direct factors like Non-Residential Building Construction Index (D1141IE) and Production in Building and Construction Index (D1142IE) to estimate industry revenue growth in missing years. These can be supplemented by indirect factors like Variable Interest Rate on New Housing Loans (I2312IE) and Business Sentiment Index (D1262IE) which will also impact the industry.
This meticulous approach ensures that potential factors influencing the construction industry are analysed using the most relevant economic indicators, providing more accurate and granular forecasts. By leveraging these targeted BED growth rates, analysts can generate robust and well-founded estimates, even in the absence of complete data.
Growth rates of product sales
IBISWorld analysts estimate unreported data by examining sales growth for individual products. They use Eurostat's PRODCOM data, which provides product-specific sales figures within the broader industry. Analysts then apply the growth rates of these individual products to estimate overall industry data.
Example: Bread & Bakery Goods Production in Ireland (C10.710IE)
The latest reported data from Eurostat’s Structural Business Statistics is for 2022. To estimate revenue for 2023 and beyond, we can use individual product sales through PRODCOM. The industry is comprised of product codes PRCCODE 10711100 and 10711200. We apply the sales growth of these product codes to estimate the revenue growth of the entire industry.
Growth rates of major companies
Analysts sometimes use the revenue growth rates of major companies to estimate unreported data, particularly in industries where a few companies dominate the market. By examining the performance of these key players, analysts can make educated assumptions about the industry's overall growth. This method can be especially useful when up-to-date or detailed data for the entire industry is not available.
Example: Supermarkets in Ireland (G47.110IE)
In the Supermarkets in Ireland industry, the top 4 companies account for more than 80.0% of the market. Due to this concentration, the financial performance of these major players significantly influences the industry as a whole. Analysts can gain insights into the overall market dynamics by analysing the recent annual and quarterly reports of these leading companies.
For instance, if these top companies reported an average revenue growth of 5% over the past year, analysts might extrapolate this growth rate to estimate the industry's performance. This approach allows analysts to produce more accurate and timely estimates, even when comprehensive industry-wide data is not readily available.
Such an estimation method provides a pragmatic way to understand market trends, making it a valuable tool in the absence of complete data sets. However, analysts must consider any significant anomalies or external factors affecting the major companies to ensure their estimates remain as accurate as possible.
Industry ratios
Analysts apply industry ratios of parent industries to estimate specific Key Statistics figures.
Examples
Enterprises: If we have the number of establishments but not enterprises for an industry, we can use the ratio of enterprises to establishments from the parent industry and apply this ratio to the number of establishments in the industry we are analysing to estimate the number of enterprises.
Employment: If we have industry revenue but lack employment data, we can estimate the number of employees using the parent industry's revenue per-employee ratio. For example, suppose a specialised industry generates €100 million in revenue, and the parent industry earns €1 million in revenue per employee. In that case, we can estimate that there are 100 employees in the specialised industry (€100M / €1M = 100 employees).
Wages: If we have the number of employees but not wage data, we can estimate industry wages using the average wage from the parent industry. For instance, if an industry employs 100 workers, and the parent industry has an average wage of €50,000 per employee, we can estimate the wage expenses at €5,000,000 (100 employees * €50,000 per employee).
For any additional questions regarding IBISWorld’s Ireland data sources, please reach out to your Client Relationship Manager. If you’re not an IBISWorld member, please contact us to learn more about our membership options.