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Press Statement


15 December 2017

Quarterly National Accounts and Balance of Payments for Quarter 3, 2017

GDP increased by 4.2% in Quarter 3
  • Personal consumption of goods and services increased by 1.9%
  • Balance of Payments current account surplus was €14,488 million
  • Comparing Quarters 1, 2 & 3, 2017 with the same three quarters in 2016, GDP grew by 7.4% and GNP grew by 5.7%

The Central Statistics Office (CSO) today (Friday 15th December 2017) published Quarterly National Accounts and Balance of Payments results for Quarter 3, 2017.

Commenting, Jennifer Banim, Assistant Director General with responsibility for Economic Statistics said:

“The National Accounts results show an increase of 4.2% in GDP in the quarter when compared with Quarter 2, 2017.   The growth in GDP was driven by strong performances in the Manufacturing sector (+5.1%) and in the Information and Communication sector (+5.8%), while the Agriculture, Forestry and Fishing sector experienced a contraction (-9.0%).

Looking at expenditure in the economy, Personal consumption of goods and services, a key indicator of domestic economic activity that measures personal expenditure, increased by 1.9% in Quarter 3, 2017.

Large imports of intellectual property products and of aircraft related to the leasing sector were absent from the Quarter 3, 2017 data.  As a result, Total domestic demand in the quarter (€48bn) was very similar to the Modified domestic demand indicator (€46bn), which was developed by the CSO to remove these types of globalization activities.

Exports of goods and services grew by 4.4% in the quarter.  A reduction in service imports (-9.7%) was driven partly by reductions in imports of royalties, coupled with increases in royalty exports - an effect that is linked to the growing levels of intellectual property (IP) products located in Ireland.

In the Balance of Payments results for the quarter, a current account surplus of €14,488 million was recorded, compared to the € 1,154 million current account surplus in Quarter, 3 2016.

Increases of €2,065 million in profit inflows in Quarter 3, 2017 - mainly due to increases in the profits earned abroad and attributable to MNE’s head-quartered in Ireland - offset a strong increase of €3,071 million in direct investment profit outflows in the quarter.

Today’s Balance of Payments release includes a table of current account transactions with the UK, and shows a surplus of €3,353 million on trade in goods and services with the UK, offset by a deficit of €2,633 million on income flows in Quarter 3, 2017, giving a Current Account balance of €720 million.

For further information contact:

Michael Connolly (+353) 1 498 4006 or Christopher Sibley (+353) 1 498 4305

or email

or email

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