Gross Domestic Product (GDP) grew by 1.2% in 2024.
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government, and investment spending, grew by 2.7% in 2024.
GDP increased by 3.6% in Quarter 4 (Q4) 2024, seasonally adjusted and compared with the previous quarter.
Personal spending on goods and services, a key measure of domestic economic activity, grew by 1.6% in Q4 2024 and was up 2.3% in the year.
Compensation of Employees fell by 0.5% in the quarter and was up 2.9% in 2024.
The Balance of Payments Current Account, made up of trade in goods and services and income flows between Ireland and the rest of the world, recorded a surplus of €18.2 billion in Q4 2024.
The new quarterly Current Account with the US shows an overall deficit of €54.1 billion in Q4 2024.
The updated estimated GDP figure for Q4 2024 is +3.6%. This compares with a Preliminary GDP Estimate for Q4 2024 of -1.3% published on 28 January 2025. The reason for the revision is that the updated GDP estimate for Q4 2024 of +3.6% is based on both Expenditure and Output data, while the Preliminary estimate was based predominantly on economic Output data. Preliminary estimates are published under the CSO Frontier Series which may use new compilation processes which are under development and / or new or more timely data sources and therefore the results may be subject to revision over time. Publishing outputs under the Preliminary Estimate allows the CSO to provide useful new information to users and receive informed feedback on these new methods and outputs whilst at the same time making sure that the limitations are well explained and understood. A list of our CSO Frontier Outputs is available.
The full year 2024 figures published today are provisional and final figures for GDP and GNI, as well GNI*, will be published as part of the Annual National Accounts 2024 later in the year.
| Kieran Culhane | (+353) 1 498 4368 |
|---|---|
| John Sheridan | (+353) 1 498 4258 |
| nat_acc@cso.ie | |
| internationalaccounts@cso.ie |
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Statistician's Comment
The Central Statistics Office (CSO) has today (06 March 2025) published Quarterly National Accounts and International Accounts results for Quarter 4 (Q4) 2024, following on from the Preliminary GDP Estimates for Q4 2024 issued on 28 January 2025 as a CSO Frontier Series output (See Editor’s Note below).
Summary Results
Assistant Director General with responsibility for Economic Statistics, Chris Sibley, said: “The latest estimate of the Quarterly National Accounts indicates there was continued growth in the domestic economy in 2024 with Modified Domestic Demand (MDD) growing by 2.7% in the year. This was reflected in personal spending increasing by of 2.3% in the year and growth in wages of 2.9%.
Overall, Gross Domestic Product (GDP), which is influenced by the globalised sectors of the economy, grew by 1.2% in 2024 with the Information & Communication sector increasing 8.4% in the period while the industry sector decreased by 5.1%.
In Q4 2024, GDP rose by 3.6 % on the previous quarter, driven by the globalised sectors of the economy.”
More detailed analysis of the results is available in the Quarterly National Accounts and International Accounts Quarter 4 2024 statistical releases.