GNI*, a key deglobalised measure of Ireland’s economic performance, expanded by 4.7% in 2025.
Personal spending on goods and services, a key measure of domestic economic activity, increased by 2.6% in 2025.
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government, and investment spending, rose by 4.7% in 2025.
Multinational-dominated sectors increased by 14.5% in 2025 while domestic-dominated sectors expanded by 2.2%.
Total exports grew by 7.5% in 2025 driven by an increase in goods exports of 15.4% while total imports grew by 9.6%.
In the Balance of Payments results, a Current Account surplus of €48.3 billion was recorded in 2025 while the modified Current Account balance (CA*), which excludes globalisation effects, recorded a surplus of €24.3 billion, or 4.0% of GDP.
For Quarter 1 (Q1) 2026, the updated estimate for GDP indicates a decrease of 7.0%, with Modified Domestic Demand rising by 0.3%.
| Kieran Culhane | (+353) 1 498 4364 |
|---|---|
| John Sheridan | (+353) 1 498 4258 |
| nat_acc@cso.ie | |
| bop@cso.ie |
-- ENDS --
Statistician's Comment
The Central Statistics Office (CSO) has today (02 July 2026) published updated Quarterly National Accounts and International Accounts results for Quarter 1 (Q1) 2026 and Annual National Accounts (ANA) results for the year 2025. Today’s results include revisions routinely incorporated at this time as more comprehensive and detailed data are available.
Assistant Director General with responsibility for National Accounts & Price Statistics, Chris Sibley, commented:
“In the Annual National Accounts results, Gross Domestic Product (GDP) has expanded by 8.0% in 2025.
The globalised Industry sector expanded by 11.9% in 2025 when compared with 2024 while the Information & Communication sector grew by 14.8% in the year. Overall, the multinational-dominated sector expanded by 14.5% in 2025 and accounted for 50.4% of total value added in the economy.
There were higher levels of economic activity for most sectors focused on the domestic market in 2025 including the Construction sector which expanded by 7.2%, Real Estate Activities which increased by 4.9%, and Agriculture, Forestry & Fishing which grew by 3.6%. The only domestic dominated sector not to post growth was Financial & Insurance Activities which was flat in the year.
Looking at expenditure in the economy, personal spending on goods and services (the PCE indicator) rose by 2.6% in 2025, while Government spending on goods and services increased by 3.2% in the year. Export growth of 7.5% was recorded while imports grew by 9.6% which meant net exports increased by 2.2%. Capital investment increased by 31.5% reflecting higher levels of investment in Intangible Assets.”
Commenting on the impact of globalisation and the indicators of underlying domestic activity, Chris Sibley said:
“Today’s results include estimates for GNI*, the indicator designed to exclude globalisation effects disproportionately impacting Irish economic results. In constant prices, GNI* expanded by 4.7% in 2025. Today’s results show the transition in current prices from a GDP level of €602.4 billion in 2025 to a GNI* level of €334.0 billion.
Net National Income (NNI), an important internationally comparable indicator of underlying or de-globalised activity from the National Accounts framework that closely mirrors the GNI* series, stood at €303.8 billion in current prices in 2025. Between 2024 and 2025, NNI at constant prices rose by 6.2%.
Modified Domestic Demand (MDD), a modified measure of personal, government, and investment spending, increased by 4.7% in 2025. MDD is an important measure of underlying demand and excludes the globalisation effects of trade in intellectual property products (IPP) and trade in aircraft by leasing companies from the standard Final Domestic Demand measure.
In International Accounts results, the Current Account of the Balance of Payments recorded a surplus of €48.3 billion in flows with the rest of the world in 2025, a decrease of €47.5 billion compared with the surplus of €95.8 billion in 2024. This was driven to a significant degree by trade in IPP. In comparison, the modified Current Account balance, or CA*, which excludes the impact of re-domiciled companies, aircraft leasing companies, and intellectual property products, recorded a surplus of €24.3 billion in the year. Multinational profit net outflows were €171.7 billion in the year, an increase of €45.8 billion on 2024 levels.”
On the revised Quarter 1 2026 results, Chris Sibley further commented:
“Updated results for January, February, and March (Q1) 2026 show GDP contracted by 7.0% compared with Quarter 4 (Q4) 2025. The updated result of -7.0% compares with a provisional estimate of -12.1% provided in June.
The globalised Industry sector contracted by 12.0% in Q1 2026 while the Information & Communication sector posted a decrease of 2.0% over the same period. Overall, the multinational-dominated sectors of the economy contracted by 7.5% in the quarter. There was continued growth in the domestic economy in Q1 2026 with Modified Domestic Demand (MDD) growing by 0.3% and personal spending increased by 0.8% compared with Q4 2025.”