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Annual National Accounts 2021

GDP by Expenditures

Exports increase by 14.1%

Online ISSN: 2811-5724

CSO statistical publication, 15 July 2022, 11am

The Expenditure approach uses all spending on final demand to produce an estimate for Gross Domestic Product. We do this by estimating:

personal expenditure on consumer goods and services
expenditure by central and local government on current goods and services
gross domestic fixed capital formation
value of physical changes in stocks

The value of exports is then added and imports are deducted.

The Tables 8.1 and 8.3 show the contributions of the different components of the Expenditure approach to Gross Domestic Product at current market prices and at constant market prices.

	Personal Consumption of Goods & Services	Net Expenditure by Local & Central Government on Goods & Services	Gross Domestic Fixed Capital Formation	Value of Physical Changes in Stocks	Net Exports of Goods & Services
2013	92.142842326	28.7398640508	38.5329651568812	0.2515642664261	35.614071885208
2014	94.5558399325	29.6452315443	45.6786399434986	2.3579869616647	40.694786028575
2015	97.6503946695	30.3208401431	68.7497403956994	3.4093431597496	69.401379116932
2016	102.161836163	31.657527652	103.31717300509	3.8401971937493	36.863775468024
2017	104.8124111971	32.8557944591	102.624537151995	3.3781820747081	65.37933526785
2018	109.1774710256	34.3206817236	94.2502591367251	0.4820739895087	93.709400180727
2019	112.0845037908	36.6441495607	189.384547137421	2.2250515179754	11.525182897928
2020	99.8751244006	40.9006034629	158.065767690959	4.6715868667848	70.498296682
2021	104.478591046	43.5620596967	96.4649000689364	5.6468445859888	176.049451731913

Get the data: PxStat NA008

Figure 8.1 shows the relative contributions of each of the components of expenditure. Total Exports increased by 14.1% in 2021, while Total Imports declined by 8.4% reflecting a decrease in imports of intellectual property. Overall, Net Exports rose to a level of €176.0 billion in the year. Fixed capital formation decreased by 39% in 2021. This was largely driven by the decrease in R&D related IP imports. For more information see Investment. Personal consumption increased by 4.6% while government net current expenditure rose by 6.5%.

	Exports of Goods	Exports of Services	Imports of Goods	Imports of Services	Net Exports of Goods & Services
2013	93.1553957445479	106.565870302302	-63.5341897263271	-96.77352255609	40.2773600878277
2014	108.344691094997	120.067811391058	-69.3440418283484	-114.831071980659	46.0247904367
2015	172.4291290609	139.732235844108	-80.2866490785148	-165.223774417563	80.0961497157741
2016	173.746414789122	155.062598425687	-85.7049357802934	-207.730445989461	46.3501107564522
2017	180.549725868991	182.628294485718	-84.5194736575272	-212.504774419973	77.3644376281956
2018	196.044655192313	203.250906020205	-94.1314157241786	-209.599046377219	110.456735132981
2019	210.118865767192	237.947925534894	-102.743085274622	-332.898398877369	12.1472132241638
2020	242.37936332	254.750257465	-100.1663889	-326.464935203	70.498296682
2021	286.025841630279	281.031294657315	-104.280838930536	-286.726845625139	176.049451731918

Goods Exports increased by 18.0% in real terms in 2021, while Services Exports rose by 10.3%. While Goods Imports increased by 4.1% in the year, Services Imports declined by 12.2%, reflecting a decrease in imports of intellectual property in the year.

For a further breakdown of Personal Consumption of Goods & Services go to Personal Spending.

For a further breakdown of Gross Domestic Fixed Capital Formation go to Investment.

Table 8.1 Expenditure on Gross and Net National Income at Current Market Prices

Table 8.1 Expenditure on Gross and Net National Income at Current Market Prices
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021¹
79. Personal consumption of goods and services	P.3	96,316	100,256	106,259	111,048	99,875	108,457
of which:
79(a) Final consumption expenditure of households and NPISHs		91,211	94,700	100,005	104,368	92,694	100,812
79(b) Final consumption expenditure of government		5,105	5,556	6,254	6,681	7,181	7,645
80. Net expenditure by central and local government on current goods and services	P.3	29,389	31,139	32,988	36,182	40,901	44,598
81. Gross domestic fixed capital formation²	P.51	96,817	98,743	92,740	193,706	158,066	99,196
82. Value of physical changes in stocks and net acquisitions of valuables²	P.52 & P.53	4,750	4,200	519	2,320	4,672	6,107
83. Exports of goods and services³	P.6	328,828	360,344	401,053	456,153	497,130	572,988
84. Imports of goods and services³	P.7	-286,532	-294,747	-307,985	-443,633	-426,631	-405,102
85. Statistical discrepancy (equals Item 12, Table 3.1)		637	-2,171	1,057	929	-1,175	40
86. Gross domestic product at current market prices	B.1*g	270,205	297,763	326,631	356,705	372,836	426,283
87. Net factor income from the rest of the world	D.1 & D.4	-50,842	-62,039	-74,463	-80,774	-93,268	-103,595
	(net to abroad)
88. Gross national product at current market prices		219,363	235,724	252,168	275,931	279,569	322,688
89. EU subsidies	D.3	1,479	1,504	1,566	1,589	1,512	1,527
90. EU taxes	D.2	-486	-433	-433	-456	-410	-735
91. Gross national income at current market prices	B.5*g	220,356	236,796	253,301	277,064	280,670	323,481
91.1 minus Provision for depreciation		-65,642	-74,408	-81,312	-90,452	-106,109	-112,055
91.2 Net National Income at current market prices	B.5*n	154,714	162,388	171,989	186,612	174,561	211,426

¹Preliminary
²Net additions to the breeding stocks have been removed as a line item from this table. They have been reclassified to be included with gross domestic fixed capital formation (GFCF). Valuables have been reclassified from GFCF to be included with value of physical changes in stocks. These changes have been made to align with European System of Accounts 2010 (ESA 2010) classifications.
³Excluding factor income flows

Open in Excel: Annual National Accounts 2021 Table 8.1 (XLS 24KB)

Visit Table NA007 on PxStat

Table 8.2 Annual Percentage Changes in the Main Constituents of Table 8.1

Table 8.3 Expenditure on Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2020)

Table 8.3 Expenditure on Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2020)
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
92. Personal consumption of goods and services	P.3	102,162	104,812	109,177	112,085	99,875	104,479
of which:
92(a). Final consumption expenditure of households and NPISHs		96,636	98,886	102,574	105,164	92,694	97,043
92(b). Final consumption expenditure of government		5,487	5,891	6,573	6,893	7,181	7,436
93. Net expenditure by central and local government on current goods and services	P.3	31,658	32,856	34,321	36,644	40,901	43,562
94. Gross domestic fixed capital formation²	P.51	103,317	102,625	94,250	189,385	158,066	96,465
95. Value of physical changes in stocks and net acquisitions of valuables²	P.52 & P.53	3,840	3,378	482	2,225	4,672	5,647
96. Exports of goods and services³	P.6	332,117	364,116	399,815	447,185	497,130	567,057
97. Imports of goods and services³	P.7	-295,254	-298,736	-306,105	-435,660	-426,631	-391,008
98. Statistical discrepancy (equals item 66, Table 3.6)		..	..	..	..	-1,175	-2,704
99. Gross domestic product at constant market prices	B.1*g	281,488	306,837	333,003	351,121	372,836	423,498
100. Net factor income from the rest of the world	D.1 & D.4	-51,650	-63,010	-74,407	-78,925	-93,268	-102,723
	(net to abroad)
101. Gross national product at constant market prices		230,220	244,021	258,691	272,284	279,569	320,775
102. EU subsidies	D.3	1,495	1,517	1,569	1,575	1,512	1,465
103. EU Taxes	D.2	-494	-438	-436	-455	-410	-718
104. Gross national income at constant market prices	B.5*g	231,223	245,102	259,826	273,404	280,670	321,523
104.1 Provision for depreciation	P.51c	-65,619	-73,054	-79,793	-88,628	-106,109	-111,434
104.2 Net national income at constant market prices	B.5*n	166,446	172,674	180,502	184,945	174,561	210,089

¹Preliminary
²Net additions to the breeding stocks have been removed as a line item from this table. They have been reclassified to be included with gross domestic fixed capital formation (GFCF). Valuables have been reclassified from GFCF to be included with value of physical changes in stocks. These changes have been made to align with European System of Accounts 2010 (ESA 2010) classifications.
³Excluding factor income flows
.. Chain linked series not additive except for 2020 and 2021

Open in Excel: Annual National Accounts 2021 Table 8.3 (XLS 24KB)

Visit Table NA008 on PxStat

Table 8.4 Annual Percentage Changes in the Main Constituents of Table 8.3

Tables 8.5 and 8.6 are new tables for ANA 2021. The €m money values contained in Table 8.5 align with those presented in QNA Q1 2022 Final Table 4.2. Total Exports increased by 14.1% in 2021, while Total Imports declined by 8.4% reflecting a decrease in imports of intellectual property. Goods Exports increased by 18.0% in real terms in 2021, while Services Imports rose by 10.3%. While Goods Imports increased by 4.1% in the year, Services Imports declined by 12.2%, underpinned by the decrease in imports of intellectual property. Net Exports of Goods rose to a level of €181.7 billion in the year, while Net Imports of Services recorded a small deficit of €5.7 billion in the year. Overall Net Exports of Goods & Services amounted to €176.0 billion for the year.

Table 8.5 Annual Breakdown of Trade into Goods and Services at Current and Constant Prices

Table 8.5 Annual Breakdown of Trade into Goods and Services at Current and Constant Prices
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
Trade at current prices
83. Exports of goods and services²	P.6	328,828	360,344	401,053	456,153	497,130	572,988
of which Exports of goods	P.61	193,160	197,824	211,757	225,944	242,379	279,359
of which Exports of services	P.62	135,668	162,520	189,296	230,209	254,750	293,629

84. Imports of goods and services²	P.7	-286,532	-294,747	-307,985	-443,633	-426,631	-405,102
of which Imports of goods	P.71	-87,072	-88,706	-102,312	-107,828	-100,166	-112,050
of which Imports of services	P.72	-199,460	-206,041	-205,673	-335,805	-326,465	-293,052

Net Exports of goods and services²	P.6 minus P.7	42,296	65,597	93,068	12,520	70,498	167,886
of which Net Exports of goods	P.61 minus P.71	106,088	109,118	109,445	118,116	142,213	167,309
of which Net Exports of services	P.62 minus P.72	-63,792	-43,521	-16,377	-105,596	-71,715	577

Trade at constant prices (chain linked annually and referenced to year 2020)
96. Exports of goods and services²	P.6	332,117	364,116	399,815	447,185	497,130	567,057
of which Exports of goods	P.61	173,746	180,550	196,045	210,119	242,379	286,026
of which Exports of services	P.62	155,063	182,628	203,251	237,948	254,750	281,031

97. Imports of goods and services²	P.7	-295,254	-298,736	-306,105	-435,660	-426,631	-391,008
of which Imports of goods	P.71	-85,705	-84,519	-94,131	-102,743	-100,166	-104,281
of which Imports of services	P.72	-207,730	-212,505	-209,599	-332,898	-326,465	-286,727

Net Exports of goods and services²	P.6 minus P.7³	46,350	77,364	110,457	12,147	70,498	176,049
of which Net Exports of goods	P.61 minus P.71³	89,090	96,453	102,542	108,016	142,213	181,745
of which Net Exports of services	P.62 minus P.72³	-39,990	-27,745	-14,249	-91,403	-71,715	-5,696

¹Preliminary
²Excluding factor income flows.
³Chain linked series not additive except for 2020 and 2021.

Open in Excel: Annual National Accounts 2021 Table 8.5 (XLS 24KB)

Table 8.6 Annual Percentage Changes in the Main Constituents of Table 8.5

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Table 8.2 Annual Percentage Changes in the Main Constituents of Table 8.1
							%
Description	ESA Code	2016-2021	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021
Personal consumption of goods and services	P.3	2.4	4.1	6.0	4.5	-10.1	8.6
Net expenditure by central and local government on current goods and services	P.3	8.7	6.0	5.9	9.7	13.0	9.0
Gross domestic physical capital formation	P.5	0.7	1.4	-9.4	110.2	-17.0	-35.3
of which
Gross domestic fixed capital formation	P.51	0.5	2.0	-6.1	108.9	-18.4	-37.2
Exports of goods and services	P.6	11.7	9.6	11.3	13.7	9.0	15.3
Imports of goods and services	P.7	7.2	2.9	4.5	44.0	-3.8	-5.0
Gross domestic product at current market prices	B.1*g	9.5	10.2	9.7	9.2	4.5	14.3
Gross national product at current market prices		8.0	7.5	7.0	9.4	1.3	15.4
Gross national income at current market prices	B.5*g	8.0	7.5	7.0	9.4	1.3	15.3
Net national income at current market prices	B.5*n	6.4	5.0	5.9	8.5	-6.5	21.1

Table 8.6 Annual Percentage Changes in the Main Constituents of Table 8.5
							%
Description	ESA Code	2016-2021	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021
Trade at current prices
83. Exports of goods and services	P.6	11.7	9.6	11.3	13.7	9.0	15.3
Exports of goods	P.61	7.7	2.4	7.0	6.7	7.3	15.3
Exports of services	P.62	16.7	19.8	16.5	21.6	10.7	15.3

84. Imports of goods and services	P.7	7.2	2.9	4.5	44.0	-3.8	-5.0
Imports of goods	P.71	5.2	1.9	15.3	5.4	-7.1	11.9
Imports of services	P.72	8.0	3.3	-0.2	63.3	-2.8	-10.2

Trade at constant prices (chain linked annually and referenced to year 2020)
96. Exports of goods and services	P.6	11.3	9.6	9.8	11.8	11.2	14.1
Exports of goods	P.61	10.5	3.9	8.6	7.2	15.4	18.0
Exports of services	P.62	12.6	17.8	11.3	17.1	7.1	10.3

97. Imports of goods and services	P.7	5.8	1.2	2.5	42.3	-2.1	-8.3
Imports of goods	P.71	4.0	-1.4	11.4	9.1	-2.5	4.1
Imports of services	P.72	6.7	2.3	-1.4	58.8	-1.9	-12.2

Annual National Accounts 2021

GDP by Expenditures

GDP by Expenditures

Exports increase by 14.1%

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