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Annual National Accounts 2023

GDP by Expenditures

Personal Consumption increases by 4.8%

Online ISSN: 2811-5724

CSO statistical publication, 12 July 2024, 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
2015	106.0258297316	32.9600843024	79.7585345053575	4.1929249912228	78.377896248363
2016	110.5611107467	34.4252599748	111.594657840408	3.6014441715171	47.6694045052
2017	114.1971830479	35.7241351531	115.75053205846	4.2121571544779	75.7762159630069
2018	120.1831246122	37.3636563465	105.233485584077	0.8406620694973	103.615939738826
2019	123.6150991747	39.8083087461	210.129099529241	1.688564240008	13.849765370555
2020	111.9107114315	44.4499509245	175.521726122213	4.3990733829221	80.5061630175381
2021	121.8173860412	47.2666250978	106.41557000274	5.0182215426706	198.935725808211
2022	134.8731720969	48.6930470024	110.306034753403	9.0849653295948	214.830555084
2023	141.3394636749	50.781517432	113.393007168946	15.7396531372543	167.383178632234

Get the data: PxStat NA008

Figure 8.1 shows the relative contributions of each of the components of expenditure. Total Exports decreased by 5.8% in 2023, while Total Imports grew by 1.2%. Overall, Net Exports fell to a level of €167.4 billion in the year. Fixed capital formation showed an increase of 2.8% in 2023. Personal consumption grew by 4.8% while government net current expenditure rose by 4.3%.

	Exports of Goods	Exports of Services	Imports of Goods	Imports of Services	Net Exports of Goods & Services
2015	173.627541044195	174.649757461366	-92.3208205241653	-182.43859133609	88.6077596272224
2016	175.023724671605	191.77148859215	-98.5512545986301	-222.620085233236	58.0109321747819
2017	181.001521334358	236.68145285708	-97.1881034753709	-240.532550780319	87.8078049109884
2018	196.61414216998	241.379031334968	-108.240780210655	-224.217988706222	118.799610219429
2019	210.782609528995	274.977068383396	-118.143253512317	-349.58400550464	17.8293113705888
2020	244.296476819389	307.50581350575	-115.180335937888	-352.463133685523	83.0689764019242
2021	289.322449416178	338.916556364461	-120.123399732492	-308.012242433756	199.113654964803
2022	354.785644871	357.251908439	-149.652217463	-347.554780763	214.830555084
2023	305.65491952398	364.954658944893	-149.117320016525	-354.109079820114	167.383178632234

Goods Exports decreased by 13.8% in real terms in 2023, while Services Exports rose by 2.2%. Goods Imports decreased by 0.4% in the year, while Services Imports rose by 1.9%. Net Exports of Goods fell to a level of €156.5 billion in the year, while Net Exports of Services recorded a surplus of €10.8 billion in the year. Overall Net Exports of Goods & Services amounted to €167.4 billion for 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	2018	2019	2020	2021	2022	2023¹
79. Personal consumption of goods and services	P.3	107,278	112,184	101,761	113,823	134,873	152,720
of which:
79(a) Final consumption expenditure of households and NPISHs		100,928	105,409	94,482	105,820	126,046	142,651
79(b) Final consumption expenditure of government		6,350	6,774	7,280	8,003	8,827	10,069
80. Net expenditure by central and local government on current goods and services	P.3	33,055	36,255	40,979	44,614	48,693	53,247
81. Gross domestic fixed capital formation	P.51	93,499	193,555	157,987	99,007	110,306	118,231
82. Value of physical changes in stocks and net acquisitions of valuables	P.52 & P.53	923	1,788	4,309	4,811	9,085	16,051
83. Exports of goods and services²	P.6	411,770	462,855	517,749	597,705	712,038	688,732
84. Imports of goods and services²	P.7	-312,959	-445,408	-438,184	-410,421	-497,207	-520,955
85. Statistical discrepancy (equals Item 12, Table 3.1)		1,300	2,446	-2,394	-322	3,148	1,926
86. Gross domestic product at current market prices	B.1*g	334,866	363,675	382,207	449,217	520,935	509,952
87. Net factor income from the rest of the world	D.1 & D.4	-82,000	-90,450	-103,801	-128,946	-165,125	-121,938
	(net to abroad)
88. Gross national product at current market prices		252,866	273,225	278,407	320,270	355,811	388,014
89. EU subsidies	D.3	1,566	1,589	1,512	1,527	1,582	1,221
90. EU taxes	D.2	-433	-456	-410	-735	-876	-884
91. Gross national income at current market prices	B.5*g	253,999	274,358	279,508	321,063	356,517	388,351
91.1 minus Provision for depreciation		-84,810	-92,112	-106,847	-112,435	-122,002	-128,257
91.2 Net National Income at current market prices	B.5*n	169,189	182,245	172,661	208,628	234,516	260,094
¹Preliminary
²Excluding factor income flows

Open in Excel: Annual National Accounts 2023 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 2022)

Table 8.3 Expenditure on Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2022)³							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023 ¹
92. Personal consumption of goods and services	P.3	120,183	123,615	111,911	121,817	134,873	141,339
of which:
92(a). Final consumption expenditure of households and NPISHs		113,445	116,541	104,505	113,803	126,046	131,376
92(b). Final consumption expenditure of government		6,791	7,122	7,399	8,011	8,827	9,963
93. Net expenditure by central and local government on current goods and services	P.3	37,364	39,808	44,450	47,267	48,693	50,782
94. Gross domestic fixed capital formation	P.51	105,233	210,129	175,522	106,416	110,306	113,393
95. Value of physical changes in stocks and net acquisitions of valuables	P.52 & P.53	841	1,689	4,399	5,018	9,085	15,740
96. Exports of goods and services³	P.6	437,437	483,284	550,020	627,379	712,038	670,610
97. Imports of goods and services³	P.7	-333,821	-469,434	-469,514	-428,443	-497,207	-503,226
98. Statistical discrepancy (equals item 66, Table 3.6)		..	..	~	~	3,148	3,491
99. Gross domestic product at constant market prices	B.1*g	366,506	384,980	412,536	479,597	520,935	492,128
100. Net factor income from the rest of the world	D.1 & D.4	-85,574	-92,331	-107,965	-132,793	-165,125	-116,621
	(net to abroad)
101. Gross national product at constant market prices		282,655	294,284	305,826	347,855	355,811	375,507
102. EU subsidies	D.3	1,808	1,816	1,742	1,689	1,582	1,136
103. EU Taxes	D.2	-480	-501	-452	-791	-876	-832
104. Gross national income at constant market prices	B.5*g	283,962	295,578	307,103	348,751	356,517	375,811
104.1 Provision for depreciation	P.51c	-87,768	-95,468	-113,079	-118,128	-122,002	-124,795
104.2 Net national income at constant market prices	B.5*n	197,032	200,469	193,544	230,687	234,516	251,016
¹Preliminary
²Excluding factor income flows
³Chain linked series not additive except for 2022 and 2023

Open in Excel: Annual National Accounts 2023 Table 8.3 (XLS 24KB)

Visit Table NA008 on PxStat

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

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	2018	2019	2020	2021	2022	2023 ¹
Trade at current prices
83. Exports of goods and services²	P.6	411,770	462,855	517,749	597,705	712,038	688,732
of which Exports of goods	P.61	210,906	225,093	242,610	280,656	354,786	305,679
of which Exports of services	P.62	200,863	237,761	275,139	317,050	357,252	383,052

84. Imports of goods and services²	P.7	-312,959	-445,408	-438,184	-410,421	-497,207	-520,955
of which Imports of goods	P.71	-102,312	-107,828	-100,166	-112,240	-149,652	-149,620
of which Imports of services	P.72	-210,647	-337,580	-338,017	-298,181	-347,555	-371,334

Net Exports of goods and services²	P.6 minus P.7	98,811	17,447	79,565	187,284	214,831	167,777
of which Net Exports of goods	P.61 minus P.71	108,595	117,265	142,444	168,415	205,133	156,059
of which Net Exports of services	P.62 minus P.72	-9,784	-99,819	-62,879	18,869	9,697	11,718

Trade at constant prices (chain linked annually and referenced to year 2022)³
96. Exports of goods and services²	P.6	437,437	483,284	550,020	627,379	712,038	670,610
of which Exports of goods	P.61	196,614	210,783	244,296	289,322	354,786	305,655
of which Exports of services	P.62	241,379	274,977	307,506	338,917	357,252	364,955

97. Imports of goods and services²	P.7	-333,821	-469,434	-469,514	-428,443	-497,207	-503,226
of which Imports of goods	P.71	-108,241	-118,143	-115,180	-120,123	-149,652	-149,117
of which Imports of services	P.72	-224,218	-349,584	-352,463	-308,012	-347,555	-354,109

Net Exports of goods and services²	P.6 minus P.7	118,800	17,829	83,069	199,114	214,831	167,383
of which Net Exports of goods	P.61 minus P.71	94,100	99,160	131,710	169,080	205,133	156,538
of which Net Exports of services	P.62 minus P.72	85,372	869,125	648,436	-81,003	9,697	10,846
¹Preliminary
²Excluding factor income flows.
³Chain linked series not additive except for 2022 and 2023.

Open in Excel: Annual National Accounts 2023 Table 8.5 (XLS 24KB)

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

Next chapter: Domestic Demand

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Annual National Accounts 2023

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Personal Consumption increases by 4.8%

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Table 8.6 Annual Percentage Changes in the Main Constituents of Table 8.5							%
Description	ESA Code	2018-2023	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
Trade at current prices
83. Exports of goods and services	P.6	10.8	12.4	11.9	15.4	19.1	-3.3
Exports of goods	P.61	7.7	6.7	7.8	15.7	26.4	-13.8
Exports of services	P.62	13.8	18.4	15.7	15.2	12.7	7.2

84. Imports of goods and services	P.7	10.7	42.3	-1.6	-6.3	21.1	4.8
Imports of goods	P.71	7.9	5.4	-7.1	12.1	33.3	-0.0
Imports of services	P.72	12.0	60.3	0.1	-11.8	16.6	6.8

Trade at constant prices (chain linked annually and referenced to year 2022)
96. Exports of goods and services	P.6	8.9	10.5	13.8	14.1	13.5	-5.8
Exports of goods	P.61	9.2	7.2	15.9	18.4	22.6	-13.8
Exports of services	P.62	8.6	13.9	11.8	10.2	5.4	2.2

97. Imports of goods and services	P.7	8.6	40.6	0.0	-8.7	16.0	1.2
Imports of goods	P.71	6.6	9.1	-2.5	4.3	24.6	-0.4
Imports of services	P.72	9.6	55.9	0.8	-12.6	12.8	1.9