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GDP and Growth Rates

GDP and Growth Rates

GDP grew by 2.6% in 2024 driven by domestic-dominated sectors

Online ISSN: 2811-5724
CSO statistical release, , 11am
Table 1.1 GDP and GNP Growth Rates
 20232024% change
GDP at current prices €524,729m€562,794m7.3%
GDP at constant (2023) prices €524,729m€538,369m2.6%
GNP at current prices €390,752m€422,186m8.0%
GNP at constant (2023) prices €390,752m€403,662m3.3%

Gross domestic product (GDP) increased by 2.6% in 2024 while gross national product (GNP) rose by 3.3%. These results are updated from the preliminary 2024 estimates published in March 2025 which showed GDP increasing by 1.2% while GNP rose by 0.4%.

GDP %GNP %
20161.222716579649765.70716071844923
201710.10885759551155.70120807399529
20187.68865952095364.36182021161143
20194.972880076869234.02568847272965
20207.153695088746773.91736390012889
202116.258188075331313.7417725871879
20227.51113885021821.26829461692366
2023-2.536374088019386.71366641611007
20242.599467277742163.30399004429424

Get the data: PxStat NA008

The estimates in this publication use more complete and up to date data than were available for the Q4 2024 estimates published in March 2025. These updates include stronger results for the Industry and Financial & Insurance Activities sectors which is partially offset by weaker results in the Information & Communication and Professional & Administrative Services sectors.

These results are compiled in accordance with the latest EU standard framework, ESA 2010. For more information on our main national accounts aggregates, including data per head of population and per person in employment, see Table 1.2 Main Aggregates.

GDPGNPGNI
2016322.9526052805266.5859380703267.7973215153
2017355.5994242493281.7845570957283.0885645542
2018382.9402532383294.0754928603295.0551164295
2019401.9834127979305.9140560775306.8814505472
2020430.7400804568317.8978228757318.864508839
2021500.7706128533361.5826187549362.1332793977
2022538.3841889058366.1685516443366.5217045904
2023524.7287518444390.7518867224390.9956725665
2024538.3689040455403.6622901576404.2876475549

Get the data: PxStat NA008

Figure 1.2 shows the levels of GDP, GNP and GNI for these internationally comparable measures. More details are available in Table 1.2, including current prices and constant prices as well as per head of population and per person in employment.

Our modified measures for domestic policy purposes are contained in chapter 2 - GNI* and De-Globalised Results. This includes GNI* and Modified Domestic Demand data.

Agriculture, Forestry & FishingIndustry (excl. Construction)ConstructionDistribution, Transport, Hotels & RestaurantsInformation & CommunicationFinancial & Insurance ActivitiesReal Estate ActivitiesProfessional, Admin & Support ServicesPublic Admin, Education & HealthArts, Entertainment & Other Services
20240.0567019241999997-0.8475947130000280.10539164450.37679430746.27397100753.72688109071.63875413871.4675017550.603505766499999-0.351884824199999

Get the data: PxStat NA006

Figure 1.3 shows the contributions of each activity to GDP from 2023 to 2024. The Industry (excluding Construction) and Arts & Entertainment sectors showed a decline in the year compared with 2023. However, this was more than offset by strong contributions in the Information & Communication, Financial & Insurance Activities, Real Estate and Professional & Administrative Services sectors. More details on activity breakdowns of the data are available in Chapters 3 to 7, covering GDP by Incomes and GDP by Producers

Personal Consumption of Goods and ServicesNet Expenditure by Central and Local GovernmentGross Domestic Fixed Capital FormationValue of Physical Changes in StocksNet ExportsGross Domestic Product
2016118.871917640736.1805105646118.5819341898723.557035509078347.658883494297322.9526052805
2017123.141660755937.5456118636122.9980201617584.160217916687776.954932427077355.5994242493
2018130.286663291839.2687277937111.8224698528830.8302960395683106.01750245259382.9402532383
2019134.037519124741.5657337795223.2859129098111.667742903963511.901382322268401.9834127979
2020121.518128266346.3649772813186.5126124130654.742496284926381.1760257589549430.7400804568
2021132.359840701549.4391325069112.0931707103994.51910563596205.220042841069500.7706128533
2022146.604525893850.6834059216115.2020186751148.8952575035344216.344276526444538.3841889058
2023153.926175144253.2171452634130.5959130730089.287748972959175.275667782524.7287518444
2024158.459395544456.048382663593.42102947780725.2574950831593222.117925623923538.3689040455

Get the data: PxStat NA008

On the Expenditure side of the accounts, Total Exports recorded robust growth of 8.6% in 2024 while Total Imports increased by 2.7%. The result is an increase in net exports of €46.8bn in 2024 over 2023 or 26.7%.

Headline investment fell sharply by 29.5% in 2024, the Capital Formation element of which decreased by 28.5%. This is predominantly due to a decrease in investment in Research & Development which is at its lowest level since 2014. Transactions in Research & Development are largely GDP neutral because of an offsetting decrease in imports. For more information see Chapter 8, GDP by Expenditures and Chapter 11, Investment.

Personal Consumption Expenditure (PCE), a measure of consumer spending on goods and services, increased by 2.9% in 2024, with the largest growth seen in spending on Accommodation Services (+16.0%), Footwear (+14.7%) along with Insurance (+13.6%). Declines in expenditure included Other Major Durables for Recreation & Culture (-11.0%) and Tools & Equipment for House & Garden (-6.4%). For more information, see Personal Spending.

For government consumption, Net Expenditure by Central & Local Government on Current Goods & Services rose by 5.3% in 2024. 

Table 1.2 Main Aggregates, 2019-2024

Table 1.3 Annual Percentage Changes in Main Aggregates, Deflators and the Consumer Price Index