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Annual National Accounts 2024

GDP by Incomes

Net Operating Surplus represents 45% of GVA

Online ISSN: 2811-5724

CSO statistical release, 08 July 2025, 11am

Tables 3.1 to 3.7 show Net Value Added (NVA) and Gross Value Added (GVA) compiled using the Income Method which looks at Compensation of Employees, Net Operating Surplus & Net Mixed Income, and Consumption of Fixed Capital. These terms are often referred to as Wages, Profits and Depreciation.

Figure 3.1 above shows the contributing components to Gross Value Added (GVA) at current prices in 2024. Net Operating Surplus and Net Mixed Income represented 44.8% of GVA in the year, Consumption of Fixed Capital 24.2%, and Compensation of Employees the remaining 27.6%.

	2024
Compensation of Employees	27.575383742887
Net Operating surplus	44.7829875835087
Consumption of Fixed Capital	24.1828504590651

	Industry (excl. Construction)	Information & Communication	Professional, Admin & Support Services	Distribution, Transport, Hotels & Restaurants	Public Admin, Education & Health	Real Estate Activities	Financial & Insurance Activities	Construction	Arts, Entertainment & Other Services	Agriculture, Forestry & Fishing
2024	164.0159162431	107.4760900219	60.4597954018	52.1619471613	48.3745647187	29.0677274394	26.8894568098	13.6690789494	5.7086542146	4.5006861493

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Figure 3.2 above shows GVA at constant prices by activity. In 2024, GVA of €164 billion was generated in Industry (excl. Construction) followed by €107 billion in Information & Communication.

	Agriculture, Forestry & Fishing	Industry (excl. Construction)	Construction	Distribution, Transport, Hotels & Restaurants	Information & Communication	Financial & Insurance Activities	Real Estate Activities	Professional, Admin & Support Services	Public Admin, Education & Health	Arts, Entertainment & Other Services
2023-2024	1.27592541575063	-0.514119047983719	0.777013227530876	0.727610688845592	6.19944628492144	16.0900978194182	5.97453692755674	2.48761603301317	1.26332926197821	-5.80616380733145

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Figure 3.3 above shows the growth in each sector. Multinational Enterprise (MNE) dominated sectors of the economy distinguished in Table 5.2 (in Chapter 5 - Gross Value Added by Activity) expanded by 1.5% in 2024. Industry (excluding Construction) fell by 0.5% but this was more than offset by Information & Communication which grew by 6.2%. Most sectors focused on the domestic market expanded with Financial & Insurance activities growing by 16.1% in the year and Real Estate Activities by 6.0%. Other sectors posted more modest growth: Professional, Administration & Support Services increased by 2.5%, Agriculture, Forestry & Fishing and Public Administration, Education & Health both increased by 1.3%, Distribution, Transport, Hotels & Restaurants grew by 0.7% while Construction rose by 0.8%. The Arts & Entertainment sector was the only domestic dominated sector to contract, posting a decline of 5.8% year-on-year.

The Domestic Trading Profits of non-agricultural companies, which represents 53.3% of overall economy Net Value Added at Factor Cost, expanded by 10.6% in 2024 compared with 2023. Remuneration of non-agricultural employees grew by 7.4% in the year. After accounting for factor incomes from the rest of the world, overall Net National Product at Factor Cost increased by 10.3% year-on-year while Net National Income at Market Prices that takes account of national (i.e. non-EU) taxes and national subsidies increased by 9.9%.

Table 3.1 Net Value Added at Factor Cost and Net National Income at Market Prices

Table 3.1 Net Value Added at Factor Cost and Net National Income at Market Prices							€ million
Description	ESA Code	2019	2020	2021	2022	2023	2024¹
Value added from agriculture, forestry and fishing	(B.1n-D.29+D.39)	3,808	4,234	4,901	6,114	4,266	5,660
1. Income from self-employment and other trading income	B.3n	2,890	3,211	3,797	4,945	3,032	4,363
Remuneration of employees:	D.1
2. Wages and salaries	D.11	764	865	930	997	1,037	1,092
3. Employers' social contribution	D.12	153	159	173	173	197	204
Non-agricultural value added	(B.1n-D.29+D.39)	246,046	251,625	309,332	367,891	363,378	392,810
Profits and self employed earnings:
4. Domestic trading profits of companies (including corporate bodies) before tax	B.2n	117,854	122,794	173,634	217,939	190,590	210,782
5. Self employed earnings	B.3n	9,312	8,222	9,013	10,607	11,174	11,047
6. Adjustment for stock appreciation	B.2n	353	1,907	-3,975	-4,286	3,542	-252
7. Rent of dwellings (actual and imputed)	B.2n	13,181	13,623	14,490	16,210	16,754	19,400
of which imputed rent		10,177	10,518	11,187	12,436	12,854	14,883
8. Rent element in land annuities		0	0	0	0	0	0
Remuneration of employees:	D.1
9. Wages and salaries	D.11	88,845	88,873	97,846	107,553	120,028	129,212
10. Employers' social contribution	D.12	16,501	16,206	18,323	19,867	21,289	22,621
Adjustments:
12. Statistical discrepancy		-2,463	3,245	914	-2,951	-2,426	-2,804
13. Net value added at factor cost	(B.1n-D.29+D.39)	247,391	259,104	315,146	371,054	365,218	395,666
14. Net factor income from the rest of the world	D.1 & D.4	-90,450	-103,801	-128,946	-165,125	-133,977	-140,608
	(net to abroad)
15. Net national product at factor cost		156,941	155,304	186,200	205,930	231,241	255,058
16. National (i.e. non EU) taxes	D.2	27,535	23,743	29,445	31,611	33,269	35,649
17. National (i.e. non EU) subsidies	D.3	-2,036	-6,515	-7,381	-3,451	-2,624	-2,828
18. Net national income at market prices	B.5*n	182,439	172,531	208,265	234,089	261,886	287,878
¹Preliminary

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Table 3.2 Annual Percentage Changes in the Main Constituents of Table 3.1

After adjusting Net Value Added (NVA) at Factor Cost across the 10 main economic sectors by the Provision for Depreciation, Gross Value Added at Factor Cost recorded an increase of 7.3% in 2024 compared with 2023. After Non Product Taxes and Subsidies are taken into account, Gross Value Added at Current Basic Prices also posted a 7.3% increase in the year. For the Multinational dominated sectors, Industry (excluding Construction) NVA grew by 5.7% with Information & Communication NVA rising by 14.8%. Of the domestic facing sectors, strong double-digit growth was recorded in the following sectors in 2024 compared with 2023: Agriculture, Forestry & Fishing grew significantly by 32.7%, Financial & Insurance Activities NVA rose by 19.0% while Real Estate Activities NVA increased by 15.6%. By comparison, more modest, single-digit growth in NVA was recorded for the following sectors: Public Administration, Education & Health posted growth of 6.2%, Construction NVA rose by 5.6%, Professional, Administration & Support Services increased by 5.2% in the year while Distribution, Transport, Hotels & Restaurants expanded by 1.7%. The only sector recording an NVA decline in 2024 was Arts & Entertainment, where there was a fall of 3.9% over the period compared with 2023.

Table 3.3 Net Value Added at Factor Cost and Depreciation by Sector of Origin and Gross Value Added at Basic Prices

Table 3.3 Net Value Added at Factor Cost and Depreciation by Sector of Origin and Gross Value Added at Basic Prices
(Note the sectors here are based on NACE Rev. 2 A10. For further details see the methodology notes)							€ million
Description	ESA Code	2019	2020	2021	2022	2023	2024
24.1 Agriculture forestry and fishing
Net value added	(B.1n-D.29+D.39)	3,808	4,234	4,901	6,115	4,266	5,660
Remuneration of employees	D.1	917	1,024	1,103	1,170	1,233	1,296
Other	(B.2n & B.3n)	2,890	3,211	3,798	4,945	3,033	4,364
24.2 Industry (excluding construction)
Net value added	(B.1n-D.29+D.39)	75,820	82,129	107,926	142,072	103,460	109,314
Remuneration of employees	D.1	14,547	14,697	15,896	17,210	18,663	20,204
Other	(B.2n & B.3n)	61,141	66,203	94,908	128,419	80,752	89,493
Adjustment for stock appreciation	(B.2n & B.3n)	131	1,229	-2,878	-3,557	4,046	-383
24.3 of which: Manufacturing
Net value added	(B.1n-D.29+D.39)	73,452	79,538	104,071	138,261	98,378	104,176
Remuneration of employees	D.1	12,966	13,109	14,277	15,486	16,697	18,061
Other	(B.2n & B.3n)	60,427	65,357	92,425	126,328	77,769	86,454
Adjustment for stock appreciation	(B.2n & B.3n)	59	1,072	-2,632	-3,552	3,912	-339
24.4 Construction
Net value added	(B.1n-D.29+D.39)	9,101	8,690	10,106	11,806	13,065	13,791
Remuneration of employees	D.1	4,785	4,651	5,420	6,104	6,811	7,632
Other	(B.2n & B.3n)	4,316	4,039	4,686	5,702	6,253	6,158
24.5 Distribution, transport, hotels and restaurants
Net value added	(B.1n-D.29+D.39)	32,498	30,018	34,413	41,797	46,323	47,120
Remuneration of employees	D.1	20,924	18,685	20,846	23,591	26,328	28,189
Other	(B.2n & B.3n)	11,353	10,655	14,664	18,936	20,498	18,800
Adjustment for stock appreciation	(B.2n & B.3n)	221	678	-1,097	-730	-503	132
24.6. Information and communication
Net value added	(B.1n-D.29+D.39)	37,059	40,708	55,877	62,226	74,338	85,343
Remuneration of employees	D.1	8,951	9,672	11,331	12,798	14,266	15,406
Other	(B.2n & B.3n)	28,108	31,036	44,547	49,429	60,072	69,937
24.7 Financial and insurance activities
Net value added	(B.1n-D.29+D.39)	14,705	13,569	17,284	14,604	20,223	24,056
Remuneration of employees	D.1	8,553	8,805	9,467	9,624	10,832	10,948
Other	(B.2n & B.3n)	6,152	4,764	7,817	4,980	9,392	13,108
24.8 Real estate activities
Net value added	(B.1n-D.29+D.39)	13,449	13,294	14,360	16,138	16,998	19,652
Remuneration of employees	D.1	1,006	963	1,058	1,094	1,286	1,316
Other	(B.2n & B.3n)	12,443	12,331	13,302	15,043	15,712	18,336
24.9 Professional, admin and support services
Net value added	(B.1n-D.29+D.39)	27,251	26,838	29,381	35,579	41,187	43,334
Remuneration of employees	D.1	14,869	14,981	16,909	18,673	21,076	22,590
Other	(B.2n & B.3n)	12,382	11,857	12,472	16,906	20,111	20,744
24.10 Public admin, education and health
Net value added	(B.1n-D.29+D.39)	31,966	32,823	35,724	38,485	42,426	45,047
Remuneration of employees	D.1	29,357	30,629	33,013	35,524	39,079	42,329
Other	(B.2n & B.3n)	2,610	2,195	2,712	2,962	3,347	2,718
24.11 Arts, entertainment and other services
Net value added	(B.1n-D.29+D.39)	4,196	3,556	4,259	5,183	5,359	5,152
Remuneration of employees	D.1	2,353	1,996	2,228	2,803	2,977	3,218
Other	(B.2n & B.3n)	1,843	1,560	2,031	2,380	2,383	1,933
26. Statistical discrepancy (equals Item 12, Table 3.1)		-2,463	3,245	914	-2,951	-2,426	-2,804
27. Net value added at factor cost	B.1n-D.29+D.39	247,391	259,104	315,146	371,054	365,218	395,666
28. plus Provision for depreciation	P.51c	91,657	106,177	111,676	121,828	129,109	134,949
28.1 Agriculture, forestry and fishing	P.51c	1,016	1,032	1,129	1,260	1,309	1,332
28.2 Industry (excluding construction)	P.51c	44,320	50,982	51,991	56,953	60,122	64,438
28.3 of which Manufacturing	P.51c	42,306	48,945	49,783	54,503	57,542	61,719
28.4 Construction	P.51c	329	345	383	435	466	486
28.5 Distribution, transport, hotels and restaurants	P.51c	4,480	4,326	4,340	4,589	4,776	4,945
28.6 Information and communication	P.51c	13,934	20,856	23,666	25,396	26,657	25,657
28.7 Financial and insurance activities	P.51c	1,789	1,874	2,071	2,302	2,333	2,361
28.8 Real estate activities	P.51c	6,245	6,440	7,251	8,736	9,720	10,382
28.9 Professional, admin and support services	P.51c	15,067	15,700	15,766	16,507	17,755	19,012
28.10 Public admin, education and health	P.51c	4,000	4,130	4,562	5,061	5,345	5,676
28.11 Arts, entertainment and other services	P.51c	477	492	518	588	628	660
29. Gross value added at factor cost	B.1g-D.29+D.39	339,048	365,282	426,823	492,882	494,327	530,615
30. Non product taxes	D.29	3,745	3,019	3,812	4,091	4,429	4,536
31. Non product subsidies	D.39	-2,207	-6,390	-7,078	-2,945	-1,909	-2,077
32. Gross value added at basic prices	B.1g	340,587	361,910	423,557	494,027	496,848	533,074
¹Preliminary

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Gross Value Added at Current Basic Prices across the 10 main economic sectors recorded an increase of 7.3% in 2024 compared with 2023. For the Multinational dominated sectors, Industry (excluding Construction) GVA expanded by 6.1% with Information & Communication GVA rising by 9.9%. Of the domestic facing sectors, Agriculture, Forestry & Fishing GVA increased strongly by 29.3%, Financial & Insurance Activities GVA grew by 16.9% year-on-year while Real Estate Activities GVA also posted strong growth at 12.2% over the year. Public Administration, Education & Health GVA expanded by 6.2% in 2024 compared with 2023, Professional, Administration & Support Services GVA increased by 5.8% while Construction GVA expanded by 5.5% over the year. More modest growth was posted in the Distribution, Transport, Hotels & Restaurants GVA which rose by 1.9% while Arts & Entertainment GVA contracted by 2.9% over the period, the only sector to record a decline in year 2024.

Table 3.4 Gross Value Added at Basic Prices by Sector of Origin and Gross and Net National Income at Current Market Prices

Table 3.4 Gross Value Added at Basic Prices by Sector of Origin and Gross and Net National Income at Current Market Prices
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)							€ million
Description	ESA Code	2019	2020	2021	2022	2023	2024 ¹
46.1 Agriculture, forestry and fishing	B.1g	3,470	3,852	4,633	6,107	4,444	5,747
46.2 Industry (excluding construction)	B.1g	121,057	133,228	160,489	199,984	164,864	174,970
46.3 of which: Manufacturing	B.1g	116,147	128,319	153,881	193,176	156,393	166,390
46.4 Construction	B.1g	9,461	8,700	10,130	12,243	13,564	14,312
46.5 Distribution, transport, hotels and restaurants	B.1g	37,563	32,972	36,910	46,522	51,785	52,780
46.6 Information and communication	B.1g	51,163	61,551	79,589	87,796	101,202	111,215
46.7 Financial and insurance activities	B.1g	17,039	15,883	19,936	17,573	23,163	27,082
46.8 Real estate activities	B.1g	20,317	20,235	22,216	25,516	27,429	30,768
46.9 Professional, admin and support services	B.1g	42,300	41,875	44,558	52,033	58,992	62,396
46.10 Public administration, education and health	B.1g	35,946	36,533	39,732	43,441	47,771	50,720
46.11 Arts, entertainment and other services	B.1g	4,734	3,836	4,452	5,763	6,061	5,888
47. Statistical discrepancy (equals Item 12, Table 3.1)		-2,463	3,245	914	-2,951	-2,426	-2,804
51. Gross value added at basic prices	B.1g	340,587	361,910	423,557	494,027	496,848	533,074
52. Product taxes	D.21	24,246	21,134	26,367	28,396	29,724	31,702
53. Product subsidies	D.31	-1,079	-1,316	-1,479	-1,704	-1,843	-1,981
54. Gross domestic product at current market prices	B.1*g	363,753	381,729	448,445	520,718	524,729	562,794
55. Net factor income from the rest of the world	D.1 & D.4	-90,450	-103,801	-128,946	-165,125	-133,977	-140,608
	(net to abroad)
56. Gross national product at current market prices		273,303	277,928	319,499	355,594	390,752	422,186
57. EU subsidies	D.3	1,251	1,191	1,177	1,199	1,128	1,230
58. EU taxes	D.2	-456	-410	-735	-876	-884	-589
59. Gross national income at current market prices	B.5*g	274,097	278,709	319,941	355,917	390,996	422,827
60. minus Provision for depreciation	P.51c	-91,657	-106,177	-111,676	-121,828	-129,109	-134,949
61. Net National Income at current market prices	B.5*n	182,439	172,531	208,265	234,089	261,886	287,878
¹Preliminary

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Table 3.5 Annual Percentage Change in the Main Constituents of Table 3.4

Gross Value Added at Constant Basic Prices or Real GVA across the 10 principal high level economic sectors recorded a 2.5% expansion overall in 2024 compared to 2023. For the Multinational dominated sectors, Industry (excluding Construction) GVA fell by 0.5% while Information & Communication GVA rose by 6.2%. Of the domestic facing sectors, Financial & Insurance Activities GVA increased by 16.1%, Real Estate Activities GVA expanded by 6.0%, Professional, Administration & Support Services GVA rose by 2.5% while Public Administration, Education & Health and Agriculture, Forestry & Fishing both grew by 1.3% year-on-year. Modest expansions were seen in the Construction and Distribution, Transport, Hotels & Restaurants sectors which recorded growth of 0.8% and 0.7% respectively. A contraction in GVA was posted in the Arts & Entertainment sector which fell by 5.8%.

Table 3.6 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2023)

Table 3.6 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2023)²
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)							€ million
Description	ESA Code	2019	2020	2021	2022	2023	2024 ¹
65.1 Agriculture, forestry and fishing	B.1g	3,540	3,552	3,675	4,053	4,444	4,501
65.2 Industry (excluding construction)	B.1g	115,569	142,075	173,459	197,914	164,864	164,016
65.3 of which: Manufacturing	B.1g	111,346	136,740	169,706	196,559	156,393	154,847
65.4 Construction	B.1g	13,516	11,856	12,639	13,360	13,564	13,669
65.5 Distribution, transport, hotels and restaurants	B.1g	49,004	39,903	44,930	48,783	51,785	52,162
65.6 Information and communication	B.1g	56,919	67,737	83,706	90,056	101,202	107,476
65.7 Financial and insurance activities	B.1g	19,245	18,608	24,198	21,005	23,163	26,889
65.8 Real estate activities	B.1g	23,343	23,184	26,041	27,193	27,429	29,068
65.9 Professional, admin and support services	B.1g	51,353	50,469	51,918	54,723	58,992	60,460
65.10 Public administration, education and health	B.1g	41,806	41,168	42,885	45,511	47,771	48,375
65.11 Arts, entertainment and other services	B.1g	5,440	4,304	4,651	5,742	6,061	5,709
66. Statistical discrepancy²		..	..	..	..	-2,426	-3,065
70. Gross value added at constant basic prices	B.1g	375,231	407,509	472,343	510,009	496,848	509,259
71. Product taxes	D.21	28,314	24,769	30,174	30,182	29,724	31,049
72. Product subsidies	D.31	-1,266	-1,548	-1,699	-1,814	-1,843	-1,939
73. Gross domestic product at constant market prices	B.1*g	401,983	430,740	500,771	538,384	524,729	538,369
74. Net factor income from the rest of the world	D.1 & D.4	-97,684	-114,225	-140,492	-172,776	-133,977	-134,707
	(net to abroad)
75. Gross national product at constant market prices		305,914	317,898	361,583	366,169	390,752	403,662
76. EU subsidies	D.3	1,546	1,486	1,406	1,291	1,128	1,202
77. EU taxes	D.2	-533	-480	-840	-931	-884	-576
78. Gross national income at constant market prices	B.5*g	306,881	318,865	362,133	366,522	390,996	404,288
78.1 Provision for depreciation	P.51c	-98,412	-116,434	-121,641	-125,505	-129,109	-130,727
78.2 Net national income at constant market prices	B.5*n	208,896	201,931	240,638	241,019	261,886	273,561
¹Preliminary
²..Chain linked series not additive except for 2023 and 2024

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Table 3.7 Annual Percentage Changes in the Main Constituents of Table 3.6

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Table 3.2 Annual Percentage Changes in the Main Constituents of Table 3.1							%
Description	ESA Code	2019-2024	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
Value added from agriculture, forestry and fishing	(B.1n-D.29+D.39)	8.2	11.2	15.7	24.8	-30.2	32.7
Income from self-employment and other trading income	B.3n	8.6	11.1	18.3	30.2	-38.7	43.9
Remuneration of employees	D.1	7.2	11.6	7.8	6.1	5.4	5.1
Non-agricultural value added	(B.1n-D.29+D.39)	9.8	2.3	22.9	18.9	-1.2	8.1
Profits etc.¹	B.2n & B.3n	11.4	4.2	31.8	24.5	-7.7	8.5
Remuneration of employees	D.1	7.6	-0.3	10.6	9.7	10.9	7.4
Net national product at factor cost		10.2	-1.0	19.9	10.6	12.3	10.3
Net national income at market prices	B.5*n	9.6	-5.4	20.7	12.4	11.9	9.9
¹i.e. Items 4 to 8 in Table 3.1

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Net Operating Surplus represents 45% of GVA

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