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GNI*, a key deglobalised measure of Ireland’s economic performance, expanded by 4.8% in 2024.
Personal spending on goods and services, a key measure of domestic economic activity, increased by 2.9% in the year.
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government and investment spending, rose by 1.8% in 2024.
Domestic dominated sectors expanded by 3.6% in 2024, driving an increase in Gross Domestic Product (GDP) of 2.6% in the year, with multinational-dominated sectors increasing by 1.5%.
Total Exports grew by 8.6% in 2024 driven by an increase in Services Exports of 10.9% while Total Imports grew by 2.7%.
The GDP deflator, a key indicator of average prices across the economy, recorded a 4.5% increase in 2024, compared to a 3.4% increase posted in the year 2023.
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Statistician's Comment
The Central Statistics Office (CSO) has today (08 July 2025) published the Annual National Accounts (ANA) results for the year 2024.
Assistant Director General with responsibility for National Accounts & Price Statistics, Chris Sibley, commented:
"In the Annual National Accounts results published today, Gross Domestic Product (GDP) is estimated to have grown by 2.6% in 2024, driven by an increase of 3.6% in domestic dominated sectors. Gross National Product (GNP) – a measure of economic activity that excludes the profits of multi-nationals – grew by 3.3% in the year.
The globalised Industry (excl. Construction) sector fell by 0.5% compared with 2023, the second consecutive year of contraction in the sector. The Information & Communication sector continued to grow however, increasing by 6.2% in 2024. Overall, the multinational sector expanded by 1.5% in 2024 and accounted for 47.0% of total value added in the economy.
There were higher levels of economic activity for most sectors focused on the domestic market in 2024 including the Financial & Insurance sector which expanded by 16.1%, Real Estate Activities which increased by 6.0% and Professional & Administrative Services which grew by 2.5%. The only domestic dominated sector to contract was Arts & Entertainment which fell by 5.8% in the year.
Looking at expenditure in the economy, personal spending on goods and services (the PCE indicator) rose by 2.9% in 2024, while Government spending on goods and services increased by 5.3% in the year. There was robust export growth of 8.6% recorded while imports grew by just 2.7% which meant net exports went up by 26.7%. However, there was a sharp contraction in capital investment of 29.5% reflecting the lowest level of investment in Intangible Assets since 2014.”
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 4.8% in 2024. Today’s results show the transition in current prices from a GDP level of €562.8 billion in 2024 to a GNI* level of €321.1 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 €287.9 billion in current prices in 2024. Between 2023 and 2024, NNI at constant prices rose by 4.5%.
Modified Domestic Demand (MDD) – a modified measure of personal, government and investment spending – increased by 1.8% in 2024. 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."
More commentary is available in the Press Release also issued today. This includes commentary on the updated Quarterly National Accounts and International Accounts for Quarter 1 2025 which are also published today.