GVA at current market price is also known as Gross Domestic Product (GDP). Current Market Price refers to the amount of money actually paid by the end user. It includes Product Taxes (e.g., VAT), Non-Product Taxes on Production (such as local authority Rates) and excludes Product Subsidies (such as for public transport) and Non-Product subsidies (such as farm modernisation Subsidies) received by the producer.
Figure 4.1 shows GDP by NUTS 2 region for 2015 to 2023. The Southern region experienced a 9% decline in GDP (€177 billion) in 2023, this is the first decline in GDP in the region since 2016. The rate at which GDP is increasing in the Eastern & Midland has slowed considerably. GPD in the region rose by 1.4% to €291 billion in 2023, in contrast with 2022 when GDP rose by 15%. The Northern & Western region has remained consistent in terms of GDP growth, GDP in the region in 2023 is 42 billion, a 7.6% increase from 2022.
Index of GVA per person at basic price at NUTS3 level where the state average equals 100 is shown in Map 4.1. The monetary values of GVA at basic price are shown in Table 4.1. The largest GVA per capita values are seen Dublin with an index of 171.8 and GVA of €157,049 per person, followed by the South-West with an index of 169.1 and GVA of €154,606 per person. This is the first year since 2018 GVA at basic prices per person has been larger in Dublin than the South-West. This is due to the decline in GVA and GDP observed in the Southern region as seen in Figure 4.1.
Both Dublin and the South-West are the only two regions whose GVA per capita is significantly beyond the State average. The GVA per person in all other regions fall significantly below the state average: the Mid-West is ranked third overall with an index of 67. The regions with the lowest GVA per capita are the Midland and Border region with indices of 35.2 and 31.8 respectively. The areas of lowest GVA are also the areas that lack economic sectors like Industry and Information and Communication, and are largely reliant on Public Administration to generate value and employment in the region.
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