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Table 3.1 below compares the non-financial transactions of the total economy in Q1 2025 with those of Q1 2024.
GDP was €167bn in 2025 Q1, in current prices not seasonally adjusted. This is €34bn (+26%) higher than Q1 2024. Gross operating surplus (GOS, B2A3G) increased by €31bn (+36%) while compensation of employees (COE) grew by €3bn (+7%).
As we saw in the previous chapter, most of the additional value added in 2025 Q1 was in Industry, which is dominated by foreign-owned multinational corporations. Therefore most of the additional GDP flowed out of the Irish economy. After accounting for the international flows of investment income, including outflows of profits by foreign multi-nationals, GNI (B.5g) was €100bn, up €2bn (+2%) on the €98bn seen in Q1 2024.
The consumption of goods and services by households and government (P.3) was €56bn, an increase of €3bn (5%) compared to the first quarter of 2024. This left gross saving (B.8g) down €1bn at €43bn.
Capital investment (P.5) was up €11bn to €38bn, and investment in non-produced non-financial assets was down €1bn. This resulted in net lending (B.9) of €5bn down €10bn from Q1 2024.
Table 3.2 below compares Ireland's transactions with the rest of the world in Q1 2025 to Q1 2024.
This is set out from the point of view of Ireland. That is, income received by Ireland from the rest of the world is shown as a positive. The Pxstat tables show these transactions from the point of view of Rest of the World (S.2): for example, income Ireland pays to the rest of the world is a resource of the rest of the world.
As we saw above, GDP (B.1G) was up by €34bn compared to Q1 2025, largely driven by higher value added by industrial non-financial corporations. We can see this additional economic activity reflected in Table 3.2 in the €34bn growth in exports of pharmaceuticals, out of €38bn overall increase in exports of goods (P.61). After accounting for additional imports used in production, net exports of goods and services (exports minus imports, B.11) was up €20bn to €74bn.
The additional economic activity among the foreign-controlled non-financial corporations led to higher gross operating surplus (B.2A3G) for these companies, which produced greater investment flowing out of the country. Net investment income (D.4) outflow almost doubled from €35bn to €67bn. Taking all current transfers together, the Current Account Balance (B.12) was €6bn in Q1 2025 down from €18bn in Q1 2024.
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