Table 3.1 below compares the non-financial transactions of the total economy in Q2 2025 with those of Q2 2024.
GDP was €160bn in 2025 Q2, in current prices not seasonally adjusted. This is €24bn (18%) higher than Q2 2024. Gross operating surplus (GOS, B2A3G) increased by €22bn (25%) while compensation of employees (COE) grew by €2bn (5%).
As we saw in the previous chapter, most of the additional value added in 2025 Q2 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 €110bn, up €3bn (3%) on the €106bn seen in Q2 2024.
The consumption of goods and services by households and government (P.3) was €58bn, an increase of €3bn (5%) compared to the second quarter of 2024. This left gross saving (B.8g) almost unchanged at €51bn.
Capital investment (P.5) was up €16bn to €31bn, which should increase the value added here in future quarters. Investment in non-produced non-financial assets was up €4bn. In aggregate this resulted in net lending (B.9) of €15bn, down €20bn from Q2 2024.
Table 3.2 below compares Ireland's transactions with the rest of the world in Q2 2025 to Q2 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 €24bn compared to Q2 2024, largely driven by higher value added by industrial non-financial corporations. In Table 3.2 we can see an €8bn growth in exports of pharmaceuticals and a €4bn growth in goods for processing exports, out of the €16bn overall increase in exports of goods (P.61). There was a €5bn increase in the import of services (P.72), largely due to an increase in the imports of royalties. Such royalty imports, along with the increase in investment (P.5) seen in Table 3.1 are generally associated with long-term production activities. After accounting for these additional imports, net exports of goods and services (exports minus imports, B.11) was up €6bn (9%) in the second quarter of 2024 to €71bn.
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 increased by 74% from €29bn to €50bn. Taking all current transfers together, the Current Account Balance (B.12) was €19bn in Q2 2025 down 45% from €35bn in Q2 2024.
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