Gross Domestic Product (GDP) rose by €8bn (6%) in Q3 2024 in current prices not seasonally adjusted compared to Q3 2023. Gross operating surplus (B2A3G) increased by €5bn (6%) compensation of employees grew by €2bn (also 6%) and net taxes and subsidies accounted for the rest of the change (+1bn, 6%).
After accounting for the international flows of investment income, including outflows of profits by foreign multi-nationals, Gross National Income (GNI, B.5g) was €108bn, up €6bn (6%) on the €102bn seen in Q3 2023.
The consumption of goods and services by households and government (P.3) was €54bn, an increase of €2bn (5%) compared to the third quarter of 2023. This left gross saving (B8g) up €4bn at €53bn.
The €14bn capital transfer (D.9) from non-financial corporations to government is neutral in the aggregate of the total economy. Capital investment (P.5) was down €1bn, and investment in non-produced non-financial assets was down €2bn. This resulted in net lending (B.9) of €23bn up €6bn (34%) from €17bn in Q3 2023.
Table 3.2 below shows Ireland's transactions with the rest of the world. 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 was up by €8bn compared to Q3 2023, largely driven by higher value added by non-financial corporations. We can see this additional economic activity reflected in Table 3.2 in the growth in both exports and imports, leaving net exports (B.11) up €6bn to €54bn. More than half the growth in goods exports was due to higher pharmaceutical sales to the rest of the world.
The higher net exports were due to greater economic activity among the foreign-controlled non-financial corporations. This in turn led to higher gross operating surplus for these companies, which produced greater investment flowing out of the country. Net investment income (D.4) outflow grew by €2bn from €28bn to €30bn. Taking all current transfers together, the Current Account Balance was €23bn up from €19bn in the third quarter of 2023.
Further details on transactions with the Rest of the World are provided by institutional sector in the International Accounts, which include the financial account as well.
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