Table 3.1 below compares Q4 2024 to Q4 2023.
GDP rose by €17bn (14%) in Q4 2024 in current prices not seasonally adjusted compared to Q4 2023. Gross operating surplus (GOS, B2A3G) increased by €15bn (18%) while compensation of employees (COE) grew by €2bn (6%).
After accounting for the international flows of investment income, including outflows of profits by foreign multi-nationals, GNI (B.5g) was €104bn, down €1bn (-1%) on the €105bn seen in Q4 2023.
The consumption of goods and services by households and government (P.3) was €59bn, an increase of €3bn (5%) compared to the fourth quarter of 2023. This left gross saving (B.8g) down €3bn at €44bn.
Capital investment (P.5) was down €22bn, and investment in non-produced non-financial assets was down €2bn. This resulted in net lending (B.9) of €18bn up €19bn from -€1bn in Q4 2023.
Table 3.2 below is structured like Table 3.1 above and compares 2024 to 2023.
GDP rose by €23bn (5%) in 2024 in current prices compared to 2023. GOS (B2A3G) increased by €12bn (4%) while COE received by Irish households grew by €10bn (7%).
After accounting for the international flows of investment income, including outflows of profits by foreign multi-nationals, GNI (B.5g) increased by €16bn (4%) to €405bn.
The consumption of goods and services by households and government (P.3) was €219bn, an increase of €13bn (6%) compared to 2023. This left gross saving (B.8g) up €3bn at €181bn.
Capital investment (P.5) was down €47bn, and investment in non-produced non-financial assets was up €7bn. This resulted in net lending (B.9) of €73bn up €41bn from €33n in 2023.
Table 3.3 below compares Ireland's transactions with the rest of the world in Q4 2024 to Q4 2023.
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 €17bn compared to Q4 2023, largely driven by higher value added by non-financial corporations. We can see this additional economic activity reflected in Table 3.3 in the growth in exports (P.6), leaving net exports (B.11) up €37bn to €59bn. Over 70% of the growth in goods exports was due to increased pharmaceutical products and goods for processing exports.
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 (B.2A3G) for these companies, which produced greater investment flowing out of the country. Net investment income (D.4) outflow grew by €19bn from €21bn to €40bn. Taking all current transfers together, the Current Account Balance (B.12) was €18bn in Q4 2024 up from -€1bn in the Q3 2023.
Table 3.4 below is structured like Table 3.3 above and compares Ireland's transactions with the rest of the world in 2024 to 2023.
The 2024 balance of goods and services (B.11) was €225bn, an increase of €57bn or 34% on 2023. Exports of services increased by €75bn to €458bn. Goods exports were up by €24bn in 2024 compared to 2023, largely due to an increase in pharmaceutical exports. Imports increased by €41bn, largely due to imports of services, which increased by €38bn compared to 2023.
The current account balance (B.12) improved in 2024 (+€92bn) compared to 2023 (+€41bn). This in turn helped drive the increase in net lending (B.9) from €33bn in 2023 to €73bn in 2024.
Further details on transactions with the Rest of the World are provided by institutional sector in the International Accounts (for example Table 1.5) which also includes the financial account.
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