This release was compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Information Note - Implications of COVID-19 on the Quarterly National Accounts Quarter 1 2022 Final.
|Table 1.1 GDP and GNP at constant 2020 prices, Q1 20221|
|Amount €m||Quarterly % change|
|Gross Domestic Product||113,716||6.3|
|Gross National Product||82,331||-3.6|
|Modified Final Domestic Demand||49,262||-1.0|
|1Constant Market Prices, chain linked annually and referenced to year 2020, seasonally adjusted|
Updated estimates for the first quarter of 2022 indicate that there was an increase of 6.3% in GDP in real terms in Q1 2022 compared to the previous quarter while GNP fell by 3.6%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending declined by 1.0% in Q1.
Get the data: NAQ03
|Industry (excl. Construction)||Information & Communication||Professional, Admin & Support Services||Public Admin, Education & Health||Distribution, Transport, Hotels & Restaurants||Real Estate Activities||Financial & Insurance Activities||Construction||Arts, Entertainment & Other Services||Agriculture, Forestry & Fishing|
Get the data: NAQ02
The MNE dominated Industry (excluding Construction) sector recorded strong growth in Q1 compared with the previous quarter, an increase of 7.9%. The Agriculture, Forestry & Fishing sector rose by 5.8% quarter-on-quarter while the Professional & Administrative services sector and the Finance & Insurance sector increased by 2.8% and 2.7% respectively over the period compared with Q4 2021. Real Estate increased by 1.3% in Q1 2022 while the domestically facing Construction sector grew by 0.3% in the quarter. The Information & Communication sector, dominated by MNEs, was largely unchanged with growth of 0.1% over the same period; Public Administration, Education & Health also recorded a 0.1% increase in the quarter. The domestically dominated Distribution, Transport, Hotels & Restaurants sector declined by 0.9% quarter-on-quarter while Arts & Entertainment exhibited a decline of 9.8%. (See Table 2.5).
|Personal Consumption Expenditure||Government Expenditure||Gross Fixed Capital Formation||Value of Physical Changes in Stocks||Net Exports||Modified Final Domestic Demand||GDP|
On the expenditure side of the accounts (Table 3.5), Exports increased by 5.3% in Q1 2022 compared with Q4 2021 while Imports declined by 14.4% which meant that overall net exports for the quarter were 86.5% higher in Q1 compared with Q4 2021 or €24.7 billion higher in money terms quarter-on-quarter. Capital Investment fell by €14.2 billion during the quarter, with the Capital Formation element decreasing by 45.7%. Capital Investment accounted for 39.7% of total domestic demand in Q1 2022. Personal Consumption Expenditure declined modestly by 1.3% quarter-on-quarter. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q1 2022 of 6.3%. Final Domestic Demand decreased by 24.1% in Q1 compared with Q4 while Modified Domestic Demand fell by 1.0% over the same period.
|GDP||Net Factor Income from Rest of World||GNP|
Get the data: NAQ03
Factor income outflows were €9,761m higher than in the previous quarter leading to an overall decrease in GNP of 3.6% for the first quarter compared with the previous quarter.
The calculation methods for quarterly accounts are similar to those used in the annual National Income and Expenditure. As some of the available sources are of lesser reliability than those used for the annual national accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. These preliminary estimates will therefore be revised when the next detailed annual results are published.