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Headline Economic Results

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.

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Increase of 6.3% in GDP in Quarter 1, while GNP fell by 3.6%

Table 1.1 GDP and GNP at constant 2020 prices, Q1 20221
 Amount €mQuarterly % change
Gross Domestic Product113,7166.3
Gross National Product82,331-3.6
Modified Final Domestic Demand49,262-1.0
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.

GDPGNP
Q1 20202.785533747926985.23972878888568
Q2 2020-5.46920430939788-8.54811160657395
Q3 202012.91259238626744.12514025676867
Q4 2020-5.008882610398086.30485869649935
Q1 20219.160162870566113.22156844990398
Q2 20212.150363454358712.60578637549089
Q3 20213.907474865346466.44419767966
Q4 2021-1.692960785341143.76615564642555
Q1 20226.25369138367615-3.59279019223288

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationProfessional, Admin & Support ServicesPublic Admin, Education & HealthDistribution, Transport, Hotels & RestaurantsReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionArts, Entertainment & Other ServicesAgriculture, Forestry & Fishing
Q1 202242.95435961319.12496144110.7112773049.4706380138.4303279735.839677164.9799946922.1386501360.9255727990.889667136
Q4 202139.80154649119.10546740210.4173764579.4570604038.5045844945.762759714.8497617842.1327824861.0264050670.841165663

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 ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202026.4320742949.305944987177.9954569942.039149497-23.0744584946.09847952892.670551259
Q2 202022.7366264610.43146222217.657445311.79106595435.76997301841.29872206387.602209476
Q3 202025.71266378810.48151908225.2633356580.43479991639.4299946146.80221648298.913925707
Q4 202024.86326652910.64929403837.1653861840.22669067919.3755581745.22072877293.959443283
Q1 202123.11365911310.8523113418.3093140722.06636630549.66124852443.504116838102.56628132
Q2 202126.65317954910.72831319519.4274937230.30171335349.36826275147.520597164104.77182915
Q3 202127.29546635110.75902872719.7838580372.85550906348.4878835848.71146543108.86576204
Q4 202127.13309090811.17533249738.8052630370.03672792828.5827919449.783214825107.02270738
Q1 202226.77052132910.66648402721.0835386183.59298542153.2943023449.262314612113.71557721

Get the data: NAQ03, NAQ04NAQ05

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.

GDPNet Factor Income from Rest of WorldGNP
Q1 202092.670551259-20.5539833272.116567936
Q2 202087.602209476-21.6502462565.951963222
Q3 202098.913925707-30.241351568.672574207
Q4 202093.959443283-20.9571603173.002282974
Q1 2021102.56628132-27.2121798375.35410149
Q2 2021104.77182915-27.4541607577.3176684
Q3 2021108.86576204-26.5655902482.300171793
Q4 2021107.02270738-21.6229830285.39972436
Q1 2022113.71557721-31.3840857782.331491439

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.

 

Next chapter: GDP by Sector