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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 Provisional.

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Increase of 10.8% in GDP in Quarter 1, while GNP fell by 0.4%

Table 1.1 GDP and GNP at constant 2019 prices, Q1 20221
 Amount €mQuarterly % change
Gross Domestic Product115,48210.8
Gross National Product80,810-0.4
Modified Final Domestic Demand48,306-1.0
1Constant Market Prices, chain linked annually and referenced to year 2019, seasonally adjusted

Initial estimates for the first quarter of 2022 indicate that there was an increase of 10.8% in GDP in real terms in Q1 2022 compared to the previous quarter while GNP fell by 0.4%. 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 20191.569585854031665.91111082615705
Q2 20192.510658601097430.868923732714322
Q3 20190.1511993372949271.35857669403765
Q4 20191.079856090130842.40861369962599
Q1 20202.610536524249671.45627332243541
Q2 2020-2.80589509661116-5.14166994750289
Q3 202010.34669191234261.37579137651933
Q4 2020-4.7802066503711110.1434434596695
Q1 20219.46531894561558-2.17484899543648
Q2 20214.964930343224985.3612365096501
Q3 20211.930644352477986.53805280615045
Q4 2021-6.16025608350613-2.83808065767125
Q1 202210.8498624168035-0.360403155238509

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Industry (excl. Construction)Information and CommunicationProfessional, Admin and Support ServicesDistribution, Transport, Hotels and RestaurantsPublic Admin, Education and HealthReal Estate ActivitiesFinancial and Insurance ActivitiesConstructionArts, Entertainment and Other ServicesAgriculture Forestry and Fishing
Q1 202248.81433804318.82444167410.0628963729.536087579.1745272945.2764920814.0143695061.9236459181.0849350370.804247585
Q4 202142.44630765418.0511987369.462370868.5227068339.3257674865.1505988343.7884146091.9981112131.0482797650.76215079

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The MNE dominated Industry (excluding Construction) sector recorded strong growth in Q1 compared with the previous quarter, an increase of 15.0%. The domestically dominated Distribution, Transport, Hotels & Restaurants sector increased by 11.9% following the further easing of COVID restrictions during the quarter, with the Omicron COVID variant proving less impactful on activity generally than earlier COVID strains. The Professional & Administrative services sector rose by 6.3% quarter-on-quarter while Finance & Insurance increased by 6.0% over the period compared with Q4 2021. The Information & Communication sector, also dominated by MNEs, grew by 4.3% over the same period with the Agriculture sector exhibiting an increase of 5.5%. Quarter-on-quarter increases were also recorded in Arts & Entertainment (3.5%) and Real Estate (2.4%). The Construction sector declined by 3.7% in Q1 2022 while Public Administration, Education & Health fell by 1.6% (See Table 2.5).

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 201927.8762953458.896153605818.7948394763.03149790629.54346735646.45374760587.167968996
Q2 201928.0860713568.933315635862.352555815-0.361265585-10.3939056146.45363247589.356459107
Q3 201927.6103707179.128531375421.4029289371.31147322728.55831600147.04656747289.491565481
Q4 201927.3452319658.932817612888.40044893-0.056312293-35.3064290745.7158093190.457945601
Q1 202026.5273485889.069603856181.5970254072.206933134-26.3579831745.58377244692.81938331
Q2 202022.65749009210.14763114320.9313374471.87189658236.25249000840.71310951590.214968785
Q3 202025.3300820710.16145632719.8650041040.56933471245.99595339745.69931737299.549233664
Q4 202024.84134321510.41862346524.5606931760.28070077732.9065310544.59075367294.790574576
Q1 202123.58175551110.43501790718.7303118531.71894986450.45112036343.229943977103.76280479
Q2 202127.04374426310.48702275619.5464078960.90615811753.75841609147.301277951108.91455577
Q3 202127.22884821510.46859632819.266850951.65636398151.43696452648.379728202111.01730849
Q4 202127.08236507410.53310275133.881075452-0.78451111530.8533220748.805625505104.17835799
Q1 202226.88976802410.48769323120.4998063453.92154520953.2634667748.30578234115.4815665

Get the data: NQQ48NQQ49NQQ50

On the expenditure side of the accounts (Table 3.5), Exports increased by 5.2% in Q1 2022 compared with Q4 2021 while Imports declined by 12.3% which meant that overall net exports for the quarter were 72.6% higher in Q1 compared with Q4 2021 or €22.4 billion higher in money terms quarter-on-quarter. Capital Investment fell by €8.7 billion during the quarter, with the Capital Formation element decreasing by 39.5%. Capital Investment accounted for 39.5% of total domestic demand in Q1 2022. Personal Consumption Expenditure declined modestly by 0.7% quarter-on-quarter. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q1 2022 of 10.8%. Final Domestic Demand decreased by 19.0% 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 201987.167968996-19.6066832567.561285749
Q2 201989.356459107-21.2081173168.148341795
Q3 201989.491565481-20.417376269.074189284
Q4 201990.457945601-19.7200259370.73791967
Q1 202092.81938331-21.0513261971.768057123
Q2 202090.214968785-22.1369882968.077980498
Q3 202099.549233664-30.5346421869.014591483
Q4 202094.790574576-18.7755270376.015047549
Q1 2021103.76280479-29.4009697474.361835051
Q2 2021108.91455577-30.5660068778.348548901
Q3 2021111.01730849-27.5462900983.471018401
Q4 2021104.17835799-23.0763144281.102043573
Q1 2022115.4815665-34.6718172580.809749249

Get the data: NQQ48

Factor income outflows were €11,596m higher than in the previous quarter leading to an overall decrease in GNP of 0.4% 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.