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.
Table 1.1 GDP and GNP at constant 2019 prices, Q1 20221 | ||
Amount €m | Quarterly % change | |
Gross Domestic Product | 115,482 | 10.8 |
Gross National Product | 80,810 | -0.4 |
Modified Final Domestic Demand | 48,306 | -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.
GDP | GNP | |
Q1 2019 | 1.56958585403166 | 5.91111082615705 |
Q2 2019 | 2.51065860109743 | 0.868923732714322 |
Q3 2019 | 0.151199337294927 | 1.35857669403765 |
Q4 2019 | 1.07985609013084 | 2.40861369962599 |
Q1 2020 | 2.61053652424967 | 1.45627332243541 |
Q2 2020 | -2.80589509661116 | -5.14166994750289 |
Q3 2020 | 10.3466919123426 | 1.37579137651933 |
Q4 2020 | -4.78020665037111 | 10.1434434596695 |
Q1 2021 | 9.46531894561558 | -2.17484899543648 |
Q2 2021 | 4.96493034322498 | 5.3612365096501 |
Q3 2021 | 1.93064435247798 | 6.53805280615045 |
Q4 2021 | -6.16025608350613 | -2.83808065767125 |
Q1 2022 | 10.8498624168035 | -0.360403155238509 |
Get the data: NQQ48
Industry (excl. Construction) | Information and Communication | Professional, Admin and Support Services | Distribution, Transport, Hotels and Restaurants | Public Admin, Education and Health | Real Estate Activities | Financial and Insurance Activities | Construction | Arts, Entertainment and Other Services | Agriculture Forestry and Fishing | |
Q1 2022 | 48.814338043 | 18.824441674 | 10.062896372 | 9.53608757 | 9.174527294 | 5.276492081 | 4.014369506 | 1.923645918 | 1.084935037 | 0.804247585 |
Q4 2021 | 42.446307654 | 18.051198736 | 9.46237086 | 8.522706833 | 9.325767486 | 5.150598834 | 3.788414609 | 1.998111213 | 1.048279765 | 0.76215079 |
Get the data: NQQ47
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 Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
Q1 2019 | 27.876295345 | 8.8961536058 | 18.794839476 | 3.031497906 | 29.543467356 | 46.453747605 | 87.167968996 |
Q2 2019 | 28.086071356 | 8.9333156358 | 62.352555815 | -0.361265585 | -10.39390561 | 46.453632475 | 89.356459107 |
Q3 2019 | 27.610370717 | 9.1285313754 | 21.402928937 | 1.311473227 | 28.558316001 | 47.046567472 | 89.491565481 |
Q4 2019 | 27.345231965 | 8.9328176128 | 88.40044893 | -0.056312293 | -35.30642907 | 45.71580931 | 90.457945601 |
Q1 2020 | 26.527348588 | 9.0696038561 | 81.597025407 | 2.206933134 | -26.35798317 | 45.583772446 | 92.81938331 |
Q2 2020 | 22.657490092 | 10.147631143 | 20.931337447 | 1.871896582 | 36.252490008 | 40.713109515 | 90.214968785 |
Q3 2020 | 25.33008207 | 10.161456327 | 19.865004104 | 0.569334712 | 45.995953397 | 45.699317372 | 99.549233664 |
Q4 2020 | 24.841343215 | 10.418623465 | 24.560693176 | 0.280700777 | 32.90653105 | 44.590753672 | 94.790574576 |
Q1 2021 | 23.581755511 | 10.435017907 | 18.730311853 | 1.718949864 | 50.451120363 | 43.229943977 | 103.76280479 |
Q2 2021 | 27.043744263 | 10.487022756 | 19.546407896 | 0.906158117 | 53.758416091 | 47.301277951 | 108.91455577 |
Q3 2021 | 27.228848215 | 10.468596328 | 19.26685095 | 1.656363981 | 51.436964526 | 48.379728202 | 111.01730849 |
Q4 2021 | 27.082365074 | 10.533102751 | 33.881075452 | -0.784511115 | 30.85332207 | 48.805625505 | 104.17835799 |
Q1 2022 | 26.889768024 | 10.487693231 | 20.499806345 | 3.921545209 | 53.26346677 | 48.30578234 | 115.4815665 |
Get the data: NQQ48, NQQ49, NQQ50
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.
GDP | Net Factor Income from Rest of World | GNP | |
Q1 2019 | 87.167968996 | -19.60668325 | 67.561285749 |
Q2 2019 | 89.356459107 | -21.20811731 | 68.148341795 |
Q3 2019 | 89.491565481 | -20.4173762 | 69.074189284 |
Q4 2019 | 90.457945601 | -19.72002593 | 70.73791967 |
Q1 2020 | 92.81938331 | -21.05132619 | 71.768057123 |
Q2 2020 | 90.214968785 | -22.13698829 | 68.077980498 |
Q3 2020 | 99.549233664 | -30.53464218 | 69.014591483 |
Q4 2020 | 94.790574576 | -18.77552703 | 76.015047549 |
Q1 2021 | 103.76280479 | -29.40096974 | 74.361835051 |
Q2 2021 | 108.91455577 | -30.56600687 | 78.348548901 |
Q3 2021 | 111.01730849 | -27.54629009 | 83.471018401 |
Q4 2021 | 104.17835799 | -23.07631442 | 81.102043573 |
Q1 2022 | 115.4815665 | -34.67181725 | 80.809749249 |
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. |