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Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q1 20242 | ||
Amount €m | Quarterly % change | |
Industry (excl. Construction) | 34,077 | -5.7 |
Information and Communication | 24,080 | 1.2 |
Professional, Admin and Support Services | 13,859 | 2.7 |
Distribution, Transport, Hotels and Restaurants | 12,241 | 3.1 |
Public Admin, Education and Health | 11,682 | 0.7 |
Real Estate Activities | 7,044 | -2.0 |
Financial and Insurance Activities | 4,853 | 1.0 |
Construction | 2,875 | -1.1 |
Arts, Entertainment and Other Services | 1,605 | 2.9 |
Agriculture, Forestry and Fishing | 1,551 | -2.6 |
Gross Domestic Product | 120,750 | 0.7 |
1Series is not additive, Taxes less Subsidies on Products not shown in table (see Table 2.5 for full detail). | ||
2Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted. |
The MNE dominated sectors of the economy decreased by 5.5% overall in the first quarter of 2024. Value added for the MNE dominated Industry (excluding Construction) sector recorded a significant decrease in Q1 compared with the previous quarter, falling by 5.7% which outweighed the growth in the Information & Communication sector of 1.2% in the quarter. The domestically facing sectors of the economy posted a mixed set of results in Q1. The Distribution, Transport, Hotels & Restaurants sector expanded by 3.1% in volume terms quarter-on-quarter while the Arts & Entertainment sector increased by 2.9% over the period compared with Q4 2023. The Professional & Administrative services sector grew by 2.7% in the quarter while Finance & Insurance and the Public Administration, Education & Health sector recorded modest increases of 1.0% and 0.7% respectively. The domestic facing Agriculture, Forestry & Fishing sector shrank by 2.6% in Q1 while the Real Estate sector contracted by 2.0% over the same period. The domestically dominated Construction sector posted a 1.1% fall in Q1 2024 quarter-on-quarter. The domestic/other sectors of the economy grew by 1.1% overall in the first quarter of 2024. (See Tables 2.5 and 6.3).
Column1 | Q1 2024 | Q4 2023 |
---|---|---|
Industry (excl. Construction) | 34.076689435 | 36.145196385 |
Information and Communication | 24.080369818 | 23.801201415 |
Professional, Admin and Support Services | 13.859102293 | 13.498323931 |
Distribution, Transport, Hotels and Restaurants | 12.240594313 | 11.867354003 |
Public Admin, Education and Health | 11.682451217 | 11.595516083 |
Real Estate Activities | 7.043705452 | 7.186397314 |
Financial and Insurance Activities | 4.853120145 | 4.807031587 |
Construction | 2.875449077 | 2.906559579 |
Arts, Entertainment and Other Services | 1.604726978 | 1.559300471 |
Agriculture Forestry and Fishing | 1.550882777 | 1.592636562 |
Get the data: NAQ02
Column1 | Q1 2024 |
---|---|
Industry (excl. Construction) | -5.72277136902877 |
Agriculture, Forestry & Fishing | -2.62167690961247 |
Real Estate Activities | -1.98558270250405 |
Construction | -1.07035486988722 |
Public Admin, Education & Health | 0.749730614642097 |
Financial & Insurance Activities | 0.95877377058724 |
Information & Communication | 1.17291727477278 |
Professional, Admin & Support Services | 2.67276414349076 |
Arts, Entertainment & Other Services | 2.91326193025949 |
Distribution, Transport, Hotels & Restaurants | 3.14510134193053 |
Agriculture, Forestry & Fishing | Industry (excl. Construction) | Construction | Distribution, Transport, Hotels & Restaurants | Information & Communication | Financial & Insurance Activities | Real Estate Activities | Professional, Admin & Support Services | Public Admin, Education & Health | Arts, Entertainment & Other Services | |
Q1 2022 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Q2 2022 | 97.3537074016685 | 99.7682377016706 | 103.929002365353 | 101.334621200032 | 103.623249455191 | 96.3562945358441 | 103.171574486378 | 101.511433970477 | 101.873046838884 | 111.915989046552 |
Q3 2022 | 111.945183572114 | 109.019959662186 | 103.488220235378 | 101.58443082375 | 107.080443337278 | 94.1688575307083 | 103.733154407316 | 101.002839613354 | 102.656663387312 | 115.272273581234 |
Q4 2022 | 107.269783647441 | 116.686913389488 | 99.3291938711157 | 102.852708301228 | 103.704314599733 | 93.1333759233735 | 103.964149374234 | 103.14476014018 | 103.618445988353 | 119.244795996974 |
Q1 2023 | 119.17200738139 | 86.0744779160033 | 103.366185017981 | 99.2132529443722 | 107.817938061304 | 115.993457532591 | 111.103644286678 | 101.575597151642 | 106.017314247887 | 114.790609536861 |
Q2 2023 | 127.697776304393 | 86.792274686694 | 98.3749519299833 | 101.735415928768 | 111.531526254611 | 113.869153698429 | 113.502923559319 | 104.477538531666 | 106.171008605129 | 116.3747923867 |
Q3 2023 | 115.165835654297 | 83.2917380489812 | 96.8710939926763 | 100.554941520723 | 111.647028043983 | 103.62258092485 | 115.419144026768 | 105.432887807438 | 107.350460585408 | 114.896825316731 |
Q4 2023 | 115.651664318356 | 77.1492956133102 | 96.4044505266175 | 100.259349683268 | 113.662490798396 | 104.073118961608 | 115.482985633588 | 104.298516657162 | 108.728713922129 | 117.971670370469 |
Q1 2024 | 112.619651339339 | 72.7342178125443 | 95.3725807956178 | 103.412607835567 | 114.995657787908 | 105.070944728443 | 113.189975446512 | 107.086170012567 | 109.543886377309 | 121.408494131863 |
Updated estimates for the first quarter of 2024 indicate that there was a contraction of 4.7% in GDP in real terms in Q1 2024 compared with Q1 2023. Gross Value Added (GVA) for the MNE-dominated sectors fell by 11.3% in Q1 2024 compared with Q1 2023. The Information & Communication sector expanded by 6.3% in Q1 compared with the equivalent quarter of 2023 while the Industry (excluding Construction) sector contracted by 16.4% year-on-year over the same period.
Of the domestic based economic sectors, Professional & Administrative Services activity and the Arts & Entertainment sector both posted increases of 5.5% year-on-year, while Distribution, Transport, Hotels & Restaurants expanded by 4.9% compared with the same quarter of 2023. Of the other Service sectors, Public Administration, Education & Health rose by 3.4%, with Real Estate activity up by 1.7%. Construction activity contracted by 8.6% in Q1 2024 compared with Q1 2023 while Financial & Insurance activities declined by 8.1% year-on-year. The Agriculture, Forestry & Fishing sector fell by 5.7% over the same period. Overall, the domestic based sectors of the economy grew by 3.5% year-on-year in the first quarter of 2024 compared with Q1 2023, partially offsetting the decline in the MNE-dominated sectors of 11.3% in the quarter. (See Tables 2.3 and 6.2).
FOR UPDATES TABLES, PLEASE CLICK ON THE FOLLOWING LINK: Quarterly National Accounts Q1 2024 Updates Tables (XLS 56KB)
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