Back to Top

 Skip navigation

Headline Economic Results

Headline Economic Results

Increases of 0.9% in Real GDP and 1.4% in Modified Domestic Demand in Quarter 1

Online ISSN: 2009-5775
CSO statistical publication, , 11am
Table 1.1 GDP and GNP at constant 2021 prices, Q1 20241
 Amount €mQuarterly % change
Gross Domestic Product111,1090.9
Gross National Product90,6763.0
Modified Final Domestic Demand55,7981.4
1Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted

Provisional estimates for the first quarter of 2024 indicate that GDP rose by 0.9% in real terms in Q1 2024 compared to the previous quarter while GNP increased by 3.0%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 1.4% in Q1.

GDPGNPMDD
Q1 202110.66241879187974.53083750721952-2.14452834622003
Q2 20212.381274776723474.743232231938628.72503785297072
Q3 20212.972283500824322.923121825137190.655985634241829
Q4 2021-1.936009492245782.266953636762083.47490512759967
Q1 20225.6460644650528-4.09946661873460.469037275296347
Q2 20222.132444698508266.110731824031396.1360532793421
Q3 20223.03853440739472-5.35769237100592-1.13895699606781
Q4 2022-0.1160094456986959.188246195676690.0403719846095996
Q1 2023-2.48757025709209-8.74993649230332-0.295048937481479
Q2 2023-0.82261709694677612.9358600467610.134200776908711
Q3 2023-2.4202404435267-0.8180898913253240.0883478198851373
Q4 2023-3.64134159305969-2.73135836432847-0.70190426609219
Q1 20240.9066452809909363.019278786742331.44411715111816

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationPublic Admin, Education & HealthProfessional, Admin & Support ServicesDistribution, Transport, Hotels & RestaurantsReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionAgriculture, Forestry & FishingArts, Entertainment & Other Services
Q4 202337.97615649722.08937491711.10957587710.55374378510.1317502286.4101206784.4012844122.2793248111.2845792151.068339571
Q1 202435.51527218322.83855747111.07808701511.26005142310.219685666.4180266714.2375054132.1686794281.2570126731.113698385

Get the data: NAQ02

Value added for Multinational-dominated sectors fell by 2.0% in Quarter 1, domestic/other economic sectors grew by 1.7%

The MNE dominated sectors of the economy decreased by 2.0% 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 6.5% which outweighed the growth in the Information & Communication sector of 3.4% in the quarter. The domestically facing sectors of the economy posted a mixed set of results in Q1. Professional & Administrative services sector expanded by 6.7% in volume terms quarter-on-quarter while the Arts & Entertainment sector increased by 4.2% over the period compared with Q4 2023. The Distribution, Transport, Hotels & Restaurants sector grew by 0.9% in the quarter while the Real Estate sector recorded a modest increase of 0.1%. The domestic facing Construction sector shrank by 4.9% in Q1 while Finance & Insurance contracted by 3.7% over the same period. The domestically dominated Agriculture, Forestry & Fishing sector posted a 2.1% fall in Q1 2024 with the Public Administration, Education & Health sector recording a decline of 0.3% quarter-on-quarter. The domestic/other sectors of the economy grew by 1.7% overall in the first quarter of 2024. (See Tables 2.5 and 6.3).

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202125.22981956911.23759381218.5699407272.12384960948.93129729146.415975853105.47358602
Q2 202128.8670019711.16997358119.9665096520.05747956349.17043763950.465787316107.98520192
Q3 202129.70449966710.84956565619.443970473.13579461748.6076318150.796835631111.19482826
Q4 202129.95646398411.14794986638.78489085-0.10956058827.5855297152.561977477109.04208583
Q1 202230.10250083411.31756276821.5032310391.56717703450.597341752.808512744115.19867229
Q2 202231.3089139611.48458569125.4154520323.86921801347.2167533656.048871222117.65522027
Q3 202231.39594365411.64351908827.9318404674.19840775345.5404506455.410498682121.23021462
Q4 202231.85060859211.52134598527.147825312-0.01113184747.6021786855.432869121.08957612
Q1 202331.89786765911.32684936222.5853873352.52881287750.390414955.269314909118.07738784
Q2 202332.11626510911.60157095323.1679337495.14725421342.5632376255.343486759117.10606306
Q3 202332.31963111211.84867777222.3940621623.7888521740.6842976955.392381523114.27181476
Q4 202332.30745496511.9796825336.8248538822.90000690522.774451155.003580034110.11078764
Q1 202432.49390192511.85013927121.8795582841.44009285942.2091484255.797896167111.1091019

Get the data: NAQ03, NAQ04NAQ05

Modified Domestic Demand increased by 1.4% in Q1 2024

On the expenditure side of the accounts (Table 3.5), Capital Investment declined significantly by €16.4 billion during the quarter (-41.3% quarter-on-quarter) with the Capital Formation element decreasing by 40.6% reflecting the lower levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 34.5% of total domestic demand in Q1 2024.

Exports expanded by 7.3% in Q1 2024 compared with Q4 2023 while Imports fell by 6.3% which meant that overall net exports for the quarter posted an increase of 85.3% in Q1 compared with Q4 2023 or €19.4 billion higher in money terms quarter-on-quarter. Personal Consumption Expenditure increased by 0.6% quarter-on-quarter with Government Expenditure on Current Goods and Services falling by 1.1% in Q1 compared with the previous quarter. These impacts when combined resulted in an overall rise in Real GDP in Q1 2024 of 0.9%. Final Domestic Demand declined by 18.4% in Q1 compared with Q4 while Modified Domestic Demand grew by 1.4% over the same period.

 

GDPNet Factor Income from Rest of WorldGNP
Q1 2021105.47358602-29.1099255776.363660451
Q2 2021107.98520192-27.9994357179.985766207
Q3 2021111.19482826-28.8709806782.323847596
Q4 2021109.04208583-24.8519947784.190091053
Q1 2022115.19867229-34.4599259280.738746374
Q2 2022117.65522027-31.9827456385.672474643
Q3 2022121.23021462-40.1478076281.082407005
Q4 2022121.08957612-32.5571179488.532458182
Q1 2023118.07738784-37.2914635380.785924316
Q2 2023117.10606306-25.8697846491.236278423
Q3 2023114.27181476-23.781931190.489883652
Q4 2023110.11078764-22.09250788.018280646
Q1 2024111.1091019-20.4333039890.675797922

Get the data: NAQ03

Factor income outflows declined by 7.5% in the quarter, a decrease of €1.7 billion in money terms compared with the previous quarter, leading to an increase in GNP of 3.0% for the first quarter compared with the previous quarter.

The calculation methods for quarterly accounts are similar to those used in the Annual National Accounts. 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.