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Headline Economic Results

Headline Economic Results

Increase of 7.4% in GDP and 2.0% in Modified Domestic Demand in Quarter 1

Online ISSN: 2009-5775
CSO statistical release, , 11am
Table 1.1 GDP and GNP at constant 2023 prices, Q1 20251
 Amount €mQuarterly % change
Gross Domestic Product152,9287.4
Gross National Product92,006-7.2
Modified Final Domestic Demand70,0942.0
1Constant Market Prices, chain linked annually and referenced to year 2023, seasonally adjusted

Updated estimates for the first quarter of 2025 indicate that GDP rose by 7.4% in real terms in Q1 2025 compared to the previous quarter while GNP fell by 7.2%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 2.0% in Q1.

GDPGNPMDD
Q1 2023-1.745675064690670.04245634280464217.31804505219233
Q2 20230.88624544907838211.1096808971958-0.861969609874114
Q3 2023-2.911041193696-3.26011747032732-1.40894299164256
Q4 2023-2.388761155591923.193571141398472.54619608414468
Q1 20241.63721028117378-3.411743977818890.078376769259858
Q2 20240.8165823063645885.924444900887730.261144131002222
Q3 20244.565960640968520.3851759659757370.813846440799804
Q4 20244.51224078676475-4.306834853014680.0899190413406803
Q1 20257.39298229231538-7.209322441635551.98640272302586

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationProfessional, Admin & Support ServicesDistribution, Transport, Hotels & RestaurantsPublic Admin, Education & HealthReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionArts, Entertainment & Other ServicesAgriculture, Forestry & Fishing
Q4 202445.152473568129.229038238114.845399087513.085639728112.20364496287.36659817466.67801021493.47093954791.4127330271.1276005634
Q1 202552.613138752429.364670369715.091515830213.196607712412.33761803977.36514876496.71017266123.74343078891.40333166621.0702172612

Get the data: NAQ02

The MNE dominated sectors of the economy expanded by 13.6% in the first quarter of 2025. The Industry (excluding Construction) sector recorded strong growth in Q1 compared to the previous quarter, increasing by 16.5%, while the Information & Communication sector grew by 0.5% in the quarter. Overall, the non-MNE sectors were broadly flat this quarter. However, there was robust growth in the domestic facing Construction sector which increased by 7.9%. More modest growth was seen in the Professional & Administrative Services sector which increased by 1.7% and Public Administration, Education & Health which rose by 1.1%. Other sectors with quarter-on-quarter increases include Distribution, Transport, Hotels & Restaurants (0.8%) and Financial and Insurance Activities (0.5%). The Real Estate Activities sector was largely flat over the quarter while contractions were seen in Agriculture, Forestry & Fishing which fell by 5.1% and Arts & Entertainment which decreased by 0.7%. (See Tables 2.5 and 6.3).

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202338.375191903612.833014525731.10520652970.823717070950.577987389967.7266461268133.0047177253
Q2 202338.518122249913.042926272728.86411707463.536139969748.642498066267.1428630194134.1834659832
Q3 202338.011827785313.232549148627.45190951034.306194794546.763949480566.1968583565130.2773300133
Q4 202338.902632288914.069890398143.32623614310.621697137927.905697007567.8823601718127.1653157594
Q1 202439.133890851613.491970558527.49092364771.091241368249.069138062467.9355641726129.2472793831
Q2 202439.49294271313.924617833810.97659049861.823186663263.219543189668.1129739113130.302689798
Q3 202439.53681998214.081979881129.58124672631.842490871247.79293747668.6673089252136.2522593283
Q4 202440.232642896914.451924283925.41576646560.500576180262.338223114168.7290539111142.4002893466
Q1 202540.356290274414.261617149943.3746496048-4.737118067862.23084041270.0942897095152.9279175222

Get the data: NAQ03NAQ04NAQ05

On the expenditure side of the accounts (Table 3.5), Exports increased by 9.6% in Q1 2025 compared with Q4 2024 while Imports increased by 14.0% which meant that overall net exports for the quarter contracted by 0.2%. Capital Investment increased by €12.7 billion during the quarter (a 49.1% increase quarter-on-quarter) with the Capital Formation element increasing by €18.0 billion (a 70.7% increase quarter-on-quarter) reflecting higher levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 41.4% of total domestic demand in Q1 2025. Personal Consumption Expenditure grew by 0.3% in Q1 2025 compared with the previous quarter, while Government Expenditure on Current Goods and Services fell by 1.3% quarter-on-quarter. These impacts when combined resulted in an overall increase in Real GDP in Q1 2025 of 7.4%. Final Domestic Demand grew by 22.3% in Q1 compared with the previous quarter, driven by the higher investment in Intangible Assets, while Modified Domestic Demand grew by 2.0% over the same period.

GDPNet Factor Income from Rest of WorldGNP
Q1 2023133.0047177253-42.179618594390.9557784387
Q2 2023134.1834659832-33.1043722141101.0606751808
Q3 2023130.2773300133-32.4991695797.7659784536
Q4 2023127.1653157594-26.1770325019100.8882045276
Q1 2024129.2472793831-31.801122097897.4461572853
Q2 2024130.302689798-27.0833886163103.2193011817
Q3 2024136.2522593283-32.6353822062103.6168771221
Q4 2024142.4002893466-43.24602000299.1542693446
Q1 2025152.9279175222-60.921999169292.0059183529

Get the data: NAQ03

Factor income outflows rose significantly by 40.9% in the quarter, a rise of €17.7 billion in money terms compared with the previous quarter, leading to a fall in GNP of 7.2%.

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.