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| Table 1.1 GDP and GNP at constant 2023 prices, Q1 20251 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 152,928 | 7.4 |
| Gross National Product | 92,006 | -7.2 |
| Modified Final Domestic Demand | 70,094 | 2.0 |
| 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.
| GDP | GNP | MDD | |
| Q1 2023 | -1.74567506469067 | 0.0424563428046421 | 7.31804505219233 |
| Q2 2023 | 0.886245449078382 | 11.1096808971958 | -0.861969609874114 |
| Q3 2023 | -2.911041193696 | -3.26011747032732 | -1.40894299164256 |
| Q4 2023 | -2.38876115559192 | 3.19357114139847 | 2.54619608414468 |
| Q1 2024 | 1.63721028117378 | -3.41174397781889 | 0.078376769259858 |
| Q2 2024 | 0.816582306364588 | 5.92444490088773 | 0.261144131002222 |
| Q3 2024 | 4.56596064096852 | 0.385175965975737 | 0.813846440799804 |
| Q4 2024 | 4.51224078676475 | -4.30683485301468 | 0.0899190413406803 |
| Q1 2025 | 7.39298229231538 | -7.20932244163555 | 1.98640272302586 |
Get the data: NAQ03
| Industry (excl. Construction) | Information & Communication | Professional, Admin & Support Services | Distribution, Transport, Hotels & Restaurants | Public Admin, Education & Health | Real Estate Activities | Financial & Insurance Activities | Construction | Arts, Entertainment & Other Services | Agriculture, Forestry & Fishing | |
| Q4 2024 | 45.1524735681 | 29.2290382381 | 14.8453990875 | 13.0856397281 | 12.2036449628 | 7.3665981746 | 6.6780102149 | 3.4709395479 | 1.412733027 | 1.1276005634 |
| Q1 2025 | 52.6131387524 | 29.3646703697 | 15.0915158302 | 13.1966077124 | 12.3376180397 | 7.3651487649 | 6.7101726612 | 3.7434307889 | 1.4033316662 | 1.0702172612 |
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 Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2023 | 38.3751919036 | 12.8330145257 | 31.1052065297 | 0.8237170709 | 50.5779873899 | 67.7266461268 | 133.0047177253 |
| Q2 2023 | 38.5181222499 | 13.0429262727 | 28.8641170746 | 3.5361399697 | 48.6424980662 | 67.1428630194 | 134.1834659832 |
| Q3 2023 | 38.0118277853 | 13.2325491486 | 27.4519095103 | 4.3061947945 | 46.7639494805 | 66.1968583565 | 130.2773300133 |
| Q4 2023 | 38.9026322889 | 14.0698903981 | 43.3262361431 | 0.6216971379 | 27.9056970075 | 67.8823601718 | 127.1653157594 |
| Q1 2024 | 39.1338908516 | 13.4919705585 | 27.4909236477 | 1.0912413682 | 49.0691380624 | 67.9355641726 | 129.2472793831 |
| Q2 2024 | 39.492942713 | 13.9246178338 | 10.9765904986 | 1.8231866632 | 63.2195431896 | 68.1129739113 | 130.302689798 |
| Q3 2024 | 39.536819982 | 14.0819798811 | 29.5812467263 | 1.8424908712 | 47.792937476 | 68.6673089252 | 136.2522593283 |
| Q4 2024 | 40.2326428969 | 14.4519242839 | 25.4157664656 | 0.5005761802 | 62.3382231141 | 68.7290539111 | 142.4002893466 |
| Q1 2025 | 40.3562902744 | 14.2616171499 | 43.3746496048 | -4.7371180678 | 62.230840412 | 70.0942897095 | 152.9279175222 |
Get the data: NAQ03, NAQ04, NAQ05
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.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2023 | 133.0047177253 | -42.1796185943 | 90.9557784387 |
| Q2 2023 | 134.1834659832 | -33.1043722141 | 101.0606751808 |
| Q3 2023 | 130.2773300133 | -32.49916957 | 97.7659784536 |
| Q4 2023 | 127.1653157594 | -26.1770325019 | 100.8882045276 |
| Q1 2024 | 129.2472793831 | -31.8011220978 | 97.4461572853 |
| Q2 2024 | 130.302689798 | -27.0833886163 | 103.2193011817 |
| Q3 2024 | 136.2522593283 | -32.6353822062 | 103.6168771221 |
| Q4 2024 | 142.4002893466 | -43.246020002 | 99.1542693446 |
| Q1 2025 | 152.9279175222 | -60.9219991692 | 92.0059183529 |
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.
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