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Headline Economic Results

Headline Economic Results

Increase of 9.7% in GDP and 0.8% in Modified Domestic Demand in Quarter 1

Online ISSN: 2009-5775
CSO statistical release, , 11am
Table 1.1 GDP and GNP at constant 2022 prices, Q1 20251
 Amount €mQuarterly % change
Gross Domestic Product144,6449.7
Gross National Product89,167-2.1
Modified Final Domestic Demand62,6700.8
1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted

Provisional estimates for the first quarter of 2025 indicate that GDP rose by 9.7% in real terms in Q1 2025 compared to the previous quarter while GNP fell by 2.1%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 0.8% in Q1.

GDPGNPMDD
Q1 20222.9381845052636-3.93213495406964-0.23217661093764
Q2 20223.294271739565254.333514938707286.13191070181318
Q3 20222.56308993072081-5.67128116680528-0.525419497616275
Q4 20220.3675070788481393.96140441670478-1.31136688782462
Q1 2023-6.61382592906711-1.509174695922062.09649976744597
Q2 20230.1240214574677058.588241370737970.241531008371543
Q3 2023-2.23264132747162-2.52141336247934-0.762823223070719
Q4 2023-1.277298893669632.821944543566012.31621817474386
Q1 2024-0.812939593042827-2.82457324183911.0013171405364
Q2 20241.354613478736582.33161378343609-0.218227900020407
Q3 20243.781047200966080.2699013028908630.916201419465312
Q4 20244.97214660221061-5.14615342557226-0.505145575557719
Q1 20259.70820066965068-2.100698112752010.801978424326899

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationProfessional, Admin & Support ServicesDistribution, Transport, Hotels & RestaurantsPublic Admin, Education & HealthReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionAgriculture, Forestry & FishingArts, Entertainment & Other Services
Q4 202440.973096697727.664009532314.040582888812.037491936311.82845127717.42511460144.32887291742.91200889221.56366482461.4848194718
Q1 202547.980599098228.728568413314.091453925312.188438568211.96830682297.34771885024.73702810143.10811251671.58791610621.6031954154

Get the data: NAQ02

The MNE dominated sectors of the economy expanded by 12.4% in the first quarter of 2025. The Industry (excluding Construction) sector recorded strong growth in Q1 compared to the previous quarter, increasing by 17.1%, while the Information & Communication sector grew by 3.8% in the quarter. The non-MNE sectors also expanded this quarter, increasing by 0.7%. This included robust growth in the domestic facing Construction and Arts & Entertainment sectors which increased by 6.7% and 8.0% respectively. The domestically dominated Distribution, Transport, Hotels & Restaurants sector increased by 1.3% quarter-on-quarter. Other sectors with quarter-on-quarter increases include Financial and Insurance Activities (9.4%), Agriculture, Forestry and Fishing (1.6%), Public Administration, Education & Health (1.2%) and Professional & Administrative Services (0.4%). The Real Estate Activities sector declined by 1.0%. (See Tables 2.5 and 6.3).

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202232.217943644611.915778475323.76232437931.572377613255.474706943356.747809246125.4520837721
Q2 202233.477550238612.147329439827.31462986363.935238353253.650244835960.2275342342129.5848163145
Q3 202234.34049071512.225969463229.77459251033.279906863253.007902284159.9110870264132.9061916932
Q4 202234.61747270712.30840150929.691602689-0.121692966853.920884720559.125432869133.3946313559
Q1 202334.783841890912.34965028924.72188316412.629643865151.670844353260.3649974316124.5721426393
Q2 202335.407943445412.506420077224.6948111795.410557155144.243925351360.5107976186124.7266388262
Q3 202335.142672733512.786176332124.02381995894.038822425144.263291880560.0492072019121.9419403414
Q4 202335.8738569613.000655447340.20798489883.205804145126.475681295361.4400778529120.3843772865
Q1 202435.942739861512.985234902423.62361218341.425024185145.60892821262.0552878836119.4057250197
Q2 202436.119959183313.21954866638.60556558480.668818974162.417433107661.919865932121.0232110652
Q3 202435.795575359513.3846670427.21371074570.454804170145.97978158862.4871766226125.5991557997
Q4 202436.633144324313.371826669124.9468384604-2.049898539959.619485473662.1715254146131.8441299572
Q1 202536.854057266613.463813163435.2041463154-3.729220288967.030813821362.6701276345144.6438226646

Get the data: NAQ03NAQ04NAQ05

On the expenditure side of the accounts (Table 3.5), Exports increased by 9.4% in Q1 2025 compared with Q4 2024 while Imports increased by 8.0% which meant that overall net exports for the quarter expanded by 12.4% or €7.4 billion in money terms quarter-on-quarter. Capital Investment increased by €8.6 billion during the quarter (a 37.5% increase quarter-on-quarter) with the Capital Formation element increasing by €10.3 billion (a 41.1% increase quarter-on-quarter) reflecting higher levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 38.5% of total domestic demand in Q1 2025. Personal Consumption Expenditure grew by 0.6% in Q1 2025 compared with the previous quarter, while Government Expenditure on Current Goods and Services grew by 0.7% quarter-on-quarter. These impacts when combined resulted in an overall increase in Real GDP in Q1 2025 of 9.7%. Final Domestic Demand grew by 14.1% in Q1 compared with the previous quarter, driven by the higher investment in Intangible Assets, while Modified Domestic Demand grew by 0.8% over the same period.

GDPNet Factor Income from Rest of WorldGNP
Q1 2022125.4520837721-37.646633489487.8054502827
Q2 2022129.5848163145-37.974303726891.6105125877
Q3 2022132.9061916932-46.491168852686.4150228405
Q4 2022133.3946313559-43.556359983889.838271372
Q1 2023124.5721426393-36.08968772688.4824549132
Q2 2023124.7266388262-28.645097114396.0815417119
Q3 2023121.9419403414-28.283011461193.6589288803
Q4 2023120.3843772865-24.08244537396.3019319134
Q1 2024119.4057250197-25.823911706493.5818133132
Q2 2024121.0232110652-25.259431293995.7637797712
Q3 2024125.5991557997-29.576908339296.0222474605
Q4 2024131.8441299572-40.763334673791.0807952835
Q1 2025144.6438226646-55.476359928789.1674627359

Get the data: NAQ03

Factor income outflows rose significantly by 36.1% in the quarter, a rise of €14.7 billion in money terms compared with the previous quarter, leading to a fall in GNP of 2.1%.

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.