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Headline Economic Results

This release was compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Information Note - Implications of COVID-19 on the Quarterly National Accounts Quarter 2 2021.

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Increases of 6.3% in GDP and 6.7% in GNP in Quarter 2

Table 1.1 GDP and GNP at constant 2019 prices, Q2 20211
 Amount €mQuarterly % change
1Constant Market Prices, chain linked annually and referenced to year 2019, seasonally adjusted

Updated estimates for the second quarter of 2021 indicate that there was an increase of 6.3% in GDP in real terms in Q2 2021 compared to the previous quarter while GNP rose by 6.7%. Looking at the first half of 2021, the economy grew by approximately 16% in GDP terms and 9% in terms of GNP compared with H1 2020. Compared with H1 2019, GDP has increased by 21% and almost 13% in GNP terms.

Q1 20191.032527998570435.25457485704581
Q2 20192.801570682012921.13973792610249
Q3 2019-0.4135417066615240.627168175167658
Q4 20191.666118399197923.18227423284856
Q1 20202.641664965536461.57920700204854
Q2 2020-2.92547534694114-5.38137902113445
Q3 20209.848994084655470.739139348688256
Q4 2020-4.5752755362391810.5248137951065
Q1 20218.72752050596133-2.962456784849
Q2 20216.278713299706736.70964819011153
Industry (excl. Construction)Information and CommunicationProfessional, Admin and Support ServicesPublic Admin, Education and HealthDistribution, Transport, Hotels and RestaurantsReal Estate ActivitiesFinancial and Insurance ActivitiesConstructionArts, Entertainment and Other ServicesAgriculture Forestry and Fishing
Q2 202144.39933049116.7429961269.1764150899.0936144887.6526585265.1791010063.8132111041.7951359130.9268878630.736318811
Q1 202142.85779187615.7675384438.8160480148.8453043957.6022545515.1326430163.7221310041.4607951480.8984074310.763367224

The Construction sector recorded strong growth in Q2 compared with the previous quarter, a rebound of 22.9% following the easing of COVID related restrictions. The MNE dominated Information & Communication sector grew by 6.2% while Industry (excluding Construction) rose by 3.6% in the period. Quarter-on-quarter increases were recorded in Professional & Administrative services (4.1%), Arts & Entertainment (3.2%), Public Administration, Education & Health (2.8%), Finance & Insurance (2.4%) and Real Estate (0.9%). The domestically dominated Distribution, Transport, Hotels & Restaurants sector increased by 0.7% over the same period. The Agriculture sector decreased by 3.5% over the period compared with Q1 2021. (See Table 2.5)

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 201927.9226911258.905037222818.6608522972.21187146629.97446738246.36567016787.072767418
Q2 201927.8451014268.940177525262.402556569-0.1815074862-10.2403877846.20245200589.512172542
Q3 201927.671763799.093848706621.2588368410.959494339128.39435124947.05597342689.142002376
Q4 201927.4952538238.95038523188.6264549050.9648944785-35.8731036446.07218495290.627213679
Q1 202026.6041216049.080606441681.35496871.3580355274-25.6966649745.42965672293.021281032
Q2 202022.31275348710.162954921.0192761231.982851523136.62620411540.35122816590.299966388
Q3 202025.47328718110.10891429719.7145800350.341736852845.68346682845.792831199.193604736
Q4 202025.0316534310.44475899124.857582991.231462013931.9471833445.08291800394.655224005
Q1 202123.60522701410.26978056318.4761898070.78327533951.20526857342.843829808102.91627809
Q2 202126.56917214810.35718286719.5462221821.297072712955.42275063246.440421573109.37809613

On the expenditure side of the accounts (Table 3.5), Personal Consumption Expenditure grew strongly by 12.6% quarter-on-quarter. Exports increased by 6.4% in Q2 2021 compared with Q1 2021 while Imports rose by 5.4% which meant that overall net exports for the quarter were 8.2% higher in Q2 compared with Q1 or €4.2 billion higher in money terms quarter-on-quarter. Capital Investment exhibited an increase of €1.6 billion in Q2 compared with the previous quarter and accounted for 36.1% of domestic demand in Q2 2021. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q2 2021 of 6.3%. Final Domestic Demand was up by 7.9% in Q2 compared with Q1 while Modified Domestic Demand increased by 8.4% over the same period.

GDPNet Factor Income from Rest of WorldGNP
Q1 201987.072767418-19.56013967.512628419
Q2 201989.512172542-21.2300770968.28209545
Q3 201989.142002376-20.4316633568.710339022
Q4 201990.627213679-19.7303232470.896890436
Q1 202093.021281032-21.0047819472.016499094
Q2 202090.299966388-22.1589480768.14101832
Q3 202099.193604736-30.5489293468.644675399
Q4 202094.655224005-18.7858243475.869399665
Q1 2021102.91627809-29.2944766173.621801487
Q2 2021109.37809613-30.8165307778.561565358

Factor income outflows were €1,522m higher than in the previous quarter leading to an overall increase in GNP of 6.7% for the second quarter compared with the previous quarter.

The calculation methods for quarterly accounts are similar to those used in the annual National Income and Expenditure. 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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