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Quarterly National Accounts Quarter 2 2023

Foreign and Domestic GVA

Multinational sector expanded by 6.2% in Q2 2023 while Non-MNE dominated sectors grew by 1.5%

Online ISSN: 2009-5775

CSO statistical release, 01 September 2023, 11am

Table 6.1 Gross Value Added for sectors dominated by Foreign-owned MNEs and Other Sectors, Q2 2023¹
	Amount €m	Quarterly % change
Foreign-owned MNE dominated	61,280	6.2
Other	54,063	1.5
Total GVA (MNE dominated + Other)	115,343	4.0
1Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted.

Open in Excel: Quarterly National Accounts Q2 2023 Table 6.1 (XLS 9KB)

On a seasonally adjusted basis, estimates indicate that Gross Value Added (GVA) in volume terms in the Foreign-owned MNE dominated sector rose by 6.2% for the second quarter of 2023, largely driven by an expansion in the Industry (excluding Construction) sector of 3.8% quarter-on-quarter. GVA for the non-MNE dominated sectors of the economy grew by 1.5% over the same period.

Real GVA for the total economy amounted to €115 billion in the Q2 2023 reference period, with GVA for MNE dominated sectors representing approximately 53.1% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 46.9% of the total.

	Foreign-owned MNE-dominated	Other
Q1 2021	17.4598330205509	0.670939268262205
Q2 2021	2.54283237024902	1.64481137456016
Q3 2021	3.30785934247362	1.20453623512351
Q4 2021	-2.17922463907635	2.42079278302738
Q1 2022	8.13249971313736	1.27389828421824
Q2 2022	4.1314275106175	1.09346127200074
Q3 2022	4.0633823647521	0.706078607610583
Q4 2022	3.57379038890562	0.911275590850558
Q1 2023	-10.7815268440645	1.4677671077401
Q2 2023	6.23726875230177	1.48989015401337

Get the data: NAQ06

The classification of value added for the total economy between (a) the Foreign-owned MNE dominated sector and (b) the Other sector in Tables 6.2 and 6.3 is determined by business accounting turnover. Foreign-owned MNE dominated sectors are defined as those where MNE turnover on average exceeds 85% of the sector total. Economic activity classified to the Non-MNE dominated sector falls below this turnover threshold.

The main sectors dominated by MNEs in Ireland are:

Pharma and Chemical production
Computer, electronic and optical device manufacturing
Medical instrument production
Information & Communications, including software publishing

The combination of all remaining non-MNE dominated sectors provides an estimation of the value-added contribution of the domestic-facing side of the economy to the overall economy.

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2017	111,808	163,620	275,428	109,470	178,236	283,648
2018	131,371	175,291	306,662	127,623	188,759	312,690
2019	148,039	186,002	334,041	136,404	196,790	329,512
2020	173,505	182,681	356,186	170,096	186,520	356,006
2021	212,005	196,406	408,411	212,005	196,406	408,411
2022	256,225	225,772	481,998	244,987	207,323	452,310

2017
Q1	25,946	39,385	65,331	25,073	43,286	67,285
Q2	24,047	40,455	64,503	24,807	43,828	67,514
Q3	27,704	41,582	69,286	27,987	45,402	72,361
Q4	34,111	42,197	76,308	31,604	45,720	76,487

2018
Q1	31,568	41,361	72,929	30,080	44,573	73,778
Q2	30,099	43,421	73,520	31,559	46,815	77,454
Q3	33,586	44,623	78,209	32,338	48,300	79,677
Q4	36,118	45,887	82,005	33,646	49,071	81,782

2019
Q1	34,703	44,527	79,231	30,767	47,092	76,885
Q2	34,575	45,499	80,074	33,960	48,337	81,415
Q3	37,428	47,182	84,610	35,207	50,026	84,323
Q4	41,333	48,794	90,127	36,470	51,335	86,889

2020
Q1	43,284	47,217	90,502	39,661	48,299	87,492
Q2	40,335	40,888	81,224	40,926	42,003	82,977
Q3	46,475	46,392	92,867	45,200	47,445	92,626
Q4	43,410	48,183	91,594	44,310	48,773	92,912

2021
Q1	52,291	45,227	97,518	50,789	46,117	96,925
Q2	48,980	47,908	96,889	51,097	48,588	99,659
Q3	56,262	50,340	106,602	56,318	49,928	106,294
Q4	54,471	52,931	107,402	53,802	51,773	105,534

2022
Q1	59,839	51,974	111,814	56,899	49,115	106,014
Q2	59,200	55,923	115,123	57,751	51,676	109,427
Q3	69,807	57,781	127,589	65,008	52,689	117,697
Q4	67,379	60,094	127,472	65,329	53,843	119,172

2023
Q1	61,038	55,601	116,639	56,883	51,178	108,061
Q2	60,480	59,900	120,380	58,736	54,146	112,882

Annual Percentage Changes
2017	13.2	8.0	10.0	10.6	4.5	6.9
2018	17.5	7.1	11.3	16.6	5.9	10.2
2019	12.7	6.1	8.9	6.9	4.3	5.4
2020	17.2	-1.8	6.6	24.7	-5.2	8.0
2021	22.2	7.5	14.7	24.6	5.3	14.7
2022	20.9	15.0	18.0	15.6	5.6	10.7

Percentage change on corresponding period of previous year
2017
Q1	10.4	7.4	8.6	0.9	4.9	3.3
Q2	8.6	7.0	7.6	9.1	3.0	5.4
Q3	19.1	7.8	12.0	34.9	3.9	14.9
Q4	14.1	9.6	11.6	3.2	6.2	4.6

2018
Q1	21.7	5.0	11.6	20.0	3.0	9.6
Q2	25.2	7.3	14.0	27.2	6.8	14.7
Q3	21.2	7.3	12.9	15.5	6.4	10.1
Q4	5.9	8.7	7.5	6.5	7.3	6.9

2019
Q1	9.9	7.7	8.6	2.3	5.7	4.2
Q2	14.9	4.8	8.9	7.6	3.3	5.1
Q3	11.4	5.7	8.2	8.9	3.6	5.8
Q4	14.4	6.3	9.9	8.4	4.6	6.2

2020
Q1	24.7	6.0	14.2	28.9	2.6	13.8
Q2	16.7	-10.1	1.4	20.5	-13.1	1.9
Q3	24.2	-1.7	9.8	28.4	-5.2	9.8
Q4	5.0	-1.3	1.6	21.5	-5.0	6.9

2021
Q1	20.8	-4.2	7.8	28.1	-4.5	10.8
Q2	21.4	17.2	19.3	24.9	15.7	20.1
Q3	21.1	8.5	14.8	24.6	5.2	14.8
Q4	25.5	9.9	17.3	21.4	6.2	13.6

2022
Q1	14.4	14.9	14.7	12.0	6.5	9.4
Q2	20.9	16.7	18.8	13.0	6.4	9.8
Q3	24.1	14.8	19.7	15.4	5.5	10.7
Q4	23.7	13.5	18.7	21.4	4.0	12.9

2023
Q1	2.0	7.0	4.3	-0.0	4.2	1.9
Q2	2.2	7.1	4.6	1.7	4.8	3.2
¹Chain linked series not additive

Open in Excel: Quarterly National Accounts Q2 2023 Table 6.2 (XLS 19KB)

Visit Table NAQ06 on PxStat

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹ - Seasonally Adjusted

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹ - Seasonally Adjusted						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2017
Q1	26,967	40,094	67,061	24,860	44,538	69,398
Q2	24,975	40,643	65,618	25,426	44,071	69,497
Q3	28,513	41,164	69,677	28,491	44,624	73,115
Q4	30,918	41,604	72,523	30,370	44,943	75,313

2018
Q1	31,334	42,426	73,759	30,180	45,920	76,100
Q2	31,890	43,440	75,330	32,451	47,070	79,521
Q3	34,336	44,188	78,524	32,325	47,531	79,856
Q4	34,468	45,035	79,503	32,609	48,102	80,710

2019
Q1	33,994	45,583	79,577	31,106	48,598	79,704
Q2	36,702	45,843	82,545	34,830	48,614	83,444
Q3	37,745	46,663	84,408	34,736	49,273	84,009
Q4	39,279	47,713	86,992	35,714	50,157	85,871

2020
Q1	42,473	48,568	91,041	40,181	50,011	90,191
Q2	43,309	41,191	84,500	42,022	42,187	84,209
Q3	45,224	45,813	91,037	44,075	46,760	90,835
Q4	44,390	46,987	91,378	43,767	47,573	91,339

2021
Q1	51,962	46,946	98,908	51,408	47,892	99,300
Q2	53,701	48,000	101,700	52,715	48,680	101,395
Q3	54,906	49,665	104,570	54,459	49,266	103,725
Q4	51,885	51,545	103,430	53,272	50,459	103,731

2022
Q1	61,414	54,006	115,419	57,605	51,102	108,706
Q2	62,792	56,067	118,859	59,985	51,660	111,645
Q3	65,176	57,016	122,192	62,422	52,025	114,447
Q4	64,318	58,455	122,773	64,653	52,499	117,152

2023
Q1	61,675	57,946	119,621	57,682	53,270	110,952
Q2	65,339	59,948	125,287	61,280	54,063	115,343

Percentage change on previous quarter
2017
Q1	1.2	5.3	3.6	-15.7	5.0	-3.5
Q2	-7.4	1.4	-2.2	2.3	-1.0	0.1
Q3	14.2	1.3	6.2	12.1	1.3	5.2
Q4	8.4	1.1	4.1	6.6	0.7	3.0

2018
Q1	1.3	2.0	1.7	-0.6	2.2	1.0
Q2	1.8	2.4	2.1	7.5	2.5	4.5
Q3	7.7	1.7	4.2	-0.4	1.0	0.4
Q4	0.4	1.9	1.2	0.9	1.2	1.1

2019
Q1	-1.4	1.2	0.1	-4.6	1.0	-1.2
Q2	8.0	0.6	3.7	12.0	0.0	4.7
Q3	2.8	1.8	2.3	-0.3	1.4	0.7
Q4	4.1	2.2	3.1	2.8	1.8	2.2

2020
Q1	8.1	1.8	4.7	12.5	-0.3	5.0
Q2	2.0	-15.2	-7.2	4.6	-15.6	-6.6
Q3	4.4	11.2	7.7	4.9	10.8	7.9
Q4	-1.8	2.6	0.4	-0.7	1.7	0.6

2021
Q1	17.1	-0.1	8.2	17.5	0.7	8.7
Q2	3.3	2.2	2.8	2.5	1.6	2.1
Q3	2.2	3.5	2.8	3.3	1.2	2.3
Q4	-5.5	3.8	-1.1	-2.2	2.4	0.0

2022
Q1	18.4	4.8	11.6	8.1	1.3	4.8
Q2	2.2	3.8	3.0	4.1	1.1	2.7
Q3	3.8	1.7	2.8	4.1	0.7	2.5
Q4	-1.3	2.5	0.5	3.6	0.9	2.4

2023
Q1	-4.1	-0.9	-2.6	-10.8	1.5	-5.3
Q2	5.9	3.5	4.7	6.2	1.5	4.0
¹Chain linked series not additive