Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q2 20232 | ||
Amount €m | Quarterly % change | |
Industry (excl. Construction) | 44,718 | 3.8 |
Information and Communication | 21,836 | 2.0 |
Professional, Admin and Support Services | 11,133 | 6.9 |
Public Admin, Education and Health | 10,695 | 0.4 |
Distribution, Transport, Hotels and Restaurants | 10,235 | 1.9 |
Real Estate Activities | 6,348 | 0.0 |
Financial and Insurance Activities | 4,806 | 4.6 |
Construction | 2,393 | -2.2 |
Agriculture, Forestry and Fishing | 1,299 | 10.3 |
Arts, Entertainment and Other Services | 1,022 | -0.9 |
Gross Domestic Product | 117,374 | 0.5 |
1Series is not additive, Taxes less Subsidies on Products not shown in table (see Table 2.5 for full detail). | ||
2Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted. |
The MNE dominated sectors of the economy expanded by 6.2% overall in the second quarter of 2023. The MNE dominated Industry (excluding Construction) sector recorded an increase of 3.8% in Q2 compared with the previous quarter, while the Information & Communication sector grew by 2.0% in the quarter. The domestically facing Agriculture, Forestry & Fishing sector increased by 10.3% quarter-on-quarter while the Distribution, Transport, Hotels & Restaurants sector expanded by 1.9% over the period compared with Q1 2023. Professional & Administrative services increased by 6.9% in Q2 while Finance & Insurance grew by 4.6% in the quarter. The domestically dominated Public Administration, Education & Health sector posted a modest increase of 0.4% quarter-on-quarter in Q2 2023 while the Real Estate sector was broadly unchanged. Construction and the Arts & Entertainment sectors recorded declines of 2.2% and 0.9% respectively over the same period. (See Tables 2.5 and 6.3). Looking at half yearly results for 2023 compared with H1 2022, the MNE dominated sectors expanded by 0.8% over the six-month period while the Domestic-facing sectors grew by 4.5%. (See Table 6.2)
Column1 | Q2 2023 | Q1 2023 |
---|---|---|
Industry (excl. Construction) | 44.717681136 | 43.099491185 |
Information and Communication | 21.836153085 | 21.417142753 |
Professional, Admin and Support Services | 11.132954288 | 10.413998612 |
Public Admin, Education and Health | 10.694704928 | 10.649758522 |
Distribution, Transport, Hotels and Restaurants | 10.235380941 | 10.041087359 |
Real Estate Activities | 6.348263853 | 6.347889222 |
Financial and Insurance Activities | 4.805742335 | 4.594975424 |
Construction | 2.393213487 | 2.447913655 |
Agriculture Forestry and Fishing | 1.299486694 | 1.177810588 |
Arts, Entertainment and Other Services | 1.021530737 | 1.030609386 |
Get the data: NAQ02
Column1 | Q2 2023 |
---|---|
Construction | -2.23456280364595 |
Arts, Entertainment & Other Services | -0.880901059443684 |
Real Estate Activities | 0.00590166253535696 |
Public Admin, Education & Health | 0.422041550586805 |
Distribution, Transport, Hotels & Restaurants | 1.93498547570998 |
Information & Communication | 1.9564249855005 |
Industry (excl. Construction) | 3.7545453705105 |
Financial & Insurance Activities | 4.58689963604906 |
Professional, Admin & Support Services | 6.90374276765846 |
Agriculture, Forestry & Fishing | 10.3307023420985 |
Agriculture, Forestry & Fishing | Industry (excl. Construction) | Construction | Distribution, Transport, Hotels & Restaurants | Information & Communication | Financial & Insurance Activities | Real Estate Activities | Professional, Admin & Support Services | Public Admin, Education & Health | Arts, Entertainment & Other Services | |
Q1 2021 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Q2 2021 | 95.3984103512138 | 99.524180224887 | 115.495759806286 | 108.64019613296 | 104.948316959805 | 98.9502587694197 | 101.077971070217 | 98.2077316875928 | 101.0709038914 | 104.11846993756 |
Q3 2021 | 106.099957072323 | 106.310122514301 | 118.590082120576 | 114.38013341973 | 104.021781710061 | 98.9336624799009 | 101.579872109191 | 97.979665661032 | 102.626474164243 | 109.38696954962 |
Q4 2021 | 105.946370134671 | 94.9639120089519 | 132.117629489114 | 119.242564223969 | 117.029616259205 | 97.8860101655515 | 104.157499826659 | 97.057378970712 | 103.963191969095 | 132.643138558437 |
Q1 2022 | 109.985091298294 | 113.188075064328 | 118.146522029472 | 121.247059860417 | 109.421638650237 | 95.3937866753986 | 104.327168693037 | 99.4858109230682 | 106.28782673335 | 108.726174282791 |
Q2 2022 | 106.447590066885 | 112.517822203456 | 124.400275459839 | 131.20914917951 | 114.874151184559 | 90.9479210337027 | 105.897055050896 | 100.064823447047 | 108.103647377643 | 121.31082319765 |
Q3 2022 | 111.02787243007 | 123.017139120584 | 124.002817733641 | 131.432019347672 | 117.42249855598 | 89.6406576797533 | 106.871521424982 | 98.7822381868343 | 108.616934481712 | 121.502677006296 |
Q4 2022 | 105.34847553178 | 126.701499454113 | 119.338366967147 | 133.086982179371 | 114.983881135295 | 91.7033317780544 | 106.970403097159 | 99.2027233350019 | 109.663218133216 | 143.554399506602 |
Q1 2023 | 111.312935604285 | 109.726179413372 | 122.23160625343 | 134.252033612986 | 120.584676846929 | 98.9160706093373 | 107.192224018253 | 97.0588784066267 | 110.047359738103 | 110.519802001964 |
Q2 2023 | 122.812343649815 | 113.845898602775 | 119.500264245792 | 136.849790964242 | 122.943825593448 | 103.453251492111 | 107.198550141578 | 103.759573704995 | 110.511805321521 | 109.546231895234 |
Estimates for the second quarter of 2023 indicate that there was a fall of 0.7% in GDP in real terms in Q2 2023 compared with Q2 2022. Gross Value Added (GVA) for the MNE-dominated sectors expanded by 1.7% in Q2 2023 compared with Q2 2022. The Information & Communication sector increased by 6.8% in Q2 compared with the equivalent quarter of 2022 while the Industry (excluding Construction) sector increased by 0.8% year-on-year over the same period.
Of the domestic based economic sectors, Agriculture, Forestry & Fishing sector posted a strong result, expanding by 13.7%, while Distribution, Transport, Hotels & Restaurants increased by 4.6% compared with the same quarter of 2022. Of the Service sectors, Financial & Insurance activities recorded the strongest growth rising by 14.1% in Q2 2023 compared with Q2 2022. Modest year-on-year increases were recorded in the Professional & Administrative Services sector (3.7%), Public Administration, Education & Health (2.2%) and in Real Estate activities (1.2%). The Arts & Entertainment sector contracted by 9.6% year-on-year in Q2 2023 with Construction activity falling by 4.3%. Overall, the domestic based sectors grew by 4.8% year-on-year in the second quarter of 2023 compared with Q2 2022. (See Tables 2.3 and 6.2).
Looking at the H1 2023 results, the Information & Communication sector expanded by 8.4% in the six-month period compared with the equivalent period in 2022 while Financial & Insurance activities rose by 8.1%. Distribution, Transport, Hotels & Restaurants and the Agriculture, Forestry & Fishing sectors both recorded increases of 7.6% over the period. Modest growth was posted in the other Service sectors. Public Administration, Education & Health grew by 2.9%, Real Estate activities increased by 2.0% half year-on-half year while the Professional & Administrative Services sector rose by 0.6% over the same period. Contractions were recorded in H1 2023 in Industry (1.2%), Arts & Entertainment (4.5%) and in Construction (0.2%)
FOR UPDATES TABLES, PLEASE CLICK ON THE FOLLOWING LINK: Quarterly National Accounts Q2 2023 Updates Tables (XLS 52KB)
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