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Headline Economic Results

Headline Economic Results

Increases of 0.5% in GDP and 11.1% in GNP in Quarter 2

Online ISSN: 2009-5775
CSO statistical publication, , 11am
Table 1.1 GDP and GNP at constant 2021 prices, Q2 20231
 Amount €mQuarterly % change
Gross Domestic Product117,3740.5
Gross National Product89,92211.1
Modified Final Domestic Demand55,7691.0
1Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted

Estimates for the second quarter of 2023 indicate that there was an increase of 0.5% in GDP in real terms in Q2 2023 compared to the previous quarter while GNP expanded by 11.1%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 1.0% in Q2. Looking at the first half of 2023, the economy grew by 0.2% in GDP terms while in terms of GNP it expanded by 2.2% compared with H1 2022. Compared with H1 2021, GDP and GNP have both increased by 9%. In comparison with H1 2020, GDP has increased by 28% and 20% in GNP terms. Compared with H1 2019, a pre-COVID period, GDP has increased by 35% and almost 26% in GNP terms.

GDPGNP
Q1 202111.49199420142585.81906612683862
Q2 20212.487425528494082.60619001210023
Q3 20212.553438147147352.52824040294424
Q4 2021-2.536951676010393.40272218941471
Q1 20226.8215395322216-2.19317151156536
Q2 20222.179174273570113.26178726682191
Q3 20222.36320250564299-6.15872234356004
Q4 2022-0.86139149605635210.6720247333563
Q1 2023-2.63007357786683-8.41747616081685
Q2 20230.4642755145043211.0889146658256

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationPublic Admin, Education & HealthProfessional, Admin & Support ServicesDistribution, Transport, Hotels & RestaurantsReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionAgriculture, Forestry & FishingArts, Entertainment & Other Services
Q1 202343.09949118521.41714275310.64975852210.41399861210.0410873596.3478892224.5949754242.4479136551.1778105881.030609386
Q2 202344.71768113621.83615308510.69470492811.13295428810.2353809416.3482638534.8057423352.3932134871.2994866941.021530737

Get the data: NAQ02

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)

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202125.24146404111.21592914218.6163898032.12384960949.37401860546.492454516105.74687965
Q2 202128.87849540411.14134231319.9351319040.05747956349.23356862750.440832511108.37725453
Q3 202129.72054003510.87348359619.3840272863.13579461748.46200521850.800283356111.14460069
Q4 202129.90529936911.19761416838.86368166-0.10956058827.0221288852.498559178108.32491588
Q1 202230.12415947211.26878001921.5095821031.56717703451.5474491952.904762757115.71434284
Q2 202231.32513126611.42631379425.4276273533.86921801347.3882458856.024908993118.23596003
Q3 202231.43779665611.69588321227.8078976714.19840775345.0889222955.424816029121.0301152
Q4 202231.76545487611.60943127927.278420415-0.01113184746.7064038755.339306574119.98757208
Q1 202331.77753084611.15913207922.5013755122.54066970948.3950107455.210545413116.83181065
Q2 202332.05942506211.64211749223.6674877885.38546921141.4404985555.768564875117.37423214

Get the data: NAQ03, NAQ04NAQ05

On the expenditure side of the accounts (Table 3.5), Exports decreased by 4.1% in Q2 2023 compared with Q1 2023 while Imports increased by a modest 0.1% which meant that overall net exports for the quarter contracted by 14.4% in Q2 compared with Q1 2023 or €7.0 billion lower in money terms quarter-on-quarter. Capital Investment increased by €4.0 billion during the quarter (a 16.0% increase quarter-on-quarter) with the Capital Formation element rising by 5.2% reflecting higher levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 39.9% of total domestic demand in Q2 2023. Government Expenditure on Current Goods and Services rose by 4.3% quarter-on-quarter with Personal Consumption Expenditure increasing by 0.9% in Q2 compared with the previous quarter. These impacts when combined resulted in an overall rise in Real GDP in Q2 2023 of 0.5%. Final Domestic Demand increased by 3.0% in Q2 compared with Q1 while Modified Domestic Demand grew by 1.0% over the same period.

Turning to the H1 2023 results, Net Exports fell by 8.7% over the period compared with H1 2022 or €8.3 billion in money terms. The increase in Exports of 1.3% half year-over-half year was outpaced by the increase in Imports of 5.7%. Personal Consumption Expenditure rose by 3.7% in H1 2023 compared with the same period of the previous year, Capital Investment grew by 3.7% while Government Expenditure on Current Goods and Services increased by 0.2%.

GDPNet Factor Income from Rest of WorldGNP
Q1 2021105.74687965-28.2843684977.462511161
Q2 2021108.37725453-28.8959231479.48133139
Q3 2021111.14460069-29.6537901681.490810523
Q4 2021108.32491588-24.0611994784.263716415
Q1 2022115.71434284-33.2986742582.415668592
Q2 2022118.23596003-33.1320676585.103892376
Q3 2022121.0301152-41.1675352679.862579941
Q4 2022119.98757208-31.6020378688.385534225
Q1 2023116.83181065-35.886107780.945702952
Q2 2023117.37423214-27.4525292689.921702878

Get the data: NAQ03

Factor income outflows fell significantly by 23.5% in the quarter, a decline of €8.4 billion in money terms compared with the previous quarter, leading to a rise in GNP of 11.1% for the second quarter compared with the previous quarter. For the Half Year 2023 compared with the equivalent period of 2022, Factor income outflows fell by 4.3% or almost €3.0 billion in money terms.

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.