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Quarterly National Accounts Quarter 2 2024

Foreign and Domestic GVA

Domestic sector contracted by 1.8% in Q2 2024 while Multinational sector fell by 0.1%

Online ISSN: 2009-5775

CSO statistical release, 05 September 2024, 11am

Table 6.1 Gross Value Added for sectors dominated by Foreign-owned MNEs and Other Sectors, Q2 2024¹
	Amount €m	Quarterly % change
Foreign-owned MNE dominated	49,288	-0.1
Other	62,978	-1.8
Total GVA (MNE dominated + Other)	112,267	-1.1
1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted.

Open in Excel: Quarterly National Accounts Q2 2024 Table 6.1 (XLS 9KB)

On a seasonally adjusted basis, estimates indicate that Gross Value Added (GVA) in volume terms in the non-MNE dominated sectors of the economy fell by 1.8% for the second quarter of 2024, largely driven by contractions in the Finance & Insurance sector and Professional & Administrative services sector of 9.8% and 2.9% quarter-on-quarter respectively. GVA for the Foreign-owned MNE dominated sector decreased by 0.1% over the same period driven by declines in the Industry (excluding Construction) sector of 0.7% and of 0.9% in the Information & Communication sector quarter-on-quarter.

Real GVA for the total economy amounted to €112.3 billion in the Q2 2024 reference period, with GVA for MNE dominated sectors representing approximately 43.9% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 56.1% of the total.

Looking at half yearly results for 2024 compared with H1 2023, the MNE dominated sectors contracted by 12.3% over the six-month period while the Domestic-facing sectors grew by 2.0%.

	Foreign-owned MNE-dominated	Other
Q1 2022	7.35347167701395	-1.9723079475409
Q2 2022	1.47223262892295	1.56162477083421
Q3 2022	6.52462838915489	1.03820890307575
Q4 2022	4.04223261822168	1.40930899536895
Q1 2023	-20.6228658768895	2.68768691481736
Q2 2023	3.15470387325749	1.69740367734708
Q3 2023	-4.87786308513459	-0.195599086824383
Q4 2023	-3.22320376926294	0.714448643459398
Q1 2024	-5.90680835728679	1.47281007455582
Q2 2024	-0.0728450877961917	-1.84825390048159

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 2022)¹

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018	133,766	180,972	314,739	136,693	212,297	342,773
2019	151,956	190,993	342,950	145,795	221,615	361,124
2020	174,551	185,508	360,059	181,274	210,004	389,526
2021	217,932	206,310	424,242	227,246	226,438	453,120
2022	261,298	236,232	497,530	261,298	236,232	497,530
2023	223,853	260,336	484,190	218,851	250,716	469,567

2018
Q1	32,175	42,652	74,827	32,272	50,362	81,147
Q2	30,715	44,778	75,493	33,895	52,576	84,935
Q3	34,191	46,059	80,250	34,607	54,173	87,173
Q4	36,685	47,484	84,169	35,919	55,186	89,518

2019
Q1	35,748	45,678	81,427	32,956	53,118	84,436
Q2	35,626	46,651	82,277	36,339	54,572	89,392
Q3	38,305	48,378	86,682	37,581	56,287	92,308
Q4	42,278	50,286	92,564	38,920	57,637	94,988

2020
Q1	43,572	47,917	91,489	42,360	54,477	95,927
Q2	40,536	41,440	81,976	43,664	47,198	90,753
Q3	46,752	47,154	93,906	48,088	53,257	101,107
Q4	43,690	48,997	92,688	47,162	55,073	101,739

2021
Q1	53,624	47,447	101,071	54,485	52,723	107,142
Q2	50,468	50,202	100,670	54,784	55,822	110,415
Q3	57,710	52,865	110,575	60,219	57,709	117,880
Q4	56,130	55,795	111,926	57,758	60,184	117,682

2022
Q1	60,954	54,624	115,578	60,617	56,213	116,792
Q2	60,483	58,412	118,895	61,664	58,860	120,440
Q3	71,133	60,268	131,401	69,337	59,884	129,297
Q4	68,728	62,928	131,656	69,680	61,274	131,000

2023
Q1	56,587	62,436	119,023	53,894	60,275	114,168
Q2	55,962	65,338	121,300	55,920	63,036	118,956
Q3	57,385	65,625	123,010	56,362	63,128	119,490
Q4	53,919	66,937	120,856	52,675	64,277	116,952

2024
Q1	51,213	66,191	117,404	47,842	62,699	110,542
Q2	49,210	67,500	116,711	48,494	63,068	111,562

Annual Percentage Changes
2018	15.6	5.8	9.8	16.0	4.7	9.2
2019	13.6	5.5	9.0	6.7	4.4	5.4
2020	14.9	-2.9	5.0	24.3	-5.2	7.9
2021	24.9	11.2	17.8	25.4	7.8	16.3
2022	19.9	14.5	17.3	15.0	4.3	9.8
2023	-14.3	10.2	-2.7	-16.2	6.1	-5.6

Percentage change on corresponding period of previous year
2018
Q1	19.4	3.8	10.0	19.6	2.3	9.0
Q2	22.7	6.0	12.2	26.8	5.2	13.5
Q3	19.3	6.1	11.3	14.9	4.8	8.9
Q4	4.5	7.3	6.1	5.7	6.1	6.0

2019
Q1	11.1	7.1	8.8	2.1	5.5	4.1
Q2	16.0	4.2	9.0	7.2	3.8	5.2
Q3	12.0	5.0	8.0	8.6	3.9	5.9
Q4	15.2	5.9	10.0	8.4	4.4	6.1

2020
Q1	21.9	4.9	12.4	28.5	2.6	13.6
Q2	13.8	-11.2	-0.4	20.2	-13.5	1.5
Q3	22.1	-2.5	8.3	28.0	-5.4	9.5
Q4	3.3	-2.6	0.1	21.2	-4.4	7.1

2021
Q1	23.1	-1.0	10.5	28.6	-3.2	11.7
Q2	24.5	21.1	22.8	25.5	18.3	21.7
Q3	23.4	12.1	17.8	25.2	8.4	16.6
Q4	28.5	13.9	20.8	22.5	9.3	15.7

2022
Q1	13.7	15.1	14.4	11.3	6.6	9.0
Q2	19.8	16.4	18.1	12.6	5.4	9.1
Q3	23.3	14.0	18.8	15.1	3.8	9.7
Q4	22.4	12.8	17.6	20.6	1.8	11.3

2023
Q1	-7.2	14.3	3.0	-11.1	7.2	-2.2
Q2	-7.5	11.9	2.0	-9.3	7.1	-1.2
Q3	-19.3	8.9	-6.4	-18.7	5.4	-7.6
Q4	-21.5	6.4	-8.2	-24.4	4.9	-10.7

2024
Q1	-9.5	6.0	-1.4	-11.2	4.0	-3.2
Q2	-12.1	3.3	-3.8	-13.3	0.1	-6.2
¹Chain linked series not additive

Open in Excel: Quarterly National Accounts Q2 2024 Table 6.2 (XLS 18KB)

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 2022)¹ - Seasonally Adjusted

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹ - Seasonally Adjusted						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018
Q1	32,489	43,797	76,286	32,455	51,863	84,319
Q2	32,260	44,954	77,214	34,711	52,847	87,558
Q3	34,743	45,634	80,377	34,602	53,374	87,976
Q4	35,171	46,451	81,621	34,864	54,122	88,986

2019
Q1	34,705	46,942	81,647	33,406	54,738	88,144
Q2	38,512	46,924	85,436	37,079	54,835	91,915
Q3	38,749	47,898	86,648	37,084	55,512	92,595
Q4	40,101	49,120	89,221	38,225	56,443	94,667

2020
Q1	42,700	49,317	92,016	43,077	56,222	99,299
Q2	43,660	41,655	85,315	44,416	47,350	91,766
Q3	45,757	46,675	92,431	46,963	52,575	99,537
Q4	44,914	47,919	92,833	46,822	53,957	100,779

2021
Q1	54,008	48,838	102,846	55,429	54,414	109,843
Q2	54,061	50,323	104,384	55,708	55,859	111,567
Q3	56,386	52,416	108,803	58,380	57,097	115,477
Q4	54,646	54,672	109,318	57,603	59,051	116,654

2022
Q1	62,121	56,169	118,291	61,839	57,887	119,725
Q2	64,411	58,349	122,760	62,749	58,791	121,540
Q3	67,028	59,895	126,922	66,843	59,401	126,244
Q4	65,434	61,851	127,285	69,545	60,238	129,783

2023
Q1	58,158	64,000	122,158	55,203	61,857	117,060
Q2	59,404	65,155	124,559	56,944	62,907	119,852
Q3	54,526	65,351	119,877	54,167	62,784	116,951
Q4	52,856	65,918	118,774	52,421	63,233	115,654

2024
Q1	51,127	67,665	118,791	49,324	64,164	113,488
Q2	50,736	67,305	118,041	49,288	62,978	112,267

Percentage change on previous quarter
2018
Q1	1.4	1.0	1.1	-0.8	1.5	0.6
Q2	-0.7	2.6	1.2	6.9	1.9	3.8
Q3	7.7	1.5	4.1	-0.3	1.0	0.5
Q4	1.2	1.8	1.5	0.8	1.4	1.1

2019
Q1	-1.3	1.1	0.0	-4.2	1.1	-0.9
Q2	11.0	-0.0	4.6	11.0	0.2	4.3
Q3	0.6	2.1	1.4	0.0	1.2	0.7
Q4	3.5	2.6	3.0	3.1	1.7	2.2

2020
Q1	6.5	0.4	3.1	12.7	-0.4	4.9
Q2	2.2	-15.5	-7.3	3.1	-15.8	-7.6
Q3	4.8	12.0	8.3	5.7	11.0	8.5
Q4	-1.8	2.7	0.4	-0.3	2.6	1.2

2021
Q1	20.2	1.9	10.8	18.4	0.8	9.0
Q2	0.1	3.0	1.5	0.5	2.7	1.6
Q3	4.3	4.2	4.2	4.8	2.2	3.5
Q4	-3.1	4.3	0.5	-1.3	3.4	1.0

2022
Q1	13.7	2.7	8.2	7.4	-2.0	2.6
Q2	3.7	3.9	3.8	1.5	1.6	1.5
Q3	4.1	2.6	3.4	6.5	1.0	3.9
Q4	-2.4	3.3	0.3	4.0	1.4	2.8

2023
Q1	-11.1	3.5	-4.0	-20.6	2.7	-9.8
Q2	2.1	1.8	2.0	3.2	1.7	2.4
Q3	-8.2	0.3	-3.8	-4.9	-0.2	-2.4
Q4	-3.1	0.9	-0.9	-3.2	0.7	-1.1

2024
Q1	-3.3	2.7	0.0	-5.9	1.5	-1.9
Q2	-0.8	-0.5	-0.6	-0.1	-1.8	-1.1
¹Chain linked series not additive