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Gross Domestic Product (GDP) grew by 0.2% in Quarter 2 (Q2) 2025 (See Editor’s Note below).
Multinational-dominated sectors expanded by 1.1% in Q2 2025 while Domestic sectors contracted by 0.1%.
Total Exports decreased by 4.0% in the quarter (-8.7 billion), with Goods Exports decreasing by 8.5% (-€9.0 billion).
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government, and investment spending, grew by 0.6% in Q2 2025.
Personal spending on goods and services, a key measure of domestic economic activity, grew by 1.0% in Q2 2025.
The Balance of Payments Current Account recorded a surplus of €19.5 billion in transactions with the rest of the world in Q2 2025.
The updated estimated GDP figure for Q2 2025 is +0.2%. This compares with a Preliminary GDP estimate for Q2 2025 of -1.0% published on 28 July 2025. The reason for the revision is that the updated GDP estimate for Q2 2025 of +0.2% is based on both Expenditure and Output data, while the Preliminary estimate was based predominantly on economic Output data.
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Statistician's Comment
The Central Statistics Office (CSO) has today (04 September 2025) published Quarterly National Accounts and International Accounts results for Quarter 2 (Q2) 2025, following on from the QNA Q2 2025 Preliminary issued on 28 July 2025 (See Editor’s Note below).
Summary Results
Assistant Director General with responsibility for National Accounts & Price Statistics, Chris Sibley, said:
“In today’s release, Gross Domestic Product (GDP) is estimated to have grown by 0.2% in April, May, and June (Q2) 2025.
The globalised Industry sector expanded by 2.5% in Q2 2025 compared with Q1 2025 while the Information & Communication sector posted an increase of 1.8% over the same period. Overall, the multinational-dominated sector rose by 1.1% in the quarter.
There was continued growth in the domestic economy in Q2 2025 with Modified Domestic Demand (MDD) growing by 0.6% in the quarter. This was reflected in personal spending increasing by 1.0% and growth in wages of 3.7% over the same period.”
Domestic Economy
Looking at the results in more detail, National Accounts Statistician Justin Flannery said:
“Overall, the sectors focused on the domestic market contracted 0.1% in Q2 2025. Strong growth was seen in the Construction and Real Estate Activities sectors which expanded by 6.0% and 2.9% respectively. More modest growth was seen in the Distribution, Transport, Hotels & Restaurants sector, which increased by 0.3%. Several sectors contracted including most notably Professional & Administrative Services which decreased by 4.9%.
Expenditure in the Economy
Looking at expenditure in the economy, exports decreased by 4.0% in Q2 2025 while Imports fell by 10.8% over the same period. As a result, net exports increased by 13.3% in the quarter. Capital Investment fell by 24.8% or €9.7bn compared with Q1 2025 reflecting lower levels of investment in Intangible Assets. Personal spending on goods and services increased by 1.0% in Q2 2025, while Government spending on goods and services grew by 2.5% over the same period.
Impact of Globalisation Activities and the Indicators of Underlying Domestic Activity
Final Domestic Demand (FDD), a measure of personal, government, and investment spending, decreased by 15.7% in Q2 2025. This reflects lower levels of investment in Intangible Assets compared with the previous quarter. Modified Domestic Demand, a broad measure of underlying domestic demand that excludes IPP and aircraft-related globalisation effects, increased by 0.6% in the quarter.
Compensation of Employees
Compensation of Employees (CoE), which includes wages as well other payments such as bonuses and allowances, increased in real terms by 3.7% in Q2 2025 compared with Q1 2025. Most sectors saw wage growth with the largest increases seen in Professional & Administrative Services (+8.1%), Information & Communication (+7.1%), and Industry (+5.6%). Two sectors posted a decline, Real Estate Activities (-31.5%) and Arts & Entertainment (-4.0%).
GDP and GNP results
Overall, GDP is estimated to have grown by 0.2% in Q2 2025. Gross National Product (GNP), a measure of economic activity that excludes the profits of multinationals, increased by 15.7% in the quarter, reflecting a significant decrease in factor income outflows which fell by 23.4%.”