This release was compiled during the COVID-19 crisis. The results contained in this release reflect some of the economic impacts of the COVID-19 situation. For further information see Information Note - Implications of COVID-19 on the Quarterly National Accounts Quarter 3 2021.
| Table 1.1 GDP and GNP at constant 2019 prices, Q3 20211 | ||
| Amount €m | Quarterly % change | |
| GDP | 110,258 | 0.9 |
| GNP | 82,704 | 5.0 |
| 1Constant Market Prices, chain linked annually and referenced to year 2019, seasonally adjusted | ||
Updated estimates for the third quarter of 2021 indicate that there was an increase of 0.9% in GDP in real terms in Q3 2021 compared to the previous quarter while GNP rose by 5.0%. For the first nine months of 2021, the economy grew by approximately 14.5% in GDP terms and 12.9% in terms of GNP compared with the equivalent nine months of 2020. In comparison with Q1 to Q3 2019, GDP has increased by 21.7% and GNP has grown by 15.3%.
| GDP | GNP | |
| Q1 2019 | 2.19754187174066 | 6.87094701527704 |
| Q2 2019 | 2.21979501060738 | 0.554765246656919 |
| Q3 2019 | -0.416159683041495 | 0.714427304221554 |
| Q4 2019 | 1.20026974524861 | 2.32909873002536 |
| Q1 2020 | 3.67103661474915 | 2.89818590415585 |
| Q2 2020 | -3.3176466634988 | -5.73368695097748 |
| Q3 2020 | 9.46873021721173 | 0.33855602905899 |
| Q4 2020 | -4.68092739065619 | 10.1632720732125 |
| Q1 2021 | 10.0283822248139 | -1.77908499677796 |
| Q2 2021 | 5.24604534031732 | 6.21394034440401 |
| Q3 2021 | 0.945630169165557 | 5.04907467963491 |
Get the data: NQQ48
| Industry (excl. Construction) | Information and Communication | Professional, Admin and Support Services | Public Admin, Education and Health | Distribution, Transport, Hotels and Restaurants | Real Estate Activities | Financial and Insurance Activities | Construction | Agriculture Forestry and Fishing | Arts, Entertainment and Other Services | |
| Q3 2021 | 48.706743413 | 16.437782716 | 9.496148642 | 9.121350929 | 8.297462536 | 5.179243042 | 3.732485008 | 1.844179153 | 0.935725108 | 0.917341953 |
| Q2 2021 | 45.33324194 | 16.473092006 | 9.184437841 | 9.092704353 | 7.898412777 | 5.192120902 | 3.835049789 | 1.755109252 | 0.756123138 | 0.927713909 |
Get the data: NQQ47
The Industry (excluding Construction) sector recorded strong growth in Q3 compared with the previous quarter, an increase of 7.4%. The domestically dominated Distribution, Transport, Hotels & Restaurants sector increased by 5.1% following the further easing of COVID restrictions during the quarter. The Agriculture sector increased by 23.8% over the period compared with Q2 2021 while the Construction sector grew by 5.1% over the same period. Growth also took place in Professional & Administrative services (3.4%) and Public Administration, Education & Health (0.3%). The MNE dominated Information & Communication sector declined by 0.2% in Q3 2021 while quarter-on-quarter decreases were recorded in Finance & Insurance (2.7%), Real Estate (0.2%) and Arts & Entertainment (1.1%). (See Table 2.5)
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2019 | 27.874998519 | 8.9015270464 | 18.696056188 | 3.031497906 | 29.953488199 | 46.385723343 | 87.544986844 |
| Q2 2019 | 28.016170777 | 8.9479420626 | 62.308104732 | -0.361265585 | -10.13683384 | 46.35257324 | 89.488306094 |
| Q3 2019 | 27.59733724 | 9.0789960463 | 21.226360874 | 1.311473227 | 28.338346159 | 46.830132574 | 89.115891843 |
| Q4 2019 | 27.437199817 | 8.9639504592 | 88.753231695 | -0.056312293 | -35.83468633 | 46.148855733 | 90.185522931 |
| Q1 2020 | 26.523675077 | 9.071180345 | 81.406592859 | 2.206933134 | -25.79241056 | 45.427089373 | 93.496266499 |
| Q2 2020 | 22.576644769 | 10.178110297 | 20.874311638 | 1.871896582 | 36.621444499 | 40.594844643 | 90.394390733 |
| Q3 2020 | 25.304756135 | 10.0840235 | 19.665485369 | 0.569334712 | 45.766120817 | 45.390056229 | 98.953591723 |
| Q4 2020 | 24.959736932 | 10.468451913 | 25.015267834 | 0.280700777 | 32.00789949 | 45.20246712 | 94.321645944 |
| Q1 2021 | 23.563849307 | 10.303593837 | 18.591268447 | 1.523708933 | 52.085993372 | 42.983523158 | 103.78058112 |
| Q2 2021 | 26.978629209 | 10.359827168 | 19.476201247 | 1.163121707 | 54.007053352 | 47.016708331 | 109.22495746 |
| Q3 2021 | 27.103819042 | 10.443316444 | 18.733179337 | 1.655116777 | 51.771004582 | 47.675141364 | 110.25782161 |
Get the data: NQQ48, NQQ49, NQQ50
On the expenditure side of the accounts (Table 3.5), Personal Consumption Expenditure grew modestly by 0.5% quarter-on-quarter. Exports increased by 1.3% in Q3 2021 compared with Q2 2021 while Imports rose at a faster rate of 4.5% which meant that overall net exports for the quarter were 4.1% lower in Q3 compared with Q2 or €2.2 billion lower in money terms quarter-on-quarter. Capital Investment was relatively unchanged during the quarter, exhibiting a small decrease of €251 million in Q3 compared with the previous quarter. Investment accounted for 35.2% of domestic demand in Q3 2021. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q3 2021 of 0.9%. Final Domestic Demand was down by 0.9% in Q3 compared with Q2 while Modified Domestic Demand increased by 1.4% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2019 | 87.544986844 | -19.62641998 | 67.918566866 |
| Q2 2019 | 89.488306094 | -21.19295062 | 68.295355471 |
| Q3 2019 | 89.115891843 | -20.3326157 | 68.783276138 |
| Q4 2019 | 90.185522931 | -19.80021638 | 70.385306549 |
| Q1 2020 | 93.496266499 | -21.07106292 | 72.425203582 |
| Q2 2020 | 90.394390733 | -22.1218216 | 68.272569135 |
| Q3 2020 | 98.953591723 | -30.44988169 | 68.503710034 |
| Q4 2020 | 94.321645944 | -18.85571748 | 75.465928465 |
| Q1 2021 | 103.78058112 | -29.65725566 | 74.123325454 |
| Q2 2021 | 109.22495746 | -30.49565278 | 78.729304679 |
| Q3 2021 | 110.25782161 | -27.55341555 | 82.704406067 |
Get the data: NQQ48
Factor income outflows were €2,942m lower than in the previous quarter leading to an overall increase in GNP of 5.0% for the third quarter compared with the previous quarter.
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The calculation methods for quarterly accounts are similar to those used in the annual National Income and Expenditure. 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. |
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