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Key Findings

Gross Domestic Product (GDP) grew by 2.3% in Quarter 3 2022

Online ISSN: 2009-5775
CSO statistical publication, , 11am
COVID-19 Release Information

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 2022.

Key Findings

  • Gross National Product (GNP) - a measure of economic activity that excludes the profits of multinationals - fell by 2.2% in Quarter 3 (Q3) 2022

  • Multinational-dominated sectors grew by 2.5% with all other sectors largely unchanged (-0.1%) in the quarter

  • Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, declined by 1.1% in Q3 2022

  • Exports grew by 4.8% in Q3 2022 while Imports rose by 27.0% leading to a significant decline in overall Net Exports of 40.9% (-€21.4 billion)

  • Personal spending on goods and services, a key measure of domestic economic activity, increased by 0.3% in the quarter

Statistician's Comment

The Central Statistics Office (CSO) today (02 December 2022) published Quarterly National Accounts and International Accounts results for Quarter 3 (Q3) 2022.

Assistant Director General with responsibility for Economic Statistics, Jennifer Banim, commented:

In today’s results, Gross Domestic Product (GDP) is estimated to have increased by 2.3% in Q3 2022. For Gross National Product (GNP) – a measure of economic activity that excludes the profits of multinationals – a decline of 2.2% is estimated for the quarter.

The globalised Industry sector expanded by 9.0% in Q3 2022 compared with Q2 2022 while the Information & Communication sector posted a decline of 7.4%. Overall, multinational-dominated sectors grew by 2.5% in the quarter, slower growth than in the first two quarters of 2022. The multinational-dominated sectors accounted for almost 56% of total value added in the economy in Q3 2022 (compared with 46% in Q1 2020), while all other sectors made up 44% (54% in Q1 2020).

Domestic Economy

While economic activity increased for many sectors across the economy, the overall picture was mixed. The Agriculture, Forestry & Fishing sector grew by 13.6% in the quarter while the domestically focussed Construction sector expanded by 0.9% compared with Q2 2022. However, the Distribution, Transport, Hotels & Restaurants sector declined by 0.3% quarter-on-quarter. Growth of 1.6% was posted in the Arts & Entertainment sector, 1.2% in Real Estate, and 0.4% in Public Administration, Education & Health. There were declines in Professional, Administrative & Support Activities and Finance & Insurance in the quarter of 2.5% and 5.2% respectively.

Expenditure in the Economy

Looking at expenditure, investment rose by 91.8%, or €23.4 billion, driven mainly by investment in Intangible Assets. Net exports of Goods & Services fell by 40.9% in Q3 2022, or by €21.4 billion. Personal spending on goods and services (the PCE indicator) increased by 0.3% in the quarter while Government spending on goods and services fell by 0.3% in Q3 2022. Examining PCE at constant price levels over the past three years, personal spending in Q3 2022 was 1.3% below the peak pre-pandemic level of personal spending of €28.2 billion recorded in Q2 2019.

Impact of Globalisation and the Indicators of Underlying Domestic Activity

Final Domestic Demand (FDD), a measure of personal, government and investment spending, increased by 36.7% in Q3 2022, reflecting increased Intellectual Property Products (IPP) investment spending compared with the previous quarter. In Q3 2022, the Modified Domestic Demand (MDD) indicator declined by 1.1%. MDD is an important measure of underlying demand and excludes the globalisation effects of trade in IPP and trade in aircraft by leasing companies from the standard Final Domestic Demand measure.