Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q3 20232 | ||
Amount €m | Quarterly % change | |
Industry (excl. Construction) | 42,612 | -3.5 |
Information and Communication | 22,481 | 3.1 |
Professional, Admin and Support Services | 11,057 | -0.3 |
Public Admin, Education and Health | 11,010 | 1.9 |
Distribution, Transport, Hotels and Restaurants | 10,081 | -1.2 |
Real Estate Activities | 6,444 | 1.3 |
Financial and Insurance Activities | 4,410 | -8.5 |
Construction | 2,326 | -1.2 |
Agriculture, Forestry and Fishing | 1,050 | -15.4 |
Arts, Entertainment and Other Services | 1,003 | -1.9 |
Gross Domestic Product | 115,160 | -1.9 |
1Series is not additive, Taxes less Subsidies on Products not shown in table (see Table 2.5 for full detail). | ||
2Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted. |
The MNE dominated sectors of the economy decreased by 3.8% overall in the third quarter of 2023. The MNE dominated Information & Communication sector recorded an increase of 3.1% in Q3 compared with the previous quarter, while in contrast the Industry (excluding Construction) sector fell by 3.5% in the quarter. The domestically facing Distribution, Transport, Hotels & Restaurants sector and the Construction sector both decreased by 1.2% quarter-on-quarter while the Agriculture, Forestry & Fishing sector posted a significant fall of 15.4% over the period compared with Q2 2023. Finance & Insurance contracted by 8.5% in Q3 while Professional & Administrative services declined by 0.3% in the quarter. The domestically dominated Public Administration, Education & Health sector posted an increase of 1.9% quarter-on-quarter in Q3 2023 while the Real Estate sector expanded by 1.3%. The Arts & Entertainment sector recorded a decline of 1.9% over the same period. (See Tables 2.5 and 6.3). Looking at first nine months results for 2023 compared with the equivalent period in 2022, the MNE dominated sectors contracted by 2.7% over the nine-month period while the Domestic-facing sectors grew by 4.0%. (See Table 6.2)
Column1 | Q3 2023 | Q2 2023 |
---|---|---|
Industry (excl. Construction) | 42.611529354 | 44.155133148 |
Information and Communication | 22.481297318 | 21.810623696 |
Professional, Admin and Support Services | 11.057109433 | 11.095302589 |
Public Admin, Education and Health | 11.010167078 | 10.808506022 |
Distribution, Transport, Hotels and Restaurants | 10.080629552 | 10.198351765 |
Real Estate Activities | 6.444349274 | 6.362183728 |
Financial and Insurance Activities | 4.410151413 | 4.818075031 |
Construction | 2.326024586 | 2.354046918 |
Agriculture Forestry and Fishing | 1.050067738 | 1.240857483 |
Arts, Entertainment and Other Services | 1.003012319 | 1.022116845 |
Get the data: NAQ02
Column1 | Q3 2023 |
---|---|
Agriculture, Forestry & Fishing | -15.3756372197338 |
Financial & Insurance Activities | -8.46652688833979 |
Industry (excl. Construction) | -3.49586488353715 |
Arts, Entertainment & Other Services | -1.86911370196623 |
Construction | -1.19038969808672 |
Distribution, Transport, Hotels & Restaurants | -1.15432587257888 |
Professional, Admin & Support Services | -0.344228160463744 |
Real Estate Activities | 1.29146767073685 |
Public Admin, Education & Health | 1.86576253544692 |
Information & Communication | 3.07498598549019 |
Agriculture, Forestry & Fishing | Industry (excl. Construction) | Construction | Distribution, Transport, Hotels & Restaurants | Information & Communication | Financial & Insurance Activities | Real Estate Activities | Professional, Admin & Support Services | Public Admin, Education & Health | Arts, Entertainment & Other Services | |
Q1 2021 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Q2 2021 | 94.6088224980319 | 98.9875026928307 | 115.878643838354 | 108.673587462709 | 104.830594505082 | 99.0566530858341 | 101.088812967111 | 98.1012218180008 | 101.048878753853 | 104.102699908071 |
Q3 2021 | 109.574246766717 | 108.385939332955 | 119.030930643928 | 114.597791155549 | 104.575518672759 | 99.0050646480001 | 101.436818757662 | 98.1254490272563 | 102.451752574551 | 109.328440528443 |
Q4 2021 | 107.334081130262 | 95.3915821239033 | 132.424714838547 | 119.365839448414 | 117.055498452235 | 97.8862334565858 | 104.145086727471 | 97.1184049146284 | 103.941958095114 | 132.584712641828 |
Q1 2022 | 109.796586019397 | 113.072821349194 | 118.038988675884 | 121.262918866333 | 109.382394034794 | 95.1797416278133 | 104.338920558904 | 99.4917584414262 | 106.331282885489 | 108.782113650128 |
Q2 2022 | 103.584867463302 | 111.681651397835 | 124.926582910097 | 131.084624013649 | 114.73510452571 | 91.0696017470589 | 105.936832185873 | 99.8535980008267 | 108.107447938563 | 121.270374199102 |
Q3 2022 | 117.190300986277 | 125.79863764889 | 124.490264461972 | 131.871958562479 | 118.189573951097 | 89.7170954211352 | 106.663734340942 | 99.0266500206046 | 108.331934496866 | 121.374410894789 |
Q4 2022 | 106.557315793568 | 127.239276863671 | 119.604700716344 | 133.193223602867 | 114.915792219506 | 91.9275151256128 | 106.976990508335 | 99.2582052551226 | 109.668270531239 | 143.513705085109 |
Q1 2023 | 111.746288503432 | 109.547629747129 | 121.918352526583 | 134.274969692149 | 120.522554068929 | 98.6088277928755 | 107.17112515276 | 97.0980785056713 | 110.388228292667 | 110.621769167399 |
Q2 2023 | 118.267996871041 | 112.935291989027 | 117.818254969056 | 136.460105171434 | 122.923465144745 | 103.749860362733 | 107.397728694046 | 103.430659933684 | 111.633486253463 | 109.580361208892 |
Q3 2023 | 100.083538725104 | 108.987226775263 | 116.415758599439 | 134.884910871692 | 126.703344470825 | 94.9658505385074 | 108.784735639236 | 103.074622475639 | 113.716302016993 | 107.532179662872 |
Estimates for the third quarter of 2023 indicate that there was a fall of 5.8% in GDP in real terms in Q3 2023 compared with Q3 2022. Gross Value Added (GVA) for the MNE-dominated sectors contracted by 8.9% in Q3 2023 compared with Q3 2022. The Information & Communication sector increased by 7.5% in Q3 compared with the equivalent quarter of 2022 while the Industry (excluding Construction) sector fell by 13.2% year-on-year over the same period.
Of the domestic based economic sectors, Agriculture, Forestry & Fishing sector posted a significant fall, contracting by 14.3% year-on-year, while Construction activity fell by 6.0% compared with the same quarter of 2022. Distribution, Transport, Hotels & Restaurants rose by 1.8% in Q3 2023 compared with Q3 2022. Of the Service sectors, Public Administration, Education & Health recorded the strongest growth rising by 5.1% in Q3 2023 compared with Q3 2022. Modest year-on-year increases were recorded in the Professional & Administrative Services sector (4.1%), Financial & Insurance activities (3.9%) and in Real Estate activities (2.0%). The Arts & Entertainment sector contracted by 13.1% year-on-year in Q3 2023. Overall, the domestic based sectors grew by 2.7% year-on-year in the third quarter of 2023 compared with Q3 2022. (See Tables 2.3 and 6.2).
Looking at the year-on-year results for the first nine months of 2023, the Information & Communication sector expanded by 8.1% in the nine-month period compared with the equivalent period in 2022 while Financial & Insurance activities rose by 6.7%. Distribution, Transport, Hotels & Restaurants expanded by 5.6% over the period while Public Administration, Education & Health grew by 4.0%. Real Estate activities, the Professional & Administrative Services sector and the Agriculture, Forestry & Fishing sectors each recorded modest increases of 2.0%, 1.8% and 0.4% respectively over the period. Contractions were recorded in the first nine months of 2023 in Industry (5.6%), Construction (3.1%) and in the Arts & Entertainment sector (7.6%).
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