Quarterly National Accounts Quarter 3 2023

Get the data: NAQ03

Get the data: NAQ02

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 the 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)

Get the data: NAQ03, NAQ04, NAQ05

On the expenditure side of the accounts (Table 3.5), Exports decreased by 2.1% in Q3 2023 compared with Q2 2023 while Imports fell by 1.7% which meant that overall net exports for the quarter contracted by 3.1% in Q3 compared with Q2 2023 or €1.3 billion lower in money terms quarter-on-quarter. Capital Investment fell by €2.1 billion during the quarter (a 7.4% decrease quarter-on-quarter) with the Capital Formation element falling by 3.7% reflecting lower levels of investment in Machinery & Equipment and Intangible Assets compared with the previous quarter. Capital Investment accounted for 37.4% of total domestic demand in Q3 2023. Government Expenditure on Current Goods and Services rose by 1.7% quarter-on-quarter with Personal Consumption Expenditure increasing by 0.7% in Q3 compared with the previous quarter. These impacts when combined resulted in an overall decline in Real GDP in Q3 2023 of 1.9%. Final Domestic Demand fell by 0.7% in Q3 compared with Q2 while Modified Domestic Demand was broadly unchanged over the same period.

Turning to the results for the first nine months of 2023, Exports fell by 2.9% over the period compared with the first nine months of 2022 or €14.0 billion in money terms. Imports decreased by 1.6% nine-months-over-nine months or by €5.3 billion in money terms. Overall Net Exports fell by 5.9% over the nine-month period compared with the equivalent period in 2022 or €8.6 billion in money terms. Personal Consumption Expenditure rose by 3.6% in the first nine months of 2023 compared with the same period of the previous year, Capital Investment contracted by 5.5% while Government Expenditure on Current Goods and Services was broadly unchanged over the same period.

Get the data: NAQ03

Factor income outflows fell by 4.8% in the quarter, a decline of €1.3 billion in money terms compared with the previous quarter, leading to a fall in GNP of 1.1% for the third quarter compared with the previous quarter. For the first nine months of 2023 compared with the equivalent period of 2022, Factor income outflows fell by 17.8% or almost €19.4 billion in money terms.