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Quarterly National Accounts Quarter 3 2024

Foreign and Domestic GVA

Multinational sector expanded by 9.1% in Q3 2024 while the Domestic sector grew by 1.5%

Online ISSN: 2009-5775

CSO statistical release, 05 December 2024, 11am

Table 6.1 Gross Value Added for sectors dominated by Foreign-owned MNEs and Other Sectors, Q3 2024¹
	Amount €m	Quarterly % change
Foreign-owned MNE dominated	55,177	9.1
Other	64,860	1.5
Total GVA (MNE dominated + Other)	120,037	4.9
1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted.

Open in Excel: Quarterly National Accounts Q3 2024 Table 6.1 (XLS 9KB)

On a seasonally adjusted basis, estimates indicate that Gross Value Added (GVA) in volume terms in the Foreign-owned MNE dominated sectors of the economy grew by 9.1% in the third quarter of 2024, driven largely by expansion in the Industry (excluding Construction) sector by 14.0% quarter-on-quarter. GVA for the non-MNE dominated sector grew by 1.5% over the same period, principally driven by increases in Finance & Insurance sector activities (4.0%), Professional & Administrative services (3.6%), Construction (3.5%) and Real Estate activities (2.6%).

Real GVA for the total economy amounted to €120.0 billion in the Q3 2024 reference period, with GVA for MNE dominated sectors representing approximately 46.0% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 54.0% of the total.

Looking at the results for the first nine months of 2024 compared with the equivalent period of 2023, the MNE dominated sectors contracted by 6.5% over the nine-month period while the Domestic-facing sectors grew by 2.7%.

	Foreign-owned MNE-dominated	Other
Q1 2022	7.26310035284761	-1.98632920950479
Q2 2022	3.23666473198969	1.54478120586372
Q3 2022	3.21735237151528	1.00702985606678
Q4 2022	5.41690720308339	1.47522257389476
Q1 2023	-20.2684511366875	2.72370285086856
Q2 2023	5.22866161600606	1.60798544189229
Q3 2023	-9.02377571685857	-0.247240317368869
Q4 2023	-1.33542292915607	0.824041559471889
Q1 2024	-5.08530108898764	0.787838665698337
Q2 2024	1.99550066374456	0.21737856723163
Q3 2024	9.06367922414948	1.52208797093956

The classification of value added for the total economy between (a) the Foreign-owned MNE dominated sector and (b) the Other sector in Tables 6.2 and 6.3 is determined by business accounting turnover. Foreign-owned MNE dominated sectors are defined as those where MNE turnover on average exceeds 85% of the sector total. Economic activity classified to the Non-MNE dominated sector falls below this turnover threshold.

The main sectors dominated by MNEs in Ireland are:

Pharma and Chemical production
Computer, electronic and optical device manufacturing
Medical instrument production
Information & Communications, including software publishing

The combination of all remaining non-MNE dominated sectors provides an estimation of the value-added contribution of the domestic-facing side of the economy to the overall economy.

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018	133,766	180,972	314,739	136,693	212,297	342,773
2019	151,956	190,993	342,950	145,795	221,615	361,124
2020	174,551	185,508	360,059	181,274	210,004	389,526
2021	217,932	206,310	424,242	227,246	226,438	453,120
2022	261,298	236,232	497,530	261,298	236,232	497,530
2023	223,853	260,336	484,190	218,851	250,716	469,567

2018
Q1	32,175	42,652	74,827	32,272	50,362	81,147
Q2	30,715	44,778	75,493	33,895	52,576	84,935
Q3	34,191	46,059	80,250	34,607	54,173	87,173
Q4	36,685	47,484	84,169	35,919	55,186	89,518

2019
Q1	35,748	45,678	81,427	32,956	53,118	84,436
Q2	35,626	46,651	82,277	36,339	54,572	89,392
Q3	38,305	48,378	86,682	37,581	56,288	92,308
Q4	42,278	50,286	92,564	38,920	57,637	94,988

2020
Q1	43,572	47,917	91,489	42,360	54,477	95,927
Q2	40,536	41,440	81,976	43,664	47,198	90,753
Q3	46,752	47,154	93,906	48,088	53,257	101,107
Q4	43,690	48,997	92,688	47,162	55,073	101,739

2021
Q1	53,624	47,447	101,071	54,485	52,723	107,142
Q2	50,468	50,202	100,670	54,784	55,822	110,415
Q3	57,710	52,865	110,575	60,219	57,709	117,880
Q4	56,130	55,795	111,926	57,758	60,184	117,682

2022
Q1	60,954	54,624	115,578	60,617	56,213	116,792
Q2	60,483	58,412	118,895	61,664	58,860	120,440
Q3	71,133	60,268	131,401	69,337	59,884	129,297
Q4	68,728	62,928	131,656	69,680	61,274	131,000

2023
Q1	56,587	62,436	119,023	53,894	60,275	114,168
Q2	55,962	65,338	121,300	55,920	63,036	118,956
Q3	57,385	65,625	123,010	56,362	63,128	119,490
Q4	53,919	66,937	120,856	52,675	64,277	116,952

2024
Q1	51,213	65,878	117,091	47,844	62,219	110,063
Q2	49,210	68,119	117,330	48,512	64,008	112,520
Q3	59,907	69,626	129,533	59,023	65,228	124,252

Annual Percentage Changes
2018	15.6	5.8	9.8	16.0	4.7	9.2
2019	13.6	5.5	9.0	6.7	4.4	5.4
2020	14.9	-2.9	5.0	24.3	-5.2	7.9
2021	24.9	11.2	17.8	25.4	7.8	16.3
2022	19.9	14.5	17.3	15.0	4.3	9.8
2023	-14.3	10.2	-2.7	-16.2	6.1	-5.6

Percentage change on corresponding period of previous year
2018
Q1	19.4	3.8	10.0	19.6	2.3	9.0
Q2	22.7	6.0	12.2	26.8	5.2	13.5
Q3	19.3	6.1	11.3	14.9	4.8	8.9
Q4	4.5	7.3	6.1	5.7	6.1	6.0

2019
Q1	11.1	7.1	8.8	2.1	5.5	4.1
Q2	16.0	4.2	9.0	7.2	3.8	5.2
Q3	12.0	5.0	8.0	8.6	3.9	5.9
Q4	15.2	5.9	10.0	8.4	4.4	6.1

2020
Q1	21.9	4.9	12.4	28.5	2.6	13.6
Q2	13.8	-11.2	-0.4	20.2	-13.5	1.5
Q3	22.1	-2.5	8.3	28.0	-5.4	9.5
Q4	3.3	-2.6	0.1	21.2	-4.4	7.1

2021
Q1	23.1	-1.0	10.5	28.6	-3.2	11.7
Q2	24.5	21.1	22.8	25.5	18.3	21.7
Q3	23.4	12.1	17.8	25.2	8.4	16.6
Q4	28.5	13.9	20.8	22.5	9.3	15.7

2022
Q1	13.7	15.1	14.4	11.3	6.6	9.0
Q2	19.8	16.4	18.1	12.6	5.4	9.1
Q3	23.3	14.0	18.8	15.1	3.8	9.7
Q4	22.4	12.8	17.6	20.6	1.8	11.3

2023
Q1	-7.2	14.3	3.0	-11.1	7.2	-2.2
Q2	-7.5	11.9	2.0	-9.3	7.1	-1.2
Q3	-19.3	8.9	-6.4	-18.7	5.4	-7.6
Q4	-21.5	6.4	-8.2	-24.4	4.9	-10.7

2024
Q1	-9.5	5.5	-1.6	-11.2	3.2	-3.6
Q2	-12.1	4.3	-3.3	-13.2	1.5	-5.4
Q3	4.4	6.1	5.3	4.7	3.3	4.0
¹Chain linked series not additive

Open in Excel: Quarterly National Accounts Q3 2024 Table 6.2 (XLS 18KB)

Visit Table NAQ06 on PxStat

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹ - Seasonally Adjusted

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹ - Seasonally Adjusted						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018
Q1	32,480	43,799	76,279	32,424	51,864	84,288
Q2	32,289	44,952	77,240	34,722	52,845	87,566
Q3	34,727	45,633	80,360	34,587	53,373	87,960
Q4	35,110	46,453	81,563	34,914	54,127	89,041

2019
Q1	34,756	46,945	81,701	33,364	54,737	88,102
Q2	38,514	46,920	85,434	37,107	54,831	91,937
Q3	38,660	47,896	86,556	37,027	55,512	92,539
Q4	40,045	49,122	89,168	38,308	56,449	94,757

2020
Q1	42,676	49,323	92,000	42,972	56,219	99,191
Q2	43,766	41,649	85,415	44,579	47,345	91,924
Q3	45,629	46,672	92,301	46,807	52,577	99,384
Q4	44,746	47,922	92,668	46,858	53,962	100,820

2021
Q1	53,921	48,848	102,768	55,300	54,413	109,713
Q2	54,479	50,312	104,791	56,242	55,852	112,094
Q3	55,980	52,410	108,390	57,862	57,093	114,955
Q4	54,558	54,681	109,239	57,592	59,064	116,656

2022
Q1	62,038	56,185	118,223	61,775	57,891	119,665
Q2	65,346	58,328	123,674	63,774	58,785	122,559
Q3	66,072	59,885	125,957	65,826	59,377	125,203
Q4	65,579	61,866	127,445	69,392	60,253	129,645

2023
Q1	58,246	64,027	122,273	55,327	61,894	117,221
Q2	60,650	65,123	125,773	58,220	62,889	121,109
Q3	53,335	65,333	118,668	52,966	62,734	115,700
Q4	52,807	65,938	118,745	52,259	63,251	115,510

2024
Q1	51,413	67,387	118,800	49,602	63,749	113,351
Q2	52,107	67,882	119,989	50,591	63,888	114,479
Q3	56,723	69,349	126,072	55,177	64,860	120,037

Percentage change on previous quarter
2018
Q1	1.3	1.0	1.1	-0.9	1.5	0.6
Q2	-0.6	2.6	1.3	7.1	1.9	3.9
Q3	7.6	1.5	4.0	-0.4	1.0	0.4
Q4	1.1	1.8	1.5	0.9	1.4	1.2

2019
Q1	-1.0	1.1	0.2	-4.4	1.1	-1.1
Q2	10.8	-0.1	4.6	11.2	0.2	4.4
Q3	0.4	2.1	1.3	-0.2	1.2	0.7
Q4	3.6	2.6	3.0	3.5	1.7	2.4

2020
Q1	6.6	0.4	3.2	12.2	-0.4	4.7
Q2	2.6	-15.6	-7.2	3.7	-15.8	-7.3
Q3	4.3	12.1	8.1	5.0	11.1	8.1
Q4	-1.9	2.7	0.4	0.1	2.6	1.4

2021
Q1	20.5	1.9	10.9	18.0	0.8	8.8
Q2	1.0	3.0	2.0	1.7	2.6	2.2
Q3	2.8	4.2	3.4	2.9	2.2	2.6
Q4	-2.5	4.3	0.8	-0.5	3.5	1.5

2022
Q1	13.7	2.8	8.2	7.3	-2.0	2.6
Q2	5.3	3.8	4.6	3.2	1.5	2.4
Q3	1.1	2.7	1.8	3.2	1.0	2.2
Q4	-0.7	3.3	1.2	5.4	1.5	3.5

2023
Q1	-11.2	3.5	-4.1	-20.3	2.7	-9.6
Q2	4.1	1.7	2.9	5.2	1.6	3.3
Q3	-12.1	0.3	-5.6	-9.0	-0.2	-4.5
Q4	-1.0	0.9	0.1	-1.3	0.8	-0.2

2024
Q1	-2.6	2.2	0.0	-5.1	0.8	-1.9
Q2	1.3	0.7	1.0	2.0	0.2	1.0
Q3	8.9	2.2	5.1	9.1	1.5	4.9
¹Chain linked series not additive