Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q3 20242 | ||
Amount €m | Quarterly % change | |
Industry (excl. Construction) | 39,067 | 14.0 |
Information and Communication | 25,309 | 6.3 |
Professional, Admin and Support Services | 14,844 | 3.6 |
Distribution, Transport, Hotels and Restaurants | 12,017 | -0.3 |
Public Admin, Education and Health | 11,745 | -0.1 |
Real Estate Activities | 7,348 | 2.6 |
Financial and Insurance Activities | 4,615 | 4.0 |
Construction | 3,030 | 3.5 |
Agriculture, Forestry and Fishing | 1,540 | 1.3 |
Arts, Entertainment and Other Services | 1,453 | 0.4 |
Gross Domestic Product | 124,509 | 3.5 |
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 2022, seasonally adjusted. |
The MNE dominated sectors of the economy increased by 9.1% overall in the third quarter of 2024. Value added for the MNE dominated Industry (excluding Construction) sector expanded by 14.0% in Q3 compared with the previous quarter, while the Information & Communication sector recorded an increase of 6.3% in the quarter. The domestically facing sectors of the economy taken collectively posted a rise of 1.5% overall in the third quarter of 2024. The Finance & Insurance sector grew by 4.0% in volume terms quarter-on-quarter in Q3 while the Professional & Administrative services sector increased by 3.6% over the period compared with Q2 2024. The domestic facing Construction sector rose by 3.5% in Q3 while the Real Estate sector increased by 2.6% over the same period. The domestically dominated Agriculture, Forestry & Fishing and Arts & Entertainment sectors posted modest increases of 1.3% and 0.4% respectively in Q3 2024 quarter-on-quarter. The Distribution, Transport, Hotels & Restaurants sector declined by 0.3% in the quarter while the Public Administration, Education & Health sector fell by 0.1%. (See Tables 2.5 and 6.3).
Looking at the year-to-date results for 2024 compared with the equivalent nine months of 2023, the MNE dominated sectors contracted by 6.5% over the period while the Domestic-facing sectors grew by 2.7%. (See Table 6.2)
Column1 | Q3 2024 | Q2 2024 |
---|---|---|
Industry (excl. Construction) | 39.0674784321 | 34.2683871457 |
Information and Communication | 25.3086340636 | 23.8107644971 |
Professional, Admin and Support Services | 14.8439810892 | 14.3319664128 |
Distribution, Transport, Hotels and Restaurants | 12.0172503991 | 12.054087658 |
Public Admin, Education and Health | 11.7450933112 | 11.7591845572 |
Real Estate Activities | 7.3477285075 | 7.1600494693 |
Financial and Insurance Activities | 4.6149848422 | 4.4393246855 |
Construction | 3.0301997848 | 2.9270675818 |
Agriculture Forestry and Fishing | 1.5403622842 | 1.5203745868 |
Arts, Entertainment and Other Services | 1.4527030129 | 1.4468172654 |
Get the data: NAQ02
Column1 | Q3 2024 |
---|---|
Distribution, Transport, Hotels & Restaurants | -0.305599726376249 |
Public Admin, Education & Health | -0.119831829592065 |
Arts, Entertainment & Other Services | 0.406806556761174 |
Agriculture, Forestry & Fishing | 1.31465610998331 |
Real Estate Activities | 2.62119750715002 |
Construction | 3.52339671421522 |
Professional, Admin & Support Services | 3.57253611718429 |
Financial & Insurance Activities | 3.95691167338474 |
Information & Communication | 6.29072437670966 |
Industry (excl. Construction) | 14.0044270715034 |
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 2022 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Q2 2022 | 97.5665511339902 | 101.213404773006 | 104.018551160055 | 101.029271491571 | 104.301535675299 | 95.9234467281586 | 103.257348340408 | 100.697883250477 | 101.869640109268 | 113.314259077781 |
Q3 2022 | 112.602564818933 | 108.224249605515 | 103.066152408612 | 101.372367999541 | 107.330159810679 | 93.5799147114112 | 103.637106565328 | 100.023511003188 | 102.725853063226 | 116.815614618457 |
Q4 2022 | 107.323523332448 | 116.92434287132 | 99.2281471834565 | 102.461117044952 | 104.049862947356 | 92.8443443151108 | 104.124755477111 | 102.348360361767 | 103.68960980687 | 119.562341138612 |
Q1 2023 | 119.057411244695 | 85.9821889959554 | 103.404454662055 | 99.258595104246 | 107.579599775564 | 116.088469986624 | 111.104222066179 | 101.923676270275 | 106.006491310534 | 114.315630886587 |
Q2 2023 | 128.09825948326 | 88.7121791407878 | 98.7530744409319 | 101.365739966301 | 112.6378323292 | 113.431339205273 | 113.68803539718 | 103.513466259495 | 106.118198514379 | 118.125383786525 |
Q3 2023 | 115.768325475426 | 82.1402256584832 | 96.0886250268466 | 100.40059568743 | 111.642357857665 | 102.543122506603 | 115.179412661942 | 104.252564492262 | 107.48019603013 | 116.658994489822 |
Q4 2023 | 115.824173246103 | 77.3973827053837 | 96.3294020032953 | 99.9337589120176 | 114.125926706646 | 103.766498689642 | 115.69674694807 | 103.498244558272 | 108.800193750924 | 118.222850551542 |
Q1 2024 | 112.756159007991 | 72.8423072936986 | 96.3656681241856 | 104.057921157287 | 114.609773797265 | 106.103971754285 | 113.722972991923 | 104.272178424533 | 109.559795196889 | 120.821521697027 |
Q2 2024 | 110.632824641312 | 73.3092184975589 | 96.9998060757843 | 101.61440335623 | 114.048564504467 | 95.7421487100637 | 115.105305229133 | 110.068094080659 | 110.295307782839 | 110.194579493423 |
Q3 2024 | 112.087265830106 | 83.5757545387386 | 100.417494055854 | 101.303870017615 | 121.223045353037 | 99.5305809687216 | 118.122442620396 | 114.000316495187 | 110.163138897568 | 110.642858267998 |
Estimates for the third quarter of 2024 indicate that there was an increase of 2.9% in GDP in real terms in Q3 2024 compared with Q3 2023. Gross Value Added (GVA) for the MNE-dominated sectors rose by 4.7% in Q3 2024 compared with Q3 2023. The Information & Communication sector grew by 9.0% in Q3 compared with the equivalent quarter of 2023 while the Industry (excluding Construction) sector posted an increase of 2.4% year-on-year over the same period.
Of the domestic based economic sectors, Professional & Administrative Services activity increased by 9.5% year-on-year, while Construction activity expanded by 4.5% compared with the same quarter of 2023. Real Estate activity was up by 2.7% year-on-year in Q3 2024 compared with Q3 2023 while Public Administration, Education & Health Distribution and Transport, Hotels & Restaurants grew by 2.3% and 0.7% respectively over the same period. Of the other Service sectors, the Arts & Entertainment sector shrank by 5.5%, with Financial & Insurance activities contracting by 2.0%. The Agriculture, Forestry & Fishing sector decreased by 3.7% in Q3 2024 compared with Q3 2023. Overall, the domestic based sectors of the economy increased by 3.3% in the third quarter of 2024 compared with Q3 2023. (See Tables 2.3 and 6.2).
Looking at the year-on-year results for the first nine months of 2024, the Information & Communication sector expanded by 5.3% in the nine-month period compared with the equivalent period in 2023 while the Professional & Administrative Services sector rose by 6.1%. Public Administration, Education & Health expanded by 3.2% over the period while Distribution, Transport, Hotels & Restaurants and Real Estate activities grew by 2.2% and 2.1% respectively. Year-on-year contractions were recorded in the first nine months of 2024 in Industry (-10.2%), Financial & Insurance activities (-8.6%), Agriculture, Forestry & Fishing (-6.8%), Arts & Entertainment (-2.2%) and in the Construction sector (-1.5%).
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