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Headline Economic Results

Headline Economic Results

Annual Increase of 12.0% in real GDP in 2022

Online ISSN: 2009-5775
CSO statistical publication, , 11am
Table 1.1 GDP and GNP at constant 2020 prices, 20221
 Amount €mAnnual % change
Gross Domestic Product474,19012.0
Gross National Product342,3396.7
Modified Final Domestic Demand205,4618.2
1Constant Market Prices, chain linked annually and referenced to year 2020

Preliminary estimates indicate that GDP in volume terms increased by 12.0% for the year 2022. GNP showed an increase of 6.7% in 2022 over 2021, while the deglobalised measure Modified Domestic Demand (MDD) increased by 8.2% over the year.

GDPGNPMDD
20162.006654427338837.508998483134895.39004416064022
20179.005342370711955.994746430430833.31472234884342
20188.527541228955016.01176459676885.02104140516451
20195.440937378967765.254333351815512.37054826762211
20206.184538167721422.67545916482197-6.09213092099775
202113.58824698917814.73928009140785.80732040857301
202211.96964258369876.722517917151028.16672909186962
Industry (excl. Construction)Information and CommunicationProfessional, Admin and Support ServicesPublic Admin, Education and HealthDistribution, Transport, Hotels and RestaurantsReal Estate ActivitiesFinancial and Insurance ActivitiesConstructionArts, Entertainment and Other ServicesAgriculture Forestry and Fishing
2022196.501988200578.2096694441.655394592238.368660346335.735976357123.704853123619.29763014739.06135747754.48875893563.564240859
2021159.774782187570.22379644540.61262450937.494979245832.03362204622.696071002318.7167188557.92202861853.54488091983.4849695139

Value added for Multinational-dominated sectors increased by 19.4% in 2022, all other economic sectors grew by 7.2%

Value added for the MNE dominated Industry (excluding Construction) and Information & Communication sectors recorded increases of 23.0% and 11.4% respectively in real terms in the year, see Table 2.3. The domestically focussed Construction sector grew by 14.4% year-on-year while the Distribution, Transport, Hotels & Restaurants sector increased by 11.6%. Arts & Entertainment recorded an increase of 26.6% in volume terms in 2022 compared to 2021, while Real Estate expanded by 4.4% in the year. Other service sectors exhibited modest, single digit percentage growth in 2022. Financial & Insurance activities rose by 3.1%, Professional Admin and Support Services by 2.6% and Public Administration, Education & Health grew by 2.3%. The Agriculture, Forestry & Fishing sector also increased 2.3% year-on-year.

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
2016102.16183616331.657527652103.3171730053.840197193736.863775468172.1097319385281.4880840138
2017104.812411197132.8557944591102.62453715193.378182074765.3793352679177.8146916876306.837049712
2018109.177471025734.320681723694.25025913670.482073989593.7094001807186.7428409817333.0027056319
2019112.084503790836.6441495607189.38454713742.22505151811.5251828979191.1696701635351.1211743156
202099.875124400640.9006034629158.0657676914.671586866870.498296682179.5233635759372.8363973561
2021104.47859104643.562059696796.46490006895.646844586176.0494517319189.948860507423.4983278944
2022111.387816059643.8701822882121.45432226069.7630056922186.9835773301205.4614693577474.1895640913

Modified Domestic Demand increased by 8.2% in 2022.

On the expenditure side of the accounts (Table 3.3), Capital Investment, driven by Intellectual Property Products (IPP), increased by €29.1 billion during 2022 while Personal Consumption Expenditure, which accounts for just over 40% of Domestic Demand, increased by 6.6% compared with the previous year. Government expenditure increased by 0.7% over the same period. Final Domestic Demand increased by 13.2% in 2022 compared with 2021 while Modified Domestic Demand increased by 8.2% over the year.

Exports grew 15.0% during the year while Imports rose by 19.0%, driven to a considerable extent by an increase in IPP investment compared with 2021. Overall net exports for the year increased by €10.9 billion which when combined with the 13.2% rise in domestic demand (+€32.2 billion) resulted in an overall increase in real GDP in 2022 of 12.0%. Factor income outflows were 28.4% higher in 2022 (€29.1 billion higher) compared with 2021 leading to an overall increase in real GNP of 6.7%.

Comparing the economy of 2022 with previous years, GDP has increased by 27.2% and 22.5% in GNP terms compared with 2020. Compared with 2019, a pre-COVID period, GDP has increased by 35.1% and 25.7% in GNP terms.

Foreign-owned MNE-dominatedOther
20160.3855927038007862.06007022132479
201710.4125944703384.49599574132009
201816.4308482557156.02823198981286
20196.838858341462694.23193345328576
202024.8642224966997-6.77414925544934
202120.66589479014584.75449327623674
202219.39300478318377.15302795212589
20222021
Public Admin, Education and Health34.22965123533.0370314095
Distribution, Transport, Hotels and Restaurants20.405789747818.131414925
Industry (excl. Construction)15.847822840914.8328842498
Professional, Admin and Support Services14.971688365914.4494944012
Information and Communication11.675900266710.3653971001
Financial and Insurance Activities9.43095664748.8080510889
Construction5.60799834394.39729721119
Arts, Entertainment and Other Services2.302856587522.06680529271
Real Estate Activities1.089495770771.00406260172
Agriculture Forestry and Fishing0.843523607660.93622538185

Compensation of Employees increased in real terms by 7.8% in 2022 compared to 2021. All sectors apart from Agriculture, Forestry and Fishing exhibited growth. The largest increases were seen in Construction (27.5%), Information and Communication (12.6%) and Distribution, Transport Hotels and Restaurants (12.5%).

Quarter 4 2022 Analysis

Increase of 0.3% in GDP in Quarter 4, while GNP grew by 4.7%

Table 1.2 GDP and GNP at constant 2020 prices, Q4 20221
 Amount €mQuarterly % change
Gross Domestic Product121,2740.3
Gross National Product88,2094.7
Modified Final Domestic Demand51,144-1.3
1Constant Market Prices, chain linked annually and referenced to year 2020, seasonally adjusted

Estimates for the fourth quarter of 2022 indicate that there was an increase of 0.3% in GDP in real terms in Q4 2022 compared to the previous quarter while GNP rose by 4.7%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending declined by 1.3% in Q4. 

GDPGNPMDD
Q1 20202.678829837979916.48666533952558-2.424523599733
Q2 2020-5.58850532420533-8.0138951842153-11.4352192966557
Q3 202012.88021268887043.0625699363452614.0113830018021
Q4 2020-4.759692388631365.14527850855029-3.37582100589365
Q1 20219.127466138456035.15829279916136-3.08533125180152
Q2 20211.91322288973352.914520069166157.41925757433726
Q3 20213.770775690141485.10194557338633.49186824571062
Q4 2021-1.262947994631192.761328294040282.1663380773449
Q1 20227.18841468595324-0.4262584500572490.60875049546556
Q2 20222.281044509068992.690425341984254.61282713683402
Q3 20222.84461487687502-2.25734973743189-1.0840678581824
Q4 20220.3045516352317534.72443964379623-1.3174687045114

Get the data: NAQ03

Industry (excl. Construction)Information & CommunicationProfessional, Admin & Support ServicesPublic Admin, Education & HealthDistribution, Transport, Hotels & RestaurantsReal Estate ActivitiesFinancial & Insurance ActivitiesConstructionArts, Entertainment & Other ServicesAgriculture, Forestry & Fishing
Q3 202251.55510812618.70288487310.2900574849.6196793168.9573815775.9796371184.6703266712.3090657461.1406611260.983266351
Q4 202255.22124642219.78482710810.1577795029.6778484719.1220646445.9444739454.8261988352.1683637141.2285457820.78799798

Get the data: NAQ02

The MNE dominated Industry (excluding Construction) and Information & Communication sectors recorded strong growth in Q4 compared with the previous quarter, growing by 7.1% and 5.8% respectively. The domestically facing Construction sector declined by 6.1% quarter-on-quarter while the Agriculture, Forestry & Fishing sector contracted by 19.9% over the period compared with Q3 2022. The Arts & Entertainment sector increased by 7.7% in Q4 while Finance & Insurance and the Distribution, Transport, Hotels & Restaurants sector grew by 3.3% & 1.8% respectively in the quarter. The Professional & Administrative services sector recorded a decline of 1.3% in Q4 while Real Estate fell by 0.6% over the same period. The domestically dominated Public Administration, Education & Health sector posted a modest 0.6% increase in Q4 2022. (See Table 2.5).

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsModified Final Domestic DemandGDP
Q1 202026.6089471839.290611705978.1064463052.039149497-23.2530029346.35411388792.712640168
Q2 202022.53273354310.45323447217.6459091171.79106595435.81566429741.05341931187.531389336
Q3 202025.71411571210.55521156925.0932682650.43479991639.1658047246.80557112698.805618452
Q4 202024.88715333610.57743902337.2470419430.22669067919.7590962645.22549882494.102774951
Q1 202123.35711346110.80594266318.4561123212.06636630549.48873280943.830142375102.69197387
Q2 202126.31412878410.76321776219.3490912940.30171335349.46543301547.082013533104.65670022
Q3 202127.31207622310.87681209719.5573730562.85550906347.89921673848.726055413108.60306963
Q4 202127.14856054811.07310097538.9224658860.03672792829.2744502549.781626505107.23146934
Q1 202227.24008279810.9229321521.1985809894.1663135153.3178245450.084672403114.93971203
Q2 202227.72860511210.9232339625.5009448921.46967729252.3442215552.394991763117.56153802
Q3 202227.97398596110.86130545748.8098088392.0568961431.6848143951.826994498120.90571102
Q4 202228.29468705211.12896613526.0910218221.68359081450.7911826651.144190065121.27393134

Get the data: NAQ03, NAQ04NAQ05

On the expenditure side of the accounts (Table 3.5), Capital Investment declined by €23.1 billion during the quarter with the Capital Formation element decreasing by 46.5% driven largely by a fall in IPP investment compared with the previous quarter. Capital Investment accounted for 41.3% of total domestic demand in Q4 2022. Exports increased by a modest 0.4% in Q4 2022 compared with Q3 2022 while Imports fell by 13.4% which meant that overall net exports for the quarter posted an increase of 60.3% in Q4 compared with Q3 2022 or €19.1 billion higher in money terms quarter-on-quarter. Personal Consumption Expenditure increased modestly by 1.1% quarter-on-quarter. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q4 2022 of 0.3%. Final Domestic Demand declined by 25.3% in Q4 compared with Q3 while Modified Domestic Demand fell by 1.3% over the same period.

GDPNet Factor Income from Rest of WorldGNP
Q1 202092.712640168-20.3805443572.332095813
Q2 202087.531389336-20.9959118766.53547747
Q3 202098.805618452-30.2324454568.573173
Q4 202094.102774951-22.0013212272.101453733
Q1 2021102.69197387-26.8713160475.820657829
Q2 2021104.65670022-26.626234178.030466118
Q3 2021108.60306963-26.591531682.01153803
Q4 2021107.23146934-22.955323584.276145834
Q1 2022114.93971203-31.0228003983.916911641
Q2 2022117.56153802-31.3869045286.174633498
Q3 2022120.90571102-36.6763403884.229370635
Q4 2022121.27393134-33.0651949288.208736413

Get the data: NAQ03

Factor income outflows decreased by 9.8% in the quarter, a fall of €3.6 billion in money terms compared with the previous quarter, leading to a rise in GNP of 4.7% for the fourth quarter compared with the previous quarter.

The calculation methods for quarterly accounts are similar to those used in the Annual National Accounts. As some of the available sources are of lesser reliability than those used for the annual national accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. These preliminary estimates will therefore be revised when the next detailed annual results are published.