| Table 1.1 GDP and GNP at constant 2020 prices, 20221 | ||
| Amount €m | Annual % change | |
| Gross Domestic Product | 474,190 | 12.0 |
| Gross National Product | 342,339 | 6.7 |
| Modified Final Domestic Demand | 205,461 | 8.2 |
| 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.
| GDP | GNP | MDD | |
| 2016 | 2.00665442733883 | 7.50899848313489 | 5.39004416064022 |
| 2017 | 9.00534237071195 | 5.99474643043083 | 3.31472234884342 |
| 2018 | 8.52754122895501 | 6.0117645967688 | 5.02104140516451 |
| 2019 | 5.44093737896776 | 5.25433335181551 | 2.37054826762211 |
| 2020 | 6.18453816772142 | 2.67545916482197 | -6.09213092099775 |
| 2021 | 13.588246989178 | 14.7392800914078 | 5.80732040857301 |
| 2022 | 11.9696425836987 | 6.72251791715102 | 8.16672909186962 |
| Industry (excl. Construction) | Information and Communication | Professional, Admin and Support Services | Public Admin, Education and Health | Distribution, Transport, Hotels and Restaurants | Real Estate Activities | Financial and Insurance Activities | Construction | Arts, Entertainment and Other Services | Agriculture Forestry and Fishing | |
| 2022 | 196.5019882005 | 78.20966944 | 41.6553945922 | 38.3686603463 | 35.7359763571 | 23.7048531236 | 19.2976301473 | 9.0613574775 | 4.4887589356 | 3.564240859 |
| 2021 | 159.7747821875 | 70.223796445 | 40.612624509 | 37.4949792458 | 32.033622046 | 22.6960710023 | 18.716718855 | 7.9220286185 | 3.5448809198 | 3.4849695139 |
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 Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2016 | 102.161836163 | 31.657527652 | 103.317173005 | 3.8401971937 | 36.863775468 | 172.1097319385 | 281.4880840138 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2017 | 104.8124111971 | 32.8557944591 | 102.6245371519 | 3.3781820747 | 65.3793352679 | 177.8146916876 | 306.837049712 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | 109.1774710257 | 34.3206817236 | 94.2502591367 | 0.4820739895 | 93.7094001807 | 186.7428409817 | 333.0027056319 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 112.0845037908 | 36.6441495607 | 189.3845471374 | 2.225051518 | 11.5251828979 | 191.1696701635 | 351.1211743156 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 99.8751244006 | 40.9006034629 | 158.065767691 | 4.6715868668 | 70.498296682 | 179.5233635759 | 372.8363973561 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 104.478591046 | 43.5620596967 | 96.4649000689 | 5.646844586 | 176.0494517319 | 189.948860507 | 423.4983278944 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 111.3878160596 | 43.8701822882 | 121.4543222606 | 9.7630056922 | 186.9835773301 | 205.4614693577 | 474.1895640913 |
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-dominated | Other | |
| 2016 | 0.385592703800786 | 2.06007022132479 |
| 2017 | 10.412594470338 | 4.49599574132009 |
| 2018 | 16.430848255715 | 6.02823198981286 |
| 2019 | 6.83885834146269 | 4.23193345328576 |
| 2020 | 24.8642224966997 | -6.77414925544934 |
| 2021 | 20.6658947901458 | 4.75449327623674 |
| 2022 | 19.3930047831837 | 7.15302795212589 |
| 2022 | 2021 | |
| Public Admin, Education and Health | 34.229651235 | 33.0370314095 |
| Distribution, Transport, Hotels and Restaurants | 20.4057897478 | 18.131414925 |
| Industry (excl. Construction) | 15.8478228409 | 14.8328842498 |
| Professional, Admin and Support Services | 14.9716883659 | 14.4494944012 |
| Information and Communication | 11.6759002667 | 10.3653971001 |
| Financial and Insurance Activities | 9.4309566474 | 8.8080510889 |
| Construction | 5.6079983439 | 4.39729721119 |
| Arts, Entertainment and Other Services | 2.30285658752 | 2.06680529271 |
| Real Estate Activities | 1.08949577077 | 1.00406260172 |
| Agriculture Forestry and Fishing | 0.84352360766 | 0.93622538185 |
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%).
| Table 1.2 GDP and GNP at constant 2020 prices, Q4 20221 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 121,274 | 0.3 |
| Gross National Product | 88,209 | 4.7 |
| Modified Final Domestic Demand | 51,144 | -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.
| GDP | GNP | MDD | |
| Q1 2020 | 2.67882983797991 | 6.48666533952558 | -2.424523599733 |
| Q2 2020 | -5.58850532420533 | -8.0138951842153 | -11.4352192966557 |
| Q3 2020 | 12.8802126888704 | 3.06256993634526 | 14.0113830018021 |
| Q4 2020 | -4.75969238863136 | 5.14527850855029 | -3.37582100589365 |
| Q1 2021 | 9.12746613845603 | 5.15829279916136 | -3.08533125180152 |
| Q2 2021 | 1.9132228897335 | 2.91452006916615 | 7.41925757433726 |
| Q3 2021 | 3.77077569014148 | 5.1019455733863 | 3.49186824571062 |
| Q4 2021 | -1.26294799463119 | 2.76132829404028 | 2.1663380773449 |
| Q1 2022 | 7.18841468595324 | -0.426258450057249 | 0.60875049546556 |
| Q2 2022 | 2.28104450906899 | 2.69042534198425 | 4.61282713683402 |
| Q3 2022 | 2.84461487687502 | -2.25734973743189 | -1.0840678581824 |
| Q4 2022 | 0.304551635231753 | 4.72443964379623 | -1.3174687045114 |
Get the data: NAQ03
| Industry (excl. Construction) | Information & Communication | Professional, Admin & Support Services | Public Admin, Education & Health | Distribution, Transport, Hotels & Restaurants | Real Estate Activities | Financial & Insurance Activities | Construction | Arts, Entertainment & Other Services | Agriculture, Forestry & Fishing | |
| Q3 2022 | 51.555108126 | 18.702884873 | 10.290057484 | 9.619679316 | 8.957381577 | 5.979637118 | 4.670326671 | 2.309065746 | 1.140661126 | 0.983266351 |
| Q4 2022 | 55.221246422 | 19.784827108 | 10.157779502 | 9.677848471 | 9.122064644 | 5.944473945 | 4.826198835 | 2.168363714 | 1.228545782 | 0.78799798 |
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 Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2020 | 26.608947183 | 9.2906117059 | 78.106446305 | 2.039149497 | -23.25300293 | 46.354113887 | 92.712640168 |
| Q2 2020 | 22.532733543 | 10.453234472 | 17.645909117 | 1.791065954 | 35.815664297 | 41.053419311 | 87.531389336 |
| Q3 2020 | 25.714115712 | 10.555211569 | 25.093268265 | 0.434799916 | 39.16580472 | 46.805571126 | 98.805618452 |
| Q4 2020 | 24.887153336 | 10.577439023 | 37.247041943 | 0.226690679 | 19.75909626 | 45.225498824 | 94.102774951 |
| Q1 2021 | 23.357113461 | 10.805942663 | 18.456112321 | 2.066366305 | 49.488732809 | 43.830142375 | 102.69197387 |
| Q2 2021 | 26.314128784 | 10.763217762 | 19.349091294 | 0.301713353 | 49.465433015 | 47.082013533 | 104.65670022 |
| Q3 2021 | 27.312076223 | 10.876812097 | 19.557373056 | 2.855509063 | 47.899216738 | 48.726055413 | 108.60306963 |
| Q4 2021 | 27.148560548 | 11.073100975 | 38.922465886 | 0.036727928 | 29.27445025 | 49.781626505 | 107.23146934 |
| Q1 2022 | 27.240082798 | 10.92293215 | 21.198580989 | 4.16631351 | 53.31782454 | 50.084672403 | 114.93971203 |
| Q2 2022 | 27.728605112 | 10.92323396 | 25.500944892 | 1.469677292 | 52.34422155 | 52.394991763 | 117.56153802 |
| Q3 2022 | 27.973985961 | 10.861305457 | 48.809808839 | 2.05689614 | 31.68481439 | 51.826994498 | 120.90571102 |
| Q4 2022 | 28.294687052 | 11.128966135 | 26.091021822 | 1.683590814 | 50.79118266 | 51.144190065 | 121.27393134 |
Get the data: NAQ03, NAQ04, NAQ05
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.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2020 | 92.712640168 | -20.38054435 | 72.332095813 |
| Q2 2020 | 87.531389336 | -20.99591187 | 66.53547747 |
| Q3 2020 | 98.805618452 | -30.23244545 | 68.573173 |
| Q4 2020 | 94.102774951 | -22.00132122 | 72.101453733 |
| Q1 2021 | 102.69197387 | -26.87131604 | 75.820657829 |
| Q2 2021 | 104.65670022 | -26.6262341 | 78.030466118 |
| Q3 2021 | 108.60306963 | -26.5915316 | 82.01153803 |
| Q4 2021 | 107.23146934 | -22.9553235 | 84.276145834 |
| Q1 2022 | 114.93971203 | -31.02280039 | 83.916911641 |
| Q2 2022 | 117.56153802 | -31.38690452 | 86.174633498 |
| Q3 2022 | 120.90571102 | -36.67634038 | 84.229370635 |
| Q4 2022 | 121.27393134 | -33.06519492 | 88.208736413 |
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.
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