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Quarterly National Accounts Quarter 4 2023

Foreign and Domestic GVA

Multinational sector contracted by 2.7% in Q4 2023 while Non-MNE dominated increased by 0.1%

Online ISSN: 2009-5775

CSO statistical release, 01 March 2024, 11am

Table 6.1 Gross Value Added for sectors dominated by Foreign-owned MNEs and Other Sectors, Q4 2023¹
	Amount €m	Quarterly % change
Foreign-owned MNE dominated	55,309	-2.7
Other	53,831	0.1
Total GVA (MNE dominated + Other)	109,140	-1.4
¹Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted.

Open in Excel: Quarterly National Accounts Q4 2023 Table 6.1 (XLS 10KB)

On a seasonally adjusted basis, estimates indicate that Gross Value Added (GVA) in volume terms in the Foreign-owned MNE dominated sector fell by 2.7% for the fourth quarter of 2023, largely driven by a contraction in the Industry (excluding Construction) sector of 7.7% quarter-on-quarter. GVA for the non-MNE dominated sectors of the economy increased by 0.1% over the same period.

Real GVA for the total economy amounted to €109 billion in the Q4 2023 reference period, with GVA for MNE dominated sectors representing approximately 50.7% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 49.3% of the total.

	Foreign-owned MNE-dominated	Other
Q1 2021	13.4818508384039	0.516649247604639
Q2 2021	1.87045751170265	1.58114720911167
Q3 2021	4.82611033051599	1.39311656730912
Q4 2021	1.56802068216961	2.56019323010883
Q1 2022	2.73288841617512	0.945049655202945
Q2 2022	3.33199607300874	0.974121882254653
Q3 2022	6.61061230631572	1.07404334750689
Q4 2022	8.03884621118121	1.13249990282764
Q1 2023	-16.1891559655451	1.49360415568662
Q2 2023	5.42239805861766	1.27772070703822
Q3 2023	-4.6636029393654	-0.644752500007084
Q4 2023	-2.71936004805533	0.11

Get the data: NAQ06

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 2021)¹

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2017	111,808	163,620	275,428	109,470	178,236	283,648
2018	131,371	175,291	306,662	127,623	188,759	312,690
2019	148,039	186,002	334,041	136,404	196,790	329,512
2020	173,505	182,681	356,186	170,096	186,520	356,006
2021	212,005	196,406	408,411	212,005	196,406	408,411
2022	256,225	225,772	481,998	244,987	207,323	452,310
2023	240,430	239,427	479,857	228,384	215,206	443,590

2017
Q1	25,946	39,385	65,331	25,073	43,286	67,285
Q2	24,047	40,455	64,503	24,807	43,828	67,514
Q3	27,704	41,582	69,286	27,987	45,402	72,361
Q4	34,111	42,197	76,308	31,604	45,720	76,487

2018
Q1	31,568	41,361	72,929	30,080	44,573	73,778
Q2	30,099	43,421	73,520	31,559	46,815	77,454
Q3	33,586	44,623	78,209	32,338	48,300	79,677
Q4	36,118	45,887	82,005	33,646	49,071	81,782

2019
Q1	34,703	44,527	79,231	30,767	47,092	76,885
Q2	34,575	45,499	80,074	33,960	48,337	81,415
Q3	37,428	47,182	84,610	35,207	50,026	84,323
Q4	41,333	48,794	90,127	36,470	51,335	86,889

2020
Q1	43,284	47,217	90,502	39,661	48,299	87,492
Q2	40,335	40,888	81,224	40,926	42,003	82,977
Q3	46,475	46,392	92,867	45,200	47,445	92,626
Q4	43,410	48,183	91,594	44,310	48,773	92,912

2021
Q1	52,291	45,227	97,518	50,789	46,117	96,925
Q2	48,980	47,908	96,889	51,097	48,588	99,659
Q3	56,262	50,340	106,602	56,318	49,928	106,294
Q4	54,471	52,931	107,402	53,802	51,773	105,534

2022
Q1	59,839	51,974	111,814	56,899	49,115	106,014
Q2	59,200	55,923	115,123	57,751	51,676	109,427
Q3	69,807	57,781	127,589	65,008	52,689	117,697
Q4	67,379	60,094	127,472	65,329	53,843	119,172

2023
Q1	61,038	55,537	116,574	56,890	51,468	108,358
Q2	60,480	60,007	120,487	58,794	54,434	113,228
Q3	61,811	61,075	122,887	59,224	54,352	113,576
Q4	57,101	62,808	119,910	53,477	54,951	108,428

Annual Percentage Changes
2017	13.2	8.0	10.0	10.6	4.5	6.9
2018	17.5	7.1	11.3	16.6	5.9	10.2
2019	12.7	6.1	8.9	6.9	4.3	5.4
2020	17.2	-1.8	6.6	24.7	-5.2	8.0
2021	22.2	7.5	14.7	24.6	5.3	14.7
2022	20.9	15.0	18.0	15.6	5.6	10.7
2023	-6.2	6.0	-0.4	-6.8	3.8	-1.9

Percentage change on corresponding period of previous year
2017
Q1	10.4	7.4	8.6	0.9	4.9	3.3
Q2	8.6	7.0	7.6	9.1	3.0	5.4
Q3	19.1	7.8	12.0	34.9	3.9	14.9
Q4	14.1	9.6	11.6	3.2	6.2	4.6

2018
Q1	21.7	5.0	11.6	20.0	3.0	9.6
Q2	25.2	7.3	14.0	27.2	6.8	14.7
Q3	21.2	7.3	12.9	15.5	6.4	10.1
Q4	5.9	8.7	7.5	6.5	7.3	6.9

2019
Q1	9.9	7.7	8.6	2.3	5.7	4.2
Q2	14.9	4.8	8.9	7.6	3.3	5.1
Q3	11.4	5.7	8.2	8.9	3.6	5.8
Q4	14.4	6.3	9.9	8.4	4.6	6.2

2020
Q1	24.7	6.0	14.2	28.9	2.6	13.8
Q2	16.7	-10.1	1.4	20.5	-13.1	1.9
Q3	24.2	-1.7	9.8	28.4	-5.2	9.8
Q4	5.0	-1.3	1.6	21.5	-5.0	6.9

2021
Q1	20.8	-4.2	7.8	28.1	-4.5	10.8
Q2	21.4	17.2	19.3	24.9	15.7	20.1
Q3	21.1	8.5	14.8	24.6	5.2	14.8
Q4	25.5	9.9	17.3	21.4	6.2	13.6

2022
Q1	14.4	14.9	14.7	12.0	6.5	9.4
Q2	20.9	16.7	18.8	13.0	6.4	9.8
Q3	24.1	14.8	19.7	15.4	5.5	10.7
Q4	23.7	13.5	18.7	21.4	4.0	12.9

2023
Q1	2.0	6.9	4.3	-0.0	4.8	2.2
Q2	2.2	7.3	4.7	1.8	5.3	3.5
Q3	-11.5	5.7	-3.7	-8.9	3.2	-3.5
Q4	-15.3	4.5	-5.9	-18.1	2.1	-9.0
¹Chain linked series not additive

Open in Excel: Quarterly National Accounts Q4 2023 Table 6.2 (XLS 19KB)

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 2021)¹ - Seasonally Adjusted

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹ - Seasonally Adjusted						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2017
Q1	26,931	40,098	67,028	24,854	44,538	69,392
Q2	25,010	40,640	65,650	25,405	44,070	69,475
Q3	28,462	41,163	69,625	28,463	44,622	73,085
Q4	31,172	41,604	72,777	30,473	44,946	75,419

2018
Q1	31,265	42,425	73,690	30,147	45,921	76,068
Q2	31,874	43,440	75,315	32,371	47,066	79,437
Q3	34,344	44,189	78,533	32,272	47,529	79,802
Q4	34,623	45,035	79,659	32,841	48,109	80,951

2019
Q1	33,974	45,585	79,560	31,035	48,597	79,632
Q2	36,624	45,839	82,463	34,654	48,604	83,258
Q3	37,704	46,667	84,371	34,628	49,275	83,902
Q4	39,544	47,713	87,257	36,245	50,175	86,419

2020
Q1	42,426	48,565	90,991	39,956	50,002	89,958
Q2	43,039	41,185	84,224	41,601	42,165	83,765
Q3	45,264	45,832	91,097	43,953	46,770	90,723
Q4	44,896	46,978	91,874	44,849	47,617	92,466

2021
Q1	51,594	46,935	98,530	50,896	47,863	98,759
Q2	53,090	47,990	101,080	51,848	48,620	100,468
Q3	54,809	49,700	104,508	54,350	49,297	103,647
Q4	52,774	51,537	104,311	55,202	50,559	105,761

2022
Q1	61,043	53,995	115,037	56,711	51,037	107,748
Q2	61,650	56,027	117,677	58,600	51,534	110,135
Q3	65,494	57,083	122,577	62,474	52,088	114,562
Q4	65,503	58,445	123,948	67,496	52,678	120,174

2023
Q1	60,842	57,873	118,715	56,569	53,465	110,034
Q2	63,909	59,986	123,895	59,637	54,148	113,784
Q3	58,957	60,362	119,318	56,855	53,799	110,654
Q4	57,658	61,063	118,722	55,309	53,831	109,140

Percentage change on previous quarter
2017
Q1	2.1	5.3	4.0	-15.8	5.0	-3.5
Q2	-7.1	1.4	-2.1	2.2	-1.1	0.1
Q3	13.8	1.3	6.1	12.0	1.3	5.2
Q4	9.5	1.1	4.5	7.1	0.7	3.2

2018
Q1	0.3	2.0	1.3	-1.1	2.2	0.9
Q2	1.9	2.4	2.2	7.4	2.5	4.4
Q3	7.7	1.7	4.3	-0.3	1.0	0.5
Q4	0.8	1.9	1.4	1.8	1.2	1.4

2019
Q1	-1.9	1.2	-0.1	-5.5	1.0	-1.6
Q2	7.8	0.6	3.6	11.7	0.0	4.6
Q3	2.9	1.8	2.3	-0.1	1.4	0.8
Q4	4.9	2.2	3.4	4.7	1.8	3.0

2020
Q1	7.3	1.8	4.3	10.2	-0.3	4.1
Q2	1.4	-15.2	-7.4	4.1	-15.7	-6.9
Q3	5.2	11.3	8.2	5.7	10.9	8.3
Q4	-0.8	2.5	0.9	2.0	1.8	1.9

2021
Q1	14.9	-0.1	7.2	13.5	0.5	6.8
Q2	2.9	2.2	2.6	1.9	1.6	1.7
Q3	3.2	3.6	3.4	4.8	1.4	3.2
Q4	-3.7	3.7	-0.2	1.6	2.6	2.0

2022
Q1	15.7	4.8	10.3	2.7	0.9	1.9
Q2	1.0	3.8	2.3	3.3	1.0	2.2
Q3	6.2	1.9	4.2	6.6	1.1	4.0
Q4	0.0	2.4	1.1	8.0	1.1	4.9

2023
Q1	-7.1	-1.0	-4.2	-16.2	1.5	-8.4
Q2	5.0	3.7	4.4	5.4	1.3	3.4
Q3	-7.7	0.6	-3.7	-4.7	-0.6	-2.8
Q4	-2.2	1.2	-0.5	-2.7	0.1	-1.4
¹Chain linked series not additive