| Table 1.1 GDP and GNP at constant 2021 prices, 20231 | ||
| Amount €m | Annual % change | |
| GDP | 459,821 | -3.2 |
| GNP | 350,784 | 4.4 |
| MFDD | 220,999 | 0.5 |
| 1Constant Market Prices, chain linked annually and referenced to year 2021 | ||
Preliminary estimates indicate that GDP in volume terms fell by 3.2% for the year 2023. GNP showed an increase of 4.4% in 2023 over 2022, while the deglobalised measure Modified Domestic Demand (MDD) increased by 0.5% over the year.
| GDP | GNP | MDD | |
| 2017 | 9.31125910982644 | 6.36511319246533 | 3.43793844334352 |
| 2018 | 8.47029548694809 | 5.94764044349869 | 5.05742345814719 |
| 2019 | 5.29772811468121 | 5.06956846309718 | 2.19266653322336 |
| 2020 | 6.61719472906033 | 3.59169298555617 | -5.86184010697578 |
| 2021 | 15.1252197620187 | 13.9315131450652 | 7.28358277240932 |
| 2022 | 9.43302191859074 | 3.89389087788938 | 9.4522705837381 |
| 2023 | -3.19875224286471 | 4.43004442980302 | 0.534617183246366 |
Get the data: NAQ03
| Industry (excl. Construction) | Information and Communication | Public Admin, Education and Health | Professional, Admin and Support Services | Distribution, Transport, Hotels and Restaurants | Real Estate Activities | Financial and Insurance Activities | Construction | Agriculture Forestry and Fishing | Arts, Entertainment and Other Services | |
| 2023 | 166.375844551 | 87.6249780656 | 43.6647584052 | 42.9506895325 | 40.4004892235 | 25.5666419502 | 18.1822165284 | 9.4293707893 | 5.2767251415 | 4.1187521449 |
| 2022 | 187.0353285005 | 81.1279509027 | 41.8751485067 | 42.6616238256 | 38.6630798865 | 25.1176909681 | 16.9150200008 | 9.7222757488 | 4.574309653 | 4.6175263565 |
Get the data: NAQ02
Value added for the MNE dominated Information & Communication sector expanded by 8.0% in real terms in the year, while Industry (excluding Construction) contracted by 11.0%, see Table 2.3. The domestically focussed Distribution, Transport, Hotels & Restaurants sector grew by 4.5% year-on-year while the Construction sector recorded a decline of 3.0%. The Agriculture, Forestry & Fishing sector recorded an increase of 15.4% in volume terms in 2023 compared to 2022, while Financial & Insurance activities expanded by 7.5% in the year. Other service sectors exhibited modest, single digit percentage growth in 2023. Public Administration, Education & Health rose by 4.3%, Real Estate by 1.8% and Professional Admin and Support Services grew by 0.7%. Arts & Entertainment posted a decline of 10.8% 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 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2017 | 109.2454314997 | 33.6922129832 | 105.7095990321 | 4.0897255546 | 61.485294708 | 185.227376114 | 309.6221080541 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | 113.8655721874 | 35.2246033909 | 97.0678932635 | 0.8135951024 | 90.0193902179 | 194.5951088845 | 335.8480154992 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 116.8263841002 | 37.5128256296 | 194.8065421303 | 1.6376867991 | 4.90487336319999 | 198.8619307123 | 353.6403302389 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 105.235722501 | 41.8634364483 | 162.6521035426 | 3.6445501196 | 64.7790665829 | 187.2049623003 | 377.0413995313 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 114.1196450338 | 44.4899679416 | 96.9412618057 | 5.5452891648 | 173.948763575 | 200.8401906835 | 434.0697398042 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 124.8269652701 | 46.0615086246 | 101.8673711553 | 10.0417415211 | 190.1231227137 | 219.8241489478 | 475.0156335019 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 128.701712466 | 46.8449743546 | 104.8359996526 | 14.7829967324 | 156.7201053433 | 220.999366621 | 459.8210602713 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.3), Personal Consumption Expenditure, which accounts for almost 46% of Domestic Demand, increased by 3.1% while Capital Investment, increased by €7.7 billion (+6.9%) during 2023 compared with the previous year. Government expenditure increased by 1.7% over the same period. Final Domestic Demand increased by 2.8% in 2023 compared with 2022 while Modified Domestic Demand increased by 0.5% over the year.
Exports fell by 4.8% during the year while Imports rose by 0.4% compared with 2022. Overall net exports for the year decreased by €33.4 billion (-17.6%) which when combined with the 2.8% rise in domestic demand (+€7.6 billion) resulted in an overall contraction in real GDP in 2023 of 3.2%. Factor income outflows were 21.6% lower in 2023 (€30.1 billion lower) compared with 2022 leading to an overall increase in real GNP of 4.4%.
Comparing the economy of 2023 with previous years, GDP has increased by 5.9% compared with 2021 and by 22.0% compared with 2020. Contrasting 2023 with 2019, a pre-COVID period, GDP has increased by 30.0%.
| Foreign-owned MNE-dominated | Other | |
| 2017 | 10.6241414108866 | 4.48111186278317 |
| 2018 | 16.5833154797937 | 5.90371703542361 |
| 2019 | 6.88007854333066 | 4.25502452698254 |
| 2020 | 24.7004437239239 | -5.21910130847034 |
| 2021 | 24.6381620707036 | 5.30054579329147 |
| 2022 | 15.5571081337451 | 5.55831406038119 |
| 2023 | -6.77691237217548 | 3.8023084957167 |
Get the data: NAQ03
| 2023 | 2022 | |
| Public Admin, Education and Health | 35.239757223 | 33.795183304 |
| Distribution, Transport, Hotels and Restaurants | 23.153837251 | 21.794265854 |
| Professional, Admin and Support Services | 17.362293759 | 15.838002923 |
| Industry (excl. Construction) | 16.478412562 | 16.959375476 |
| Information and Communication | 12.271011557 | 12.069535443 |
| Financial and Insurance Activities | 9.860719211 | 9.775628834 |
| Construction | 5.905487924 | 6.005455992 |
| Arts, Entertainment and Other Services | 2.523060229 | 2.351085415 |
| Agriculture Forestry and Fishing | 0.84022555 | 0.80006147 |
| Real Estate Activities | 0.799087668 | 1.038052005 |
Compensation of Employees increased in real terms by 3.3% in 2023 compared to 2022. However there was a mixed picture across the various sectors of the economy. The largest increases were seen in Professional & Administrative services (9.6%), Arts & Entertainment (7.3%), Distribution, Transport Hotels and Restaurants (6.2%) and Agriculture, Forestry & Fishing (5.0%). Compensation fell in the Real Estate sector by 23.0%, the MNE-dominated Industry sector by 2.8% while in the domestically facing Construction sector it decreased by 1.7%. In the MNE-dominated Information and Communication sector, compensation rose by 1.7% year-on-year.
| Table 1.2 GDP and GNP at constant 2021 prices, Q4 20231 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 110,443 | -3.4 |
| Gross National Product | 86,185 | -4.2 |
| Modified Final Domestic Demand | 55,146 | -0.4 |
| 1Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted | ||
Estimates for the fourth quarter of 2023 indicate that there was a decrease of 3.4% in GDP in real terms in Q4 2023 compared to the previous quarter while GNP fell by 4.2%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending fell by 0.4% in Q4.
| GDP | GNP | MDD | |
| Q1 2021 | 9.91924639422388 | 6.77166128453544 | -2.19495274137829 |
| Q2 2021 | 2.89357803524628 | 3.79931940156568 | 8.67353217018427 |
| Q3 2021 | 2.94846952139645 | 2.51080102853043 | 0.692037545743296 |
| Q4 2021 | -1.72734026099405 | 1.03097867818862 | 3.61017971929394 |
| Q1 2022 | 4.84636877573679 | -1.14153898363236 | 0.264421737362808 |
| Q2 2022 | 2.7553298809387 | 4.77780332456383 | 6.18191679925735 |
| Q3 2022 | 2.98058545850497 | -6.12153265392993 | -1.12705147186073 |
| Q4 2022 | 0.1749720618343 | 7.87061348745741 | 0.247033532748375 |
| Q1 2023 | -3.36062827485183 | -5.18682226841785 | -0.661042573361792 |
| Q2 2023 | -0.133927962044245 | 10.9867371464836 | 0.281361701759586 |
| Q3 2023 | -2.50029156669261 | -1.84093189333377 | 0.112221825571002 |
| Q4 2023 | -3.41911191247416 | -4.15097601664204 | -0.416883991680184 |
| Industry (excl. Construction) | Information & Communication | Public Admin, Education & Health | Professional, Admin & Support Services | Distribution, Transport, Hotels & Restaurants | Real Estate Activities | Financial & Insurance Activities | Construction | Agriculture, Forestry & Fishing | Arts, Entertainment & Other Services | |
| Q3 2023 | 41.925627472 | 22.302679882 | 11.013085367 | 10.933661816 | 10.047884293 | 6.432677992 | 4.448161477 | 2.341488174 | 1.283819056 | 1.015811052 |
| Q4 2023 | 38.686721249 | 22.141202516 | 11.137393895 | 10.514750015 | 10.112325421 | 6.417603643 | 4.435164974 | 2.296521583 | 1.323117301 | 1.056183875 |
The MNE dominated sectors of the economy decreased by 2.7% overall in the fourth quarter of 2023. The MNE dominated Industry (excluding Construction) sector recorded a decline of 7.7% in Q4 compared with the previous quarter, while Information & Communication sector fell by 0.7% in the quarter. The domestically facing Distribution, Transport, Hotels & Restaurants sector posted a modest increase of 0.6% while the Construction sector decreased by 1.9% quarter-on-quarter. The Arts & Entertainment sector expanded by 4.0% over the period compared with Q3 2023 while the Agriculture, Forestry & Fishing sector rose by 3.1% quarter-on-quarter. The domestically dominated Public Administration, Education & Health sector posted an increase of 1.1% quarter-on-quarter in Q4 2023. Other service sectors exhibited modest declines: Professional & Administrative services contracted by 3.8% in Q4, Finance & Insurance declined by 0.3% while the Real Estate sector fell by 0.2% over the same period. (See Tables 2.5 and 6.3).
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2021 | 25.224909585 | 11.218256968 | 18.542823842 | 2.123849609 | 48.877406429 | 46.412569816 | 105.04113879 |
| Q2 2021 | 28.863314836 | 11.167037955 | 19.954249089 | 0.057479563 | 49.262774829 | 50.43817899 | 108.08058611 |
| Q3 2021 | 29.711685605 | 10.867906981 | 19.432678209 | 3.135794617 | 48.532468917 | 50.787230126 | 111.26730925 |
| Q4 2021 | 29.96612721 | 11.162671975 | 38.868953867 | -0.109560588 | 27.55836997 | 52.620740408 | 109.34534422 |
| Q1 2022 | 30.082574707 | 11.273752271 | 21.406536589 | 1.567177034 | 50.68817893 | 52.759881084 | 114.64462284 |
| Q2 2022 | 31.305511662 | 11.487820464 | 25.416731532 | 3.869218013 | 47.3463847 | 56.021453036 | 117.80346039 |
| Q3 2022 | 31.407414455 | 11.670448892 | 27.908709923 | 4.198407753 | 45.40090355 | 55.390062425 | 121.3146932 |
| Q4 2022 | 31.872512493 | 11.552474982 | 27.275794956 | -0.011131847 | 47.47028452 | 55.526894453 | 121.52696002 |
| Q1 2023 | 31.857931186 | 11.247748736 | 22.410134988 | 2.528812877 | 50.62758472 | 55.159838041 | 117.44289064 |
| Q2 2023 | 32.114632848 | 11.616492812 | 23.183444926 | 5.147254213 | 42.69597215 | 55.3150367 | 117.28560177 |
| Q3 2023 | 32.333051758 | 11.883939302 | 22.37386577 | 3.78885217 | 40.52823564 | 55.377112244 | 114.35311976 |
| Q4 2023 | 32.343078436 | 12.021995897 | 37.009298036 | 2.900006905 | 22.47242917 | 55.146253928 | 110.44325862 |
On the expenditure side of the accounts (Table 3.5), Exports decreased by 1.0% in Q4 2023 compared with Q3 2023 while Imports rose significantly by 14.6% which meant that overall net exports for the quarter contracted by 44.6% in Q4 compared with Q3 2023 or €18.1 billion lower in money terms quarter-on-quarter. Capital Investment increased by €13.7 billion during the quarter (a 52.5% increase quarter-on-quarter) with the Capital Formation element rising by 65.4% reflecting higher levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 47.4% of total domestic demand in Q4 2023. Government Expenditure on Current Goods and Services rose by 1.2% quarter-on-quarter with Personal Consumption Expenditure broadly unchanged compared with the previous quarter. These impacts when combined resulted in an overall decline in Real GDP in Q4 2023 of 3.4%. Final Domestic Demand increased by 22.2% in Q4 compared with Q3, driven by the higher investment in Intangible Assets, while Modified Domestic Demand fell by 0.4% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2021 | 105.04113879 | -27.84333029 | 77.197808502 |
| Q2 2021 | 108.08058611 | -27.94978629 | 80.130799818 |
| Q3 2021 | 111.26730925 | -29.12458449 | 82.142724764 |
| Q4 2021 | 109.34534422 | -26.35574548 | 82.989598742 |
| Q1 2022 | 114.64462284 | -32.60238272 | 82.04224012 |
| Q2 2022 | 117.80346039 | -31.84140339 | 85.962056996 |
| Q3 2022 | 121.3146932 | -40.61483159 | 80.699861607 |
| Q4 2022 | 121.52696002 | -34.47552422 | 87.051435799 |
| Q1 2023 | 117.44289064 | -34.9066581 | 82.536232542 |
| Q2 2023 | 117.28560177 | -25.68133031 | 91.604271462 |
| Q3 2023 | 114.35311976 | -24.43522055 | 89.917899213 |
| Q4 2023 | 110.44325862 | -24.25782984 | 86.185428782 |
Factor income outflows fell by 0.7% in the quarter, a decline of €0.2 billion in money terms compared with the previous quarter, leading to a fall in GNP of 4.2% 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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