| Table 1.1 GDP and GNP at constant 2022 prices, 20241 | ||
| Amount €m | Annual % change | |
| GDP | 498,138 | 1.2 |
| GNP | 377,105 | 0.4 |
| MFDD | 248,872 | 2.7 |
| 1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted | ||
Provisional estimates indicate that GDP in volume terms rose by 1.2% for the year 2024. GNP showed an increase of 0.4% in 2024 over 2023, while the deglobalised measure Modified Domestic Demand (MDD) increased by 2.7% over the year.
| GDP | GNP | MDD | |
| 2018 | 7.54434199912344 | 4.17922022957644 | 5.44658413424939 |
| 2019 | 5.04055018438114 | 4.11429050516039 | 2.25810028977087 |
| 2020 | 7.15789878606059 | 3.92203900244918 | -5.65547594722652 |
| 2021 | 16.2556135192859 | 13.7426849716339 | 7.96739853706365 |
| 2022 | 8.61950341305366 | 2.28707362012972 | 8.80253041938306 |
| 2023 | -5.53000730035919 | 5.53548433551199 | 2.63827264893017 |
| 2024 | 1.22136108154289 | 0.425679886425834 | 2.69342973109175 |
Get the data: NAQ03
| X-axis label | Industry (excl. Construction) | Information and Communication | Professional, Admin and Support Services | Distribution, Transport, Hotels and Restaurants | Public Admin, Education and Health | Real Estate Activities | Financial and Insurance Activities | Construction | Agriculture Forestry and Fishing | Arts, Entertainment and Other Services |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 148.3676112664 | 101.0744053498 | 56.8270672095 | 48.1731219241 | 46.9874598829 | 29.0665222463 | 18.3330566598 | 11.6957910217 | 6.3332377237 | 5.9483679583 |
| 2023 | 156.3782568785 | 93.203075976 | 53.814258752 | 47.5011314902 | 45.6761069671 | 28.3504665344 | 20.0275206212 | 11.905046848 | 6.5717291007 | 6.1392198848 |
Get the data: NAQ02
Value added for the MNE dominated Information & Communication sector expanded by 8.4% in real terms in the year, while Industry (excluding Construction) contracted by 5.1%, see Table 2.3. The domestically focussed Professional Admin and Support Services sector grew by 5.6% year-on-year while the Public Administration, Education & Health sector recorded an increase of 2.9%. The Real Estate activities posted an increase of 2.5% in volume terms in 2024 compared to 2023, while Distribution, Transport, Hotels & Restaurants activities expanded by 1.4% in the year. Other sectors posted declines over the period: Financial & Insurance contracted by 8.5% year-on-year, Agriculture, Forestry & Fishing fell by 3.6%, with the Arts & Entertainment sector declining by 3.1%. The Construction sector declined by 1.8% year-on-year in 2024 compared with the previous year.
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | 120.1831246122 | 37.3636563465 | 105.2334855841 | 0.8406620695 | 103.6159397388 | 208.3423581854 | 366.5058391055 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 123.6150991748 | 39.8083087461 | 210.1290995293 | 1.68856424 | 13.8497653706 | 213.0469375793 | 384.9797498543 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 111.9107114316 | 44.4499509245 | 175.5217261223 | 4.3990733829 | 80.5061630175 | 200.9981192682 | 412.5362106957 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 121.8173860413 | 47.2666250978 | 106.4155700028 | 5.0182215427 | 198.9357258082 | 217.0124404823 | 479.5965027335 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 134.8731720969 | 48.6930470024 | 110.3060347534 | 9.0849653296 | 214.830555084 | 236.1150265696 | 520.9353396555 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 141.3394636749 | 50.781517432 | 113.3930071689 | 15.7396531373 | 167.3831786323 | 242.3443847356 | 492.1275773424 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 144.5606478105 | 52.9585497403 | 84.5479130899 | 0.9535743287 | 212.998730064 | 248.8717604457 | 498.1382320436 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.3), Personal Consumption Expenditure, which accounts for 51% of Domestic Demand, increased by 2.3% while Capital Investment fell by €43.6 billion (-33.8%) during 2024 compared with the previous year. Government expenditure increased by 4.3% over the same period. Final Domestic Demand declined by 7.7% in 2024 compared with 2023 while Modified Domestic Demand increased by 2.7% over the year.
Exports grew by 11.7% during the year, outstripping the growth in Imports which rose by 6.5% compared with 2023. Overall net exports for the year increased by €45.6 billion (+27.3%) which when combined with the 7.7% fall in domestic demand (-€23.4 billion) resulted in an overall expansion in real GDP in 2024 of 1.2%. Factor income outflows were 3.8% higher in 2024 (€4.4 billion higher) compared with 2023 leading to a modest increase in real GNP of 0.4%.
Comparing the economy of 2024 with previous years, GDP has decreased by 4.4% compared with 2022, while GNP has increased by 6.0% compared with that reference year. Compared with 2021, GDP has increased by 3.9% and 8.4% in GNP terms. Compared with 2020, GDP has risen by 20.8% and 23.3% in GNP terms. Contrasting 2024 with 2019, a pre-COVID period, GDP has increased by 29.4% and 28.1% in GNP terms.
| Foreign-owned MNE-dominated | Other | |
| 2018 | 16.0035502697243 | 4.65031734075272 |
| 2019 | 6.65837013009432 | 4.38913210988483 |
| 2020 | 24.3353845225233 | -5.23909803805257 |
| 2021 | 25.3599895682063 | 7.8256100180752 |
| 2022 | 14.98478346612 | 4.32495996372253 |
| 2023 | -16.2446484402567 | 6.1312860225138 |
| 2024 | -0.93557697876594 | 2.10890051954418 |
Get the data: NAQ03
| 2024 | 2023 | |
| 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 (CoE) increased in real terms by 2.9% in 2024 compared to 2023. Most sectors exhibited growth. Some of the largest increases were seen in Professional & Administrative services (5.8%), Agriculture, Forestry & Fishing (5.2%) and Construction (3.0%).
Quarter 4 2024 Analysis
| Table 1.2 GDP and GNP at constant 2022 prices, Q4 20241 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 130,110 | 3.6 |
| Gross National Product | 93,499 | -3.4 |
| Modified Final Domestic Demand | 62,034 | -1.1 |
| 1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted | ||
Estimates for the fourth quarter of 2024 indicate that there was an increase of 3.6% in GDP in real terms in Q4 2024 compared to the previous quarter while GNP fell by 3.4%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending fell by 1.1% in Q4.
| GDP | GNP | MDD | |
| Q1 2022 | 3.96041914537233 | -7.13131375674101 | -0.301230200560898 |
| Q2 2022 | 2.6035889897319 | 5.73842664398958 | 6.23923911227944 |
| Q3 2022 | 2.63917593684277 | -5.31510706081788 | -0.419059687849799 |
| Q4 2022 | -0.388898738450605 | 6.03771148730601 | -1.46731716930858 |
| Q1 2023 | -4.93462026296925 | -5.63730046601035 | 2.05222537768701 |
| Q2 2023 | -1.046432152248 | 10.5221466967166 | 0.274259344609762 |
| Q3 2023 | -2.08866499965694 | -1.62115681574762 | -0.498064481087057 |
| Q4 2023 | -2.22744782736398 | 4.93922926419732 | 1.98670842204074 |
| Q1 2024 | 1.5950060408654 | -7.73450365849447 | 1.04585115623157 |
| Q2 2024 | -0.35290824365295 | 4.38771043855943 | -0.245190564094555 |
| Q3 2024 | 4.05855846911971 | 1.79254342466362 | 1.35050898411995 |
| Q4 2024 | 3.61290410701911 | -3.42859493576247 | -1.07340474731958 |
Get the data: NAQ03
| X-axis label | Industry (excl. Construction) | Information & Communication | Professional, Admin & Support Services | Distribution, Transport, Hotels & Restaurants | Public Admin, Education & Health | Real Estate Activities | Financial & Insurance Activities | Construction | Agriculture, Forestry & Fishing | Arts, Entertainment & Other Services |
|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2024 | 39.1450639077 | 25.5104346371 | 14.8356032137 | 11.8887076085 | 11.7462479883 | 7.3480549954 | 4.5984377399 | 3.0059061544 | 1.5862444692 | 1.45197775 |
| Q4 2024 | 39.6031257213 | 27.5070376616 | 14.0476813625 | 12.0201324885 | 11.8139879116 | 7.4627295788 | 4.3022173173 | 2.8707046762 | 1.5591054304 | 1.4576959132 |
Get the data: NAQ02
The MNE dominated sectors of the economy expanded by 3.8% overall in the fourth quarter of 2024. The MNE dominated Information & Communication sector grew by 7.8% in Q4 compared with the previous quarter, while the Industry (excluding Construction) sector increased by 1.2% in the quarter. The domestically facing Real Estate sector posted an increase of 1.6% in Q4 2024 while the Distribution, Transport, Hotels & Restaurants sector increased by 1.1% quarter-on-quarter. The Public Administration, Education & Health sector and Arts & Entertainment sector expanded modestly by 0.6% and 0.4% respectively over the period compared with Q3 2024. Finance & Insurance, Professional & Administrative services and the Construction sector contracted by 6.4%, 5.3% and 4.5% respectively. The Agriculture, Forestry & Fishing sector fell by 1.7% quarter-on-quarter. (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 2022 | 32.1934113143 | 11.9078716927 | 23.7565457498 | 1.5723776132 | 56.2427492353 | 56.7030930877 | 126.180877971 |
| Q2 2022 | 33.4547667032 | 12.1471467594 | 27.3533006753 | 3.9352383532 | 53.2276861044 | 60.2409346495 | 129.466109417 |
| Q3 2022 | 34.3893406877 | 12.2354830521 | 29.7850764264 | 3.2799068632 | 53.0750992722 | 59.9884891768 | 132.8829478231 |
| Q4 2022 | 34.6122068223 | 12.3113150992 | 29.6755151538 | -0.1216929668 | 53.1580379105 | 59.1082677755 | 132.3661677154 |
| Q1 2023 | 34.770366792 | 12.3326614306 | 24.7218146184 | 2.6296438651 | 53.0420529404 | 60.3213026471 | 125.834399982 |
| Q2 2023 | 35.3502609055 | 12.5091885418 | 24.7210157499 | 5.4105571551 | 43.7646347352 | 60.4867394564 | 124.517628362 |
| Q3 2023 | 35.2535049837 | 12.7989657123 | 24.0273156706 | 4.0388224251 | 44.3314514087 | 60.1854764914 | 121.91687224 |
| Q4 2023 | 35.8222336193 | 13.0084830203 | 40.195079092 | 3.2058041451 | 25.3755282704 | 61.3811864217 | 119.2012375181 |
| Q1 2024 | 35.9545858274 | 12.9550492541 | 23.6248201432 | 1.4250241851 | 47.4808095457 | 62.0231422696 | 121.1025044573 |
| Q2 2024 | 36.02807075 | 13.2272620744 | 8.6293774521 | 0.6688189741 | 61.797074523 | 61.8710673772 | 120.6751237358 |
| Q3 2024 | 35.9648687997 | 13.4016554891 | 27.2401273214 | 0.4548041701 | 46.0602320229 | 62.7066417007 | 125.5727941903 |
| Q4 2024 | 36.5366414129 | 13.383150874 | 24.8987007834 | -2.0498985399 | 57.9479276424 | 62.0335456318 | 130.1096188289 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Exports increased by 5.0% in Q4 2024 compared with Q3 2024 while Imports fell by 1.9% which meant that overall net exports for the quarter expanded by 25.8% in Q4 compared with Q3 2024 or €11.9 billion higher in money terms quarter-on-quarter. Capital Investment fell by €4.8 billion during the quarter (a 17.5% decrease quarter-on-quarter) with the Capital Formation element falling by 8.6% reflecting lower levels of investment in Machinery & Equipment (including Aircraft Leasing) and new Dwellings compared with the previous quarter. Capital Investment accounted for 31.4% of total domestic demand in Q4 2024. Personal Consumption Expenditure grew by 1.6% in Q4 2024 compared with the previous quarter, while Government Expenditure on Current Goods and Services was broadly unchanged compared with the previous quarter, falling by a modest 0.1% quarter-on-quarter. These impacts when combined resulted in an overall increase in Real GDP in Q4 2024 of 3.6%. Final Domestic Demand fell by 2.3% in Q4 compared with Q3, driven by the lower investment in Machinery & Equipment (including Aircraft Leasing), while Modified Domestic Demand fell by 1.1% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2022 | 126.180877971 | -39.7851176401 | 86.3957603308 |
| Q2 2022 | 129.466109417 | -38.112591756 | 91.3535176609 |
| Q3 2022 | 132.8829478231 | -46.3849674297 | 86.4979803934 |
| Q4 2022 | 132.3661677154 | -40.6456888235 | 91.7204788919 |
| Q1 2023 | 125.834399982 | -39.2844800741 | 86.5499199079 |
| Q2 2023 | 124.517628362 | -28.8607989155 | 95.6568294465 |
| Q3 2023 | 121.91687224 | -27.8107900037 | 94.1060822362 |
| Q4 2023 | 119.2012375181 | -20.4470401287 | 98.7541973894 |
| Q1 2024 | 121.1025044573 | -29.9864540778 | 91.1160503794 |
| Q2 2024 | 120.6751237358 | -25.5611649026 | 95.1139588331 |
| Q3 2024 | 125.5727941903 | -28.7538763421 | 96.8189178481 |
| Q4 2024 | 130.1096188289 | -36.610229495 | 93.4993893339 |
Get the data: NAQ03
Factor income outflows rose significantly by 27.3% in the quarter, a rise of €7.9 billion in money terms compared with the previous quarter, leading to a fall in GNP of 3.4% 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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