| Table 1.1 GDP and GNP at constant 2025 prices, Q4 20251 | ||
| Amount €m | Annual % change | |
| GDP | 604,791 | 12.3 |
| GNP | 413,257 | 2.4 |
| MFDD | 286,985 | 4.9 |
| 1Constant Market Prices, chain linked annually and referenced to year 2023, seasonally adjusted | ||
Provisional estimates indicate that GDP in volume terms rose by 12.3% for the year 2025. GNP showed an increase of 2.4% in 2025 over 2024, while the deglobalised measure Modified Domestic Demand (MDD) increased by 4.9% over the year.
| GDP | GNP | MDD | |
| 2019 | 4.97288007686922 | 4.02568847272964 | 2.14645858764619 |
| 2020 | 7.15369508874677 | 3.91736390012889 | -5.62169492997993 |
| 2021 | 16.2581880753313 | 13.7417725871879 | 8.07649322806885 |
| 2022 | 7.51113885021819 | 1.26829461692366 | 8.38518566124411 |
| 2023 | -2.53637408801938 | 6.71366641611006 | 6.15706111214052 |
| 2024 | 2.59946727774216 | 3.30399004429422 | 1.76391438104679 |
| 2025 | 12.3376433504946 | 2.37701629588778 | 4.87652012073152 |
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 | Arts, Entertainment & Other Services | Agriculture, Forestry & Fishing |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 211.814320921 | 119.8179297213 | 58.0335873851 | 53.2609993072 | 48.8959227524 | 30.4994115392 | 27.7289011925 | 14.9961573805 | 4.6103873156 | 5.6170576899 |
| 2024 | 164.0159162431 | 107.4760900219 | 60.4597954018 | 52.1619471613 | 48.3745647187 | 29.0677274394 | 26.8894568098 | 13.6690789494 | 4.5006861493 | 5.7086542146 |
Get the data: NAQ02
Value added for the MNE dominated Industry (excluding Construction) sector expanded by 29.1% in real terms in the year, while Information & Communication expanded by 11.5%, see Table 2.3. Of the domestic focussed economic sectors, Construction increased by 9.7%, Real Estate activities grew by 4.9% year-on-year while the Financial & Insurance sector recorded an increase of 3.1%. The Agriculture, Forestry & Fishing sector posted an increase of 2.4%, the Distribution, Transport, Hotels & Restaurants sector expanded by 2.1% in the year while Public Administration, Education & Health recorded an increase of 1.1%. Other sectors posted declines over the period: Professional Admin and Support Services contracted by 4.0% year-on-year with the Arts & Entertainment sector declining by 1.6%.
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| 2019 | 134.0375191249 | 41.5657337795 | 223.2859129098 | 1.667742904 | 11.9013823222 | 229.1210397101 | 401.9834127979 |
| 2020 | 121.5181282664 | 46.3649772813 | 186.512612413 | 4.7424962849 | 81.1760257589 | 216.2405538372 | 430.7400804568 |
| 2021 | 132.3598407016 | 49.4391325069 | 112.0931707104 | 4.519105636 | 205.2200428411 | 233.7052075242 | 500.7706128533 |
| 2022 | 146.6045258938 | 50.6834059216 | 115.2020186752 | 8.8952575035 | 216.3442765265 | 253.3018230751 | 538.3841889058 |
| 2023 | 153.9261751442 | 53.2171452634 | 130.595913073 | 9.287748973 | 175.275667782 | 268.89777112 | 524.7287518444 |
| 2024 | 158.4593955444 | 56.0483826635 | 93.4210294778 | 5.2574950832 | 222.1179256239 | 273.6408975751 | 538.3689040455 |
| 2025 | 163.0635133982 | 58.3628947896 | 133.1775081023 | 4.8120398871 | 244.9768549688 | 286.9850510039 | 604.7909393366 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.3), Personal Consumption Expenditure increased by 2.9% while Capital Investment grew by €39.3 billion (+39.8%) during 2025 compared with the previous year. Modified Gross Domestic Fixed Capital Formation, which excludes globalisation effects on investment, increased 10.9% in the year. Government expenditure increased by 4.1% over the same period. Final Domestic Demand increased by 15.2% in 2025 compared with 2024 while Modified Domestic Demand increased by 4.9% over the year.
Exports grew by 9.7% during the year while Imports rose by 9.5% compared with 2024. Overall net exports for the year increased by €22.9 billion (+10.3%) which when combined with the 15.2% increase in domestic demand resulted in an overall expansion in real GDP in 2025 of 12.3%. Factor income outflows were 42.2% higher in 2025 (€56.8 billion higher) compared with 2024 leading to an increase in real GNP of 2.4%.
| Foreign-owned MNE-dominated | Other | |
| 2019 | 6.65837013460522 | 4.25526631464801 |
| 2020 | 24.3353845222592 | -5.53836280262703 |
| 2021 | 25.3612394344121 | 8.03420736384459 |
| 2022 | 13.5074030951161 | 3.76082620189822 |
| 2023 | -11.934961663343 | 9.00458578173644 |
| 2024 | 1.51727867073446 | 3.60792769837166 |
| 2025 | 25.0566111482647 | 0.943994461257058 |
Get the data: NAQ03
| Column1 | 2025 | 2024 |
|---|---|---|
| Public Admin, Education and Health | 41.4571164 | 40.540496887 |
| Distribution, Transport, Hotels and Restaurants | 25.452826148 | 26.505054786 |
| Professional, Admin and Support Services | 22.601905386 | 22.313599384 |
| Industry (excl. Construction) | 19.805378521 | 19.144330594 |
| Information and Communication | 13.875826769 | 14.230617482 |
| Financial and Insurance Activities | 11.707677594 | 11.099080354 |
| Construction | 7.19141861 | 7.01427176 |
| Arts, Entertainment and Other Services | 2.815747722 | 2.835530521 |
| Real Estate Activities | 1.784070814 | 1.646411842 |
| Agriculture Forestry and Fishing | 1.411566056 | 1.3627005 |
Compensation of Employees (CoE) at constant market prices increased by 1.0% in 2025 compared to 2024. Most sectors exhibited growth. Some of the largest increases were seen in Real Estate activities (8.4%), Financial & Insurance (5.5%) and Agriculture, Forestry & Fishing (3.6%).
| Table 1.2 GDP and GNP at constant 2023 prices, Q4 20251 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 146,732 | -3.8 |
| Gross National Product | 109,663 | 3.5 |
| Modified Final Domestic Demand | 73,224 | 1.0 |
| 1Constant Market Prices, chain linked annually and referenced to year 2023, seasonally adjusted | ||
Estimates for the fourth quarter of 2025 indicate that there was a decrease of 3.8% in GDP in real terms in Q4 2025 compared to the previous quarter while GNP rose by 3.5%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 1.0% in Q4.
| GDP | GNP | MDD | |
| Q1 2023 | -1.66058437714126 | -1.03390390311909 | 7.12984586328453 |
| Q2 2023 | 0.122434432449325 | 10.0399655195088 | -0.980937903584378 |
| Q3 2023 | -1.85986354337164 | -3.10820233793871 | -0.850501074874976 |
| Q4 2023 | -2.86818897872623 | 5.15845246076039 | 2.1869622653454 |
| Q1 2024 | 1.77659319460346 | -4.38791441135036 | 0.231492262023836 |
| Q2 2024 | -0.251053698896397 | 4.37670090064346 | -0.135311899970303 |
| Q3 2024 | 6.24594979198287 | 1.00958635245998 | 1.28001410288696 |
| Q4 2024 | 3.7779930919964 | -2.26692881914797 | -0.175720852182337 |
| Q1 2025 | 7.6694462622996 | -8.00856502483586 | 2.57596572987173 |
| Q2 2025 | -0.55333455032851 | 13.7263503416148 | 0.335767976692591 |
| Q3 2025 | 0.0182889819599685 | 0.470005207802959 | 2.54338696320702 |
| Q4 2025 | -3.8310817352821 | 3.52871511339414 | 1.00162876799845 |
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 | Arts, Entertainment & Other Services | Agriculture, Forestry & Fishing |
|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2025 | 53.5083078281 | 29.775917155 | 14.3414726984 | 13.1158314205 | 12.1705885467 | 7.6574086492 | 7.1283300937 | 3.7283071764 | 1.4213782538 | 1.1665762728 |
| Q4 2025 | 51.5573346963 | 31.111082211 | 14.4143863765 | 13.6090312362 | 12.1830339652 | 7.8023150842 | 7.3843847045 | 3.6173865982 | 1.4072214445 | 1.2119049417 |
Get the data: NAQ02
The MNE dominated sectors of the economy contracted by 2.6% overall in the fourth quarter of 2025. The MNE dominated Industry (excluding Construction) sector contracted by 3.6% in Q4 compared with the previous quarter, while the Information & Communication sector expanded by 4.5% in the quarter. The domestically facing Financial & Insurance sector posted an increase of 3.6% in Q4 2025, Distribution, Transport, Hotels & Restaurants sector increased by 3.8% quarter-on-quarter while the Agriculture, Forestry & Fishing sector increased by 3.9%. Other sectors which posted increases were Real Estate activities (+1.9%), Professional Admin and Support Services (+0.5%) and Public Administration, Education & Health (+0.1%). Contractions were seen in Construction (-3.0%) and the Arts & Entertainment sector (-1.0%) (See Tables 2.5 and 6.3).
| Net Exports | Value of Physical Changes in Stocks | Gross Fixed Capital Formation | Government Expenditure | Personal Consumption Expenditure | Modified Final Domestic Demand | GDP | |
| Q1 2023 | 51.0233751078 | 0.8237170709 | 30.9945429549 | 12.8333009877 | 38.3912542171 | 67.6609212953 | 133.3561824347 |
| Q2 2023 | 47.776861227 | 3.5361399697 | 28.9159520794 | 13.057069778 | 38.478894299 | 66.9972096724 | 133.5194563198 |
| Q3 2023 | 48.266447785 | 4.3061947945 | 27.5433784817 | 13.228457442 | 38.0379389673 | 66.427397684 | 131.0361766284 |
| Q4 2023 | 27.6085894251 | 0.6216971379 | 43.3563075947 | 14.0651489324 | 38.9029849966 | 67.8801398052 | 127.2778114522 |
| Q1 2024 | 49.3851533878 | 1.0912413682 | 27.5239127294 | 13.4875227543 | 39.146872116 | 68.0372770763 | 129.5390203887 |
| Q2 2024 | 61.6101311372 | 1.8231866632 | 11.0524228465 | 13.959830556 | 39.4404121649 | 67.945214544 | 129.2138078865 |
| Q3 2024 | 49.9672994587 | 1.8424908712 | 29.5009644639 | 14.0528145125 | 39.5876699645 | 68.8149228724 | 137.2844374514 |
| Q4 2024 | 61.7553612508 | 0.5005761802 | 25.4341489051 | 14.444273738 | 40.2228910638 | 68.6940007035 | 142.4710340147 |
| Q1 2025 | 62.3932208767 | -4.8641460958 | 43.7889124667 | 14.2539684385 | 40.3117107912 | 70.4635346201 | 153.3977734078 |
| Q2 2025 | 69.0585804574 | 1.3084422002 | 27.8127896081 | 14.5245540829 | 40.6820756312 | 70.7001286046 | 152.5489705281 |
| Q3 2025 | 59.5603056625 | 7.0035778302 | 31.5346664269 | 14.7414737527 | 40.8277202528 | 72.4983064585 | 152.5768701818 |
| Q4 2025 | 54.192073748 | 1.3641659522 | 30.0958290598 | 14.7892308374 | 41.1966442139 | 73.2244703523 | 146.731525576 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Exports decreased by 3.4% in Q4 2025 compared with Q3 2025 while Imports fell by 1.3% which meant that overall net exports for the quarter fell by 9.0% in Q4 compared with Q3 2025 or €5.4 billion lower in money terms quarter-on-quarter. Capital Investment contracted by €7.1 billion during the quarter (a 18.4% decrease quarter-on-quarter) with the Capital Formation element falling by 4.6% reflecting lower levels of investment in Intangible Assets. Personal Consumption Expenditure grew by 0.9% in Q4 2025 compared with the previous quarter, while Government Expenditure on Current Goods and Services increased by 0.3% quarter-on-quarter. These impacts when combined resulted in an overall decrease in Real GDP in Q4 2025 of 3.8%. Final Domestic Demand fell by 1.2% in Q4 compared with Q3, driven by the lower investment in Intangible Assets, while Modified Domestic Demand grew by 1.0% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2023 | 133.3561824347 | -42.2437721209 | 91.2331532484 |
| Q2 2023 | 133.5194563198 | -33.1125004117 | 100.3929303769 |
| Q3 2023 | 131.0361766284 | -33.7685841645 | 97.2725149678 |
| Q4 2023 | 127.2778114522 | -24.8759001349 | 102.2902714098 |
| Q1 2024 | 129.5390203887 | -31.7371585395 | 97.8018618492 |
| Q2 2024 | 129.2138078865 | -27.1314510689 | 102.0823568176 |
| Q3 2024 | 137.2844374514 | -34.171471091 | 103.1129663603 |
| Q4 2024 | 142.4710340147 | -41.6955652051 | 100.7754688096 |
| Q1 2025 | 153.3977734078 | -60.6929735468 | 92.7047998609 |
| Q2 2025 | 152.5489705281 | -47.1191850547 | 105.4297854733 |
| Q3 2025 | 152.5768701818 | -46.6515592261 | 105.9253109556 |
| Q4 2025 | 146.731525576 | -37.0684121638 | 109.6631134122 |
Get the data: NAQ03
Factor income outflows fell significantly by 20.5% in the quarter, a fall of €9.6 billion in money terms compared with the previous quarter, leading to an increase in GNP of 3.5% 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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