Gross Domestic Product (GDP) grew by 12.3% in 2025 (See Editor’s Note below).
Multinational-dominated sectors increased by 25.1% in 2025 with Domestic Sectors increasing by 0.9%.
GDP fell by 3.8% in Quarter 4 (Q4) 2025, seasonally adjusted and compared with Q3 2025.
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government, and investment spending, grew by 1.0% in Q4 2025 and was up 4.9% in the year.
Personal spending on goods and services, a key measure of domestic economic activity, grew by 0.9% in Q4 2025 and was up 2.9% in the year.
The updated estimated GDP figure for Q4 2025 is -3.8%. This compares with a Preliminary GDP estimate for Q4 2025 of -0.6% published on 29 January 2026. Note that the updated GDP estimate for Q4 2025 of -3.8% is based on both Expenditure and Output data, while the Preliminary Estimate was based predominantly on economic Output data.
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Statistician's Comment
The Central Statistics Office (CSO) has today (05 March 2026) published Quarterly National Accounts and International Accounts results for Quarter 4 (Q4) 2025, following on from the QNA Q4 2025 Provisional issued on 29 January 2026 (See Editor’s Note below).
Summary Results
Assistant Director General with responsibility for National Accounts & Price Statistics, Chris Sibley, said:
“The latest estimate of the Quarterly National Accounts indicates that Gross Domestic Product (GDP) grew by 12.3% in 2025.
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government, and investment spending, was up 4.9% in the year with personal spending on goods and services up 2.9%.
The globalised Industry sector expanded by 29.1% in 2025 while the Information & Communication sector posted an increase of 11.5% over the same period. Overall, the multinational-dominated sector grew by 25.1% in 2025. The strength of the globalised Industry sector is reflected in goods exports growth of 23.5% in 2025, contributing to the full year GDP result.
Q4 2025 Results
In Q4 2025, GDP fell by 3.8% compared with the previous quarter driven by the globalised sectors of the economy. However, there was continued growth in the domestic economy in Q4 2025. Modified Domestic Demand and wages both grew by 1.0% in the quarter while personal spending increased by 0.9% over the same period.”
Domestic Economy as measured by GDP
Looking at the results in more detail, National Accounts Statistician Justin Flannery said:
“Overall, the sectors focused on the domestic market expanded 0.9% in 2025. There was a mixed picture for sectors focused on the domestic market in 2025 with economic activity in Construction increasing by 9.7%, Distribution, Transport, Hotels & Restaurants up by 2.1%, the Professional & Administrative sector contracting by 4.0%, and the Arts & Entertainment sector decreasing by 1.6%.
Expenditure in the Economy
Looking at expenditure in the economy, exports increased by 9.7% in 2025 while imports increased by 9.5% over the same period. As a result, net exports grew by 10.3% in 2025. Capital Investment increased by 39.8% or €39.3bn compared with 2024. Personal spending on goods and services increased by 2.9% in 2025, while Government spending on goods and services grew by 4.1% over the same period.
Impact of Globalisation Activities and the Indicators of Underlying Domestic Activity
Final Domestic Demand (FDD), a measure of personal, government, and investment spending, increased by 15.2% in 2025. This reflects higher levels of investment in Intangible Assets. Modified Domestic Demand (MDD), a broad measure of underlying domestic demand that excludes Intellectual Property Products and aircraft-related globalisation effects, grew by 4.9% in 2025.
Compensation of Employees
Compensation of Employees (CoE), which includes wages as well other payments such as bonuses and allowances, increased by 1.0% in 2025.
GDP and GNP results
Overall, GDP is estimated to have increased by 12.3% in 2025. Gross National Product (GNP), a measure of economic activity that excludes the profits of multinationals, rose by 2.4% in the year, reflecting an increase in factor income outflows of 42.2%.”