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Summary

Summary Table 1 GDP and GNP Growth Rates
 20162017% change
GDP at current prices €273,238m€294,110m7.6%
GDP at constant (2016) prices €273,238m€292,971m7.2%
GNP at current prices €222,156m€233,149m4.9%
GNP at constant (2016) prices €222,156m€231,943m4.4%
GDP %GNP %
2009-5.02-8.31
20101.923.57
20113.720.51
20129.28.85
20131.345.79
20148.89.2
201525.1213.59
20164.9911.54
20177.224.41

GDP Increased by 7.2% in 2017

Gross Domestic Product (GDP) increased by 7.2% in constant prices in 2017 while Gross National Product (GNP) rose by 4.4%.

The estimates in this release use more complete data than were available for the publication of the Q4 2017 estimates in March 2018 when GDP showed an increase of 7.8% and GNP rose by 6.6%.

The results are compiled in accordance with the latest EU standard framework, ESA 2010.

For more information on our main aggregates go to Main Aggregates.

Personal Consumption Expenditure (PCE), a measure of consumer spending on goods and services, rose by 1.6% in 2017.

For more information on PCE go to Consumption of Personal Income.

All of the sectors of the economy distinguished on Table 4 (Net and Gross Value Added) showed positive growth in 2017 with the highest increases of 15.2% in Construction and 16.0% in Information and Communication. The other sectors had annual increases ranging from 1.3% in Real estate activities to 11.2% in Professional, administration and support services.

On the Expenditure side (Expenditure), exports grew by 7.8%, while imports reduced by 9.4%. Physical capital formation decreased 31.9% in 2017. This was largely driven by the decrease in R&D related IP imports following the increase in 2016. For more information see Capital Formation. Government net current expenditure rose by 3.9%.

Summary Table 2 GNI and Modified GNI
 20162017
GNI at current prices€223,150m€234,221m
Modified GNI at current prices€175,827m€181,182m

 

Modified GNI 

Modified Gross National Income (GNI*) at current market prices increased by 3.0% rising from €175.8bn to €181.2bn, whereas GNI at current market prices increased by 5.0% rising from €223.1bn to €234.2bn.

Modified GNI is an indicator recommended by the Economic Statistics Review Group and is designed to exclude globalisation effects that are disproportionally impacting the measurement of the size of the Irish economy.

To produce Modified GNI we take GNI and adjust for:

  • factor income of redomiciled companies
  • depreciation on R&D service imports and trade in intellectual property (IP)
  • depreciation on aircraft leasing

For more details go to Modified Gross National Income.

 

Which parts of the Economy are contributing to our growth?

The graph below shows the contributions of each activity to the growth from 2016 to 2017.

X-axis labelAgriculture forestry and fishingIndustry (excl. construction)ConstructionDistribution, transport, hotels and restaurantsInformation and communicationFinancial and insurance activitiesReal estate activitiesProfessional, admin and support servicesPublic admin, education and healthArts, entertainment and other services
20170.7540.985.613.2222.312.91.2818.843.620.48
DATA LINE0.6736.5552.8719.92.591.1416.83.230.43

Industry excluding construction contributed 41.0% to the growth with Information and communication contributing another 22.3%.

For more detailed information on Gross Value Added and Net Value Added by activity go to Net and Gross Value Added.

 

Go to Main Aggregates A and B