This publication is categorised as a CSO Frontier Series Output. Particular care must be taken when interpreting the statistics in this release as it may use new methods which are under development and/or data sources which may be incomplete, for example new administrative data sources.
Early estimates indicate that Gross Domestic Product (GDP) fell by an estimated 2.7% in Quarter 1 (Q1) 2023, when compared with Q4 2022.
The result was driven mainly by a fall in the industry sector in Q1 2023 from very high levels in the second half of 2022.
Using the early estimate for Q1 2023, GDP is estimated to have increased by 6.4% when compared with the same quarter in 2022.
| Qtr on Qtr | |
| Q1 2020 | 2.67902629189093 |
| Q2 2020 | -5.58929168509271 |
| Q3 2020 | 12.8811506780455 |
| Q4 2020 | -4.75983239884218 |
| Q1 2021 | 9.12723292562405 |
| Q2 2021 | 1.91348887936743 |
| Q3 2021 | 3.77041191702418 |
| Q4 2021 | -1.26331685128403 |
| Q1 2022 | 7.18915239063331 |
| Q2 2022 | 2.2811901861841 |
| Q3 2022 | 2.84445654207992 |
| Q4 2022 | 0.304368683109192 |
| Q1 2023 | -2.71585774544166 |
| Year on Year | |
| Q1 2020 | 7.76875084780952 |
| Q2 2020 | 1.39779739249317 |
| Q3 2020 | 11.356744035065 |
| Q4 2020 | 3.93085873986208 |
| Q1 2021 | 11.3807323167963 |
| Q2 2021 | 19.5227304857413 |
| Q3 2021 | 10.3710701684355 |
| Q4 2021 | 13.803042146014 |
| Q1 2022 | 11.7 |
| Q2 2022 | 12.6 |
| Q3 2022 | 11.6 |
| Q4 2022 | 12 |
| Q1 2023 | 6.38075503298818 |
Preliminary GDP estimate for the EU and euro area can be accessed using the following link Eurostat Preliminary GDP Estimates for Q1 2023
Statistician's Comment
The Central Statistics Office (CSO) has today (27 April 2023) published its latest Preliminary GDP Estimate for Quarter 1 (Q1) 2023. This is a Frontier Series publication and care must be taken when interpreting these results as methodologies may change, and data sources are incomplete.
These preliminary results are subject to revisions in the Quarterly National Accounts (QNA), which will publish results for Q1 2023 in early June, when additional data sources are available to the CSO, and will be further updated following the release of the Annual National Accounts for 2022 provisionally scheduled for the end of June.
Commenting on the release, Jennifer Grimes, Statistician in the National Accounts Data Collection and Quality Division, said: “In today’s release, Gross Domestic Product (GDP) is estimated to have decreased by 2.7% in Q1 2023 in volume terms when compared with Q4 2022 and increased by 6.4% when compared with the same quarter of 2022. This was driven by a fall in the Industry sector in Q1 2023 from very high levels in the second half of 2022.
The preliminary GDP estimate is based on forecasting and data sources that are incomplete compared with those used for compiling GDP in the CSO’s Quarterly National Accounts (QNA), which will publish results for Q1 2023 in early June. The data sources include information from the CSO Large Cases Unit, Retail Sales, Administrative Payroll Data and other indicators of activity (see Background Notes for more details on these estimates and the methodology used to calculate the preliminary results).”