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) has increased by an estimated 1.2% in Quarter 2 (Q2) 2024, when compared with Q1 2024.
The result was driven mainly by an increase in the Industry sector in Q2 2024.
Using the early estimate for Q2 2024, GDP is estimated to have decreased by 1.4% when compared with the same quarter in 2023.
Results for the first half of 2024 (H1 2024) show GDP falling by 3.1% when compared with H1 2023.
The preliminary GDP estimate shows a seasonally adjusted increase of 1.2% in Q2 2024 in volume terms when compared with Q1 2024.
| Qtr on Qtr | |
| Q1 2021 | 9.8906287735 |
| Q2 2021 | 3.073552351 |
| Q3 2021 | 2.4404942395 |
| Q4 2021 | -0.508798117 |
| Q1 2022 | 3.6020386195 |
| Q2 2022 | 2.3426074081 |
| Q3 2022 | 2.8665534856 |
| Q4 2022 | 0.1744811057 |
| Q1 2023 | -5.443007276 |
| Q2 2023 | -1.458403318 |
| Q3 2023 | -1.723756595 |
| Q4 2023 | -1.542981571 |
| Q1 2024 | 0.6933961067 |
| Q2 2024 | 1.2455469198 |
In Q2 2024, GDP is estimated to have decreased by 1.4% relative to Q2 2023.
| Year on Year | |
| Q1 2021 | 13.570113144 |
| Q2 2021 | 23.046256483 |
| Q3 2021 | 13.753129177 |
| Q4 2021 | 15.293294218 |
| Q1 2022 | 8.262280813 |
| Q2 2022 | 8.1551045163 |
| Q3 2022 | 9.2223881651 |
| Q4 2022 | 8.7726023589 |
| Q1 2023 | -0.159405744 |
| Q2 2023 | -3.906800826 |
| Q3 2023 | -8.381550407 |
| Q4 2023 | -9.068828444 |
| Q1 2024 | -4.684782238 |
| Q2 2024 | -1.410693959 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (29 July 2024) published its latest Preliminary GDP Estimate for Quarter 2 (Q2) 2024. This is a Frontier Series publication and care must be taken when interpreting these results as methodologies may change and data sources may be incomplete.
These preliminary results are subject to revisions in the Quarterly National Accounts release, which will be published with results for Q2 2024 in early September when additional data sources are available to the CSO. The results will be further updated following the release of the Annual National Accounts for 2024.
Commenting on the release, Enda Behan, Statistician in the National Accounts Data Collection and Quality Division, said: “In today’s release, GDP is estimated to have expanded by 1.2% in April, May, and June (Q2) 2024 in volume terms when compared with Q1 2024. This was driven by an increase in the multinational dominated sector of Industry in Q2 2024. GDP is estimated to have fallen by 1.4% when compared with the same quarter of 2023. After combining this preliminary estimate for Q2 2024 with the estimate for Q1 2024 from the Quarterly National Accounts, GDP is estimated to have contracted in the first half of 2024 (H1) by 3.1% when compared with H1 2023.
The preliminary GDP estimates are based on forecasting and data sources that are limited in scope when compared with those used for compiling GDP in the CSO’s Quarterly National Accounts. 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).”