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 fallen by an estimated 1.8% in Quarter 3 (Q3) 2023, when compared with Q2 2023.
The result was driven mainly by decreases in the multinational dominated sectors in Q3 2023.
Using the early estimate for Q3 2023, GDP is estimated to have decreased by 4.7% when compared with the same quarter in 2022.
Qtr on Qtr | |
Q1 2020 | 3.4051520437838 |
Q2 2020 | -5.6060622406879 |
Q3 2020 | 11.914818348668 |
Q4 2020 | -4.81680723083616 |
Q1 2021 | 11.4919942014258 |
Q2 2021 | 2.48742552849408 |
Q3 2021 | 2.55343814714735 |
Q4 2021 | -2.53695167601039 |
Q1 2022 | 6.8215395322216 |
Q2 2022 | 2.17917427357011 |
Q3 2022 | 2.36320250564299 |
Q4 2022 | -0.861391496056352 |
Q1 2023 | -2.63007357786683 |
Q2 2023 | 0.46427551450432 |
Q3 2023 | -1.75917056373597 |
Year on Year | |
Q1 2020 | 8.34480477741131 |
Q2 2020 | 1.97893730279173 |
Q3 2020 | 11.349108883638 |
Q4 2020 | 4.64380098089081 |
Q1 2021 | 12.7635241351386 |
Q2 2021 | 21.7238568789867 |
Q3 2021 | 12.3819321089571 |
Q4 2021 | 14.294399663713 |
Q1 2022 | 8.7842467849865 |
Q2 2022 | 9.2951712208386 |
Q3 2022 | 9.36689322582949 |
Q4 2022 | 10.2380172137519 |
Q1 2023 | 1.11024462684903 |
Q2 2023 | -0.67099866058018 |
Q3 2023 | -4.65779990231069 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (27 October 2023) published its latest Preliminary GDP Estimate for Quarter 3 (Q3) 2023. 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 (QNA), which will be published with results for Q3 2023 in early December when additional data sources are available to the CSO and will be further updated following the release of the Annual National Accounts for 2023.
Commenting on the release, Brian King, Senior Statistician in the National Accounts Data Collection and Quality Division, said: “In today’s release, Gross Domestic Product (GDP) is estimated to have fallen by 1.8% in Q3 2023 in volume terms when compared with Q2 2023, driven by decreases in the multinational dominated sectors (the Industry and Information & Communication sectors) in Q3 2023. GDP is estimated to have decreased by 4.7% when compared with the same quarter of 2022.
These preliminary estimates are based on forecasting and data sources that are limited in scope compared with those used for compiling GDP in the CSO’s Quarterly National Accounts (QNA). 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).”