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 decreased by an estimated 1.3% in Quarter 4 (Q4) 2024, when compared with Q3 2024.
The result was driven mainly by a fall in the multinational dominated Industry sector in Q4 2024.
Using the early estimate for Q4 2024, GDP is estimated to have risen by 6.3% when compared with the same quarter in 2023.
GDP for the full year 2024 is estimated to have increased by 0.3%, when compared with 2023.
The preliminary GDP estimate shows a seasonally adjusted decrease of 1.3% in Q4 2024 in volume terms when compared with Q3 2024.
Qtr on Qtr | |
Q1 2021 | 9.927199084 |
Q2 2021 | 3.164931196 |
Q3 2021 | 2.299537549 |
Q4 2021 | -0.498618002 |
Q1 2022 | 3.661692435 |
Q2 2022 | 2.49139665 |
Q3 2022 | 2.535246838 |
Q4 2022 | 0.310432756 |
Q1 2023 | -5.382988822 |
Q2 2023 | -1.215586891 |
Q3 2023 | -2.227368693 |
Q4 2023 | -1.35224276 |
Q1 2024 | 0.59628786 |
Q2 2024 | -0.252372913 |
Q3 2024 | 3.513599284 |
Q4 2024 | -1.27194999 |
In Q4 2024, GDP is estimated to have increased by 6.3% relative to Q4 2023.
Year on Year | |
Q1 2021 | 13.57011315 |
Q2 2021 | 23.04625648 |
Q3 2021 | 13.75312918 |
Q4 2021 | 15.29329422 |
Q1 2022 | 8.262280814 |
Q2 2022 | 8.155104517 |
Q3 2022 | 9.222388166 |
Q4 2022 | 8.772602356 |
Q1 2023 | -0.159405745 |
Q2 2023 | -3.906800825 |
Q3 2023 | -8.381550406 |
Q4 2023 | -9.068828444 |
Q1 2024 | -4.835699631 |
Q2 2024 | -3.172505151 |
Q3 2024 | 2.859176971 |
Q4 2024 | 6.27491614 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (28 January 2025) published its latest Preliminary GDP Estimate for Quarter 4 (Q4) 2024. This release is part of the CSO's Frontier Series 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 Q4 2024 release, which will be published in early March 2025 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 Integration Division, said: “In today’s release, GDP is estimated to have contracted by 1.3% in October, November and December (Q4) 2024 in volume terms when compared with Q3 2024. This was driven by a decrease in the multinational dominated Industry sector in Q4 2024. GDP is estimated to have risen by 6.3% when compared with Q4 2023. Results for the full year 2024 compared with 2023 show moderate growth in GDP of 0.3%.
These preliminary 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). Company profits may be subject to year-end adjustments which are not available in time to be included in this early estimate of GDP. Data from Q4 2024 may therefore be subject to a higher degree of revision in future QNA releases than data from the Q1, Q2 or Q3 2024 reference quarters.”