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Annual National Accounts 2023

GDP by Incomes

Compensation of Employees share rises to nearly 30% of GVA

Online ISSN: 2811-5724

CSO statistical publication, 12 July 2024, 11am

Tables 3.1 to 3.7 show Net Value Added (NVA) and Gross Value Added (GVA) compiled using the Income Method which looks at Compensation of Employees, Net Operating Surplus & Net Mixed Income, and Consumption of Fixed Capital. These terms are often referred to as Wages, Profits and Depreciation.

Figure 3.1 above shows the contributing components to Gross Value Added (GVA) at current prices in 2023. Net Operating Surplus and Net Mixed Income represented 43.5% of GVA in the year, Consumption of Fixed Capital 26.5% with Compensation of Employees accounting for 29.4%.

	2023
Compensation of Employees	29.4
Net Operating surplus	43.5
Consumption of Fixed Capital	26.5

	Industry (excl. Construction)	Information & Communication	Professional, Admin & Support Services	Public Admin, Education & Health	Distribution, Transport, Hotels & Restaurants	Real Estate Activities	Financial & Insurance Activities	Construction	Arts, Entertainment & Other Services	Agriculture, Forestry & Fishing
2023	156.3782568785	93.203075976	53.814258752	45.6761069671	47.5011314902	28.3504665344	20.0275206212	11.905046848	6.1392198848	6.5717291007

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Figure 3.2 above shows the relative contributions of each sector. Almost 34% of total GVA at constant basic prices in 2023 was accounted for by Industry (excluding Construction).

	Agriculture, Forestry & Fishing	Industry (excl. Construction)	Construction	Distribution, Transport, Hotels & Restaurants	Information & Communication	Financial & Insurance Activities	Real Estate Activities	Professional, Admin & Support Services	Public Admin, Education & Health	Arts, Entertainment & Other Services
2022-2023	14.814675367574	-21.6808681602347	-2.87433340055774	-1.01919482096657	7.36575534143373	14.0625348529936	10.8589996428111	2.48496573842576	4.94293677111608	3.78346321747196

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Figure 3.3 above shows the growth in each sector. Multinational Enterprise (MNE) dominated sectors of the economy distinguished in Table 5.2 (in Chapter 5 - Gross Value Added by Activity) contracted by of 16.2% in 2023. Industry (excluding Construction) fell by 21.7% while Information & Communication grew by 7.4%. There was a mixed picture for sectors focused on the domestic market with economic activity in Agriculture, Forestry & Fishing expanding by 14.8% in the year, Financial & Insurance activities by 14.1% and Real Estate activities by 10.9%. Other sectors posted more modest growth: Public Administration, Education & Health increased by 4.9%, Arts & Entertainment grew by 3.8% while Professional, Administration & Support Services increased by 2.5% in 2023 compared with 2022. Construction contracted by 2.9% over the period while the Distribution, Transport, Hotels & Restaurants sector declined by 1.0% year-on-year.

The Domestic Trading Profits of non-agricultural companies, which represents 50.1% of overall economy Net Value Added at Factor Cost, contracted by 18.9% in 2023 compared with 2022. Remuneration of non-agricultural employees grew by 10.9% in the year. After taking into account factor incomes from the rest of the world, overall Net National Product at Factor Cost increased by 11.3% year-on-year while Net National Income at Market Prices that takes account of national (i.e. non-EU) taxes and national subsidies increased by a similar rate of 10.9%, or just over €260 billion in year 2023 in money terms.

Table 3.1 Net Value Added at Factor Cost and Net National Income at Market Prices

Table 3.1 Net Value Added at Factor Cost and Net National Income at Market Prices							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023¹
Value added from agriculture, forestry and fishing	(B.1n-D.29+D.39)	3,541	3,808	4,218	4,888	6,029	4,310
1. Income from self-employment and other trading income	B.3n	2,789	2,890	3,194	3,785	4,860	3,076
Remuneration of employees:	D.1
2. Wages and salaries	D.11	614	764	865	930	997	1,037
3. Employers' social contribution	D.12	137	153	159	173	173	197
Non-agricultural value added	(B.1n-D.29+D.39)	225,178	245,591	252,459	310,319	368,489	349,072
Profits and self employed earnings:
4. Domestic trading profits of companies (including corporate bodies) before tax	B.2n	107,195	117,343	123,767	174,045	217,144	176,059
5. Self employed earnings	B.3n	8,770	9,312	8,222	9,013	10,609	10,360
6. Adjustment for stock appreciation	B.2n	-42	353	1,623	-3,444	-3,062	758
7. Rent of dwellings (actual and imputed)	B.2n	11,714	13,237	13,768	14,535	16,377	20,577
of which imputed rent		9,044	10,220	10,629	11,222	12,565	15,787
8. Rent element in land annuities		0	0	0	0	0	0
Remuneration of employees:	D.1
9. Wages and salaries	D.11	82,411	88,845	88,873	97,846	107,553	120,220
10. Employers' social contribution	D.12	15,130	16,501	16,206	18,323	19,867	21,097
Adjustments:
12. Statistical discrepancy		-1,300	-2,446	2,394	322	-3,148	-1,926
13. Net value added at factor cost	(B.1n-D.29+D.39)	227,419	246,952	259,072	315,529	371,371	351,455
14. Net factor income from the rest of the world	D.1 & D.4	-82,000	-90,450	-103,801	-128,946	-165,125	-121,938
	(net to abroad)
15. Net national product at factor cost		145,419	156,502	155,271	186,583	206,246	229,517
16. National (i.e. non EU) taxes	D.2	25,717	27,535	23,743	29,423	31,677	33,115
17. National (i.e. non EU) subsidies	D.3	-1,947	-1,791	-6,353	-7,377	-3,407	-2,538
18. Net national income at market prices	B.5*n	169,189	182,245	172,661	208,628	234,516	260,094
¹Preliminary

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Table 3.2 Annual Percentage Changes in the Main Constituents of Table 3.1

After adjusting Net Value Added (NVA) at Factor Cost across the 10 main economic sectors by the Provision for Depreciation, Gross Value Added at Factor Cost recorded a decline of 2.8% in 2023 compared with 2022. After Non Product Taxes and Subsidies are taken into account, Gross Value Added at Current Basic Prices posted a 2.5% decrease in the year. For the Multinational dominated sectors, Industry (excluding Construction) NVA fell significantly by 32.2% with Information & Communication NVA rising by 11.0%. Of the domestic facing sectors, strong double-digit growth was recorded in the following sectors in 2023 compared with 2022: Financial & Insurance Activities NVA grew by 43.1%, Real Estate Activities NVA increased by 28.0% while Public Administration, Education & Health NVA rose by 10.4% in the year. By comparison, more modest, single-digit growth in NVA was recorded in Professional, Administration & Support Services which posted growth of 6.6% in the year, Construction NVA grew by 2.8% and Arts & Entertainment NVA increased by 2.2% year-on-year. The only domestic facing economic sector recording an NVA decline in 2023 was Agriculture, Forestry & Fishing, where there was a fall of 28.5% over the period compared with 2022.

Table 3.3 Net Value Added at Factor Cost and Depreciation by Sector of Origin and Gross Value Added at Basic Prices

Table 3.3 Net Value Added at Factor Cost and Depreciation by Sector of Origin and Gross Value Added at Basic Prices
(Note the sectors here are based on NACE Rev. 2 A10. For further details see the methodology notes)							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023 ¹
24.1 Agriculture forestry and fishing
Net value added	(B.1n-D.29+D.39)	3,541	3,808	4,218	4,888	6,030	4,310
Remuneration of employees	D.1	751	917	1,024	1,103	1,170	1,233
Other	(B.2n & B.3n)	2,790	2,890	3,194	3,785	4,860	3,077
24.2 Industry (excluding construction)
Net value added	(B.1n-D.29+D.39)	71,603	75,820	82,924	108,621	141,914	96,150
Remuneration of employees	D.1	13,519	14,547	14,697	15,896	17,210	18,663
Other	(B.2n & B.3n)	58,324	61,141	67,282	95,252	126,420	76,240
Adjustment for stock appreciation	(B.2n & B.3n)	-241	131	945	-2,528	-1,715	1,247
24.3 of which: Manufacturing
Net value added	(B.1n-D.29+D.39)	69,207	73,452	80,467	105,460	138,850	92,984
Remuneration of employees	D.1	11,992	12,966	13,109	14,277	15,486	16,697
Other	(B.2n & B.3n)	57,428	60,427	66,491	93,384	125,065	75,238
Adjustment for stock appreciation	(B.2n & B.3n)	-213	59	867	-2,202	-1,700	1,049
24.4 Construction
Net value added	(B.1n-D.29+D.39)	8,309	9,101	8,716	10,184	11,823	12,158
Remuneration of employees	D.1	4,461	4,785	4,651	5,420	6,104	6,811
Other	(B.2n & B.3n)	3,848	4,316	4,065	4,764	5,719	5,347
24.5 Distribution, transport, hotels and restaurants
Net value added	(B.1n-D.29+D.39)	31,406	32,498	29,834	34,923	43,311	45,284
Remuneration of employees	D.1	19,994	20,924	18,685	20,846	23,591	26,328
Other	(B.2n & B.3n)	11,213	11,353	10,472	14,993	21,068	19,445
Adjustment for stock appreciation	(B.2n & B.3n)	199	221	677	-917	-1,347	-489
24.6. Information and communication
Net value added	(B.1n-D.29+D.39)	29,073	37,059	40,045	55,159	61,380	68,141
Remuneration of employees	D.1	8,040	8,951	9,672	11,331	12,798	14,266
Other	(B.2n & B.3n)	21,033	28,108	30,373	43,828	48,583	53,875
24.7 Financial and insurance activities
Net value added	(B.1n-D.29+D.39)	14,770	14,705	13,692	17,713	14,608	20,905
Remuneration of employees	D.1	8,025	8,553	8,805	9,467	9,624	10,832
Other	(B.2n & B.3n)	6,745	6,152	4,887	8,246	4,984	10,074
24.8 Real estate activities
Net value added	(B.1n-D.29+D.39)	12,307	13,449	13,431	14,402	16,207	20,738
Remuneration of employees	D.1	910	1,006	963	1,058	1,094	1,286
Other	(B.2n & B.3n)	11,397	12,443	12,468	13,343	15,113	19,452
24.9 Professional, admin and support services
Net value added	(B.1n-D.29+D.39)	23,731	26,796	27,147	29,082	35,340	37,661
Remuneration of employees	D.1	12,814	14,869	14,981	16,909	18,673	21,076
Other	(B.2n & B.3n)	10,917	11,927	12,166	12,173	16,666	16,585
24.10 Public admin, education and health
Net value added	(B.1n-D.29+D.39)	29,936	31,966	33,126	36,005	38,567	42,580
Remuneration of employees	D.1	27,513	29,357	30,629	33,013	35,524	39,079
Other	(B.2n & B.3n)	2,422	2,610	2,497	2,992	3,043	3,501
24.11 Arts, entertainment and other services
Net value added	(B.1n-D.29+D.39)	4,043	4,196	3,543	4,230	5,338	5,455
Remuneration of employees	D.1	2,263	2,353	1,996	2,228	2,803	2,977
Other	(B.2n & B.3n)	1,780	1,843	1,547	2,002	2,535	2,478
26. Statistical discrepancy (equals Item 12, Table 3.1)		-1,300	-2,446	2,394	322	-3,148	-1,926
27. Net value added at factor cost	B.1n-D.29+D.39	227,419	246,952	259,072	315,529	371,371	351,455
28. plus Provision for depreciation	P.51c	84,810	92,112	106,847	112,435	122,002	128,257
28.1 Agriculture, forestry and fishing	P.51c	958	1,016	1,032	1,129	1,260	1,305
28.2 Industry (excluding construction)	P.51c	42,235	44,320	50,982	52,042	56,695	59,201
28.3 of which Manufacturing	P.51c	40,303	42,306	48,945	49,834	54,249	56,643
28.4 Construction	P.51c	307	329	345	383	433	462
28.5 Distribution, transport, hotels and restaurants	P.51c	4,548	4,480	4,326	4,336	4,536	4,683
28.6 Information and communication	P.51c	10,862	13,934	20,856	23,666	25,246	26,734
28.7 Financial and insurance activities	P.51c	1,710	1,789	1,874	2,071	2,283	2,344
28.8 Real estate activities	P.51c	5,935	6,245	6,439	7,251	8,724	9,008
28.9 Professional, admin and support services	P.51c	14,039	15,522	16,371	16,477	17,193	18,585
28.10 Public admin, education and health	P.51c	3,769	4,000	4,130	4,562	5,048	5,307
28.11 Arts, entertainment and other services	P.51c	447	477	492	518	584	628
29. Gross value added at factor cost	B.1g-D.29+D.39	312,229	339,064	365,919	427,964	493,372	479,712
30. Non product taxes	D.29	3,701	3,745	3,019	3,812	4,091	4,346
31. Non product subsidies	D.39	-2,491	-2,307	-6,484	-7,212	-3,081	-1,794
32. Gross value added at basic prices	B.1g	313,439	340,503	362,454	424,564	494,382	482,263
¹Preliminary

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Gross Value Added at Current Basic Prices across the 10 main economic sectors recorded a decrease of 2.5% in 2023 compared with 2022. For the Multinational dominated sectors, Industry (excluding Construction) GVA contracted significantly by 21.6% with Information & Communication GVA rising by 9.5%. Of the domestic facing sectors, Financial & Insurance Activities GVA increased strongly by 35.9% while Real Estate Activities GVA also posted strong growth of 19.1% year-on-year. Public Administration, Education & Health GVA expanded by 10.1% in 2023 compared with 2022, with Professional, Administration & Support Services GVA increasing by 7.2% in the year. More modest growth was posted in the Distribution, Transport, Hotels & Restaurants GVA which rose by 5.6%, Arts & Entertainment GVA grew by 4.1% over the period while Construction GVA increased by 3.2% in the year. Current Price GVA in the Agriculture, Forestry & Fishing sector fell by 22.0% year-on-year, the only domestic facing sector to record a decline in year 2023.

Table 3.4 Gross Value Added at Basic Prices by Sector of Origin and Gross and Net National Income at Current Market Prices

Table 3.4 Gross Value Added at Basic Prices by Sector of Origin and Gross and Net National Income at Current Market Prices
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023 ¹
46.1 Agriculture, forestry and fishing	B.1g	2,781	3,212	3,591	4,345	5,724	4,466
46.2 Industry (excluding construction)	B.1g	114,847	121,153	134,116	161,321	199,668	156,589
46.3 of which: Manufacturing	B.1g	109,857	116,147	129,248	155,322	193,511	150,120
46.4 Construction	B.1g	8,645	9,461	8,726	10,208	12,257	12,655
46.5 Distribution, transport, hotels and restaurants	B.1g	36,492	37,569	32,796	37,422	47,990	50,685
46.6 Information and communication	B.1g	40,089	51,171	60,896	78,878	86,809	95,098
46.7 Financial and insurance activities	B.1g	17,035	17,039	16,007	20,365	17,558	23,862
46.8 Real estate activities	B.1g	18,869	20,317	20,371	22,258	25,573	30,466
46.9 Professional, admin and support services	B.1g	37,749	42,330	42,882	44,997	52,509	56,308
46.10 Public administration, education and health	B.1g	33,684	35,961	36,850	40,025	43,525	47,901
46.11 Arts, entertainment and other services	B.1g	4,547	4,736	3,825	4,424	5,915	6,160
47. Statistical discrepancy (equals Item 12, Table 3.1)		-1,300	-2,446	2,394	322	-3,148	-1,926
51. Gross value added at basic prices	B.1g	313,439	340,503	362,454	424,564	494,382	482,263
52. Product taxes	D.21	22,449	24,246	21,134	26,345	28,462	29,654
53. Product subsidies	D.31	-1,022	-1,074	-1,380	-1,693	-1,908	-1,965
54. Gross domestic product at current market prices	B.1*g	334,866	363,675	382,207	449,217	520,935	509,952
55. Net factor income from the rest of the world	D.1 & D.4	-82,000	-90,450	-103,801	-128,946	-165,125	-121,938
	(net to abroad)
56. Gross national product at current market prices		252,866	273,225	278,407	320,270	355,811	388,014
57. EU subsidies	D.3	1,566	1,589	1,512	1,527	1,582	1,221
58. EU taxes	D.2	-433	-456	-410	-735	-876	-884
59. Gross national income at current market prices	B.5*g	253,999	274,358	279,508	321,063	356,517	388,351
60. minus Provision for depreciation	P.51c	-84,810	-92,112	-106,847	-112,435	-122,002	-128,257
61. Net National Income at current market prices	B.5*n	169,189	182,245	172,661	208,628	234,516	260,094
¹Preliminary

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Table 3.5 Annual Percentage Change in the Main Constituents of Table 3.4

Gross Value Added at Constant Basic Prices or Real GVA across the 10 principal high level economic sectors recorded a 5.7% contraction overall in 2023 over 2022. For the Multinational dominated sectors, Industry (excluding Construction) GVA fell by 21.7% while Information & Communication GVA rose by 7.4%. Of the domestic facing sectors, Agriculture, Forestry & Fishing Real GVA grew by 14.8%, Financial & Insurance Activities GVA by 14.1%, with Real Estate Activities GVA increasing 10.9% year-on-year. More modest, single digit increases in Real GVA were recorded in Public Administration, Education & Health, Arts & Entertainment and Professional, Administration & Support Services which grew by 4.9%, 3.8% and 2.5% respectively. A contraction in GVA was posted in the Construction sector of 2.9% in 2023 while GVA in the Distribution, Transport, Hotels & Restaurants sector fell by 1.0% over the same period.

Table 3.6 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2022)

Table 3.6 Gross Value Added at Constant Basic Prices by Sector of Origin and Gross and Net National Income at Constant Market Prices (chain linked annually and referenced to year 2022)²
(Note the sectors here are based on NACE Rev. 2 A10 breakdown. For further details see the methodology notes)							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023 ¹
65.1 Agriculture, forestry and fishing	B.1g	3,858	4,957	4,980	5,134	5,724	6,572
65.2 Industry (excluding construction)	B.1g	111,874	114,192	140,178	171,234	199,668	156,378
65.3 of which: Manufacturing	B.1g	105,282	107,213	131,742	163,596	193,511	147,211
65.4 Construction	B.1g	11,874	12,437	10,909	11,805	12,257	11,905
65.5 Distribution, transport, hotels and restaurants	B.1g	46,089	47,324	38,537	43,350	47,990	47,501
65.6 Information and communication	B.1g	46,221	55,496	66,041	81,504	86,809	93,203
65.7 Financial and insurance activities	B.1g	16,464	16,082	15,551	20,215	17,558	20,028
65.8 Real estate activities	B.1g	21,454	21,953	21,804	24,490	25,573	28,350
65.9 Professional, admin and support services	B.1g	45,378	48,609	48,658	49,505	52,509	53,814
65.10 Public administration, education and health	B.1g	38,360	40,010	39,398	41,027	43,525	45,676
65.11 Arts, entertainment and other services	B.1g	5,287	5,362	4,242	4,583	5,915	6,139
66. Statistical discrepancy		..	..	~	~	-3,148	-3,491
70. Gross value added at constant basic prices	B.1g	342,926	359,716	390,751	453,077	494,382	466,076
71. Product taxes	D.21	24,893	26,639	23,304	28,366	28,462	27,898
72. Product subsidies	D.31	-1,137	-1,184	-1,527	-1,827	-1,908	-1,847
73. Gross domestic product at constant market prices	B.1*g	366,506	384,980	412,536	479,597	520,935	492,128
74. Net factor income from the rest of the world	D.1 & D.4	-85,574	-92,331	-107,965	-132,793	-165,125	-116,621
	(net to abroad)
75. Gross national product at constant market prices		282,655	294,284	305,826	347,855	355,811	375,507
76. EU subsidies	D.3	1,808	1,816	1,742	1,689	1,582	1,136
77. EU taxes	D.2	-480	-501	-452	-791	-876	-832
78. Gross national income at constant market prices	B.5*g	283,962	295,578	307,103	348,751	356,517	375,811
78.1 Provision for depreciation	P.51c	-87,768	-95,468	-113,079	-118,128	-122,002	-124,795
78.2 Net national income at constant market prices	B.5*n	197,032	200,469	193,544	230,687	234,516	251,016
¹Preliminary
²Chain linked series not additive except for 2022 and 2023

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Table 3.7 Annual Percentage Changes in the Main Constituents of Table 3.6

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Table 3.2 Annual Percentage Changes in the Main Constituents of Table 3.1							%
Description	ESA Code	2018-2023	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
Value added from agriculture, forestry and fishing	(B.1n-D.29+D.39)	4.0	7.5	10.8	15.9	23.4	-28.5
Income from self-employment and other trading income	B.3n	2.0	3.6	10.5	18.5	28.4	-36.7
Remuneration of employees	D.1	10.4	22.1	11.6	7.8	6.1	5.4
Non-agricultural value added	(B.1n-D.29+D.39)	9.2	9.1	2.8	22.9	18.7	-5.3
Profits etc.¹	B.2n & B.3n	10.2	9.9	5.1	31.7	24.2	-13.8
Remuneration of employees	D.1	7.7	8.0	-0.3	10.6	9.7	10.9
Net national product at factor cost		9.6	7.6	-0.8	20.2	10.5	11.3
Net national income at market prices	B.5*n	9.0	7.7	-5.3	20.8	12.4	10.9
¹i.e. Items 4 to 8 in Table 3.1

Annual National Accounts 2023

GDP by Incomes

GDP by Incomes

Compensation of Employees share rises to nearly 30% of GVA

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