| Table 1.1 GDP and GNP at constant 2021 prices, Q1 20231 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 117,504 | -2.8 |
| Gross National Product | 82,039 | -6.9 |
| Modified Final Domestic Demand | 55,487 | 0.1 |
| 1Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted | ||
Updated estimates for the first quarter of 2023 indicate that there was a decrease of 2.8% in GDP in real terms in Q1 2023 compared to the previous quarter while GNP declined by 6.9%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 0.1% in Q1.
| GDP | GNP | |
| Q1 2020 | 3.13151618526168 | 5.0087276453159 |
| Q2 2020 | -5.74527952607431 | -8.48712262604702 |
| Q3 2020 | 12.0003034492199 | 2.31291242763303 |
| Q4 2020 | -4.17135239774462 | 5.08855585023424 |
| Q1 2021 | 10.5294557763816 | 6.02663470217211 |
| Q2 2021 | 2.64218064807731 | 2.85037778494603 |
| Q3 2021 | 2.57549133349395 | 2.57805672148037 |
| Q4 2021 | -1.75315414228487 | 2.88095418869385 |
| Q1 2022 | 5.63235162119149 | -2.07721644279497 |
| Q2 2022 | 2.50046017311194 | 3.69369967037056 |
| Q3 2022 | 2.42947526594266 | -6.07418508830193 |
| Q4 2022 | -0.0493263038488845 | 9.97341811570813 |
| Q1 2023 | -2.79065028095714 | -6.88313569291086 |
Get the data: NAQ03
| 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 | |
| Q4 2022 | 50.856932335 | 20.399570654 | 10.641355261 | 10.618599787 | 9.947646649 | 6.334582941 | 4.217573555 | 2.392745911 | 1.341917479 | 1.095741742 |
| Q1 2023 | 44.14488927 | 21.39197496 | 10.380080376 | 10.670792716 | 10.11929309 | 6.351969799 | 4.570860419 | 2.496439318 | 1.042302026 | 1.119075857 |
Get the data: NAQ02
The MNE dominated sectors of the economy contracted by 9.0% overall in the first quarter of 2023. The MNE dominated Industry (excluding Construction) sector recorded a significant decrease in Q1 compared with the previous quarter, falling by 13.2% which more than offset the growth in the Information & Communication sector of 4.9% in the quarter. The domestically facing Construction sector increased by 4.3% quarter-on-quarter while the Agriculture, Forestry & Fishing sector expanded by 2.1% over the period compared with Q4 2022. The Finance & Insurance sector increased by 8.4% in Q1 while the Distribution, Transport, Hotels & Restaurants sector grew by 1.7% in the quarter. The Arts & Entertainment sector recorded a marked decline of 22.3% in Q1 while Professional & Administrative services fell by 2.5% over the same period. The domestically dominated Public Administration, Education & Health sector and the Real Estate sector posted modest increases of 0.5% and 0.3% quarter-on-quarter respectively in Q1 2023. (See Tables 2.5 and 6.3).
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2020 | 27.955362199 | 9.5649265183 | 79.110630016 | 1.87664893 | -23.94533625 | 48.558379516 | 94.281600006 |
| Q2 2020 | 23.802953778 | 10.676792518 | 18.364051599 | 1.156109721 | 34.82959191 | 42.995621757 | 88.864858544 |
| Q3 2020 | 26.947964382 | 10.698912591 | 25.371926326 | 0.385496176 | 38.352464041 | 48.256072213 | 99.528911229 |
| Q4 2020 | 26.347256406 | 10.875449867 | 38.062942928 | 0.064987982 | 18.16939694 | 47.422724123 | 95.377209604 |
| Q1 2021 | 25.304457726 | 11.214936275 | 18.555260038 | 2.123849609 | 49.383598433 | 46.544968981 | 105.41991071 |
| Q2 2021 | 28.748461893 | 11.156716032 | 20.028131814 | 0.057479563 | 48.967934891 | 50.340706656 | 108.20529519 |
| Q3 2021 | 29.690896446 | 10.875690884 | 19.371585689 | 3.135794617 | 48.369416914 | 50.77321924 | 110.99211319 |
| Q4 2021 | 29.988554918 | 11.182213338 | 38.842746989 | -0.109560588 | 27.46044531 | 52.566559444 | 109.04625036 |
| Q1 2022 | 30.224247637 | 11.253840124 | 21.444916573 | 1.567177034 | 51.48529319 | 52.976966286 | 115.18811861 |
| Q2 2022 | 31.138762874 | 11.463146781 | 25.572063396 | 3.869218013 | 46.91127054 | 55.922948046 | 118.06835164 |
| Q3 2022 | 31.408047808 | 11.69389677 | 27.788460775 | 4.198407753 | 45.06525046 | 55.395299308 | 120.93679304 |
| Q4 2022 | 31.8695444 | 11.592089979 | 27.242855721 | -0.011131847 | 47.36065952 | 55.419077707 | 120.87713939 |
| Q1 2023 | 31.898514692 | 11.021630497 | 22.749806215 | 2.677643374 | 48.33603575 | 55.487048638 | 117.50388116 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Capital Investment declined by €1.8 billion during the quarter (-6.6% quarter-on-quarter) with the Capital Formation element decreasing by 16.5% reflecting the lower levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 37.2% of total domestic demand in Q1 2023. Exports decreased by a modest 1.5% in Q1 2023 compared with Q4 2022 while Imports fell by 2.9% which meant that overall net exports for the quarter posted a small increase of 2.1% in Q1 compared with Q4 2022 or €1.0 billion higher in money terms quarter-on-quarter. Personal Consumption Expenditure increased by 0.1% quarter-on-quarter with Government Expenditure on Current Goods and Services falling by 4.9% in Q1 compared with the previous quarter. These impacts when combined resulted in an overall fall in Real GDP in Q1 2023 of 2.8%. Final Domestic Demand declined by 7.1% in Q1 compared with Q4 while Modified Domestic Demand grew by 0.1% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2020 | 94.281600006 | -20.09877011 | 74.182829899 |
| Q2 2020 | 88.864858544 | -20.97801639 | 67.886842158 |
| Q3 2020 | 99.528911229 | -30.07190586 | 69.457005367 |
| Q4 2020 | 95.377209604 | -22.38584573 | 72.991363877 |
| Q1 2021 | 105.41991071 | -28.02962397 | 77.390286742 |
| Q2 2021 | 108.20529519 | -28.60909291 | 79.596202283 |
| Q3 2021 | 110.99211319 | -29.34387566 | 81.648237526 |
| Q4 2021 | 109.04625036 | -25.04576452 | 84.000485845 |
| Q1 2022 | 115.18811861 | -32.93250467 | 82.255613941 |
| Q2 2022 | 118.06835164 | -32.77446236 | 85.293889282 |
| Q3 2022 | 120.93679304 | -40.82381247 | 80.112980578 |
| Q4 2022 | 120.87713939 | -32.7741563 | 88.102983096 |
| Q1 2023 | 117.50388116 | -35.46514594 | 82.03873522 |
Get the data: NAQ03
Factor income outflows increased by 8.2% in the quarter, an increase of €2.7 billion in money terms compared with the previous quarter, leading to a fall in GNP of 6.9% for the first quarter compared with the previous quarter.
The calculation methods for quarterly accounts are similar to those used in the Annual National Accounts. As some of the available sources are of lesser reliability than those used for the annual national accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. These preliminary estimates will therefore be revised when the next detailed annual results are published.
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