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Quarterly National Accounts Quarter 1 2024 Final

Foreign and Domestic GVA

Multinational sector contracted by 5.5% in Q1 2024 while Non-MNE dominated increased by 1.1%

Online ISSN: 2009-5775

CSO statistical publication, 12 July 2024, 11am

Table 6.1 Gross Value Added for sectors dominated by Foreign-owned MNEs and Other Sectors, Q1 2024¹
	Amount €m	Quarterly % change
Foreign-owned MNE dominated	49,399	-5.5
Other	64,034	1.1
Total GVA (MNE dominated + Other)	113,433	-1.9
¹Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted.

Open in Excel: Quarterly National Accounts Q1 2024 Table 6.1 (XLS 10KB)

On a seasonally adjusted basis, estimates indicate that Gross Value Added (GVA) in volume terms in the Foreign-owned MNE dominated sector fell by 5.5% for the first quarter of 2024, largely driven by a contraction in the Industry (excluding Construction) sector of 5.7% quarter-on-quarter. GVA for the non-MNE dominated sectors of the economy increased by 1.1% over the same period.

Real GVA for the total economy amounted to €113.4 billion in the Q1 2024 reference period, with GVA for MNE dominated sectors representing approximately 43.5% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 56.5% of the total.

	Foreign-owned MNE-dominated	Other
Q1 2022	6.74924590773482	-1.95521447297223
Q2 2022	2.02490363563597	1.33383773351046
Q3 2022	5.88503429142548	1.14438864205419
Q4 2022	4.3942356048162	1.55252624830629
Q1 2023	-20.6257501204734	2.76298351831632
Q2 2023	3.3154256732626	1.25078621780756
Q3 2023	-5.2226178367343	0.0153881602118711
Q4 2023	-3.28363762403988	0.905314452550154
Q1 2024	-5.54976543982196	1.13042094096862

Get the data: NAQ06

The classification of value added for the total economy between (a) the Foreign-owned MNE dominated sector and (b) the Other sector in Tables 6.2 and 6.3 is determined by business accounting turnover. Foreign-owned MNE dominated sectors are defined as those where MNE turnover on average exceeds 85% of the sector total. Economic activity classified to the Non-MNE dominated sector falls below this turnover threshold.

The main sectors dominated by MNEs in Ireland are:

Pharma and Chemical production
Computer, electronic and optical device manufacturing
Medical instrument production
Information & Communications, including software publishing

The combination of all remaining non-MNE dominated sectors provides an estimation of the value-added contribution of the domestic-facing side of the economy to the overall economy.

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018	133,766	180,972	314,739	136,693	212,297	342,773
2019	151,956	190,993	342,950	145,795	221,615	361,124
2020	174,551	185,508	360,059	181,274	210,004	389,526
2021	217,932	206,310	424,242	227,246	226,438	453,120
2022	261,298	236,232	497,530	261,298	236,232	497,530
2023	223,853	260,336	484,190	218,851	250,716	469,567

2018
Q1	32,175	42,652	74,827	32,272	50,362	81,147
Q2	30,715	44,778	75,493	33,895	52,576	84,935
Q3	34,191	46,059	80,250	34,607	54,173	87,173
Q4	36,685	47,484	84,169	35,919	55,186	89,518

2019
Q1	35,748	45,678	81,427	32,956	53,118	84,436
Q2	35,626	46,651	82,277	36,339	54,572	89,392
Q3	38,305	48,378	86,682	37,581	56,287	92,308
Q4	42,278	50,286	92,564	38,920	57,637	94,988

2020
Q1	43,572	47,917	91,489	42,360	54,477	95,927
Q2	40,536	41,440	81,976	43,664	47,198	90,753
Q3	46,752	47,154	93,906	48,088	53,257	101,107
Q4	43,690	48,997	92,688	47,162	55,073	101,739

2021
Q1	53,624	47,447	101,071	54,485	52,723	107,142
Q2	50,468	50,202	100,670	54,784	55,822	110,415
Q3	57,710	52,865	110,575	60,219	57,709	117,880
Q4	56,130	55,795	111,926	57,758	60,184	117,682

2022
Q1	60,954	54,624	115,578	60,617	56,213	116,792
Q2	60,483	58,412	118,895	61,664	58,860	120,440
Q3	71,133	60,268	131,401	69,337	59,884	129,297
Q4	68,728	62,928	131,656	69,680	61,274	131,000

2023
Q1	56,587	62,436	119,023	53,894	60,275	114,168
Q2	55,962	65,338	121,300	55,920	63,036	118,956
Q3	57,385	65,625	123,010	56,362	63,128	119,490
Q4	53,919	66,937	120,856	52,675	64,277	116,952

2024
Q1	51,213	66,140	117,353	47,805	62,389	110,194

Annual Percentage Changes
2018	15.6	5.8	9.8	16.0	4.7	9.2
2019	13.6	5.5	9.0	6.7	4.4	5.4
2020	14.9	-2.9	5.0	24.3	-5.2	7.9
2021	24.9	11.2	17.8	25.4	7.8	16.3
2022	19.9	14.5	17.3	15.0	4.3	9.8
2023	-14.3	10.2	-2.7	-16.2	6.1	-5.6

Percentage change on corresponding period of previous year

2018
Q1	19.4	3.8	10.0	19.6	2.3	9.0
Q2	22.7	6.0	12.2	26.8	5.2	13.5
Q3	19.3	6.1	11.3	14.9	4.8	8.9
Q4	4.5	7.3	6.1	5.7	6.1	6.0

2019
Q1	11.1	7.1	8.8	2.1	5.5	4.1
Q2	16.0	4.2	9.0	7.2	3.8	5.2
Q3	12.0	5.0	8.0	8.6	3.9	5.9
Q4	15.2	5.9	10.0	8.4	4.4	6.1

2020
Q1	21.9	4.9	12.4	28.5	2.6	13.6
Q2	13.8	-11.2	-0.4	20.2	-13.5	1.5
Q3	22.1	-2.5	8.3	28.0	-5.4	9.5
Q4	3.3	-2.6	0.1	21.2	-4.4	7.1

2021
Q1	23.1	-1.0	10.5	28.6	-3.2	11.7
Q2	24.5	21.1	22.8	25.5	18.3	21.7
Q3	23.4	12.1	17.8	25.2	8.4	16.6
Q4	28.5	13.9	20.8	22.5	9.3	15.7

2022
Q1	13.7	15.1	14.4	11.3	6.6	9.0
Q2	19.8	16.4	18.1	12.6	5.4	9.1
Q3	23.3	14.0	18.8	15.1	3.8	9.7
Q4	22.4	12.8	17.6	20.6	1.8	11.3

2023
Q1	-7.2	14.3	3.0	-11.1	7.2	-2.2
Q2	-7.5	11.9	2.0	-9.3	7.1	-1.2
Q3	-19.3	8.9	-6.4	-18.7	5.4	-7.6
Q4	-21.5	6.4	-8.2	-24.4	4.9	-10.7

2024
Q1	-9.5	5.9	-1.4	-11.3	3.5	-3.5
¹Chain linked series not additive

Open in Excel: Quarterly National Accounts Q1 2024 Table 6.2 (XLS 18KB)

Visit Table NAQ06 on PxStat

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹ - Seasonally Adjusted

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2022)¹ - Seasonally Adjusted						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018
Q1	32,521	43,800	76,320	32,427	51,865	84,292
Q2	32,235	44,949	77,184	34,701	52,842	87,543
Q3	34,715	45,632	80,347	34,570	53,370	87,941
Q4	35,172	46,456	81,628	34,959	54,131	89,090

2019
Q1	34,757	46,947	81,704	33,352	54,740	88,091
Q2	38,492	46,915	85,407	37,083	54,826	91,909
Q3	38,683	47,895	86,578	37,005	55,509	92,514
Q4	40,062	49,129	89,191	38,392	56,455	94,846

2020
Q1	42,860	49,325	92,184	42,932	56,228	99,160
Q2	43,577	41,641	85,218	44,511	47,335	91,845
Q3	45,646	46,672	92,318	46,805	52,573	99,378
Q4	44,887	47,932	92,820	47,020	53,973	100,992

2021
Q1	54,353	48,847	103,200	55,263	54,426	109,690
Q2	53,840	50,297	104,137	55,858	55,828	111,686
Q3	56,282	52,408	108,690	58,168	57,082	115,250
Q4	54,532	54,709	109,241	57,794	59,088	116,882

2022
Q1	62,630	56,184	118,815	61,695	57,933	119,627
Q2	63,999	58,288	122,287	62,944	58,706	121,649
Q3	66,828	59,885	126,713	66,648	59,377	126,025
Q4	65,448	61,915	127,362	69,577	60,299	129,876

2023
Q1	58,747	64,036	122,783	55,226	61,965	117,191
Q2	58,936	65,045	123,981	57,057	62,740	119,797
Q3	54,420	65,341	119,761	54,077	62,750	116,827
Q4	52,814	66,007	118,821	52,301	63,318	115,620

2024
Q1	51,729	67,679	119,408	49,399	64,034	113,433

Percentage change on previous quarter
2018
Q1	1.5	1.0	1.2	-1.0	1.5	0.6
Q2	-0.9	2.6	1.1	7.0	1.9	3.9
Q3	7.7	1.5	4.1	-0.4	1.0	0.5
Q4	1.3	1.8	1.6	1.1	1.4	1.3

2019
Q1	-1.2	1.1	0.1	-4.6	1.1	-1.1
Q2	10.7	-0.1	4.5	11.2	0.2	4.3
Q3	0.5	2.1	1.4	-0.2	1.2	0.7
Q4	3.6	2.6	3.0	3.7	1.7	2.5

2020
Q1	7.0	0.4	3.4	11.8	-0.4	4.5
Q2	1.7	-15.6	-7.6	3.7	-15.8	-7.4
Q3	4.7	12.1	8.3	5.2	11.1	8.2
Q4	-1.7	2.7	0.5	0.5	2.7	1.6

2021
Q1	21.1	1.9	11.2	17.5	0.8	8.6
Q2	-0.9	3.0	0.9	1.1	2.6	1.8
Q3	4.5	4.2	4.4	4.1	2.2	3.2
Q4	-3.1	4.4	0.5	-0.6	3.5	1.4

2022
Q1	14.8	2.7	8.8	6.7	-2.0	2.3
Q2	2.2	3.7	2.9	2.0	1.3	1.7
Q3	4.4	2.7	3.6	5.9	1.1	3.6
Q4	-2.1	3.4	0.5	4.4	1.6	3.1

2023
Q1	-10.2	3.4	-3.6	-20.6	2.8	-9.8
Q2	0.3	1.6	1.0	3.3	1.3	2.2
Q3	-7.7	0.5	-3.4	-5.2	0.0	-2.5
Q4	-3.0	1.0	-0.8	-3.3	0.9	-1.0

2024
Q1	-2.1	2.5	0.5	-5.5	1.1	-1.9
¹Chain linked series not additive