| Table 1.1 GDP and GNP at constant 2022 prices, Q1 20241 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 120,750 | 0.7 |
| Gross National Product | 91,608 | -7.0 |
| Modified Final Domestic Demand | 61,813 | 1.0 |
| 1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted | ||
Updated estimates for the first quarter of 2024 indicate that GDP rose by 0.7% in real terms in Q1 2024 compared to the previous quarter while GNP fell by 7.0%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 1.0% in Q1.
| GDP | GNP | MDD | |
| Q1 2022 | 3.60203861953099 | -6.63517064734747 | 0.00463086784858735 |
| Q2 2022 | 2.34260740811481 | 5.26341123476388 | 6.25617701562975 |
| Q3 2022 | 2.86655348560412 | -5.59748003257515 | -0.654355911618176 |
| Q4 2022 | 0.174481105686319 | 6.31696945645321 | -1.63031463510289 |
| Q1 2023 | -5.4430072757065 | -5.01645237788277 | 2.54006815397936 |
| Q2 2023 | -1.45840331768783 | 9.81602302486222 | 0.453271343234807 |
| Q3 2023 | -1.72375659498298 | -1.93927806469887 | -1.22608657853629 |
| Q4 2023 | -1.54298157124503 | 5.05577391826253 | 2.0114043254851 |
| Q1 2024 | 0.693396106718014 | -6.96780474826907 | 1.03149849754256 |
Get the data: NAQ03
| Industry (excl. Construction) | Information & Communication | Public Admin, Education & Health | Professional, Admin & Support Services | Distribution, Transport, Hotels & Restaurants | Real Estate Activities | Financial & Insurance Activities | Construction | Agriculture, Forestry & Fishing | Arts, Entertainment & Other Services | |
| Q4 2023 | 36.145196385 | 23.801201415 | 11.595516083 | 13.498323931 | 11.867354003 | 7.186397314 | 4.807031587 | 2.906559579 | 1.592636562 | 1.559300471 |
| Q1 2024 | 34.076689435 | 24.080369818 | 11.682451217 | 13.859102293 | 12.240594313 | 7.043705452 | 4.853120145 | 2.875449077 | 1.550882777 | 1.604726978 |
Get the data: NAQ02
The MNE dominated sectors of the economy decreased by 5.5% overall in the first quarter of 2024. Value added for the MNE dominated Industry (excluding Construction) sector recorded a significant decrease in Q1 compared with the previous quarter, falling by 5.7% which outweighed the growth in the Information & Communication sector of 1.2% in the quarter. The domestically facing sectors of the economy posted a mixed set of results in Q1. The Distribution, Transport, Hotels & Restaurants sector expanded by 3.1% in volume terms quarter-on-quarter while the Arts & Entertainment sector increased by 2.9% over the period compared with Q4 2023. The Professional & Administrative services sector grew by 2.7% in the quarter while Finance & Insurance and the Public Administration, Education & Health sector recorded modest increases of 1.0% and 0.7% respectively. The domestic facing Agriculture, Forestry & Fishing sector shrank by 2.6% in Q1 while the Real Estate sector contracted by 2.0% over the same period. The domestically dominated Construction sector posted a 1.1% fall in Q1 2024 quarter-on-quarter. The domestic/other sectors of the economy grew by 1.1% overall in the first quarter of 2024. (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 2022 | 32.323514779 | 11.896268879 | 23.787918501 | 1.572377614 | 56.04938529 | 56.768576003 | 126.12149649 |
| Q2 2022 | 33.587573189 | 12.153009638 | 27.3519728 | 3.935238354 | 53.26187365 | 60.320118607 | 129.07602801 |
| Q3 2022 | 34.165466551 | 12.273979799 | 29.929596579 | 3.279906864 | 52.54742589 | 59.925410345 | 132.77606139 |
| Q4 2022 | 34.522700215 | 12.273394188 | 29.415183004 | -0.121692971 | 53.8911602 | 58.94843761 | 133.00773053 |
| Q1 2023 | 34.961143356 | 12.327594249 | 24.787570504 | 2.629643868 | 52.73712841 | 60.445768101 | 125.76811008 |
| Q2 2023 | 35.61967012 | 12.520984068 | 24.778381085 | 5.410557154 | 43.61118003 | 60.719751446 | 123.93390379 |
| Q3 2023 | 34.822420771 | 12.856495464 | 24.241377658 | 4.038822427 | 43.77185594 | 59.975274723 | 121.79758495 |
| Q4 2023 | 35.774370857 | 12.940800138 | 39.77071598 | 3.205804148 | 26.44955882 | 61.181619993 | 119.91827066 |
| Q1 2024 | 35.871990147 | 12.732806829 | 23.97577444 | 1.466921693 | 46.64537316 | 61.812707484 | 120.74977928 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Capital Investment declined significantly by €17.5 billion during the quarter (-40.8% quarter-on-quarter) with the Capital Formation element decreasing by 39.7% reflecting the lower levels of investment in Intangible Assets compared with the previous quarter. Capital Investment accounted for 34.4% of total domestic demand in Q1 2024.
Exports expanded by 7.0% in Q1 2024 compared with Q4 2023 while Imports fell by 6.4% which meant that overall net exports for the quarter posted an increase of 76.4% in Q1 compared with Q4 2023 or €20.2 billion higher in money terms quarter-on-quarter. Personal Consumption Expenditure increased by 0.3% quarter-on-quarter with Government Expenditure on Current Goods and Services falling by 1.6% in Q1 compared with the previous quarter. These impacts when combined resulted in an overall rise in Real GDP in Q1 2024 of 0.7%. Final Domestic Demand declined by 18.0% in Q1 compared with Q4 while Modified Domestic Demand grew by 1.0% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2022 | 126.12149649 | -39.38394066 | 86.737555824 |
| Q2 2022 | 129.07602801 | -37.77311793 | 91.302910082 |
| Q3 2022 | 132.77606139 | -46.58381347 | 86.192247921 |
| Q4 2022 | 133.00773053 | -41.37074464 | 91.636985896 |
| Q1 2023 | 125.76811008 | -38.72804994 | 87.040060138 |
| Q2 2023 | 123.93390379 | -28.34997131 | 95.583932482 |
| Q3 2023 | 121.79758495 | -28.06729071 | 93.730294246 |
| Q4 2023 | 119.91827066 | -21.44918465 | 98.469086016 |
| Q1 2024 | 120.74977928 | -29.14182692 | 91.607952365 |
Get the data: NAQ03
Factor income outflows increased by 35.9% in the quarter, an increase of €7.7 billion in money terms compared with the previous quarter, leading to a decrease in GNP of 7.0% 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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