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Quarterly National Accounts Quarter 1 2024 Provisional

Foreign and Domestic GVA

Multinational sector contracted by 2.0% in Q1 2024 while Non-MNE dominated increased by 1.7%

Online ISSN: 2009-5775

CSO statistical publication, 06 June 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	52,258	-2.0
Other	54,861	1.7
Total GVA (MNE dominated + Other)	107,119	-0.1
1Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted.

Open in Excel: Quarterly National Accounts Q1 2024 Table 6.1 (XLS 9KB)

On a seasonally adjusted basis, estimates indicate that Gross Value Added (GVA) in volume terms in the Foreign-owned MNE dominated sector fell by 2.0% for the first quarter of 2024, largely driven by a contraction in the Industry (excluding Construction) sector of 6.5% quarter-on-quarter. GVA for the non-MNE dominated sectors of the economy increased by 1.7% over the same period.

Real GVA for the total economy amounted to €107 billion in the Q1 2024 reference period, with GVA for MNE dominated sectors representing approximately 48.8% of Total GVA while GVA for the non-MNE dominated sectors represented approximately 51.2% of the total.

	Foreign-owned MNE-dominated	Other
Q1 2021	17.2773898167403	0.498414123509727
Q2 2021	0.443106337720756	1.58158240018975
Q3 2021	4.52055532149762	1.42523524352074
Q4 2021	-0.906938192842177	2.58972365486161
Q1 2022	8.30577187502968	0.831571413452603
Q2 2022	0.656361857797361	1.01830510702106
Q3 2022	6.1128344166393	1.12285131686469
Q4 2022	5.0467039240119	1.22934136585837
Q1 2023	-10.2179197134679	1.21071982910779
Q2 2023	1.56100707304134	1.41550026535446
Q3 2023	-5.20091172752125	-0.593756679221358
Q4 2023	-5.703391622228	0.243367473180389
Q1 2024	-1.97354069650741	1.69697413887619

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 2021)¹

Table 6.2 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)¹						€million
	CURRENT BASIC PRICES			CONSTANT BASIC PRICES
Period	Foreign-owned MNE dominated	Other	Total	Foreign-owned MNE dominated	Other	Total
2018	131,371	175,291	306,662	127,623	188,759	312,690
2019	148,039	186,002	334,041	136,404	196,790	329,512
2020	173,505	182,681	356,186	170,096	186,520	356,006
2021	212,005	196,406	408,411	212,005	196,406	408,411
2022	256,225	225,772	481,998	244,987	207,323	452,310
2023	240,430	239,427	479,857	228,384	215,206	443,590

2018
Q1	31,568	41,361	72,929	30,080	44,573	73,778
Q2	30,099	43,421	73,520	31,559	46,815	77,454
Q3	33,586	44,623	78,209	32,338	48,300	79,677
Q4	36,118	45,887	82,005	33,646	49,071	81,782

2019
Q1	34,703	44,527	79,231	30,767	47,092	76,885
Q2	34,575	45,499	80,074	33,960	48,337	81,415
Q3	37,428	47,182	84,610	35,207	50,026	84,323
Q4	41,333	48,794	90,127	36,470	51,335	86,889

2020
Q1	43,284	47,217	90,502	39,661	48,299	87,492
Q2	40,335	40,888	81,224	40,926	42,003	82,977
Q3	46,475	46,392	92,867	45,200	47,445	92,626
Q4	43,410	48,183	91,594	44,310	48,773	92,912

2021
Q1	52,291	45,227	97,518	50,789	46,117	96,925
Q2	48,980	47,908	96,889	51,097	48,588	99,659
Q3	56,262	50,340	106,602	56,318	49,928	106,294
Q4	54,471	52,931	107,402	53,802	51,773	105,534

2022
Q1	59,839	51,974	111,814	56,899	49,115	106,014
Q2	59,200	55,923	115,123	57,751	51,676	109,427
Q3	69,807	57,781	127,589	65,008	52,689	117,697
Q4	67,379	60,094	127,472	65,329	53,843	119,172

2023
Q1	61,038	55,537	116,574	56,890	51,468	108,358
Q2	60,480	60,007	120,487	58,794	54,434	113,228
Q3	61,811	61,075	122,887	59,224	54,352	113,576
Q4	57,101	62,808	119,910	53,477	54,951	108,428

2024
Q1	55,330	58,659	113,990	50,145	52,983	103,128

Annual Percentage Changes
2018	17.5	7.1	11.3	16.6	5.9	10.2
2019	12.7	6.1	8.9	6.9	4.3	5.4
2020	17.2	-1.8	6.6	24.7	-5.2	8.0
2021	22.2	7.5	14.7	24.6	5.3	14.7
2022	20.9	15.0	18.0	15.6	5.6	10.7
2023	-6.2	6.0	-0.4	-6.8	3.8	-1.9

Percentage change on corresponding period of previous year

2018
Q1	21.7	5.0	11.6	20.0	3.0	9.6
Q2	25.2	7.3	14.0	27.2	6.8	14.7
Q3	21.2	7.3	12.9	15.5	6.4	10.1
Q4	5.9	8.7	7.5	6.5	7.3	6.9

2019
Q1	9.9	7.7	8.6	2.3	5.7	4.2
Q2	14.9	4.8	8.9	7.6	3.3	5.1
Q3	11.4	5.7	8.2	8.9	3.6	5.8
Q4	14.4	6.3	9.9	8.4	4.6	6.2

2020
Q1	24.7	6.0	14.2	28.9	2.6	13.8
Q2	16.7	-10.1	1.4	20.5	-13.1	1.9
Q3	24.2	-1.7	9.8	28.4	-5.2	9.8
Q4	5.0	-1.3	1.6	21.5	-5.0	6.9

2021
Q1	20.8	-4.2	7.8	28.1	-4.5	10.8
Q2	21.4	17.2	19.3	24.9	15.7	20.1
Q3	21.1	8.5	14.8	24.6	5.2	14.8
Q4	25.5	9.9	17.3	21.4	6.2	13.6

2022
Q1	14.4	14.9	14.7	12.0	6.5	9.4
Q2	20.9	16.7	18.8	13.0	6.4	9.8
Q3	24.1	14.8	19.7	15.4	5.5	10.7
Q4	23.7	13.5	18.7	21.4	4.0	12.9

2023
Q1	2.0	6.9	4.3	-0.0	4.8	2.2
Q2	2.2	7.3	4.7	1.8	5.3	3.5
Q3	-11.5	5.7	-3.7	-8.9	3.2	-3.5
Q4	-15.3	4.5	-5.9	-18.1	2.1	-9.0

2024
Q1	-9.4	5.6	-2.2	-11.9	2.9	-4.8
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 2021)¹ - Seasonally Adjusted

Table 6.3 Gross Value Added at Current Basic Prices & Constant Basic Prices (Chain linked annually and referenced to year 2021)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	31,364	42,426	73,789	30,219	45,921	76,140
Q2	31,875	43,439	75,314	32,384	47,066	79,450
Q3	34,321	44,188	78,510	32,280	47,530	79,810
Q4	34,425	45,035	79,460	32,703	48,108	80,811

2019
Q1	34,030	45,585	79,615	31,149	48,597	79,745
Q2	36,697	45,841	82,537	34,705	48,605	83,309
Q3	37,655	46,665	84,320	34,656	49,276	83,933
Q4	39,335	47,712	87,047	35,900	50,173	86,073

2020
Q1	42,554	48,567	91,121	40,300	50,001	90,301
Q2	43,065	41,188	84,254	41,691	42,163	83,854
Q3	45,256	45,828	91,084	43,970	46,775	90,745
Q4	44,503	46,973	91,476	44,114	47,619	91,732

2021
Q1	52,195	46,946	99,141	51,735	47,856	99,591
Q2	52,930	47,995	100,925	51,965	48,613	100,578
Q3	54,818	49,689	104,507	54,314	49,306	103,619
Q4	52,197	51,521	103,718	53,821	50,583	104,404

2022
Q1	62,000	54,022	116,022	58,291	51,003	109,295
Q2	61,475	56,038	117,513	58,674	51,523	110,197
Q3	65,341	57,065	122,406	62,261	52,101	114,362
Q4	64,725	58,403	123,128	65,403	52,742	118,144

2023
Q1	62,516	57,935	120,451	58,720	53,380	112,100
Q2	63,457	59,997	123,455	59,636	54,136	113,772
Q3	58,712	60,336	119,049	56,535	53,815	110,349
Q4	56,412	60,993	117,405	53,310	53,945	107,256

2024
Q1	54,667	61,647	116,315	52,258	54,861	107,119

Percentage change on previous quarter
2018
Q1	1.0	2.0	1.6	-0.6	2.2	1.1
Q2	1.6	2.4	2.1	7.2	2.5	4.3
Q3	7.7	1.7	4.2	-0.3	1.0	0.5
Q4	0.3	1.9	1.2	1.3	1.2	1.3

2019
Q1	-1.1	1.2	0.2	-4.8	1.0	-1.3
Q2	7.8	0.6	3.7	11.4	0.0	4.5
Q3	2.6	1.8	2.2	-0.1	1.4	0.7
Q4	4.5	2.2	3.2	3.6	1.8	2.5

2020
Q1	8.2	1.8	4.7	12.3	-0.3	4.9
Q2	1.2	-15.2	-7.5	3.5	-15.7	-7.1
Q3	5.1	11.3	8.1	5.5	10.9	8.2
Q4	-1.7	2.5	0.4	0.3	1.8	1.1

2021
Q1	17.3	-0.1	8.4	17.3	0.5	8.6
Q2	1.4	2.2	1.8	0.4	1.6	1.0
Q3	3.6	3.5	3.5	4.5	1.4	3.0
Q4	-4.8	3.7	-0.8	-0.9	2.6	0.8

2022
Q1	18.8	4.9	11.9	8.3	0.8	4.7
Q2	-0.8	3.7	1.3	0.7	1.0	0.8
Q3	6.3	1.8	4.2	6.1	1.1	3.8
Q4	-0.9	2.3	0.6	5.0	1.2	3.3

2023
Q1	-3.4	-0.8	-2.2	-10.2	1.2	-5.1
Q2	1.5	3.6	2.5	1.6	1.4	1.5
Q3	-7.5	0.6	-3.6	-5.2	-0.6	-3.0
Q4	-3.9	1.1	-1.4	-5.7	0.2	-2.8

2024
Q1	-3.1	1.1	-0.9	-2.0	1.7	-0.1
¹Chain linked series not additive