Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q1 20242 | ||
Amount €m | Quarterly % change | |
Industry (excl. Construction) | 35,515 | -6.5 |
Information and Communication | 22,839 | 3.4 |
Professional, Admin and Support Services | 11,260 | 6.7 |
Public Admin, Education and Health | 11,078 | -0.3 |
Distribution, Transport, Hotels and Restaurants | 10,220 | 0.9 |
Real Estate Activities | 6,418 | 0.1 |
Financial and Insurance Activities | 4,238 | -3.7 |
Construction | 2,169 | -4.9 |
Agriculture, Forestry and Fishing | 1,257 | -2.1 |
Arts, Entertainment and Other Services | 1,114 | 4.2 |
Gross Domestic Product | 111,109 | 0.9 |
1Series is not additive, Taxes less Subsidies on Products not shown in table (see Table 2.5 for full detail). | ||
2Constant Market Prices, chain linked annually and referenced to year 2021, seasonally adjusted. |
The MNE dominated sectors of the economy decreased by 2.0% 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 6.5% which outweighed the growth in the Information & Communication sector of 3.4% in the quarter. The domestically facing sectors of the economy posted a mixed set of results in Q1. Professional & Administrative services sector expanded by 6.7% in volume terms quarter-on-quarter while the Arts & Entertainment sector increased by 4.2% over the period compared with Q4 2023. The Distribution, Transport, Hotels & Restaurants sector grew by 0.9% in the quarter while the Real Estate sector recorded a modest increase of 0.1%. The domestic facing Construction sector shrank by 4.9% in Q1 while Finance & Insurance contracted by 3.7% over the same period. The domestically dominated Agriculture, Forestry & Fishing sector posted a 2.1% fall in Q1 2024 with the Public Administration, Education & Health sector recording a decline of 0.3% quarter-on-quarter. The domestic/other sectors of the economy grew by 1.7% overall in the first quarter of 2024. (See Tables 2.5 and 6.3).
Column1 | Q1 2024 | Q4 2023 |
---|---|---|
Industry (excl. Construction) | 35.515272183 | 37.976156497 |
Information and Communication | 22.838557471 | 22.089374917 |
Professional, Admin and Support Services | 11.260051423 | 10.553743785 |
Public Admin, Education and Health | 11.078087015 | 11.109575877 |
Distribution, Transport, Hotels and Restaurants | 10.21968566 | 10.131750228 |
Real Estate Activities | 6.418026671 | 6.410120678 |
Financial and Insurance Activities | 4.237505413 | 4.401284412 |
Construction | 2.168679428 | 2.279324811 |
Agriculture Forestry and Fishing | 1.257012673 | 1.284579215 |
Arts, Entertainment and Other Services | 1.113698385 | 1.068339571 |
Get the data: NAQ02
Column1 | Q1 2024 |
---|---|
Industry (excl. Construction) | -6.48007734588518 |
Construction | -4.85430520766617 |
Financial & Insurance Activities | -3.72116372560384 |
Agriculture, Forestry & Fishing | -2.14595890063503 |
Public Admin, Education & Health | -0.283438921058998 |
Real Estate Activities | 0.123336102347227 |
Distribution, Transport, Hotels & Restaurants | 0.867919461308686 |
Information & Communication | 3.39159689586068 |
Arts, Entertainment & Other Services | 4.24573003109325 |
Professional, Admin & Support Services | 6.69248422539757 |
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 | |
Q1 2021 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Q2 2021 | 96.2034371188711 | 97.8157089453102 | 115.678015360955 | 108.735383401987 | 104.657686545885 | 98.9558628990865 | 101.030701550229 | 97.8975518415973 | 101.056305332538 | 104.068909363887 |
Q3 2021 | 112.700417945051 | 106.207877206938 | 118.261977664933 | 114.603294745031 | 103.951115135759 | 98.8957861046331 | 101.348276554768 | 97.8699809468327 | 102.450466404462 | 110.171684158041 |
Q4 2021 | 107.952366522354 | 97.2703728278096 | 132.097995750018 | 119.472439403924 | 117.315764551283 | 97.9088080982923 | 104.070034825162 | 97.7145273715922 | 103.809819867627 | 133.033606019832 |
Q1 2022 | 109.004355490415 | 113.180152510214 | 118.195789473888 | 121.220884924852 | 109.411080350395 | 95.193961458455 | 104.392608292541 | 99.4196941144944 | 106.391370771713 | 108.501684405497 |
Q2 2022 | 106.030713608917 | 110.193179864467 | 124.766341129294 | 131.175121426838 | 114.600738369634 | 90.9498180201463 | 105.857867005597 | 99.5759148712407 | 108.140120412697 | 121.123386126859 |
Q3 2022 | 121.028990612244 | 122.908267225309 | 123.51957997013 | 131.828482209282 | 117.207413249488 | 89.534572180865 | 106.557458393741 | 98.559474937252 | 108.337334580604 | 122.714088948176 |
Q4 2022 | 106.651349401363 | 130.204246818445 | 119.155812969924 | 133.443388045592 | 115.310086890225 | 92.1620556368582 | 106.86837351671 | 100.222382314165 | 109.399938193643 | 143.89925843845 |
Q1 2023 | 128.651506062078 | 109.826276479771 | 122.347257429836 | 134.140361447726 | 120.616157400474 | 100.174169884395 | 107.329854541281 | 96.846096450054 | 110.56405483334 | 109.791415071907 |
Q2 2023 | 133.325037918488 | 111.301153959322 | 117.839577926524 | 136.622767430423 | 122.802662266931 | 105.274846276027 | 107.321717320013 | 102.939227433279 | 111.693585500255 | 109.842293276445 |
Q3 2023 | 123.817032213434 | 106.111429214243 | 116.720822160055 | 134.520627023948 | 125.365015575535 | 95.8177714797286 | 108.491224129433 | 102.211792858178 | 113.722827177067 | 109.429630660982 |
Q4 2023 | 123.974654939517 | 96.784539044629 | 113.792840629799 | 135.6126229522 | 124.333706101342 | 94.7518760090759 | 108.154795500571 | 98.3903105901571 | 114.722160022516 | 114.802750797689 |
Q1 2024 | 121.314209797311 | 90.5128260556786 | 108.268988841155 | 136.789631298793 | 128.550604217984 | 91.2260035696971 | 108.288189409844 | 104.975066605723 | 114.396992769932 | 119.676965664828 |
Estimates for the first quarter of 2024 indicate that there was a contraction of 6.5% in GDP in real terms in Q1 2024 compared with Q1 2023. Gross Value Added (GVA) for the MNE-dominated sectors fell by 11.9% in Q1 2024 compared with Q1 2023. The Information & Communication sector expanded by 6.4% in Q1 compared with the equivalent quarter of 2023 while the Industry (excluding Construction) sector contracted by 17.6% year-on-year over the same period.
Of the domestic based economic sectors, the Arts & Entertainment sector posted an increase, rising by 10.0% year-on-year, while Professional & Administrative Services activity expanded by 8.4% compared with the same quarter of 2023. Of the other Service sectors, Public Administration, Education & Health rose by 3.3%, Distribution, Transport, Hotels & Restaurants increased by 2.0% with Real Estate activity up marginally by 0.8%. Construction activity contracted by 13.4% in Q1 2024 compared with Q1 2023 while Financial & Insurance activities declined by 8.2% year-on-year. The Agriculture, Forestry & Fishing sector fell by 6.2% over the same period. Overall, the domestic based sectors of the economy grew by 2.9% year-on-year in the first quarter of 2024 compared with Q1 2023, partially offsetting the decline in the MNE-dominated sectors in the quarter. (See Tables 2.3 and 6.2).
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