| Table 1.1 GDP and GNP at constant 2020 prices, Q2 20221 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 115,770 | 1.8 |
| Gross National Product | 83,813 | 2.1 |
| Modified Final Domestic Demand | 51,947 | 4.3 |
| 1Constant Market Prices, chain linked annually and referenced to year 2020, seasonally adjusted | ||
Estimates for the second quarter of 2022 indicate that there was an increase of 1.8% in GDP in real terms in Q2 2022 compared to the previous quarter while GNP increased by 2.1%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending grew by 4.3% in Q2. Looking at the first half of 2022, the economy grew by approximately 11% in GDP terms and 9% in terms of GNP compared with H1 2021. Compared with H1 2020, GDP has increased by 28% and almost 21% in GNP terms. Compared with H1 2019, a pre-COVID period, GDP has increased by 34% and almost 24% in GNP terms.
| GDP | GNP | |
| Q1 2020 | 2.65138960543418 | 4.67834743581457 |
| Q2 2020 | -5.52974973768585 | -7.92701764416687 |
| Q3 2020 | 13.2696871376408 | 3.94527237230975 |
| Q4 2020 | -5.10338051005221 | 6.37047073145081 |
| Q1 2021 | 9.02517059693877 | 2.65021735497741 |
| Q2 2021 | 1.94577021420641 | 3.11514410037923 |
| Q3 2021 | 4.43742839628325 | 6.5508950807508 |
| Q4 2021 | -1.85360130803447 | 3.74774849090225 |
| Q1 2022 | 6.18875214383836 | -4.04112775978172 |
| Q2 2022 | 1.78140793222212 | 2.10916723285084 |
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 | |
| Q2 2022 | 45.226489878 | 20.082561297 | 10.646623923 | 9.582909664 | 8.554141211 | 5.915475639 | 4.9549447 | 2.308549198 | 1.019633902 | 0.876489019 |
| Q1 2022 | 43.086470276 | 19.149671312 | 10.676640218 | 9.481595178 | 8.427449494 | 5.847015043 | 4.974182156 | 2.247134148 | 0.922515184 | 0.879384797 |
Get the data: NAQ02
The MNE dominated Industry (excluding Construction) sector recorded strong growth in Q2 compared with the previous quarter, an increase of 5.0%. The Information & Communication sector, also predominantly driven by MNE activity, grew by 4.9% in the quarter. The Arts & Entertainment sector rose by 10.5% quarter-on-quarter while the domestically facing Construction sector increased by 2.7% over the period compared with Q1 2022. The domestically dominated Distribution, Transport, Hotels & Restaurants sector increased by 1.5% in Q2 2022 while Real Estate and Public Administration, Education & Health grew by 1.2% & 1.1% respectively in the quarter. Finance & Insurance recorded a decline of 0.4% while both the Agriculture, Forestry & Fishing sector and the Professional & Administrative services sector posted modest declines of 0.3% over the same period. (See Table 2.5).
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2020 | 26.609812139 | 9.3153459168 | 78.001143801 | 2.039149497 | -23.35116881 | 46.284108429 | 92.589620288 |
| Q2 2020 | 22.534787527 | 10.42447265 | 17.635480351 | 1.791065954 | 35.798456312 | 41.085322798 | 87.469646003 |
| Q3 2020 | 25.679717781 | 10.468913457 | 25.279055161 | 0.434799916 | 39.62710656 | 46.768133403 | 99.076594368 |
| Q4 2020 | 24.923211955 | 10.657037343 | 37.155269091 | 0.226690679 | 19.37083096 | 45.272051718 | 94.020338761 |
| Q1 2021 | 23.35164264 | 10.876282915 | 18.334609686 | 2.066366305 | 49.382511684 | 43.783476744 | 102.50583473 |
| Q2 2021 | 26.317391057 | 10.706827673 | 19.396634266 | 0.301713353 | 49.282859076 | 47.151756842 | 104.50036273 |
| Q3 2021 | 27.254567925 | 10.742680255 | 19.799652435 | 2.855509063 | 48.812903134 | 48.665223252 | 109.1374915 |
| Q4 2021 | 27.220676849 | 11.188465519 | 38.782265207 | 0.036727928 | 28.62251778 | 49.85405262 | 107.11451753 |
| Q1 2022 | 27.197715249 | 10.655036925 | 21.207638461 | 3.593625557 | 52.89710845 | 49.793567197 | 113.74356953 |
| Q2 2022 | 27.695471119 | 10.947178919 | 24.995212811 | 0.859802773 | 51.95894061 | 51.946564869 | 115.7698065 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Exports increased by 3.0% in Q2 2022 compared with Q1 2022 while Imports rose by 5.5% which meant that overall net exports for the quarter posted a small decline of 1.8% in Q2 compared with Q1 2022 or €0.9 billion lower in money terms quarter-on-quarter. Capital Investment increased by €25.9 billion during the quarter, with the Capital Formation element increasing strongly by 17.9%. Capital Investment accounted for 40.1% of total domestic demand in Q2 2022. Personal Consumption Expenditure increased modestly by 1.8% quarter-on-quarter. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q2 2022 of 1.8%. Final Domestic Demand rose by 7.8% in Q2 compared with Q1 while Modified Domestic Demand grew by 4.3% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2020 | 92.589620288 | -20.77931699 | 71.810303301 |
| Q2 2020 | 87.469646003 | -21.35175811 | 66.117887888 |
| Q3 2020 | 99.076594368 | -30.35017572 | 68.726418652 |
| Q4 2020 | 94.020338761 | -20.91572372 | 73.104615037 |
| Q1 2021 | 102.50583473 | -27.4637885 | 75.042046232 |
| Q2 2021 | 104.50036273 | -27.12064862 | 77.379714108 |
| Q3 2021 | 109.1374915 | -26.68871351 | 82.448777993 |
| Q4 2021 | 107.11451753 | -21.5757667 | 85.538750826 |
| Q1 2022 | 113.74356953 | -31.66154891 | 82.082020621 |
| Q2 2022 | 115.7698065 | -31.9565388 | 83.813267704 |
Get the data: NAQ03
Factor income outflows were relatively unchanged in the quarter, falling by a modest €295m compared with the previous quarter, leading to an overall increase in GNP of 2.1% for the second quarter compared with the previous quarter.
The calculation methods for quarterly accounts are similar to those used in the annual National Income and Expenditure. 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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