Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q2 20242 | ||
Amount €m | Quarterly % change | |
Industry (excl. Construction) | 33,682 | -0.7 |
Information and Communication | 23,735 | -0.9 |
Professional, Admin and Support Services | 13,419 | -2.9 |
Distribution, Transport, Hotels and Restaurants | 12,220 | -1.1 |
Public Admin, Education and Health | 11,779 | 0.8 |
Real Estate Activities | 7,128 | 0.9 |
Financial and Insurance Activities | 4,422 | -9.8 |
Construction | 2,876 | -1.0 |
Agriculture, Forestry and Fishing | 1,516 | -2.3 |
Arts, Entertainment and Other Services | 1,437 | -10.1 |
Gross Domestic Product | 119,216 | -1.0 |
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 2022, seasonally adjusted. |
The MNE dominated sectors of the economy decreased by 0.1% overall in the second quarter of 2024. Value added for the MNE dominated Industry (excluding Construction) sector recorded a decrease in Q2 compared with the previous quarter, falling by 0.7% while the Information & Communication sector contracted 0.9% in the quarter. The domestically facing sectors of the economy posted a mixed set of results but fell by 1.8% overall in the second quarter of 2024. The Finance & Insurance sector shrank by 9.8% in volume terms quarter-on-quarter in Q2 while the Professional & Administrative services sector contracted by 2.9% over the period compared with Q1 2024. The Distribution, Transport, Hotels & Restaurants sector declined by 1.1% in the quarter while Arts & Entertainment shrank by 10.1%. The domestic facing Agriculture, Forestry & Fishing sector decreased by 2.3% in Q2 while Construction fell by 1.0% over the same period. The domestically dominated Real Estate sector posted a modest increase of 0.9% in Q2 2024 quarter-on-quarter while the Public Administration, Education & Health sector grew by 0.8%. (See Tables 2.5 and 6.3). Looking at half yearly results for 2024 compared with H1 2023, the MNE dominated sectors contracted by 12.3% over the six-month period while the Domestic-facing sectors grew by 2.0%. (See Table 6.2)
Column1 | Q2 2024 | Q1 20242 |
---|---|---|
Industry (excl. Construction) | 33.68201679 | 33.906171046 |
Information and Communication | 23.734990306 | 23.95073956 |
Professional, Admin and Support Services | 13.418982582 | 13.818366667 |
Distribution, Transport, Hotels and Restaurants | 12.219756905 | 12.360676153 |
Public Admin, Education and Health | 11.77897825 | 11.687293211 |
Real Estate Activities | 7.127903338 | 7.064558633 |
Financial and Insurance Activities | 4.421880796 | 4.902373619 |
Construction | 2.875749118 | 2.9039737 |
Agriculture Forestry and Fishing | 1.516043518 | 1.552329239 |
Arts, Entertainment and Other Services | 1.4370137 | 1.599189364 |
Get the data: NAQ02
Column1 | Q2 2024 |
---|---|
Arts, Entertainment & Other Services | -10.1411169715609 |
Financial & Insurance Activities | -9.8012281466628 |
Professional, Admin & Support Services | -2.89024089912 |
Agriculture, Forestry & Fishing | -2.33750161295518 |
Distribution, Transport, Hotels & Restaurants | -1.14006099873265 |
Construction | -0.971929670024207 |
Information & Communication | -0.900804142016243 |
Industry (excl. Construction) | -0.661101649301232 |
Public Admin, Education & Health | 0.784484801953167 |
Real Estate Activities | 0.896654812999986 |
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 2022 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Q2 2022 | 97.6400322942548 | 100.622539004619 | 103.760217809827 | 101.169056889513 | 104.178973643015 | 96.0602841852586 | 103.200210347204 | 101.858029768653 | 101.882347278537 | 112.29611437711 |
Q3 2022 | 112.577078109526 | 109.554279295546 | 103.414944633224 | 101.581006994524 | 107.248126792901 | 93.8770564102362 | 103.820094550351 | 101.34774478697 | 102.641487528096 | 115.601258633885 |
Q4 2022 | 107.464913879199 | 116.907056278457 | 99.4685119602299 | 102.386996060449 | 103.971810639391 | 92.5391655301309 | 104.182030344978 | 103.421747576366 | 103.594444043259 | 119.247064036659 |
Q1 2023 | 119.058656964066 | 85.870684036745 | 103.365764778761 | 99.2381760857889 | 107.600032385751 | 115.969715327117 | 111.072202475604 | 101.426440922517 | 106.02419331816 | 114.526064952445 |
Q2 2023 | 128.088581363639 | 87.7315781816181 | 98.1440486762846 | 101.585531326453 | 112.391479237701 | 113.551278403329 | 113.551941038161 | 104.928080786584 | 106.185226702359 | 116.917268944281 |
Q3 2023 | 115.825287415655 | 83.694781763681 | 96.7851988047302 | 100.678340762782 | 111.72233157169 | 103.086413607612 | 115.509402402699 | 105.822032688882 | 107.333282707875 | 115.28800497565 |
Q4 2023 | 115.994801505314 | 77.311694447489 | 96.6188793856408 | 99.7106447416263 | 113.995779330269 | 103.489929907009 | 115.742129202418 | 104.593350356693 | 108.692789612529 | 118.020800392959 |
Q1 2024 | 113.000602402777 | 72.6369536522747 | 96.2860162759357 | 104.280003687801 | 114.641046668183 | 105.783541364492 | 113.612952464347 | 107.012754736683 | 109.583029977253 | 121.147641513475 |
Q2 2024 | 110.359211498963 | 72.1567495536773 | 95.3501839156656 | 103.091148036279 | 113.608355371345 | 95.4154551337386 | 114.63166847081 | 103.919828332008 | 110.442692192945 | 108.861917479306 |
Estimates for the second quarter of 2024 indicate that there was a contraction of 4.0% in GDP in real terms in Q2 2024 compared with Q2 2023. Gross Value Added (GVA) for the MNE-dominated sectors fell by 13.3% in Q2 2024 compared with Q2 2023. The Industry (excluding Construction) sector shrank by 17.6% in Q2 compared with the equivalent quarter of 2023 while the Information & Communication sector posted a modest increase of 0.9% year-on-year over the same period.
Of the domestic based economic sectors, Public Administration, Education & Health and increased by 4.0% year-on-year, while Distribution, Transport, Hotels & Restaurants expanded by 1.5% compared with the same quarter of 2023. Real Estate activity was up by 1.1% year-on-year in Q2 2024 compared with Q2 2023. Of the other Service sectors, Financial & Insurance activities shrank by 16.7%, with the Agriculture, Forestry & Fishing sector contracting by 10.6%. Professional & Administrative Services activity decreased by 1.0% in Q2 2024 compared with Q2 2023 while the Arts & Entertainment sector declined by 6.9% year-on-year. Construction activity fell by 3.2% over the same period. Overall, the domestic based sectors of the economy were broadly unchanged year-on-year, growing by a modest 0.1% in the second quarter of 2024 compared with Q2 2023. (See Tables 2.3 and 6.2).
Looking at the H1 2024 results, the Industry sector contracted by 16.9% in the six-month period compared with the equivalent period in 2023 while Information & Communication rose by 3.5%. Distribution, Transport, Hotels & Restaurants and the Public Administration, Education & Health sectors both recorded increases of 3.7% over the period. Modest growth was posted in the Professional & Administrative Services sector and Real Estate activities sector which increased by 2.3% and 1.6% half year-on-half year respectively. Contractions were recorded in H1 2024 in Financial & Insurance activities (11.9%), Agriculture, Forestry & Fishing (8.2%), Construction (5.3%) and in the Arts & Entertainment sector (0.7%).
FOR UPDATES TABLES, PLEASE CLICK ON THE FOLLOWING LINK: Quarterly National Accounts Q2 2024 Updates Tables (XLS 52KB)
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