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GDP by Sector

GDP by Sector

Decrease of 1.0% in GDP (seasonally adjusted) in Quarter 2

Online ISSN: 2009-5775
CSO statistical publication, , 11am
Table 2.1 Gross Domestic Product1 by Nace Rev. 2 A10 Sector of Origin, Q2 20242
 Amount €mQuarterly % change
Industry (excl. Construction)33,682-0.7
Information and Communication23,735-0.9
Professional, Admin and Support Services13,419-2.9
Distribution, Transport, Hotels and Restaurants12,220-1.1
Public Admin, Education and Health11,7790.8
Real Estate Activities7,1280.9
Financial and Insurance Activities4,422-9.8
Construction2,876-1.0
Agriculture, Forestry and Fishing1,516-2.3
Arts, Entertainment and Other Services1,437-10.1
Gross Domestic Product119,216-1.0
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)

Column1Q2 2024Q1 20242
Industry (excl. Construction)33.6820167933.906171046
Information and Communication23.73499030623.95073956
Professional, Admin and Support Services13.41898258213.818366667
Distribution, Transport, Hotels and Restaurants12.21975690512.360676153
Public Admin, Education and Health11.7789782511.687293211
Real Estate Activities7.1279033387.064558633
Financial and Insurance Activities4.4218807964.902373619
Construction2.8757491182.9039737
Agriculture Forestry and Fishing1.5160435181.552329239
Arts, Entertainment and Other Services1.43701371.599189364

Get the data: NAQ02

Column1Q2 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 & Health0.784484801953167
Real Estate Activities0.896654812999986
Agriculture, Forestry & FishingIndustry (excl. Construction)ConstructionDistribution, Transport, Hotels & RestaurantsInformation & CommunicationFinancial & Insurance ActivitiesReal Estate ActivitiesProfessional, Admin & Support ServicesPublic Admin, Education & HealthArts, Entertainment & Other Services
Q1 2022100100100100100100100100100100
Q2 202297.6400322942548100.622539004619103.760217809827101.169056889513104.17897364301596.0602841852586103.200210347204101.858029768653101.882347278537112.29611437711
Q3 2022112.577078109526109.554279295546103.414944633224101.581006994524107.24812679290193.8770564102362103.820094550351101.34774478697102.641487528096115.601258633885
Q4 2022107.464913879199116.90705627845799.4685119602299102.386996060449103.97181063939192.5391655301309104.182030344978103.421747576366103.594444043259119.247064036659
Q1 2023119.05865696406685.870684036745103.36576477876199.2381760857889107.600032385751115.969715327117111.072202475604101.426440922517106.02419331816114.526064952445
Q2 2023128.08858136363987.731578181618198.1440486762846101.585531326453112.391479237701113.551278403329113.551941038161104.928080786584106.185226702359116.917268944281
Q3 2023115.82528741565583.69478176368196.7851988047302100.678340762782111.72233157169103.086413607612115.509402402699105.822032688882107.333282707875115.28800497565
Q4 2023115.99480150531477.31169444748996.618879385640899.7106447416263113.995779330269103.489929907009115.742129202418104.593350356693108.692789612529118.020800392959
Q1 2024113.00060240277772.636953652274796.2860162759357104.280003687801114.641046668183105.783541364492113.612952464347107.012754736683109.583029977253121.147641513475
Q2 2024110.35921149896372.156749553677395.3501839156656103.091148036279113.60835537134595.4154551337386114.63166847081103.919828332008110.442692192945108.861917479306

Comparisons with Q2 2023

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%).

Table 2.2 Gross Domestic Product by Nace Rev. 2 A10 Sector1 of Origin and Gross National Product at Current Market Price

Table 2.3 Gross Domestic Product by Nace Rev. 2 A10 Sector1 of Origin and Gross National Product at Constant Market Prices (Chain linked annually and referenced to year 2022)2

Table 2.4 Gross Domestic Product by Nace Rev. 2 A10 Sector1 of Origin and Gross National Product at Current Market Prices - Seasonally Adjusted

Table 2.5 Gross Domestic Product by Nace Rev. 2 A10 Sector1 of Origin and Gross National Product at Constant Market Prices (Chain linked annually and referenced to year 2022)2 - Seasonally Adjusted

FOR UPDATES TABLES, PLEASE CLICK ON THE FOLLOWING LINK: Quarterly National Accounts Q2 2024 Updates Tables (XLS 52KB)