| Table 1.1 GDP and GNP at constant 2022 prices, Q2 20241 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 119,216 | -1.0 |
| Gross National Product | 94,367 | 3.3 |
| Modified Final Domestic Demand | 61,499 | -0.5 |
| 1Constant Market Prices, chain linked annually and referenced to year 2022, seasonally adjusted | ||
Estimates for the second quarter of 2024 indicate that GDP fell by 1.0% in real terms in Q2 2024 compared to the previous quarter while GNP rose by 3.3%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending declined by 0.5% in Q2. Looking at the first half of 2024, the economy contracted by 4.4% in GDP terms while in terms of GNP it expanded by 1.4% compared with H1 2023.
| GDP | GNP | MDD | |
| Q1 2022 | 3.5705826878786 | -6.69584263259074 | -0.0219761615701142 |
| Q2 2022 | 2.56155402785598 | 5.6055210065165 | 6.33901427925996 |
| Q3 2022 | 2.82364156206982 | -5.65095425045663 | -0.802707400589586 |
| Q4 2022 | 0.0255048056859941 | 6.07748187518602 | -1.5277614159974 |
| Q1 2023 | -5.52101497728933 | -5.14528566820156 | 2.41547544116756 |
| Q2 2023 | -1.04140221579085 | 10.4878713135574 | 0.705192344185201 |
| Q3 2023 | -1.94803506878042 | -2.24918702084209 | -1.49028443108992 |
| Q4 2023 | -1.68262098333397 | 4.8674168075252 | 2.1881907564836 |
| Q1 2024 | 0.563739423971432 | -7.12156940608888 | 1.00148960120867 |
| Q2 2024 | -1.03631097186787 | 3.32263175192948 | -0.536060478445677 |
Get the data: NAQ03
| Industry (excl. Construction) | Information & Communication | Public Admin, Education & Health | Professional, Admin & Support Services | Distribution, Transport, Hotels & Restaurants | Real Estate Activities | Financial & Insurance Activities | Construction | Agriculture, Forestry & Fishing | Arts, Entertainment & Other Services | |
| Q1 2024 | 33.906171046 | 23.95073956 | 11.687293211 | 13.818366667 | 12.360676153 | 7.064558633 | 4.902373619 | 2.9039737 | 1.552329239 | 1.599189364 |
| Q2 2024 | 33.68201679 | 23.734990306 | 11.77897825 | 13.418982582 | 12.219756905 | 7.127903338 | 4.421880796 | 2.875749118 | 1.516043518 | 1.4370137 |
Get the data: NAQ02
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)
| Personal Consumption Expenditure | Government Expenditure | Gross Fixed Capital Formation | Value of Physical Changes in Stocks | Net Exports | Modified Final Domestic Demand | GDP | |
| Q1 2022 | 32.272823647 | 11.899635149 | 23.785113209 | 1.572377614 | 56.08453576 | 56.763597911 | 125.99472683 |
| Q2 2022 | 33.64423708 | 12.159418839 | 27.28004514 | 3.935238354 | 53.19890433 | 60.361850488 | 129.22214983 |
| Q3 2022 | 34.146118004 | 12.268651373 | 29.948469542 | 3.279906864 | 52.69337756 | 59.877321447 | 132.87092016 |
| Q4 2022 | 34.55152885 | 12.266776954 | 29.483460695 | -0.121692971 | 53.71113401 | 58.962538833 | 132.90480863 |
| Q1 2023 | 34.844520399 | 12.329199921 | 24.780707913 | 2.629643868 | 52.84781261 | 60.386764478 | 125.56711424 |
| Q2 2023 | 35.750483788 | 12.531250392 | 24.65101469 | 5.410557154 | 43.73105072 | 60.812607318 | 124.25945553 |
| Q3 2023 | 34.778564895 | 12.850318725 | 24.28779571 | 4.038822427 | 43.83813571 | 59.906326499 | 121.83883776 |
| Q4 2023 | 35.8217018 | 12.935826623 | 39.856713902 | 3.205804148 | 26.12257717 | 61.217191198 | 119.78875191 |
| Q1 2024 | 35.829149491 | 12.834489146 | 23.757132517 | 1.429879086 | 46.48165473 | 61.830275002 | 120.46404833 |
| Q2 2024 | 36.229366903 | 13.029036148 | 8.2897540426 | 0.444475169 | 61.57207049 | 61.498827334 | 119.21566618 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Capital Investment declined significantly by €16.5 billion during the quarter (-65.3% quarter-on-quarter) with the Capital Formation element decreasing by 65.1% reflecting a significant Intangible Asset export compared with the previous quarter. Capital Investment accounted for 15.1% of total domestic demand in Q2 2024, a lower percentage compared with previous quarters.
Exports expanded by 12.1% in Q2 2024 compared with Q1 2024 while Imports rose by 4.7% which meant that overall net exports for the quarter posted an increase of 32.5% in Q2 compared with Q1 2024 or €15.1 billion higher in money terms quarter-on-quarter. Personal Consumption Expenditure increased by 1.1% quarter-on-quarter with Government Expenditure on Current Goods and Services rising by 1.5% in Q2 compared with the previous quarter. These impacts when combined resulted in an overall fall in Real GDP in Q2 2024 of 1.0%. Final Domestic Demand declined by 20.5% in Q2 compared with Q1, driven principally by the Intellectual Property export effect on Capital Investment, while Modified Domestic Demand fell by 0.5% over the same period.
Turning to the H1 2024 results, Net Exports rose by 10.6% over the period compared with H1 2023 or €10.1 billion in money terms. The increase in Exports of 8.6% half year-over-half year outpaced the increase in Imports of 7.8%. Personal Consumption Expenditure rose by 1.9% in H1 2024 compared with the same period of the previous year, Capital Investment fell by 41.1% while Government Expenditure on Current Goods and Services increased by 3.5%.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2022 | 125.99472683 | -39.392304 | 86.602422832 |
| Q2 2022 | 129.22214983 | -37.76521 | 91.456939836 |
| Q3 2022 | 132.87092016 | -46.58217015 | 86.288750007 |
| Q4 2022 | 132.90480863 | -41.37187548 | 91.532933149 |
| Q1 2023 | 125.56711424 | -38.74381198 | 86.823302258 |
| Q2 2023 | 124.25945553 | -28.33023706 | 95.929218469 |
| Q3 2023 | 121.83883776 | -28.06724682 | 93.771590938 |
| Q4 2023 | 119.78875191 | -21.45290679 | 98.335845116 |
| Q1 2024 | 120.46404833 | -29.13125867 | 91.332789655 |
| Q2 2024 | 119.21566618 | -24.84822425 | 94.367441924 |
Get the data: NAQ03
Factor income outflows decreased by 14.7% in the quarter, a fall of €4.3 billion in money terms compared with the previous quarter, leading to an increase in GNP of 3.3% for the second quarter compared with the previous quarter. For the Half Year 2024 compared with the equivalent period of 2023, Factor income outflows fell by 19.0% or almost €13.1 billion in money terms.
The calculation methods for quarterly accounts are similar to those used in the Annual National Accounts. 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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