| Table 1.1 GDP and GNP at constant 2020 prices, Q3 20221 | ||
| Amount €m | Quarterly % change | |
| Gross Domestic Product | 120,073 | 2.3 |
| Gross National Product | 83,536 | -2.2 |
| Modified Final Domestic Demand | 51,739 | -1.1 |
| 1Constant Market Prices, chain linked annually and referenced to year 2020, seasonally adjusted | ||
Estimates for the third quarter of 2022 indicate that there was an increase of 2.3% in GDP in real terms in Q3 2022 compared to the previous quarter while GNP fell by 2.2%. Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending declined by 1.1% in Q3. Looking at the first nine months of 2022, the economy grew by approximately 11.7% in GDP terms and 7.7% in terms of GNP compared with the first nine months of 2021. Compared with the first nine months of 2020, GDP has increased by 26.8% and 23.0% in GNP terms. Compared with the first nine months of 2019, a pre-COVID period, GDP has increased by 35.6% and 24.7% in GNP terms.
| GDP | GNP | |
| Q1 2020 | 2.63360271827422 | 4.81206667375313 |
| Q2 2020 | -5.58389267707267 | -8.11799641245264 |
| Q3 2020 | 12.8944303089168 | 3.20977769975341 |
| Q4 2020 | -4.64589155350659 | 7.31492724870033 |
| Q1 2021 | 8.94228768159966 | 2.72287900997239 |
| Q2 2021 | 1.93180084787759 | 2.94665853731484 |
| Q3 2021 | 3.79741863712288 | 5.45127347434644 |
| Q4 2021 | -1.10544168444956 | 4.99256563022639 |
| Q1 2022 | 6.9712807651557 | -3.03165834145689 |
| Q2 2022 | 2.16458485721096 | 2.66403801205508 |
| Q3 2022 | 2.31643919755009 | -2.21686073562164 |
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 | |
| Q3 2022 | 50.19095281 | 19.115283754 | 10.303558788 | 9.616658369 | 8.919680526 | 5.996288603 | 4.665532978 | 2.362668174 | 1.035594399 | 1.035104423 |
| Q2 2022 | 46.028773516 | 20.634551172 | 10.56829823 | 9.578244293 | 8.942207732 | 5.922973954 | 4.923391849 | 2.341187674 | 1.018987513 | 0.911171382 |
Get the data: NAQ02
The MNE dominated Industry (excluding Construction) sector recorded strong growth in Q3 compared with the previous quarter, an increase of 9.0%. However the Information & Communication sector, also predominantly driven by MNE activity, declined by 7.4% in the quarter. The Agriculture, Forestry & Fishing sector rose strongly by 13.6% quarter-on-quarter while the domestically facing Construction sector increased by 0.9% over the period compared with Q2 2022. The Arts & Entertainment sector increased by 1.6% in Q3 while Real Estate and Public Administration, Education & Health sectors grew by 1.2% & 0.4% respectively in the quarter. Finance & Insurance recorded a decline of 5.2% in Q3 while the Professional & Administrative services sector fell by 2.5% over the same period. The domestically dominated Distribution, Transport, Hotels & Restaurants sector posted a modest 0.3% decline in Q3 2022. (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 | 26.619478551 | 9.2731690601 | 78.099378139 | 2.039149497 | -23.33238425 | 46.333927129 | 92.68529145 |
| Q2 2020 | 22.521633653 | 10.447683515 | 17.64420269 | 1.791065954 | 35.861353833 | 41.037961591 | 87.509844248 |
| Q3 2020 | 25.676829804 | 10.520002072 | 25.164405572 | 0.434799916 | 39.471276785 | 46.801889294 | 98.793740128 |
| Q4 2020 | 24.935781275 | 10.638532657 | 37.169426762 | 0.226690679 | 19.43112544 | 45.263284213 | 94.2038901 |
| Q1 2021 | 23.356134368 | 10.78074547 | 18.442857358 | 2.066366305 | 49.386984573 | 43.78428073 | 102.62787296 |
| Q2 2021 | 26.301771849 | 10.766585333 | 19.360525885 | 0.301713353 | 49.497454691 | 47.087775457 | 104.61043908 |
| Q3 2021 | 27.24253142 | 10.825243958 | 19.67718177 | 2.855509063 | 48.493265986 | 48.722044211 | 108.58293539 |
| Q4 2021 | 27.247355769 | 11.152530231 | 38.797623756 | 0.036727928 | 28.70553915 | 49.840887653 | 107.38261436 |
| Q1 2022 | 27.120270781 | 10.894702442 | 21.237243161 | 4.172365391 | 53.20343237 | 49.968644423 | 114.8685579 |
| Q2 2022 | 27.718009724 | 10.827764847 | 25.521591727 | 1.402262372 | 52.25930876 | 52.313307373 | 117.35498531 |
| Q3 2022 | 27.806935814 | 10.791435649 | 48.961397975 | 2.402142961 | 30.85990108 | 51.738596642 | 120.07344219 |
Get the data: NAQ03, NAQ04, NAQ05
On the expenditure side of the accounts (Table 3.5), Capital Investment increased by €24.4 billion during the quarter with the Capital Formation element increasing strongly by 91.8%. Capital Investment accounted for 57.1% of total domestic demand in Q3 2022. Exports increased by 4.8% in Q3 2022 compared with Q2 2022 while Imports rose by 27.0% which meant that overall net exports for the quarter posted a decline of 40.9% in Q3 compared with Q2 2022 or €21.4 billion lower in money terms quarter-on-quarter. Personal Consumption Expenditure increased modestly by 0.3% quarter-on-quarter. These impacts when combined resulted in an overall increase in the real GDP growth rate in Q3 2022 of 2.3%. Final Domestic Demand rose by 36.7% in Q3 compared with Q2 while Modified Domestic Demand fell by 1.1% over the same period.
| GDP | Net Factor Income from Rest of World | GNP | |
| Q1 2020 | 92.68529145 | -20.66379697 | 72.021494479 |
| Q2 2020 | 87.509844248 | -21.33505211 | 66.174792141 |
| Q3 2020 | 98.793740128 | -30.49488427 | 68.298855862 |
| Q4 2020 | 94.2038901 | -20.90902262 | 73.29486748 |
| Q1 2021 | 102.62787296 | -27.33727491 | 75.290598042 |
| Q2 2021 | 104.61043908 | -27.1012842 | 77.509154877 |
| Q3 2021 | 108.58293539 | -26.84854451 | 81.734390877 |
| Q4 2021 | 107.38261436 | -21.56758038 | 85.815033984 |
| Q1 2022 | 114.8685579 | -31.65514256 | 83.213415348 |
| Q2 2022 | 117.35498531 | -31.92473295 | 85.430252364 |
| Q3 2022 | 120.07344219 | -36.53705955 | 83.536382643 |
Get the data: NAQ03
Factor income outflows increased by 14.4% in the quarter, an increase of €4.6 billion in money terms compared with the previous quarter, leading to a fall in GNP of 2.2% for the third quarter compared with the previous quarter.
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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