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GDP - Expenditure

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Year 2020 Analysis

Real GDP up 3.4% in 2020 despite COVID-19 impact

Table 3.1 Expenditure Components of GDP1, 20202
 Amount €mAnnual % change
Personal Consumption of Goods and Services99,127-9.0
Net Expenditure by Central and Local Government on Current Goods and Services37,6409.8
Gross Domestic Fixed Capital Formation109,702-32.3
Net Exports108,963 
     Exports of Goods and Services469,5486.2
     Less Imports of Goods and Services-360,585-11.3
Gross Domestic Product356,9813.4
1Series not additive, Value of Physical Changes in Stocks not shown on table (see Table 3.4 for full detail).
2GDP at Constant Market Prices, chain linked annually and referenced to year 2018.

On the expenditure side of the accounts (Table 3.4), Capital Investment, driven by Intellectual Property Products (IPP), declined by €49.0 billion during 2020 while Personal Consumption Expenditure, which accounts for just over 40% of Domestic Demand, fell 9.0% compared with the previous year. Government expenditure increased by 9.8% over the same period. 

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsGDP
201492.688253954127.468236749343.65191789592.849187332541.6892447108216.2698105053
201595.637710385628.11147524965.54859773024.167107508970.6697566684270.7187676437
2016100.384170927629.35760624598.88314400954.734745978237.4843322877276.1162508996
2017102.774857460930.465749464398.85861704274.164230490164.597042055301.3241183987
2018105.626410633132.226704979592.74877693741.351723633892.787451421326.9860723397
2019108.985971742834.2652972366162.13448688571.736287672835.5403085022345.1835054109
202099.127132158137.6398079902109.70225543815.2130128983108.9630732383356.9812607224

Quarter 4 2020 Analysis

Personal Consumption Expenditure declined by 2.3% in Q4

Table 3.2 Expenditure Components of GDP1, Q4 20202
 Amount €mQuarterly % change
Personal Consumption of Goods and Services25,281-2.3
Net Expenditure by Central and Local Government on Current Goods and Services9,6960.1
Gross Domestic Fixed Capital Formation23,68128.7
Net Exports29,547 
     Exports of Goods and Services124,2124.2
     Less Imports of Goods and Services-94,66624.4
Gross Domestic Product89,871-5.1
1Series not additive, Value of Physical Changes in Stocks not shown on table (see Table 3.6 for full detail).
2Constant Market Prices, chain linked annually and referenced to year 2018 and seasonally adjusted.

On the expenditure side of the accounts (Table 3.6), Capital Investment, exhibited an increase of €6.4 billion in Q4 compared with the previous quarter and accounted for 42.2% of domestic demand in Q4 2020.

Personal Consumption Expenditure declined by 2.3% in Q4 compared to Q3, while Government expenditure increased by 0.1% over the same period. As a result, there was an overall decline in the real GDP of 5.1% in Q4 compared to Q3.

Personal Consumption ExpenditureGovernment ExpenditureGross Fixed Capital FormationValue of Physical Changes in StocksNet ExportsGDP
2018 Q126.0988010977.845104054816.3143888591.785846754127.81561469179.714222153
2018 Q226.3990918948.064263815716.636030697-0.36267108330.27530146382.134191217
2018 Q326.54575258.188660778819.2028554960.268139630326.8170851382.215113748
2018 Q426.5645871588.134051837540.391631577-0.269000272210.0890681283.730135056
2019 Q127.0454286458.503970507218.7616576830.907264151428.18976015783.144259484
2019 Q227.2867395648.53969214359.976567243-1.096186789-8.3890235187.073075048
2019 Q327.3139843548.603142184421.1231895821.252059853727.37139745186.925924998
2019 Q427.3272066828.625592928562.015363280.7003263976-7.1797239190.067839648
2020 Q126.4626262258.666347675750.0428803220.9402398971-2.0769272899999986.548941729
2020 Q221.411048039.595046598917.3732977651.655398215736.701145884.698319422
2020 Q325.888854979.689156077218.3943770040.750660224343.11380446694.687038611
2020 Q425.2813909969.695774561723.6814080361.869019117229.54653602589.870863075
Building & ConstructionMachinery & EquipmentIntangiblesMachinery & Equipment + IntangiblesGross Domestic Fixed Capital Formation
2018 Q15.82560841455.72417204924.7646083955016.314388859
2018 Q26.10343162845.05430557945.4782934889016.636030697
2018 Q36.20736293697.13868295765.8568096018019.202855496
2018 Q46.14725450867.737567141426.506809927040.391631577
2019 Q16.31703182286.50987144655.9347544137018.761657683
2019 Q26.33435057525.944645473747.697571194059.976567243
2019 Q36.85582365956.63654992567.6308159965021.123189582
2019 Q46.70132055086.21629614649.097746583062.01536328
2020 Q16.69510569480043.347774627250.042880322
2020 Q24.28393096933.37564618649.7137206091017.373297765
2020 Q35.92589383145.36190504557.1065781275018.394377004
2020 Q46.84816662340016.833241412623.681408036

Comparisons with Q4 2019

On the expenditure side of the accounts (Table 3.4) Capital Investment contracted by €37.1 billion driven by Intellectual Property Products (IPP). Personal Consumption Expenditure exhibited a year-on-year decline of 7.6% reflecting ongoing COVID-19 related restrictions to economic activity while Government expenditure increased by 12.1% over the same period.

Table 3.3 Expenditure on Gross National Product at Current Market Prices

Table 3.4 Expenditure on Gross National Product at Constant Market Prices (Chain linked annually and referenced to year 2018)1

Table 3.5 Expenditure on Gross National Product at Current Market Prices - Seasonally Adjusted

Table 3.6 Expenditure on Gross National Product at Constant Market Prices (Chain linked annually and referenced to year 2018)1 - Seasonally Adjusted

Table 3.7 Components of Gross Domestic Fixed Capital Formation at Current Market Prices - Non-Seasonally Adjusted

Table 3.8 Components of Gross Domestic Fixed Capital Formation at Constant Prices (Chain linked annually and referenced to year 2018)1 - Non-Seasonally Adjusted

Table 3.9 Components of Gross Domestic Fixed Capital Formation at Current Market Prices & Constant Prices (Chain linked annually and referenced to year 2018)1 - Seasonally Adjusted

FOR REVISIONS TABLES, PLEASE CLICK ON THE FOLLOWING LINK: Quarterly National Accounts Q4 2020 Revisions Tables (XLS 61KB)


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