This publication is categorised as a CSO Frontier Series Output. Particular care must be taken when interpreting the statistics in this release as it may use new methods which are under development and/or data sources which may be incomplete, for example new administrative data sources.
Early estimates indicate that Gross Domestic Product (GDP) has increased by an estimated 2.0% in Quarter 3 (Q3) 2024, when compared with Q2 2024.
The result was driven mainly by an increase in the multinational dominated sectors in Q3 2024.
Using the early estimate for Q3 2024, GDP is estimated to have decreased by 1.2% when compared with the same quarter in 2023.
Looking at the first nine months of 2024, the economy contracted by 3.3% in GDP terms.
The preliminary GDP estimate shows a seasonally adjusted increase of 2.0% in Q3 2024 in volume terms when compared with Q2 2024.
| Qtr on Qtr | |
| Q1 2021 | 9.89785784132697 |
| Q2 2021 | 3.20251251123684 |
| Q3 2021 | 2.42094094153539 |
| Q4 2021 | -0.635603890338398 |
| Q1 2022 | 3.57058268787859 |
| Q2 2022 | 2.56155402785598 |
| Q3 2022 | 2.8236415620698 |
| Q4 2022 | 0.0255048056859941 |
| Q1 2023 | -5.52101497728931 |
| Q2 2023 | -1.04140221579085 |
| Q3 2023 | -1.9480350687804 |
| Q4 2023 | -1.68262098333397 |
| Q1 2024 | 0.563739423971432 |
| Q2 2024 | -1.03631097186787 |
| Q3 2024 | 2.01321384778339 |
In Q3 2024, GDP is estimated to have decreased by 1.2% relative to Q3 2023.
| Year on Year | |
| Q1 2021 | 13.5701131437582 |
| Q2 2021 | 23.0462564834704 |
| Q3 2021 | 13.7531291773425 |
| Q4 2021 | 15.2932942179147 |
| Q1 2022 | 8.26228081300919 |
| Q2 2022 | 8.15510451631618 |
| Q3 2022 | 9.22238816511424 |
| Q4 2022 | 8.77260235893506 |
| Q1 2023 | -0.159405743771423 |
| Q2 2023 | -3.90680082610916 |
| Q3 2023 | -8.38155040701791 |
| Q4 2023 | -9.06882844436379 |
| Q1 2024 | -4.66034751749501 |
| Q2 2024 | -4.04699451962204 |
| Q3 2024 | -1.22167992243482 |
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.
Statistician's Comment
The Central Statistics Office (CSO) has today (29 October 2024) published its latest Preliminary GDP Estimate for Quarter 3 (Q3) 2024. This is a Frontier Series publication and care must be taken when interpreting these results as methodologies may change and data sources may be incomplete.
These preliminary results are subject to revisions in the Quarterly National Accounts release, which will be published with results for Q3 2024 in early December 2024 when additional data sources are available to the CSO. The results will be further updated following the release of the Annual National Accounts for 2024.
Commenting on the release, Enda Behan, Statistician in the National Accounts Data Collection and Quality Division, said: “In today’s release, GDP is estimated to have expanded by 2.0% in July, August, and September (Q3) 2024 in volume terms when compared with Q2 2024. This moderate growth was driven by an increase in the multinational dominated sectors of Industry and Information & Communication in Q3 2024. GDP is estimated to have fallen by 1.2% when compared with Q3 2023. Results for year-to-date 2024 (January-September 2024) compared with the equivalent period of 2023 show GDP declining by 3.3%.
The preliminary GDP estimates are based on forecasting and data sources that are limited in scope when compared with those used for compiling GDP in the CSO’s Quarterly National Accounts. The data sources include information from the CSO Large Cases Unit, Retail Sales, Administrative Payroll Data, and other indicators of activity. The Background Notes section has more details on these estimates and the methodology used to calculate the preliminary results.”