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Domestic sector led growth in 2024 – CSO

Gross Domestic Product (GDP) grew by 2.6% in 2024, driven by domestic-dominated sectors, while Modified Gross National Income (GNI) grew by 4.8%, CSO data shows.

GNI is a key measure of Ireland’s economic performance that is designed to strip out any distorting effects from multinationals' activity.

Personal spending on goods and services, a key measure of domestic economic activity, increased by 2.9% in the year.

Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, Government, and investment spending, rose by 1.8% in 2024.

Increase

Domestic-dominated sectors expanded by 3.6% in 2024 while multinational-dominated sectors increased by 1.5%.

Total exports grew by 8.6% in 2024, driven by an increase in services exports of 10.9%, while total imports grew by 2.7%.

For the first quarter (Q1) of this year, the updated estimate for GDP indicates an increase of 7.4% compared with the previous quarter, with MDD rising by 2%.