GDP in Ireland

Gross Domestic Product (GDP) measures the total value of all goods and services produced in Ireland over a period. It is published by the Central Statistics Office (CSO). In Ireland's case multinational activity distorts the headline, so the CSO also provides complementary measures such as Modified GNI (GNI*).

Estimated via the demand, output and income approaches. The CSO publishes a seasonally adjusted quarterly series, reporting the quarter-on-quarter (QoQ) and year-on-year (YoY) changes in chained volume terms.

It is the main benchmark for Ireland's cycle and, as a euro area member, feeds the aggregate watched by the ECB. However, markets discount the headline GDP because of the multinational distortion and pay more attention to domestic demand and GNI* as gauges of the real economy.

Irish GDP is extremely volatile owing to the accounting of intellectual property, aircraft leasing and multinational profits, which can swing a quarter without reflecting the domestic economy. It is released with a lag and subject to revision.