A data processing apparatus and method for performing multiply-accumulate operations is provided. The data processing apparatus includes data processing circuitry responsive to control signals to perform data processing operations on at least one input data element. Instruction decoder circuitry is responsive to a predicated multiply-accumulate instruction specifying as input operands a first input data element, a second input data element, and a predicate value, to generate control signals to control the data processing circuitry to perform a multiply-accumulate operation by: multiplying said first input data element and said second input data element to produce a multiplication data element; if the predicate value has a first value, producing a result accumulate data element by adding the multiplication data element to an initial accumulate data element; and if the predicate value has a second value, producing the result accumulate data element by subtracting the multiplication data element from the initial accumulate data element. Such an approach provides a particularly efficient mechanism for performing complex sequences of multiply-add and multiply-subtract operations, facilitating improvements in performance, energy consumption and code density when compared with known prior art techniques.