Irish GDP flat In Second Quarter

25 September 2012 11:30am - Which Way to Pay

Email Article Print Article
    


Irish GDP flat In Second Quarter

The Central Statistics Office have released figures that suggest Ireland’s economy was stagnant in the second quarter of the year, as consumers continued to cut back on spending and capital investment slumped. The agency said preliminary estimates for the quarter showed gross domestic product was €39.7 billion, unchanged from the previous three months. Irish GDO has been one of the most resilient in the euro zone during the debt crisis but the export focused nature of that growth makes it particularly vulnerable to a slowdown among its trading partners. Ireland sees GDP growing by just 0.7% this year.

Gross national product, which excludes the impact of multinationals, rose by 4.3% to €33 billion. These figures were a further blow to hopes for economic growth, coming after results showed the unemployment rate had risen to 14.8 %. Having said this on an annual basis, GDP had fallen 1.1%, with GNP’s rise narrowing to 2.9%.

Chief Economist at Goodbody Stockbrokers Dermot O’Leary said, “It was disappointing. I think it probably provides downside risks (to full year forecasts) given the performance.” He also said, “The performance of GNP is better in the quarter, but this is due to a large drop in net factor income (mainly multi-national profits), which has the effect of boosting GNP,” He added, “We expected a bounce in Q2 GDP after the Q1 fall so these data appear disappointing on first glance.”

news_05.png
 

Related Links:
• Central Statistics Office
Quarterly National Accounts

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

Everyone in this day in Age has some kind of gadget. lets hope its insured. gadget Insurance
23 August 2018
Which Way To Pay
Making sure our loved Gadgets are covered by gadget Insurance is a must.
Read More >>
As we all know our health is one of the most important things in life . So we need to make sure we are fully covered with the correct Health Insurance.
30 August 2016
Which Way To Pay
Health Insurance is a very important thing that everybody should think about , this also means taking the correct cover for your personal requirements.
Read More >>
New Product Range: Vehicle Loans
22 October 2015
Which Way To Pay
Check Out our latest new product range added to Which Way To Pay: Vehicle Loans
Read More >>