Irish GDP flat In Second Quarter

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

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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.”


Related Links:
• Central Statistics Office
Quarterly National Accounts


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