Second Quarter sees Economic Growth of 1.6%

22 September 2011 - Which Way to Pay

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Second Quarter sees Economic Growth of 1.6%

Data published today indicates that the domestic economy expanded faster than predicted throughout the second quarter this year. This is the strongest growth seen during any quarter since the recession started in 2008. The figures show that gross domestic product grew by 1.6% from the first to the second quarter this year when the figures are seasonally adjusted. Gross national product, excluding profits from multinational firms, was up by 1.1% from the first to the second quarter.

Domestic demand was also up, and grew by 0.8%, which excludes figures for imports and exports. GNP, GDP and domestic demand have not all increased in the same quarter since the recession started in 2008. These figures are typically volatile however can be revised. The data doesn’t take the developments in the eurozone debt crisis since July into account.

The sluggish recovery of the global economy throughout the second quarter was seen in the statistics for Irish export. Goods and services exports saw growth of 1% between quarters. This is the lowest rate bar one seen in expansion since the recovery of Irish exports started at the start of 2010. Consumer activity also increased, making up the largest proportion of domestic demand, if only by 0.3%.

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