Irish Economy Grew For Second Successive Year

25 Mar 2013

Growth follows 3 years of GDP declines from 2008

The Irish economy recorded growth last year for the second successive year. New Central Statistics Office (CSO) figures shows that overall there was a 0.9% increase.

When multi-nationals with operations in Ireland are excluded the domestic economy grew in 2012 by 3.4%.

The GDP increase for the second successive year follows 3 years of declines in GDP during 2008 to 2010. While GNP showed an increase of 3.4% in 2012 over 2011.

But on a seasonally adjusted basis GDP for the 4th quarter of 2012 showed almost no change compared with the previous quarter while GNP declined by 0.8%.

Distribution & transport sectors biggest contributors

The CSO says distribution, transport, software and the communications sector were the main contributors to growth here last year. The value added from those industries increased by 3.1% in volume terms compared to 2011.

Industry which includes building and construction also saw an increase of 0.3% last year. But agriculture, forestry and the fisheries sector fell by 10%.

The statistics also show that exports performed positively in 2012 for the 3rd year running while imports remained at much the same level as in 2011.

This resulted in overall growth of €4,413 million in net exports which the CSO says "more than offset the declines which took place in the final domestic demand components of expenditure".

Separately personal consumption in 2012 fell by 0.9%, government expenditure was 3.7% down and capital formation increased by 1.2% over the same period.

Source: http://www.newstalk.ie/Irish-economy-grew-for-second-successive-year