Irish Economic Growth Disappoints in Q4

Irish GDP contracted by a shocking 2.3 percent in the last quarter of 2013 from the previous three months, hurt by a surge in imports and a fall in consumer spending. Initial estimates showed the economy shrank by 0.3 percent in 2013.

On the output side, the changes for the most part mirrored those for the year as a whole. Industry made the most negative contribution to the Q4 result, falling by 4.7 percent. The increases of note were in Agriculture, Forestry and Fisheries (5.4 percent) and Other Services (0.5 percent).

On the expenditure side there was a substantial decline in net exports (-10.5 percent) during the quarter, largely driven by higher imports. Personal consumption expenditure was marginally lower (-0.6 percent) while capital investment increased by 3.1 percent.

Factor income outflows were 12.2 percent lower than in the previous quarter leading to an overall increase in GNP of 0.2 percent in Q4 2013 compared with Q3 2013.

Year-on-year, the GDP contracted 0.7 percent, down from a revised 2.7 percent in the previous quarter. 

Irish Economic Growth Disappoints in Q4

CSO | Joana Taborda |
3/13/2014 12:57:27 PM