Irish GDP Growth Beats Expectations

The Irish economy expanded 2.7 percent quarter-on-quarter in the first three months of 2014, up from a revised 0.1 percent contraction in the previous period. It is the highest growth rate in five quarters, driven by exports.

On the output side, Industry (including building and construction) increased by 2.8 percent in volume terms between the first quarter of 2014 and the fourth quarter of 2013. Other services increased by 1.1 percent and Distribution, transport, software and communication increased by 0.7 percent. On the other hand, Public administration and defense decreased by 0.3 percent and Agriculture, forestry and fishing declined by 0.2 percent.

On the expenditure side, Net exports made a positive contribution of € 541m in volume terms on a seasonally adjusted basis. Personal expenditure was largely unchanged, declining by 0.1 percent. Capital Investment, decreased by 8.1 percent and government expenditure also decreased by 2.1 percent.

Year-on-year, the economy expanded 4.1 percent in the first three months of 2014. Personal expenditure rose by 0.2 percent. Capital investment increased by 2.9 percent and Government expenditure by 2.6 percent. Net exports were €1,166m higher in the first quarter of 2014 compared with the corresponding quarter of 2013. Factor income outflows were €571m higher resulting in a 4.1 percent increase in GDP.

Irish GDP Growth Beats Expectations

CSO | Joana Taborda |
7/3/2014 11:24:17 AM