Irish GDP Expands 4% in Q3, Beats Forecast


The Irish economy expanded 4 percent on the quarter in the third quarter of 2016, following an upwardly revised 0.7 percent growth in the previous period and well above market expectations of 1.2 percent. The growth was mainly driven by net exports as imports shrank. Also, the government and consumption spending increased while investments contracted. Compared to the same quarter of the previous year, the economy expanded 6.9 percent after growing by a downwardly revised 3.1 percent in the previous period.

On the expenditure side, net trade increased 47 percent, as exports went up 1.7 percent (-0.9 percent in Q2) while imports shrank 8.6 percent (+10.6 percent). Also, the government spending rose 0.8 percent (+0.7 percent in Q2). Meanwhile, personal consumption grew at a slower 0.7 percent (+1.9 percent in Q2) and investments contracted 17.8 percent (+36.9 percent in Q2).

On the output side of the accounts, value added for all sectors increased in the quarter with the exception of public administration and defense which declined by 2.6 percent (+1.5 percent in Q2). There was an increase of 5.3 percent in distribution, transport, software and communications sector (+2.8 percent in Q2). The building and construction sector grew by 4.3 percent (+5.7 percent in Q2) with the manufacturing sector increasing by 4 percent (+1.6 percent in Q1). The other services sector rose 1.5 percent (the same pace as in Q2) and the agriculture went up 0.7 percent (-0.3 percent in Q2). 

Compared to the same quarter of the previous year, the economy expanded 6.9 percent after growing by a downwardly revised 3.1 percent in the previous period.

 Irish GDP Expands 4% in Q3, Beats Forecast


CSO | Yekaterina Guchshina | yekaterina@tradingeconomics.com
12/9/2016 11:41:25 AM