Irish GDP Growth Slows to 0.9% in Q3

The Irish economy expanded by 0.9 percent on quarter in the three months to September of 2018, slowing from a downwardly revised 2.1 percent growth in the previous period. Personal consumption and government spending advanced at a softer pace and net trade contributed negatively to the GDP growth, as imports rose faster than exports.

On the expenditure side of the accounts, household consumption went up 1.0 percent, easing from a 1.3 percent gain in the previous three-month period and government spending increased at a softer 1.8 percent (vs 2.1 percent in Q2). Additionally, net trade contributed negatively to the the growth, as imports advanced 7.1 percent (vs 4.1 percent) while exports rose at a softer 1.5 percent (vs 6.8 percent). Meanwhile, fixed investment jumped 21.8 percent, after grewing 1.4 percent in the second quarter of the year.

On the production side, a slowdown was seen in the industry sector (3.5 percent vs 5.0 percent in Q2); manufacturing (4.1 percent vs 4.7 percent); construction (3.5 percent vs 5.1 percent); distribution, transport, hotels and restaurants (1.1 percent vs 3.1 percent); information and communication (0.1 percent vs 10.9 percent) and professional and administrative services (1.4 percent vs 3.5 percent). Meanwhile, output rebounded in public administration, education and health (1.3 percent vs -1.2 percent in Q2) and arts and entertainment (6.1 percent vs -2.6 percent). Also, output rose further in financial and Insurance activities (2.9 percent vs 1.2 percent) and declined less in agriculture, forestry and fishing (-1.5 percent vs -4.0 percent).

Compared with the same quarter of the previous year, the GDP grew 4.9 percent, following a downwardly revised 8.7 percent expansion in the prior period.

Irish GDP Growth Slows to 0.9% in Q3

CSO | Stefanie Moya |
12/13/2018 11:29:46 AM