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Ireland — Quarterly increase in GDP but GNP down slightly

01 July 2010

Initial estimates for the first quarter of 2010 published by the Central Statistics Office (CSO) show an increase, on a seasonally adjusted basis, of +2.7% in Gross Domestic Product (GDP*) and a decline of -0.5% in Gross National Product (GNP*) compared with the previous quarter. In comparison with the corresponding quarter of 2009, GDP at constant prices was -0.7% lower while GNP was -4.2% lower.

Some of the main features of the results in comparison with Q1 2009 are:

  • Consumer spending (personal consumption of goods and services) in volume terms was -0.8% lower in Q1 2010 compared with the same period of the previous year.
  • Capital investment, in constant prices, declined by -30 in Q1 2010 compared with Q1 2009.
  • Net Exports (exports minus imports) in constant prices were +2.6 billion Euro higher in Q1 2010 compared with Q1 2009.
  • The volume of output of Industry (incl. Construction) increased by +7.7% in Q1 2010 compared with Q1 2009. Within this, the output of the construction sector fell by -35% over the same period. Output of distribution, transport and communications was down -1.4%, while output of Other Services was -3.3% lower in the first quarter of 2010 compared with the same period of last year.

*The estimate of GNP is derived by adjusting GDP for income flows between residents and non-residents. The timing of these flows can be variable. They include, in particular, the profits of foreign owned enterprises which increased by 2.007 billion Euro between Q1 2009 and Q1 2010. As a result, the decline in GNP was more severe than that in GDP.

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