Irish GDP Grows the Most in a Year

The Irish economy expanded 2.4 percent on quarter in the first three months of 2019, accelerating from an upwardly revised 0.3 percent advance in the previous period. It was the highest growth rate since the last quarter of 2017.

On the expenditure side of the accounts, household consumption rose 0.9 percent in the first quarter, following a 0.3 percent increase in the previous three-month period; and government expenditure went up 0.5 percent, after showing no growth in the prior period while fixed investment slumped 24.9 percent (vs 12.5 percent). Meanwhile, net trade contributed positively to the GDP growth, as exports climbed 1 percent (vs 4.6 percent in Q4) and exports decreased 2.8 percent (vs 5.6 percent in Q4).

On the output side, information and communication made the most positive contribution to the Q1 result, rising by 11.5 percent, up from a 0.1 percent gain previous period. Increases were also recorded in agriculture (5 percent vs 9.5 percent); construction (5.6 percent vs -1.7 percent); financial and insurance activities (0.8 percent vs 2.3 percent) and real estate (0.9 percent vs 0.4 percent). Industrial production recorded a small increase (0.4 percent vs -3.2 percent), within which manufacturing recorded a 0.3 percent gain (vs -3.5 percent in Q4). By contrast, professional, admin and support services decreased 4.8 percent (vs 3.4 percent in Q4) while public admin, education and health decreased 0.7 percent (vs 0.6 percent in Q4). Distribution, transport, hotels and restaurants recorded a slight decrease of 0.1 percent (vs 0.3 percent in Q4).

Year-on-year, the GDP growth advanced to 6.3 percent in the first quarter from 3.6 percent in the previous three-month period. Considering 2018 full year, the Irish economy expanded 8.2 percent, faster than 8.1 percent in 2017.

Irish GDP Grows the Most in a Year

CSO | Agna Gabriel |
7/11/2019 11:14:22 AM