Belfast Telegraph

Saturday 23 August 2014

Marginal economic growth reported

The CSO said the economy saw some marginal growth towards the autumn

The economy saw some marginal growth towards the autumn, latest official figures have revealed.

A report showed the value of all goods and services increased by just 0.2% in the third quarter, while Irish-only business contracted by 0.4%.

The Central Statistics Office (CSO) report showed distribution, transport, software and communication made significant gains.

These were offset by falls in public administration and defence, industry including building work and the agriculture sector.

The report showed that compared to the third quarter in 2011, gross domestic product, which measures all goods and services including multinationals, was up by 0.8%.

Gross national product, which measures Irish only business and is the preferred measure because most profits remain at home, was up by 3.7% over the same period.

Business lobby group, Ibec, said there are signs of stabilisation in the domestic economy.

Chief economist Fergal O'Brien said: "Ireland is faring much better than most eurozone countries at the moment. GDP was fairly flat in the third quarter, but remains on track to grow by about 1% this year.

"Exports have slowed since the start of the year because of difficult trading conditions in Europe, but domestic demand has stabilised.

"The GNP numbers have been very strong over the past couple of quarters, but this is only partly due to an increase in domestic demand. Other factors, such as international profit flows into the country, have pushed GNP higher."

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