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NEW FIGURES RELEASED by the Central Statistics Office (CSO) today indicate that Gross Domestic Product in Ireland increased by 0.9 per cent in 2012.
This is the second year in succession in which GDP showed an increase over the previous year following three years of declines in GDP during 2008 to 2010. GNP showed an increase of 3.4 per cent in 2012 over 2011.
The preliminary quarterly national accounts found that the fourth quarter of last year showed almost no change compared to 2011 in terms of GDP while Gross National Product, which excludes profits of foreign-owned companies, declined by o.8 per cent over the same period.
Exports performed positively for the third successive year while imports remained at much the same levels. The combined effect resulted in overall growth of €4,413 millon in net exports. This growth more than offsets the declines which took place in the final domestic demand components of expenditure.
The distribution, transport, software and communications sector showed the highest level of growth of 3.1 per cent in 2012 compared with the previous year. The ‘other services’ sector showed some small growth of 0.2 per cent and industry, including building and construction, also registered a slight increase of 0.3 percent.
Agriculture, forestry and fisheries declined by 10 per cent while public administration and defence decreased by 4.2 per cent over this period.
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No matter how depressing the article, Michelle’s smile brightens it up at the end
Agreed.
Shane, Michelle is way out of your league
Sadly, that is true
Jesus that is plain creepy.
“GNP showed an increase of 3.4 per cent in 2012 over 2011″
A very encouraging sign for the domestic economy! Let’s hope it continues. 0.9% is one of the strongest growth rates in Europe at the moment. Let’s keep it up!
I’m..
keeping..
it..
up..
Inflation rate for 2012: 1.7%
Never let facts get in the way of a good party line.
That’s a great rate of inflation to have. Anything below would cause the economy to stagnate.
Er the point is that the economy IS stagnant.
0.9% growth. 1.7% inflation.
Oh never mind, forgot about the innumeracy there for a minute.
The only growth in this country in 2012 was in our politicians bank accounts
Lies and More Lies, with a healthy sprinkle of spin. CSO
Seems like you can’t handle the truth…
I can smell spin and lies Try it some time
Ucanthandlethetruth? Your username is very ironic.
Well its speaks for its self with comments like yours.
Ucanthandlethetruth has his tinfoil hat strapped on.
I been told to be nice with my reply to you the first two were removed, So ok then that’s very funny with the tinfoil hat.
How was that Michelle.
Agghhhhhh recession – will ya ever feck off!!!!
Some spin been put on this one
World press reports Ireland gone back into recession
Of course anyone walking the streets knows this only too well
If it’s true watch it disapear with property tax this year, water tax next year and oh yea croke park2
Shhhhhhh Michelle! We’re trying to convince the Germans we haven’t a pot to piss in
Austerity is really working
Corporation tax needs to be more rigorously enforced. The only side of the economy doing well and the tax take is pitiful. For example in 1952 in the US corporation tax accounted for 35% of federal income, it now stands at 9% and decreasing every year. I do believe the 50s was America’s golden period, might be a connection there.
If you must break the law do it to seize power otherwise observe it,,,,julius caesar
Aren’t we always told that GNP is a more appropriate measure of the Irish economy than GDP? So we grew 3.4% – maybe we wouldn’t want our European paymasters to hear that..
GNP is a better measure.it increased by 3.4% on the results from 2011 so it did improve but it still contracted by 0.8% which means the domestic economy is still contracting
That’s not how I’m reading it. GNP contracted in Q4 but grew 3.4% overall
Correct the domestic economy contracted but exports increased,but growth in Europe has started to contract and will hurt our export figures.But since i’m not saying well done Enda i’ll be accused of being a “nay sayer”.
You are correct. GNP is just what Irish people produce. GDP includes what foreigners and irish produce
have your say