In the second quarter, GDP growth was flat over the previous quarter in seasonally adjusted terms. The reading contrasted the 0.7% decline observed in the first quarter (previously reported: -1.1% quarter-on-quarter) but was below market expectations that had GDP expanding 0.7%. On an annual basis, the economy fell 1.1% over the same quarter last year (Q1: +2.1% year-on-year). Domestic demand deteriorated significantly compared to the previous quarter, as fixed investment swung from a whopping 26.5% expansion in the first quarter to a 29.4% decline in the second and government consumption contracted 3.9%, contrasting the 1.5% rise in the first quarter. Moreover, private consumption continued to decline and fell 0.4% over the previous quarter (Q1: -1.9% qoq). On the external side, exports deteriorated from a 2.0% increase in the first quarter to a 0.5% decrease in the second. Simultaneously, imports fell 5.2% (Q1: +5.7% qoq). As a result, the external sector's net contribution to GDP growth improved from minus 2.4 percentage points in the first quarter to plus 3.8 percentage points in the second. The Central Bank expects GDP to grow 0.7% in 2012 and 1.9% in 2013.
Economic growth stalls in second quarter
September 20, 2012
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Ireland GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Central Statistics Office Ireland (CSO) and FocusEconomics Consensus Forecast.
Ireland Economic News
October 11, 2016
Industrial production contracted 13.4% from the previous month in seasonally-adjusted terms in August, contrasting the revised 7.9% expansion in July (previously reported: +3.7% month-on-month).
October 10, 2016
In September, the KBC Bank Ireland/ESRI Consumer Sentiment Index dropped from 102.7 points in August to 102.0 points.
October 6, 2016
The Investec Services Purchasing Managers’ Index (PMI) nosedived from 59.7 in August to 56.2 in September, the lowest reading since February 2014.
October 3, 2016
The Investec Manufacturing Purchasing Managers’ Index (PMI) edged down from 51.7 in August to 51.3 in September.
September 21, 2016
The Irish national accounts data continues to be affected by distortions and volatility.