In the first quarter, GDP expanded a seasonally adjusted 1.3% over the previous quarter. The expansion contrasted the 1.4% contraction observed in the fourth quarter (previously reported: -1.6% quarter-on-quarter) and came in above market expectations that had the economy growing a more moderate 0.5%. In fact, the reading represented the fastest pace of economic growth since Q4 2007. Despite the strong start to the year, full-year growth is likely to remain subdued in 2011 due to fiscal consolidation measures introduced by the Irish government. On an annual basis, the economy added a meagre 0.1% in the first quarter, contrasting the 0.2% drop registered in Q4. The Q1 improvement was mainly the result of strong external demand, as the domestic environment remains depressed. Private consumption decreased 1.9% in the first quarter, below the fourth quarter's 0.9% drop, while government consumption returned to negative territory, contracting 1.9% in the first quarter (Q4: +0.1% qoq). On the other hand, fixed investment swung from a 1.9% drop in Q4 to expand 1.1% in Q1. Meanwhile, the external sector proved to be they key driver of the economic recovery. Exports accelerated, expanding 3.8% in the first quarter (Q4: -2.8% qoq), while imports fell 0.3% (Q4: -1.0% qoq). With exports outpacing imports, the net contribution from the external sector to GDP growth swung from minus 2.0 percentage points in the fourth quarter to plus 4.0 percentage points in the first quarter. The Central Bank expects GDP to grow 0.9% in 2011 and 2.2% in 2012.
Economy grows at fastest pace in three years
June 23, 2011
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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.