In the first quarter, GDP contracted a seasonally adjusted 1.1% over the previous quarter. The drop contrasted the 0.7% increase observed in the fourth quarter (previously reported: -0.2% quarter-on-quarter) and exceeded the 0.4% decline expected by market analysts. Domestic demand improved compared to the previous quarter, as fixed investment grew 11.6% in the first quarter (Q4 2011: +5.6% qoq) and government consumption rebounded from a 3.4% decline in the fourth quarter to a 2.2% expansion in the first. Private consumption, on the other hand, swung from a 1.8% expansion in the last quarter of 2011 to a 2.1% contraction in the first. On the external side, exports accelerated from a 0.4% increase in the fourth quarter to a 2.6% rise in the first. Simultaneously, imports rose 4.9% (Q4: -0.5% qoq). As a result, the external sector's net contribution to GDP growth deteriorated from plus 0.8 percentage points in the fourth quarter to minus 1.1 percentage points in the first. The Central Bank expects GDP to grow 0.5% in 2012 and 2.1% in 2013.
GDP falls sharply in the first quarter
July 12, 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.