Thursday, September 20 11:11:30
There was no growth in the Irish economy as measured by GDP in the second quarter of this year compared to the first while GDP fell 1.1pc on an annual basis, latest figures from the CSO showed today.
Surprisingly, GNP, which is a better gauge of the domestic economy, registered a 4.3 per cent increase compared to the first quarter and a rise of 2.9pc on an annual basis, the figures show.
Industry (which includes the manufacturing, energy and building sectors) registered an increase of 4.6 per cent in volume in Q2 2012 compared with Q1.
However, the combined decreases in the other sectors of the economy (e.g. Distribution, transport, software and communication (-0.3pc), Public administration and defence (-1.7pc), Other services (-1.7pc) and Agriculture (-5.5pc)) resulted in no change overall in GDP between the first and second quarters of this year.
Domestic expenditures was down but net exports rose, the figures show.
On the expenditure side of the accounts, Personal expenditure declined by 0.4 per cent on a seasonally adjusted basis between Q1 2012 and Q2 2012.
Capital Investment declined by 29.4 per cent and Government expenditure decreased by 3.9 per cent over the same period. (A decrease in investment in aircraft of approximately E1bn between Q1 2012 and Q2 2012 contributed significantly to the overall decline in capital formation of 29.4 per cent.).
These decreases were counterbalanced by an increase of E1,496m in net exports between Q1 2012 and Q2 2012.