Wednesday 16 October 2019

Economy continues strong growth in 2018

Stock photo
Stock photo

David Chance

Strong exports pushed the economy to another year of stellar growth last year that far outpaced the rest of the eurozone although the pace of the expansion slowed in the fourth quarter, according to data from the Central Statistical Office released today.

Gross domestic product growth was 6.7pc for the full year and on a gross national product basis, which is a better measure of underlying economic activity, the economy expanded 5.9pc.

The fourth quarter saw GDP growth slow to 4.9pc from a year earlier and the economy expanded just 0.1pc from the third quarter, largely due to the strong performance in the third quarter.

“Exports of goods and services grew by 8.9pc, driving the GDP growth in the year,” the CSO said.

There was also a boost from domestic consumption and government spending, which will become increasingly important to maintaining economic growth as Brexit looms and uncertainty over exports to the UK grow.

Total domestic demand, which measures personal consumption, investment and government spending rose 4.7pc.

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