Monday 11 December 2017

Economy back to 2007 levels, growth highest in Europe - CSO

Shoppers on Dublin's Grafton Street. Picture: Damien Eagers
Shoppers on Dublin's Grafton Street. Picture: Damien Eagers
Donal O'Donovan

Donal O'Donovan

The overall economy is now the same size as it was in 2007.

However, because of population growth, gross domestic product (GDP) per head is still below the boom era peak, according to figures released by the Central Statistics Office (CSO).

The economy grew by 1.4pc in the first three months of this year, based on the GDP measure that include sales by multinational based here, but shrank looking at the domestic economy alone.

GDP increased by 1.4pc in the first quarter of this year, according to new figures from the Central Statistics Office (CSO), but gross national product (GNP) declined by 0.8pc.

Growth here is the highest among our European peers, including the UK and more than three times the European average.

Consumer spending, a closely watched figure because it makes up 60pc of all activity in the economy increased by 1.2pc in the first three months of 2015.

Last year GDP increased by 5.2pc, more than initially thought, the CSO said. It was enough to take the overall economy back to the previous peak in 2007.

The better than expected figures reflected increases in the level and the rate of growth, but changes to the way the size of the economy is calculated, including adding the value of aircraft owned by leasing firms based here, had an impact on the tallies for last year.

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