Wednesday 23 October 2019

GDP continues to increase

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Ellie Donnelly

Ellie Donnelly

Ireland’s Gross Domestic Product (GDP) increased by 0.9pc in the three months to 30 September.

GDP is a measurement of the value of goods and services produced in a country over a period of time.

Since the start of the year to September the economy has grown by 4.9pc.

Gross National Product (GNP) increased by 5.2pc over the same period, according to figures from the Central Statistics Office. GNP includes overseas economic activities performed by a country’s nationals and takes out the impact of multinationals.

The value added of industry (excluding construction) rose by 3.5pc in volume terms in third quarter of the year compared with the previous quarter.

Meanwhile manufacturing recorded a 4.1pc increase, with construction activities recording a 3.5pc increase.

Financial and insurance activities increased by 2.9pc over the same period, while arts and entertainment increased by 6.1pc.

On the expenditure side of the accounts, capital formation increased by 21.8pc in the three months to 30 September compared with the second quarter of 2018.

Personal consumption, which accounted for 49pc of domestic demand in the third quarter of 2018, increased by 1pc compared with the previous quarter.

The combined effect of a 1.5pc increase in exports with an offsetting imports increase of 7.1pc was that overall net exports for the quarter decreased by €3.2bn. 

Meanwhile Government expenditure increased by 1.8pc in third quarter of 2018 compared with the second quarter of 2018. 

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