Sunday 25 August 2019

We're on course for fastest EU growth this year

Service exports grew by €3.5bn to €34.7bn, driven largely by growth of the export of computer and business services (Stock picture)
Service exports grew by €3.5bn to €34.7bn, driven largely by growth of the export of computer and business services (Stock picture)

Michael Cogley

The economy performed strongly in the months after the Brexit vote, official figures have revealed.

The latest figures from the Central Statistics Office (CSO) show Ireland is on course to have the fastest-growing economy in Europe this year.

While the figures were strong, last year's incredible growth figures branded 'Leprechaun economics', mean official Irish data is now seen as potentially exaggerated, reflecting as much international money flows as economic activity within the state.

The latest data shows the value of all business in the country, measured by gross domestic product, jumped by 4pc in the three months to September, the CSO said.

Irish-owned enterprises enjoyed growth of 3.2pc, suggesting little or no signs that the UK's decision to split from Europe has yet affected Irish trade.

The latest review by the CSO, covering July, August and September, showed personal consumption of goods and services increased by 0.7pc.

The current account surplus for the period was €10.1bn, up from €6.9bn at the same point last year.

Service exports grew by €3.5bn to €34.7bn, driven largely by growth of the export of computer and business services.

Meanwhile, service imports fell by €3.6bn, which the CSO said was due to a fall-off in imports in research and development services.

The CSO Assistant Director General with responsibility for economic statistics, Jennifer Banim, said the results also showed growth in Ireland's domestically focused gross national product (GNP).

"The three largest sectors of the economy experienced growth with industry increasing by 3.8pc in volume terms, distribution, transport, software and communications growing by 5.3pc and other services showing 1.5pc growth," Ms Banim said.

Irish Independent

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