Domestic demand boosts economy in third quarter
Updated: Thursday, 19 Dec 2013 22:10
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The economy grew by 1.5% in the three months to the end of September, driven mainly by an increase in domestic demand.
The latest Quarterly National Accounts figures from the Central Statistics Office are consistent with a return to stronger growth in the second half of the year, as predicted by earlier indicators.
The figures show that GNP, which strips out the effect of foreign owned multinationals, grew by 1.6% in the third quarter compared to the second.
The growth rate for the three-month period was the fastest since 2011 and was better than expected.
The CSO said that in the 12 months to the end of September, the economy grew by 1.7% in GDP terms. GNP grew by 3.9% over the same period.
Growth came from construction, exports, services and industry. The GNP figure is in line with earlier data which indicated a large increase in employment over the past year.
The economy continued to feel the effects of the downturn in Europe, with exports down by 0.8% on a quarterly basis.
But the domestic economy showed signs of revival with consumer spending bouncing back from a sharp contraction earlier in the year to grow 0.9% in the three months from July to September.
Commenting on today's figures, Merrion economist Alan McQuaid said that the economy is set to show a stronger performance in the second half of 2013 than in the first half, and that upward momentum should lead to a positive carryover into 2014.
The economist said that he believes Ireland is better placed than most to benefit from the upturn in the world economy.
"Assuming no major external shocks next year, there is every chance that the Government’s official 2% GDP growth target will be met.
"This in turn will boost the country’s chances of meeting its official budget deficit target of 4.8% of GDP in 2014, and enable it to raise money on the financial markets at relatively low and affordable interest rates post its EU/IMF bailout exit," he added.
Employers' group IBEC said the figures show a "solid" recovery is under way, that growth is becoming more balanced and the domestic economy is performing "particularly well".
SIPTU said the figures show a welcome pick-up in domestic demand, but added that a real GDP increase of 1% in the final quarter will be needed in order to realise the Government's target of 0.2% growth for the year.
Not everybody gets under my skin.Just idiots like yourself.An affront to common sense.
Those imaginary PhDs you employ must be chuckling among themselves,pointing to a real life example of one of the idiots taking over an asylum.
Golly I didn't expect such a positive response. Youz guys are the best. I don't know who Acorb is but it sounds like the man(?) needs a friend and some solid stock picks. Here's Cramers home phone #..201- Bi-Polar
it is irrational nonsense.and demonstrably so.
your recent posts suggest you are a small-time punter suffering from the delusion that anything you say or do could possibly have any affect on markets,sentiment or readers.
as such, you are quite ridiculous and your craven attempts to gain support from other posters is pathetic.
it is true that I often criticise posters.usually those who make idiotic and bizzare observations which anticipate response or are just plainly misguided and out of touch with reality.like yourself.
to illustrate a point.today IRE will,i think ,open lower in dollar terms and the $17.$19.75 and $21 you have been spouting about for the last 24 hours would suggest an investment world which is real not fantastical.
I suspect my investment in IRE exceeds your own by many multiples.that's in the real world,of course!
Acorb1045 could edit the book Lolol the grammar would be perfect and we will pay him 50g a year so he can lease a BMW on credit and look the part in Sandyford.
Does everyone get under your skin? Im laughing my head off. go become an English teacher if you are so concerned about grammar. I'm just concerned at getting more wealthy. You still do not get it. PhDs earn 60K a year and work for me. Lesson 1 just for you: shutthehellup! Money talks not grammar.
It's called predictive text you pleb. If one looks back at your posts you attack people left right and centre and contribute nothing. I guess you are a failed man. If your short I'm going to burn you so bad you will be on food stamps. Don't mess with things you don't understand 10-45D
Emotional at 17?
Tendering at 19.75?
21by end January?
What are you smoking?
Do try for a sense of perspective if you insist on polluting the board with your daft comments.
Is it a general consensus that you see IRE at 30 bucks by March 2014? I think your a little optimistic however that would be very welcome.
Still getting emotional about the17 price which has not yet being passed.
Are you now bidding at 19.75.?
Or are you just guilty of polluting the board with a mixture of daft comments,poor syntax and a tendency to mix metaphors?
Do you want to try that reply again?
And do try to make it a coherent message.
Lol doesn't cut it.
As I was saying... Recently...Headline on RTE news today. We in a global one world economy. It's in the best Interests for the people if Europe.