Economic growth remains flat

Economic growth remains flat

Official figures out today show that there was no growth in the domestic economy in the second quarter of the year.

The Central Statistics Office said that GDP, which measures the total value of goods and services in the economy, remained unchanged between April and June, compared with the previous quarter.

When you strip out the profits made by foreign multinationals and focus on the domestic economy to calculate GNP however, this showed a 4.3% growth because of increases in manufacturing and construction and a €1.5bn increase in net exports.

Compared with the same quarter one year ago, GDP decreased by 1.1%, while GNP increased by 2.9%.

The net result of the figures is a flat domestic economy, with no growth in the second quarter of the year.

Today's news will make it difficult for the Government to hit its end-of-year targets under the EU/IMF deal, which relies on economic growth.

Personal expenditure declined by 0.4% on a seasonally adjusted basis between Q1 2012 and Q2 2012.

More on this topic

Letter to the Editor: Another bust is comingLetter to the Editor: Another bust is coming

Eurozone recession fears on the riseEurozone recession fears on the rise

Did big economies get it wrong after the crash?Did big economies get it wrong after the crash?

ESRI predict 90,000 workers required in 2018/19; Warning against fiscal stimulance in budgetESRI predict 90,000 workers required in 2018/19; Warning against fiscal stimulance in budget


More in this Section

Fine Gael sees popularity boost in latest pollFine Gael sees popularity boost in latest poll

Dooley apologises as footage emerges of him with Collins in Dáil ahead of voteDooley apologises as footage emerges of him with Collins in Dáil ahead of vote

President Higgins and Defence Minister evacuated from hotel in Lebanese capitalPresident Higgins and Defence Minister evacuated from hotel in Lebanese capital

Gardaí appeal for help in search for missing man in GalwayGardaí appeal for help in search for missing man in Galway


Lifestyle

Ovarian cancer has been dubbed ‘the silent killer’. Christina Henry tells Rowena Walsh why she is one of the lucky onesAgeing with attitude: Life after ovarian cancer

Jamie Oliver is on a mission to get everyone eating more vegetables with the release of his new book, Veg.A selection of recipes from Jamie Oliver's new book Veg

More From The Irish Examiner