Consumer spending drives economy

CONSUMER spending was the main driver of economic growth last year, new figures from the Central Statistics Office (CSO) reveal.

Gross national product (GNP), a measure of economic growth that excludes the earnings of foreign companies based in the country, expanded by 5.4% in 2005. Consumer spending was 5.6% higher last year, making up for the fact that export growth was the slowest since the 1980s.

The figures show that the economy is becoming increasingly reliant on the property and construction sector.