GDP falls 1.1% in Q2, as GNP rises

GDP over the second quarter of this year fell by 1.1% compared with the same period in 2011, although GDP was flat compared with the first quarter of this year.

However, second quarter GNP was up 4.3% compared with the first quarter of the year and up 2.9% compared with the second quarter of 2011.

“The stronger GNP numbers reflect a much lower net factor income — multinational profit repatriations — figure in the second quarter of 2012 compared with the second quarter of 2011, which is probably down to a weaker merchandise export performance of chemicals/pharmaceuticals this year,” said Merrion Stockbroker economist Alan McQuiad.