Export growth slips down the patent cliff

There were signs of an improvement in the domestic side of the economy in the second half of 2012.

However, a weakening of the world economy and, in particular, the downturn in Europe led to a marked deceleration in the pace of growth in Irish exports as the year progressed. As a result, Irish GDP growth also slowed in 2012.

Irish exports averaged growth of 5.7% in 2010-11, maintained in the opening quarter of 2012. However, exports growth slowed to just 2% in the second and third quarters of last year and recent data suggest the rate may have slowed even further in quarter four.