GNP up 4.9%

Gross National Product (GNP) was 4.9% higher in the first nine months of 2004 compared with the corresponding period in 2003, according to CSO figures released today.

The corresponding growth rate in GDP for the same period was 5.6%. In the third quarter of 2004, GDP increased by 5.8% in volume terms compared with the same quarter of last year while the corresponding increase in GNP was 4.2%. The profits of foreign owned enterprises are excluded from GNP.

GNP is also affected by other income flows between residents and non residents, the timing of which can be very variable on a quarterly basis.

Some of the main features of the results are:

* Consumer spending (personal consumption of goods and services) at constant 1995 market prices rose by 2.8% in the third quarter of 2004 compared with the same period of last year.

* Capital investment, measured at 1995 constant prices, increased by 3.6% in quarter three 2004 compared with quarter three 2003. This was a significantly lower growth rate than in the first two quarters of the year.

* Net exports (exports minus imports) increased from €4,631m (in constant 1995 prices) in quarter three 2003 to €5,578m in the third quarter of this year.

* The volume of output of Industry increased by 4.9% compared with quarter three of last year. Output of Other Services was up 4.6%.