Noonan calls on shoppers to save economy

FINANCE Minister Michael Noonan has said increased tourism and shopping spends are needed to rescue the economy from crisis, as figures showed homegrown companies once again hit by a dramatic slump.

CSO figures confirm a strong showing by net exports, up 20.6% over 12 months, and continuing to be the key driver of economic growth, as domestic demand stays weak.

Measured in GDP terms, the economy grew 1.3%, but that contrasted with a sharp dip in GNP which was down 4.3%. GNP is regarded as the truer measure of performance as it excludes the profits of the multinationals based here.