GDP up by 1.3% in first quarter

Latest figures from the Central Statistics Office published today show a 1.3% rise in gross domestic product (GDP) for the first three months of the year, offset by a 4.3% decline in gross national product (GNP), which excludes profits from multinationals based in Ireland.

The figures emphasise the two-track nature of Irish economic peformance, with strong exports propping up weak domestic demand.

Exports grew by 20% or €1.5bn when compared to the first quarter of 2010.

There was also growth in agriculture and industry, but personal consumption fell by 1.9%.

Separate figures for last year confirm that the economy continued in recession throughout 2010 with a fall in growth of 0.4%.

However the decline was not as severe as had been expected.