Blow for economy as GNP rises by just 0.1%

THE growth of the nation’s wealth virtually stopped last year as Gross National Product (GNP) increased by just 0.1%, the lowest increase in 20 years.

In sharp contrast Gross Domestic Product (GDP), which includes the wealth created by foreign companies in Ireland, stormed ahead in 2002 by 6.9%, fuelled by export growth in the multinational pharmaceutical sector.

A massive €25.9 billion left the country in income earned by foreign companies and interest paid on the foreign component of the national debt, according to the figures released by the Central Statistics Office (CSO) yesterday.