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25/03/2010
Record Rate Of Economic Decline In 2009
Figures from the Central Statistics Office released today show the economy shrank at a record rate last year.
The CSO said Gross Domestic Product fell by 7.1% from 2008, while Gross National Product plunged by 11.3%. However, as GDP includes profits made by US multi-nationals with operations in Ireland, many economists focus on GNP as a more accurate account of the State's finances.
The Minister for Finance, Brian Lenihan, responded to the figures said thee figures were consistent with his Budget Day projections.
Mr Lenihan said: “I note that GDP declined by 7.1% last year, which is marginally better than my Department’s Budget day 2010 estimate of a 7.5% decline.
"Today's figures show that the annual pace of decline in GDP slowed considerably as the year progressed. There was a fall in GDP of 2.3% between the third and fourth quarters. Excluding the impact of the ongoing decline in new house building, GDP was roughly unchanged in the fourth quarter.
The Finance Minister added: "Today’s figures are consistent with my Budget Day projections for this year and as I outlined, I expect that the economy will resume growing in the second half of the year.
"Internationally in many of our trading partners, there are tentative signs that a modest recovery is underway. The Government have taken actions to ensure the economy is positioned to take advantage of this recovery.”
According to the CSO figures for the final quarter of last year, consumer spending was 5.2% lower than a year earlier, a slightly smaller fall than in the three previous quarters.
However, capital investment dropped by more than 28% from a year earlier and industrial output was down 6%.
(DW)
The CSO said Gross Domestic Product fell by 7.1% from 2008, while Gross National Product plunged by 11.3%. However, as GDP includes profits made by US multi-nationals with operations in Ireland, many economists focus on GNP as a more accurate account of the State's finances.
The Minister for Finance, Brian Lenihan, responded to the figures said thee figures were consistent with his Budget Day projections.
Mr Lenihan said: “I note that GDP declined by 7.1% last year, which is marginally better than my Department’s Budget day 2010 estimate of a 7.5% decline.
"Today's figures show that the annual pace of decline in GDP slowed considerably as the year progressed. There was a fall in GDP of 2.3% between the third and fourth quarters. Excluding the impact of the ongoing decline in new house building, GDP was roughly unchanged in the fourth quarter.
The Finance Minister added: "Today’s figures are consistent with my Budget Day projections for this year and as I outlined, I expect that the economy will resume growing in the second half of the year.
"Internationally in many of our trading partners, there are tentative signs that a modest recovery is underway. The Government have taken actions to ensure the economy is positioned to take advantage of this recovery.”
According to the CSO figures for the final quarter of last year, consumer spending was 5.2% lower than a year earlier, a slightly smaller fall than in the three previous quarters.
However, capital investment dropped by more than 28% from a year earlier and industrial output was down 6%.
(DW)
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