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23/09/2011
Irish Economy Up By 1.6%
The Irish economy has grown by 1.6% in the second quarter of the year as measured by gross domestic product (GDP).
Figures published by the Quarterly National Accounts this morning indicate a stabilisation of domestic demand as well as continuing export growth in the period April to June.
Consumer spending has also increased to 0.3% compared with the first three months of this year, while investment rose by 6.4%. Government spending dropped by 0.8%.
The Central Statistics Office (CSO) also revealed the strongest annual growth of GDP since 2007. They recorded that GDP grew at an annual rate of 2.3% in the second quarter.
Agriculture, forestry, fishing and industry (excluding building and construction) were the only sectors to grow according to CSO figures.
Meanwhile in the UK there's a grim warning of a possible new global recession.
The fears emerged after the International Monetary Fund (IMF) slashed the UK's growth forecast and warned that the world's economy was entering a "dangerous new phase".
According to the Irish Monetary Fund (IMF), the UK will see GDP grow by just 1.1% in 2011, according to their latest World Economic Outlook, compared with 1.7% in April.
It is now also predicted to grow by 1.6% in 2012, compared with 2.3% in previous forecasts.
(LB/BMcC)
Figures published by the Quarterly National Accounts this morning indicate a stabilisation of domestic demand as well as continuing export growth in the period April to June.
Consumer spending has also increased to 0.3% compared with the first three months of this year, while investment rose by 6.4%. Government spending dropped by 0.8%.
The Central Statistics Office (CSO) also revealed the strongest annual growth of GDP since 2007. They recorded that GDP grew at an annual rate of 2.3% in the second quarter.
Agriculture, forestry, fishing and industry (excluding building and construction) were the only sectors to grow according to CSO figures.
Meanwhile in the UK there's a grim warning of a possible new global recession.
The fears emerged after the International Monetary Fund (IMF) slashed the UK's growth forecast and warned that the world's economy was entering a "dangerous new phase".
According to the Irish Monetary Fund (IMF), the UK will see GDP grow by just 1.1% in 2011, according to their latest World Economic Outlook, compared with 1.7% in April.
It is now also predicted to grow by 1.6% in 2012, compared with 2.3% in previous forecasts.
(LB/BMcC)
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