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Press Statement

Preasráiteas

15 September 2017

Quarterly National Accounts and Balance of Payments for Quarter 2, 2017

GDP increased by 1.4%
  • GNP decreased by 4.6%
  • Personal consumption of goods and services decreased by 1.1%
  • Balance of Payments current account deficit was €872 million

The Central Statistics Office (CSO) today (Friday 15th September 2017) published the Quarterly National Accounts and Balance of Payments results for Quarter 2, 2017.

Commenting, Jennifer Banim, Assistant Director General with responsibility for Economic Statistics said:

“The National Accounts results show an increase of 1.4% in GDP and a decrease of 4.6% in GNP in Quarter 2 2017 compared with Quarter 1 2017.   Apart from small contractions in the Construction and Real Estate sectors, all other sectors of the economy experienced some growth.   Financial and Insurance Activities grew by 4.6% and Professional, Administration and Support Services grew by 5.1% in the quarter.   Agriculture, Forestry and Fishing grew by 15.9%, while Industry recorded growth of 0.2% in Quarter 2 2017.

Looking at expenditure in the economy, Personal consumption of goods and services, an important measure of domestic economic activity, declined by 1.1% in Quarter 2 2017. 

Capital formation increased by 39.9% in the quarter, driven by the import of intellectual property (IP) products to Ireland.  These additions of IP products to Ireland’s capital stock are offset in the results by the corresponding imports of these products.  The overall impact of imported IP products on GDP is neutral.

GNP decreased by 4.6% in Quarter 2 2017 compared to Quarter 1 2017, due to a 22.3% increase in factor income outflows (which include the profits of foreign-owned multi-national enterprises).

In the Balance of Payments results for the quarter, a current account deficit of €872 million was recorded, an improvement on the €1,653 million current account deficit in Quarter 2 2016. Today’s Balance of Payments release includes a table of current account transactions with the UK and this new detail shows a surplus of €3.8 billion on trade in goods and services with the UK offset by a deficit of €3.5 billion in income flows.”  

Commenting on the work of the Economic Statistics Review Group (ESRG) convened by the CSO to provide recommendations for domestically focused indicators and information, Ms. Banim said:

“In today’s results, the modified Total Domestic Demand indicator recommended by the ESRG increased by 4.5% in Quarter 2 2017, while the traditional indicator increased by 19.1%.  The modified series gives insight into underlying domestic demand by removing the effects of trade in aircraft by leasing companies and imports of IP from the traditional indicator. 

The work to deliver the recommendations of the ESRG continues and a new breakdown of the non-financial sector into the CSO large case enterprises and other enterprises will be included in the annual sector accounts publication scheduled for early November.   A note analysing the impact of aircraft leasing companies on the National Accounts and Balance of Payments statistics is also planned for release in early November.” 

For further information contact:

Michael Connolly (+353) 1 498 4006 or Christopher Sibley (+353) 1 498 4305

or email nat_acc@cso.ie

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