13 September 2018
Assistant Director General with responsibility for Economic Statistics, Jennifer Banim, commented:
“Preliminary National Accounts results for Quarter 2, 2018 show an increase of 2.5% in GDP and an increase of 0.7% in GNP when we compare with Quarter 1, 2018. Across the larger sectors of the economy, Information and Communication grew by 11.9% in the quarter, while Industry increased by 5.3% in volume terms. In the domestically focused sectors, Distribution, Transport, Hotels and Restaurants increased by 3.9%, while the Construction sector grew by 3.2%. The Agriculture, Forestry and Fishing sector recorded a decrease of 3.4% in the quarter.
Looking at the economy from an expenditure perspective for the second quarter of 2018, we see that:
In Balance of Payments results for Quarter 2, 2018, the Current Account recorded a surplus of €10.2 billion in flows with the rest of the world, compared to a deficit of €3.3 billion in Quarter 2, 2017. The growth in the surplus was driven by an increase of €5.4 billion in the Merchandise surplus and an improvement of €7.7 billion in the Services deficit.
Today’s Balance of Payments release includes a table of Current Account transactions with the UK and shows a surplus of €2.0 billion for trade in goods and services with the UK in the second quarter of 2018. This trade surplus was offset by a deficit of €4.1 billion for income flows with the UK in the quarter to give an overall Current Account deficit of €2.0 billion. “
Michael Connolly (+353) 1 498 4006 or Christopher Sibley (+353) 1 498 4305
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