GDP increases by 1.5 per cent in third quarter

The Irish economy grew by 1.5 per cent during the third quarter according to preliminary figures from the Central Statistics Office.

The latest Quarterly National Accounts, which were published this morning, indicate that on a seasonally adjusted basis there was a 1.5 per cent increase in Gross Domestic Product (GDP) from July through to September, while Gross National Product (GNP) increased by 1.6 per cent.

On the expenditure side of the accounts personal expenditure increased by 0.9 per cent and capital investment increased by 10.9 per cent between Q2 and Q3 2013.

Government expenditure increased by 1.1 per cent while net exports declined by €233 million in volume terms on a seasonally adjusted basis between the second and third quarters of this year. However, net exports were €654 million higher in the third quarter of 2013 compared with the corresponding quarter of 2012.

On the output side of the accounts public administration and defence decreased by 1 per cent, while agriculture, forestry and fishing declined by 2.9 per cent between the second and third quarters of 2013.

In the twelve months to the end of September, the economy grew by 1.7 per cent in GDP terms, mainly driven by domestic demand.