Ireland’s GDP measured by output was €338 billion in 2010

New CSO calculation said to give better measure of economic activity

Thu, Apr 24, 2014, 11:55

Ireland’s gross domestic product (GDP) measured in terms of output - the value of goods and services at basic prices - was €338 billion in 2010, according to the Central Statistics Office (CSO).

Calculating GDP via the “output method” rather than using the conventional aggregates of income and expenditure can provide a more accurate measure of activity in the economy.

The EU has recommended national statistical agencies integrate this approach into the GDP compilation process.

The CSO’s calculation showed intermediate consumption - the value of goods and services consumed or used up as inputs in production -totalled €196.6 billion.

That, when deducted from output, resulted in value added - the difference between the sale price and the production cost - of €141.2 billion.

The CSO said the main constituents of output in 2010 were service industries at €219.5 billion, which accounted for 65 per cent of the total.

Production industries amounted to €98.7 billion (29.2 per cent), construction was €13.2 billion (3.9 per cent) while agriculture, forestry & fishing was €6.4 billion (1.9 per cent).