Irish economy grows 0.9% in 2012
Country has second consecutive year of economic growth as domestic demand falls
Growth was driven by net exports of ¤4.4 billion, as domestic demand fell 1.5 per cent. Photograph: Cyril Byrne/Irish Times
The Irish economy grew 0.9 per cent in 2012, the second consecutive year of growth, according to the latest figures released by the Central Statistics Office.
There was no change in fourth quarter GDP in real terms after figures for the third quarter showed GDP expanded 0.8 per cent compared with the same quarter in 2011.
Growth was driven by net exports of €4.4 billion, as domestic demand fell 1.5 per cent. Gross national product increased 3.4 per cent in 2012 compared to the previous year.
The country’s growth contrasts with the European Union ’s 0.3 per cent fall in average GDP.
Software, transport and distribution had the strongest output growth, up 3.1 per cent, whilst agriculture, forestry and fisheries declined by 10 per cent and public administration and defence decreased by 4.2 per cent in the year.