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Press Release

Minister Donohoe welcomes CSO data confirming continued robust growth in Irish economy

Published: 14 March 2019
From: Department of Finance and Central Statistics Office
  • In the fourth quarter of 2018, real GDP rose by 0.1 per cent relative to the previous quarter; as a result the level of economic activity was 3.0 per cent higher than in the same period a year earlier.
  • GDP grew by 6.7 per cent in 2018 and GNP increased by 5.9 per cent.
  • Modified final domestic demand – a better proxy for the domestic economy – grew by 4.5 per cent in 2018.

The CSO today (14th March) released Quarterly National Accounts for the fourth quarter of 2018 and preliminary estimates for the full year of 2018. Commenting on the figures, Minister for Finance and Public Expenditure and Reform, Paschal Donohoe T,D, said:

“Today’s figures are strong showing that the Irish economy grew by 6.7 per cent in GDP terms and by 5.9 per cent in GNP terms in 2018. This confirms that Ireland continues to be among the fastest growing economies in the European Union last year. Importantly, the growth in the economy is broad-based with positive underlying contributions from both the domestic and multinational sectors.

For instance, modified final domestic demand, which is a better indicator of domestic developments as it excludes some of the volatile components of investment, increased by 4.5 per cent last year. This is consistent with other indicators – employment, tax receipts – showing continued improvements in living standards last year.

Today’s data also show that the pace of growth moderated over the second half of last year. Again this is consistent with other available information. Minister Donohoe commented:

“The international outlook is less benign than was the case at the time of the Budget, with some of the key risks having now materialised. The Brexit cloud hangs over the economy and, as I outlined in January, the impact on the most-exposed sectors of the economy could be severe. Careful management of the economy and of the public finances is needed now more than ever in order to chart our way forward through the uncertain times ahead.”

END

Notes to editor

Modified final domestic demand is the sum of consumption by households and government and investment by the public and private sector excluding investment in aircraft by the leasing sector and intangible assets produced overseas.