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Minister for Finance welcomes CSO Data

  • In the fourth quarter of 2016, real GDP rose by 2.5 per cent relative to the previous quarter. As a result GDP grew by 7.2% year-on-year in the fourth quarter.
  • For the year as a whole, GDP grew by 5.2% in 2016 and GNP increased by 9.0%.
  • While export growth slowed in 2016, this mainly reflects the significant decline in exports linked to contract manufacturing. Once this is taken into account it is clear that the exporting sector remains solid with strong growth recorded in both goods and service exports.

The Central Statistics Office today released Quarterly National Accounts for the fourth quarter of 2016 and preliminary estimates for the full year of 2016.

Commenting on the figures, Finance Minister Michael Noonan said:

The CSO figures for 2016 show that the Irish economy grew by 5.2 per cent in GDP terms and by 9.0 per cent in GNP terms. This confirms that under the steady hand of this Government Ireland remains among the fastest growing economies in the European Union last year.

Domestic demand is now the main driver of growth with private consumption up 3.0 per cent in 2016 supported by favourable labour market dynamics, continued increases in disposable income and solid consumer confidence. These data are mirrored in strong tax receipts in the fourth quarter. Tax receipts have continued to perform strongly during the first quarter of this year and unemployment continues to fall.

The Government is committed to remaining vigilant in the face of an increasingly uncertain external environment. Prudent management of the public finances and competitiveness oriented policies helped create the recovery and only this approach will help ensure sustainable growth in the years to come.