merrion street

CSO Ireland today released detailed annual national accounts which show that Gross National Product (GNP) increased by 18.7% in constant prices between 2014 and 2015.

Gross Domestic Product (GDP) increased by 26.3% over the same period.The 2014/2015 volume changes indicated at that stage were GDP (7.8%) and GNP (5.7%).

Commenting on the figures, Finance Minister Michael Noonan said: 

These figures will have an impact on both the deficit and debt – the debt ratio for this year is now estimated at 80 per cent (compared to 88 per cent estimated in the Summer Economic Statement); the deficit is now projected at 0.8 per cent (compared to 0.9 per cent projected in the Summer Economic Statement). Other indicators, including tax revenue published last week, consumer spending and labour market data are all consistent with an economy where recovery is firmly established.

I think the figures released by the Central Statistics Office show that Ireland’s economy continues to grow. Peoples’ lives are improving with more at work than at any time since the onset of the downturn. We no longer need to impose swingeing cuts to public services rather we have room to invest in services and infrastructure. Ireland is now in a position where we borrow relatively small amounts at very low rates which ensure that investment is made in delivering more than the bare minimum of services to our citizens. These are all evidence of a country growing in real terms.

You can find more information on the CSO website here.