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• In the third quarter of this year, real GDP rose by 4.0 per cent relative to the previous quarter; as a result the level of economic activity was 6.9 per cent higher than in the same period a year earlier.
• The average growth rate in the first nine months of the year was 4.7 per cent.

The Central Statistics Office (CSO) today (9th December) published national accounts estimates for the third quarter of this year. Commenting on the figures, Minister for Finance Michael Noonan T.D. stated:

“Today’s figures are very positive. GDP rose by 4.0 per cent between the second and third quarters. As a result, the level of real GDP was 6.9 per cent higher year-on-year.
While exports slowed in the third quarter, 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 is holding up well with double digit growth recorded in both goods and service exports.

Domestic demand is also contributing to growth with private consumption up 2.1 per cent year-on-year and building and construction investment up almost 20 per cent. Today’s encouraging data are mirrored in strong employment growth as well as tax receipts to end-November which increased by 6.5 per cent over the same period last year.

These figures are the first estimate of growth in the Irish economy since the Brexit referendum. They show that the immediate impact from Brexit has been more benign than initially anticipated. However, we cannot be complacent. The best way to deal with such risks is through competitiveness oriented policies and prudent management of the public finances. That is what this Government has been doing. That is what we will continue to do. ”