The Irish economy shrank in 2009 by more than previously estimated, according to revised figures issued by the Central Statistics Office (CSO) on Wednesday.

The data shows that gross domestic product (GDP) dropped by 7.6% in 2009, compared to an earlier estimate of 7.1%.

The CSO’s report on  national income and expenditure 2009, shows that gross national product (GNP), which excludes the profits of foreign multinationals operating in Ireland, fell 10.7 per cent, lower than the 11.3 per cent decline that was published last March. In nominal terms, Net National Product at factor cost fell by 14.5% in 2009 to €100.65bn, equivalent to €22,573 per head of population. Agricultural incomes decreased by 24.4% and non-agricultural incomes decreased by 8.6%. Factor income outflows to the rest of the world decreased by 12.2%. Gross National Disposable Income dropped by 15.1%.

The CSO said in current money values, Personal Expenditure decreased by 11.1% and Government Expenditure by 5.1%. When price rises are discounted, Personal Expenditure decreased by 7.0% and Government Expenditure by 4.4%.

The value of investment in construction and capital equipment decreased by 37.9%. This represents a decrease of 31.0% in volume terms. The value of stocks decreased by €2.28bn in constant prices.

The value of exports of goods and services exceeded imports in real terms by €23.14bn in 2009 as compared with €16.30bn in 2008 while the current account deficit in 2009 was €4.90bn.

Fine Gael's enterprise spokesman Richard Bruton said the figures confirmed the Republic suffered "both the longest and deepest recession" of any advanced economy in the world.

"Ignoring price changes, the size of the Irish economy in GDP terms fell by 16% between 2007 and 2009," he said.

 National Income and Expenditure 2009 (pdf)