| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Economy Last Updated: Jul 31, 2012 - 3:51 PM


Irish Economy 2012: Central Bank forecasts GDP growth of 0.7% this year and GNP will fall 0.3%
By Finfacts Team
Jul 31, 2012 - 2:45 PM

Email this article
 Printer friendly page

Irish Economy 2012: The Central Bank today forecast that Irish GDP (gross domestic product) it will grow by 0.7%  this year, up 0.2 percentage point increase from its previous forecast. GNP (gross national product) mainly excluding the profits of the important multinational sector, will moderate to a contraction of 0.3%.

These forecasts, close to the margin with the multinational sector distorting both measurements, are more guesswork than science.

The Central Bank in its latest quarterly bulletin [pdf], says unemployment will average 14.7%  for the year.

The Bank says that an adverse impact of weakened external demand seems set to be particularly pronounced this year although the impact is likely to be partially offset by competitiveness gains, with further improvements in cost competitiveness envisaged throughout the projection period, albeit at a reduced pace relative to that of recent years. Some pick-up in the performance of exports is expected in 2013, assuming that the projected recovery in external demand is sustained.

The economists said that declining labour supply arising from net outward migration continues to mitigate the impact of declining employment on unemployment. However, this factor is set to be less significant both this year and in 2013 as participation rates, which declined sharply in recent years, show signs of recovery. Unemployment is projected to average 14.7%  this year declining slightly to an average of 14.4%  in 2013 in line with the projected increase in employment.

The Central Bank said that the most noticeable feature of Ireland’s trade performance during the year to the first quarter of 2012 was the sharp acceleration in services export volume growth, which served to offset the modest outturn on the merchandise side over the same period. The performance of services exports annually in the first quarter of 2012 proved considerably more buoyant relative to that of the quarter, with a volume increase of 11.9% , almost double that of the previous quarter. Moreover, the first quarter outturn represented the strongest such increase in services export volumes since the final quarter of 2007. Some divergence in services export performance was however evident at a sectoral level during the year to the first quarter of 2012 - - computer services exports accelerated appreciably while the performance of business services exports, Ireland’s second largest services exporting sector, also gathered momentum. These two sectors, when combined, accounted for approximately 87%  of services export growth annually in the first quarter of 2012.

The foregoing is the official position where fake exports related to the tax strategies of US multinationals are treated as regular exports, reflecting economic activity.

SEE: Irish Economy 2012: At least a third of value of Irish services exports is overstated

Check out our new subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

It's a simple fact that in the prevailing economic climate, the provision of high quality content cannot be sustained through advertising alone. 

Business executives who put a premium on time and value high quality information, should use our service.

Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Irish corporate tax policy like property bubble driven by short-term interests
Irish Economy: Retail sales volume up 4.8% in year to June; Ex-cars at 3.6%
Irish Economy: Bruton and politics of jobs numbers; How to add 50%
Irish Economy: Central Bank raises 2014 forecasts
Irish income inequality fell during the economic bust
Corporation Tax Reform: Irish Government should reject pleadings of short-termists
Irish Economy: Bruton's claim of 70,000 jobs added in past 18 months is not correct
FDI in Ireland: Grant Thornton publishes promotional brochure not balanced report
Irish Banking Inquiry: Advisory group says begin crash saga 20 years ago
Moody's forecasts Irish growth rates "of at least 3% for the next few years"
Irish National Competitiveness Council fails to separate wheat from the chaff
Irish SME Finance: Oireachtas committee calls for less dependency on traditional banking
Irish Economy: Merchandise exports up 15% in May
Irish industrial production fell in May; up 32.3% in 12 months & 16.4% in period 2010-2014
Irish indigenous tradeable exports at 9% of total headline exports in 2013
Irish consumer prices up 0.4% in 12 months to June 2014
Official Irish services index fell in May; PMI survey level was at highest since 2007
US-Ireland Tax Inversions 600,000+ staff: Kenny, Noonan met with top US corporate lawyers
IDA Ireland: Jobs in Irish FDI exporting sector remain below 2000 level
Bord Gáis Irish Energy Index unchanged in June; Up 33% since December 2009
Irish Budget 2015: Ibec urges personal & business tax breaks; No wage hikes
German Bundestag committee warns Ireland has no plan for long-term growth
Irish Economy 2014: Recovery on track; keep champagne on ice
Forty American firms account for two-thirds of Irish exports
Irish pension managed funds returns were in range 6% to 7% in H1 2014
Irish Economy 2014: GDP up 2.7% in Q1; GNP up 0.5% - personal spending/ investment weak
Irish Economy 2014: Tax revenues €500m ahead of target; Social Protection spend down €20m
Irish Economy 2014: Services surge but Reality Check required
Irish Live Register + activation program total at 475,000 in June - 22% of workforce
Irish manufacturing output rises but not matched by sales value
Irish health spending among highest of developed world; Consultants best paid
Irish wholesale gas prices close to 4 year lows
In 2012 20,200 adults from ex-European Economic Area became Irish citizens
US tax inversions screw-up Ireland's national accounts; Bring few benefits
Irish Economy 2014: Volume of retail sales ex-cars fell in May
Irish SME firms' weighted default rate at 41%; Credit situation like Greece
Enterprise Ireland doesn't know how many active client firms it supports
Irish Economy: Economics institute says ‘Do Nothing’ stance in Budget 2015 insufficient
Sir Anthony O'Reilly's bitter twilight
Irish Jobs & Innovation: What should Ireland do? - Part 5