| 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
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Key Irish legal services reform parked in Limbo
Irish Economy: Annual price rises dip to 0.2% in October
Irish Economy: Merchandise exports down 3.8% in third quarter
Bruton back in US to reassure investors on Irish tax - can he?
Hidden Taxes Report: Kenny denies Irish special Apple tax deal despite contrary "evidence"
Irish private cars licensed for first time rose 6.7% in October
Irish pension managed funds had mixed performance in October
Irish Jobs: Policy flaws require Bruton's focus not spinning for headlines
Trichet's letter on Irish bailout has no surprises - Update
Irish Economy 2014: Industrial production up 3.3% in September; Sales value down 0.1%
Official Irish services index shows rise of 1.1% in September after August drop of 1.3%
Irish Economy 2014: Numbers on Live Register + public schemes at 447,000 in October - 20% of workforce
Irish Exchequer deficit at end October at €8.5bn; Tax receipts €1.1bn above target
Growth in Irish service PMI strong in October; Watch for official data
NTMA attracts over €8bn of bids for 15-year bond
Irish consumer sentiment dipped in October
Irish Economy 2014: PMI survey indicates accelerating growth in manufacturing
Germany and EIB to boost lending to Irish SME firms
Bono struggling again as anti-poverty campaigner and tax avoider
Lack of technical expertise & funds impeding digital growth in Irish SMEs
Irish Economy 2014: Retail sales stagnant in September; Ex-vehicles flat in quarter
Irish Economy: Government's band-aid measures reveal rising strategic deficit
Irish Finance Bill 2014: Tax breaks for foreign executives enhanced; Abuse likely to rise
Globalization, technological change and GDP's disconnect - Part 3
Randox Laboratories to add 470 jobs in Donegal by 2020
Irish Economy 2014: Goods exports up 23% in August following 16% dip in July
Irish Budget 2015: Economic analyses of the tax and spending changes
Double Irish tax scheme axed; Conventional wisdom wrong again - Part 1
Irish Budget 2015: Some reactions of vested interests + others
Irish Budget 2015: Main points of speeches
Irish Budget 2015: Small income tax cuts; €100 for pensioners & Double Irish axed in 6 years
Bono defends Irish tax regime to defend his Dutch one
Irish startups plan to double new jobs numbers not really a plan
European Commission presses Ireland to end 'Double Irish' tax dodge in budget
Irish Budget 2015: New pension tax/ levy may fund income tax cuts/ social housing
Irish Economy: Tourism/restaurant jobs up 23,000 since 2011 - how many from VAT cut?
Irish Economy: ESRI notes GNP and trade data uncertainties / distortions in national accounts
Irish Economy 2014: ESRI says GNP will grow at 5% in 2014 and 2015
Irish Economy 2014: New car sales up 30.5% in year to September
Irish industrial production + services fell in August; Recall the excitable PMIs?