13 September 2019
The Central Statistics Office (CSO) today (Friday, 13 September 2019) published Quarterly National Accounts and International Accounts results for Quarter 2, 2019.
Assistant Director General with responsibility for Economic Statistics, Jennifer Banim, commented:
"Preliminary results for Quarter 2, 2019 show an increase of 0.7% in GDP when we compare results with Quarter 1, 2019. GNP showed a decrease of 2.8% in the quarter. As in previous quarters, we see the impact of globalisation events in the results today. The modified demand indicators, designed to remove these effects, are provided to give insight into underlying economic activity.
Across the larger sectors of the economy, Industry grew by 5.7% in volume terms and Information and Communication increased by 8.1% in Quarter 2, 2019. In the domestically focused sectors, Construction increased by 0.4% while the Distribution, Transport, Hotels and Restaurants sector decreased by 0.2%. The Agriculture, Forestry and Fishing sector recorded an increase of 3.9% in the quarter.
When we look at expenditure in the economy, we see that:
Commenting on the results for Quarter 2, 2019 from the International Accounts, Jennifer Banim continues:
"In Balance of Payments results for Quarter 2, 2019, the Current Account recorded a deficit of €26.5 billion in flows with the rest of the world, compared with a surplus of €10.6 billion in Quarter 2, 2018. The change in the overall balance was driven by an increase in IPP imports and we see imports of Business Services increasing to €54.8 billion in the quarter compared to €16.7 billion in Quarter 2, 2018. We also observed continued strong growth in exports of computer services in the quarter, now worth over €27 billion.
Today’s Balance of Payments release includes a table of Current Account transactions with the UK. The results show a surplus of €2.1 billion for trade in goods and services with the UK in the second quarter of 2019. The trade surplus was offset by a deficit of €4.4 billion for income flows, giving an overall Current Account deficit of €2.3 billion with the UK in the quarter, compared to a deficit of €1.8 billion in Quarter 2, 2018."
Michael Connolly (+353) 1 498 4006 or Christopher Sibley (+353) 1 498 4305
or email nat_acc@cso.ie
or email bop@cso.ie
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