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Economy in Brief
U.S. Mortgage Applications Continue to Weaken
The MBA Loan Applications Index fell 1.2% (-54.5% y/y) in the week ended May 20...
German Climate Reading Continues to Skid Toward the Abyss
Germany's GfK consumer climate reading improved ever so slightly in June...
U.S. New Home Sales Plunge in April as Prices Jump
The new home sales market is unraveling...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $4.59 per gallon in the week ended May 23...
S&P Flash PMIs Are Mixed in May As Manufacturing Erodes Slowly
Among the early reporting countries in Europe and Japan, the S&P PMI readings for May tilt toward weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Louise Curley December 18, 2012
Ireland continues to recover from the recession of 2008. According to data released today, GDP in Ireland rose a modest 0.18% in the third quarter from the second quarter and was 0.79% above GDP of a year ago. Ever since the third quarter of 2010, Ireland's Gross Domestic Product has exceeded that of the GDP of the previous year and since the first quarter of 2011 it has exceeded the changes in real GDP of Portugal, Greece and Spain, as can be seen in the first chart.
The major components of GDP are shown in the second chart and in the table below. Over the recovery period, the portions of personal and government consumption have shown little trend and that of gross fixed capital formation has declined steadily. Austerity programs--higher taxes and cuts in social programs have kept consumption and investment in check. Net exports of goods and services have been the main provider of growth. As a result, the economic outlook is likely to be dependent on continued growth in Ireland's trading partners. The International Monetary Fund estimates growth this year at 0.4%, 1.1% in 2013, and 2.2% in 2014.
Ireland Gross Domestic Product | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Q3 '12 | Q2 '12 | Q1 '12 | Q4 '11 | Q3 '11 | Q2 '11 | Q1 '11 | Q4 '10 | |||
Q/Q Percent Change in GDP | 0.18 | 0.42 | -0.50 | 0.70 | -0.54 | 2.02 | 0.71 | -1.34 | ||
Y/Y Percent Change in GDP | 0.79 | 0.07 | 1.60 | 2.91 | 0.82 | 1.83 | 0.15 | 0.39 | ||
Private Consumption (Mil. Chained 2010 Euros) | 19789 | 19698 | 19717 | 20071 | 19761 | 20015 | 20208 | 20405 | ||
Government Consumption | 5967 | 5986 | 6221 | 6080 | 6232 | 6347 | 6411 | 6461 | ||
Gross Fixed Capital Formation | 4126 | 3801 | 4493 | 3965 | 3747 | 4403 | 4257 | 4307 | ||
Net Exports of Goods and Services | 10710 | 11246 | 9643 | 10423 | 10127 | 9485 | 7866 | 7243 |