Irish economic growth has been brisk in the first quarter of the year, compared with the same period last year.
Gross Domestic Product (GDP) was 2.9 per cent higher in the first quarter than in the first quarter of 2001, according to figures released by the Central Statistics Office this morning.
This compares with an annual growth rate of 5.9 per cent for the year 2001 as a whole.
Gross National Product (GNP) in the first quarter was up 1.6 per cent at constant prices compared with the first quarter of 2001.
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GNP on a quarterly basis is affected by the timing of factor income flows with the rest of the world.
Other results show:
- Consumer spending (personal consumption of goods and services) rose by 3.6 per cent compared with the same quarter of 2001.
- Capital investment declined by 5.1 per cent in the first quarter of 2002 compared with the same period of last year.
- Exports and imports increased in volume by 8.3 per cent and 5.7 per cent respectively in the first quarter of 2002 compared with the same quarter of last year.
- The volume of output of Industry increased by 3.2 per cent compared with the same period of last year. Output of other services was up 5.6 per cent.