The Irish economy recorded a year-on-year GNP growth rate of 3.1 per cent in the second quarter of 2005, but a pattern of weakening productivity is beginning to emerge.
New national accounts released today show second quarter GDP was 4.1 per cent. Economists had expected this figure to exceed 5 per cent in line with employment growth and consumption statistics released earlier this month.
The volume of output of industry increased by 2.3 per cent compared with last year, according to the figures compiled by the Central Statistics Office.
The GDP figure, which includes the value of exports and imports of foreign-owned companies operating in Ireland, may also have been dented by weak performance in the exports. In the second quarter of 2005, the net trade position was €133 million lower than in the same period of 2004.
Consumer spending was up 4.7 per cent on the same period of 2004; the more volatile investment figure showed a growth rate of 11.4 per cent in the second quarter.