Gross Domestic Product (GDP) rose by 5.6 per cent in the first three quarters of 2004 compared with the same period last year, according to the latest figures from the Central Statistics Office (CSO).
The corresponding growth rate in Gross National Product (GNP), which excludes the profits of foreign owned enterprises, was 4.9 per cent. However the GNP figure was lower than in the first two quarters of this year.
In the three months up to the end of September, GDP increased by 5.8 per cent in volume terms compared with the same quarter of last year while GNP increased by 4.2 per cent.
The CSO said personal consumption of goods and services at constant 1995 market prices rose by 2.8 per cent in the third quarter of 2004 compared with last year.
Capital investment increased by 3.6 per cent in the three months to September which was significantly lower growth rate than in the first two quarters of the year.
The value of net exports increased from €4,631 million in the third quarter of 2003 to €5,578 this year.
The volume of output of industry increased by 4.9 per cent for the quarter compared with last year.
Separate figures showed a small current account deficit of €91m in the balance of payments for the third quarter of this year.
Over the first nine months of 2004, the accumulated deficit amounted to €886 million, some €550 million lower than that for the same period in 2003
The CSO said the small deficit arose from a merchandise surplus of €8,067 million. Exports for the third quarter were at €19,390 million, down almost €1 billion on the previous quarter but largely unchanged compared to the third quarter last year.