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New figures from the Central Office of Statistics show that the economy has now increased by 7.2% in 2017, down from its original estimate of 7.8%
The CSO said that the country's gross domestic product decreased by 0.6% it was still 9.1% higher than a year ago.
The CSO also stated that GNP growth for the past year was revised to 4.4% from 6.6%
. has outperformed elsewhere in Europe since 2014 but the relevance of using conventional metrics for economic growth has been questioned when 2015 growth has been adjusted to 26% after a mbadive overhaul of the stockpile. ;fixed badets.
The CSO stated that the modified domestic demand – a new measure used to eliminate the distorting effects of foreign multinational corporations – showed 2.8% growth in the first quarter.
Moreover, today's figures show that total domestic demand grew 3.7% in the first quarter of this year compared to the previous three-month period.
Personal consumption, which accounts for 50% of domestic demand, declined 0.3% in the first three months of the year.
The government has increased its GDP forecast for 2018 to 5.6% from 3.5%. 19659002] The government said that underlying domestic demand was a better indicator of activity in the real economy and projected an increase of 3.9% this year.
Many economists also view the labor market as a more accurate barometer. the unemployment rate fell to 5.1% in June against 16% in 2012.
A host of other data, from retail sales and business surveys, also showed a sharp recovery in the first quarter.
Today 's figures also show that the information and communication sector 13.7% in the first quarter, while the industry decreased by 9.7 % in volume compared to the high levels recorded in the previous quarter.
In domestically oriented sectors, the CSO reported that the distribution, transportation, hotels and restaurants sector decreased by 1.1%, while growth in the construction sector was stable during the quarter.
The agriculture, forestry and fishing sector also declined 1.6%.
On the export side, the CSO reported that exports decreased by 5.8% in the first quarter of 2018 In the fourth quarter of 2017.
Overall net exports for the quarter, combined with a decrease in imports of 2.5%, decreased by 13.2%.
Separate figures in the CSO balance of payments show that the current account shows a surplus of 9.6 billion euros in flows with the rest of the world in the first quarter of 2018.
This represents an increase of 4.5 billion euros compared to the balance of the first quarter of 2017.
Overall growth in the surplus was fueled by an increase of 2 billion euros in goods surplus and an improvement of the services deficit and revenues of 2.4 billion euros
The Minister of Finance, Paschal Donohoe, said very positive and showed that Ireland was the economy at the fastest growing in the European Union last year.
"Today's data clearly shows the continuation of economic momentum this year with annual GDP growth of 9.1% recorded in the first quarter," he said. The Minister.
"Although this is mainly due to the external sector, private consumption also makes a strong positive contribution of 2.7% on an annual basis," he added.
million. Donohoe said that notwithstanding the well-known limits of GDP, it is clear that the economy continues to perform strongly.
"Full-time employment increased by more than 4% in the first quarter of this year, unemployment continues to decline and tax revenues at the end of June are up 5.4% over the same period last year ". ! function (f, b, e, v, n, t, s) {
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