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Ireland records GDP growth of 7.8 p.c.in 2015, fastest growth rate of all 34 OECD countries Back
10th March 2016: First official figures for Irish economic growth for 2015, show a GDP growth rate of 7.8 per cent, and GNP growth of 5.7 per cent, CSO figures show. In Q4, the CSO says, GNP growth was an amazing 3.4 per cent seasonally adjusted. This, if continued, indicates an annualised rate of growth of 14.3 per cent in volume terms. Indications are however that growth 'moderated' to about a 7% rate in Q1, so far, judging from Exchequer returns.
GDP totalled €203.524 billion in 2015, up 7.8 per cent in volume terms, the CSO said, while GNP was valued at €171.867 billion, (up 5.7 per cent in volume),

The preliminary estimates indicate that GDP in volume terms increased by 7.8 per cent for the year 2015. GNP showed an increase of 5.7 per cent. The latest Exchequer figures (to end February) do show however that growth is continuing at a rate of circa 7 per cent in the early months of 2016.

On a seasonally adjusted basis, constant price GDP for the fourth quarter of 2015 increased by 2.7 per cent compared with the previous quarter while GNP increased by 3.4 per cent over the same period, the CSO said.

The CSO said that Value added of industry rose by 13.7 per cent in volume terms in 2015 compared to 2014, with manufacturing recording a 14.2 per cent increase in real terms and building and construction recording an 8.8 per cent increase, see Table 1. The distribution, transport, software and communications sector increased by 8.7 per cent while the agriculture sector increased by 6.4 per cent, and other services by 4.3 per cent. Public administration and defence recorded an annual decline of 2.6 per cent.

On the expenditure side of the accounts, capital formation rose strongly by 28.2 per cent during 2015. Personal consumption, which accounts for 55 per cent of domestic demand, rose by 3.5 per cent, while government expenditure exhibited a slight decline over the same period (0.8 per cent). Total domestic demand increased by 9.3 per cent in 2015 compared with 2014.

Import growth during the year of 16.4 per cent outpaced that of exports at 13.8 per cent. Overall net exports for the year was little changed, increasing by €250m and when combined with the 9.3 per cent increase in domestic demand, resulted in an overall increase in real GDP in 2015 of 7.8 per cent.
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