GDP And GNP Decline In Second Quarter Of 2009

Initial estimates of Gross Domestic Product (GDP) and Gross National Product (GNP) for the second quarter of 2009 show year on year declines in both measures.

Compared with the corresponding quarter of 2008, GDP at constant prices was 7.4 per cent lower while GNP was 11.6 per cent lower.

On a quarterly basis the seasonally adjusted estimates show no change in GDP compared with the previous quarter while there was a small decline of 0.5% in GNP.

Consumer spending (personal consumption of goods and services) in volume terms was 6.8 per cent lower in the second quarter 2009 compared with the same period of the previous year.

Capital investment, in constant prices, declined by 24.4 per cent in the second quarter compared with the second quarter of 2008.

Net Exports (exports minus imports) in constant prices were €1,369 million higher in second quarter, while the volume of output of Industry (including the construction sector ) decreased by 11.3 per cent in second quarter of 2009. Within this the output of the construction sector fell by 30.8 per cent over the same period.

Output of the distribution, transport and communications sectors was down 8.6 per cent while the output of other services was 2.8 per cent lower in the second quarter of 2009 compared with the same period of last year.