Quarterly National Accounts – Quarter 2 2013

The Minister for Finance noted the publication today of the Quarterly National Accounts by the Central Statistics Office and stated:

“Today’s Quarterly National Accounts show the Irish economy returned to growth in the second quarter of 2013, with 0.4% GDP growth recorded.

The figures show exports reaching an all-time high both in terms of value and volume terms in the second quarter. Although the patent cliff is impacting production, services exports are growing strongly.

On the domestic front, the figures suggest stabilisation. This is in line with the other economic data that we have seen for the second quarter; the most notable being the increase of 34,000 jobs in the year, a 1.8 % growth in employment.

It is important to state that today’s figures relate to the second quarter of this year and do not reflect the strengthening high-frequency data that we saw later in the summer. Most importantly, monthly Live Register showed falls in unemployment in August. In addition, there were increases in national property prices and in core retail sales over the summer.