- GDP rose by 5.1 per cent last year while GNP increased by 9.6 per cent – broadly in line with the initial estimates
- The CSO today also published an alternative measure of Gross National Income, GNI* with General Government Debt to GNI* ratio at 106% in 2016
- GDP was 6.1 per cent higher year-on-year in the first quarter of 2017
The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, has welcomed the publication today (Friday) by the CSO of the definitive national accounts for last year, together with estimates for the first quarter of 2017.
Commenting on the figures, Minister Donohoe said: “Today’s figures are very positive showing that the Irish economy grew by 5.1 per cent in GDP terms last year. This confirms that Ireland was the fastest growing economy in the European Union in 2016.”
“Today’s data also provide clear evidence of continued momentum in the economy this year with annual GDP growth of 6.1 per cent recorded in the first quarter. These figures are mirrored in strong employment growth, as well as tax receipts to end-June which increased by 4 per cent over the same period last year.”
“The CSO has today also published an alternative measure of economic activity in Ireland, modified Gross National Income (GNI*), which is estimated at €189.2 billion last year. As a result, the debt to GNI* ratio was 106 per cent in 2016. The still elevated levels of debt in the Irish economy and the increasingly uncertain external environment underlines the importance of sensible management of the public finances. That is what the Summer Economic Statement sets out and what the Government will continue to do.”
Note to editors:
Modified GNI (GNI*) is a measure of Irish economic activity that was recommended by the Economic Statistics Review Group (a group established following the publication of the 26 per cent growth rate for 2015, and chaired by the Governor of the Central Bank). It is a better measure of domestic economic trends as it excludes:
Profits of re-domiciled companies;
Depreciation on R&D-related intellectual property imports;
Depreciation on aircraft leasing.
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