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6.1 News: Robert Shortt, Business Correspondent, reports on how the CSO believes the economy may now be growing at a rate of 6% annually
Figures from the Central Statistics Office show that the Irish economy grew at an annual rate of just over 6% in the first three months of this year.
Growth as measured by Gross Domestic Product was 6.1%. Gross National Product, often considered a better indicator as it excludes profits from foreign multinationals, rose by 5.1%, the strongest rate of growth in three years.
A breakdown showed that consumer spending moved up by 2% compared with the first three months of 2003, while industrial output rose by 8% and capital investment jumped by 12.4%. Net exports were up more than 20%.
Separately, the CSO released final growth figures for last year, which showed GDP growth of 3.7% and GNP growth of 2.8%.
