CSO figures indicate 4% growth

Updated: 20:34, Thursday, 30 September 2004

Central Statistics Office figures indicate the economy grew at an annual rate of just over 4% in the second quarter of the year.

Central Statistics Office figures indicate the economy grew at an annual rate of just over 4% in the second quarter of the year.

This was slightly lower than in the first quarter, but well ahead of last year's figures.

Gross Domestic Product grew by 4.1%, while Gross National Product, which excludes profits from foreign multinationals, was up 4.2%.

These rates are slightly slower than in the first quarter, when GDP and GNP grew by 6.1% and 5.2% respectively, but they are well ahead of last year's figures of 3.7% and 2.8%.

The expansion was driven mainly by exports and business investment.

Net exports were 8% higher than in the same period last year, while capital investment increased by 14%.

Consumer spending growth slowed from 2.6% in Q1 to just 2.2%, however, while industrial output rose by 2.9%.

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