Figures from the Central Statistics Office show that the Irish economy grew by 3.3% last year. This is a pick-up on the 0.1% growth recorded in 2002, but is still well below the 10% rate seen in 2000.
The 3.3% figure is for gross national product, which strips out profits made by multinational companies. Gross domestic product, which includes these profits, grew by 1.4% last year, as profits in multinational firms fell.
A breakdown of the 2003 figures shows that consumer spending growth slowed to 1.9% last year, while industrial output grew by 2.3%. Capital investment fell by 2.9%, however, while exports were 5.8% lower.
The figures also show that spending by national and local government on goods and services grew by just 2.1% last year, following rates of 11% and 9% in 2001 and 2002 respectively.
CSO figures for the final quarter of 2003 show annual growth rates of 5.5% for GNP and 2.7% for GDP, but the CSO warns that the quarterly figures can be very variable.
IIB economist Austin Hughes says the growth figures broadly confirm the picture of a reasonably healthy economy suggested by employment figures released earlier in March.
But he says an uneven global recovery and a lack of any great momentum in consumer spending mean GNP growth this year will be much the same, although GDP growth could accelerate dramatically because of stronger activity in multinationals.
