Irish GNP plunged at annual 12% rate in first quarter of 2009; Service exports fell; Ireland’s External Debt increased to €1.69 trillion | Refinancing
Home > Finance News > Irish GNP plunged at annual 12% rate in first quarter of 2009; Service exports fell; Ireland’s External Debt increased to €1.69 trillion

Irish GNP plunged at annual 12% rate in first quarter of 2009; Service exports fell; Ireland’s External Debt increased to €1.69 trillion

June 30th, 2009

Irish GNP plunged at annual 12% rate in first quarter of 2009; Service exports fell; Ireland’s External Debt increased to €1.69 trillion

Irish Gross Domestic Product (GDP) and Gross National Product (GNP) for the first quarter of 2009 fell sharply according to data today from the CSO. Compared with the corresponding quarter of 2008, GDP at constant prices was 8.5 per cent lower while GNP – –  which excludes profits from multi-national companies – –  was 12.0 per cent lower. The seasonally adjusted estimates show that, compared with the previous quarter, GDP fell by 1.5 per cent and GNP by 4.5 per cent. Service exports at €16,050m fell €360m largely due to insurance and financial services. Service imports rose. Ireland’s External Debt increased to €1.69 trillion at end March 2009.

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