THE IRISH ECONOMY was back in positive territory for the third quarter of 2010, according to new figures published by the Central Statistics Office today.
Gross Domestic Product, the traditional measure of economic growth – which amounts to the total value of all economic output – was up by 0.5% in the months of July, August and September.
Perhaps more significantly, however, the measure of Gross National Product – the volume of economic output originating within the state – was also positive, up by 1.1% – the first time since 2008 that that measure has been in positive territory.
The fact that both measures of economic output are both now positive means that regardless of which barometer is used, Ireland’s recession has now ended.
The figures will come as a relief to the government, after the figures for the second quarter showed that GDP had fallen by 1.2%, while GNP was down by 0.3% in the months of April to June.
If GDP had been negative in Q3 – having turned positive in the first quarter of the year – then Ireland would have officially gone back into recession.
Broken down by individual sectors, industry saw growth of 1.4%, despite a fall of 8.2% in the level of building and construction sector.
Output in the services sector fell, however, as did the output in communication, transport and distribution.
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