DUBLIN: The economy grew by 4.8% of GDP last year – the fastest growing economy in the European Union, according to preliminary figures from the Central Statistics Office.
Net exports grew by 10.5%, while domestic demand – a key driver of jobs growth – grew by 3.5%.Spending on personal consumption grew by over 1%, with spending on goods up by just over 5%.
Spending on services was down by 2.2%. The strong spending on goods reflected very strong car sales in particular.
Capital formation – a measure of spending by businesses – grew by 11.3%.
Building investment grew by 7.2%, while there was a substantial investment in machinery and equipment which was up by nearly a third.
Investment in aircraft was down on the previous year. Stripping out aircraft purchases would give a rise of 33% in investment in machinery and investment.
All sectors of the economy recorded positive growth, particularly distribution Transport and Communications, which grew by 8%. Construction grew by just under 7%, Agriculture grew by 10%, while other services were up 3.4%. Industry and public administration both grew by 1.1%.
