The country’s gross national income (GNI) increased by 6.7 percent last year, while gross domestic product (GDP) grew by 9.4 percent, reports Breaking News.
The Central Statistical Office (GUS) published on Friday the results for the first quarter of this year and data for 2022.
GDP growth was largely attributed to a strong expansion in sectors dominated by multinational corporations, which grew by 15.6 percent, while all other sectors grew by 5.6 percent year-on-year.
Exports increased by 13.9 percent, while total imports increased by 15.9 percent. Adjusted domestic demand, which focuses on the domestic economy, increased by 9.5%.
The Central Statistical Office determined that the balance of payments showed a current account surplus of EUR 54.6 billion, while a modified measure that excludes the impact of globalization showed a surplus of EUR 19.5 billion.
Although data for Q1 2023 show a slight contraction at the beginning of the year, GDP fell by 2.8%. compared to the last quarter of 2022
Financial and insurance activities, construction and information and communication sectors showed growth, while government spending, investment and industry declined.
Commenting on the statistics, CSO’s assistant director general Jennifer Banim said domestic businesses benefited from the lifting of Covid restrictions last year.
“The distribution, transport, hotels & restaurants sector increased by 16.9 per cent in the year, with agriculture, forestry & fisheries up by 6.3 per cent, while construction and real estate activities both posted growth of 4.2 per cent,” reports Breaking News.
The figures were welcomed by Minister for Finance Michael McGrath, stating it confirms the “strong post-pandemic rebound in the domestic economy last year. Despite multi-decade high rates of inflation, it is encouraging to see the very strong growth in both consumer and investment spending,” reports Breaking News.
Looking ahead, the strength of our labour market, rising consumer confidence and the easing in inflation, should all support growth over the remainder of the year. That being said, many of the headwinds to growth which existed at the start of the year remain ever-present,” Mr McGrath warned, highlighting capacity constraints, particularly in the housing and labour markets, reports Breaking News.
Tell us your thoughts in the Facebook post and share this with your friends.