Q4 2008 Macro/BOP data from CSO

The CSO has released new data today in relation to Q4 2008 and preliminary annual data for 2008.  As per Karl Whelan’s preference,  I will briefly focus on the Q42008-Q42007 annual changes.  The year-on-year decline in GDP is 7.5 percent (GNP declined by 6.7 percent).    The current account has declined from a Q42007 deficit of 5.8 percent of GDP to a trivially-small deficit of 0.3 percent of GDP in Q4 2008.

The National Accounts data release is here.

The BOP data release is here.

One reply on “Q4 2008 Macro/BOP data from CSO”

The CA deficit is highly seasonal because of the timing of farm payments, so a zero in Q4 is still consistent with a sizable (if rapidly reducing) annual deficit. With Govt borrowing next year of (say) 12%, and a CA deficit of 2%, the private sector financial balance is still in massive surplus.

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