The Department of Finance has released an interim update of its macroeconomic projections: you can find it here. While the upgrade to the real GDP forecast has been well publicised, this release also notes that the decline in the GDP deflator is sharper than expected – but it does not provide a number for nominal GDP growth.
A more elaborate revision of its forecasts will be published in the Autumn.
It wasn’t incompetent economists after all, it was the GAA that did it — see SIndo
The OECD Innovation Strategy brings together the results of a three-year analysis of innovation and innovation policies.
The Executive Summary of the analytical study can be found here and the Key Findings here. A Compendium of Indicators to measure innovation and monitor the implementation of the strategy can be found here.
An Expert Advisory Group including experts nominated by the governments of member states and other selected governments has provided advice and feedback on the project. As far as I can see in this Expert Advisory Group Ireland is not represented.
The CSO released the latest Quarterly National Accounts covering the first quarter of 2010. While seasonally adjusted GDP is up by 2.7% on the previous quarter, GNP is down by 0.5% (net factor outflows were up 11%on the previous quarter) . Compared to the same quarter in 2009 GDP was down by 0.7% and GNP was 4.2% lower. Exports are up compared both to the previous quarter and the same quarter a year ago. Building and construction has continued to contract significantly (-16.3%) while other industry has done very well (+11.6% for Industry including Building and Construction).
The New York Times carries a lengthy article (plus plenty of photos in a slideshow format) on the Irish situation: you can read it here.
A more accurate and comprehensive headline might have been: “Ireland paying a high price for boom-bust cycle in property sector and attendant banking crisis, amplified and abetted by procyclical fiscal policy and now requiring a sustained fiscal correction” – but that is probably too long!
Update: Paul Krugman adds his view in this post.