The Irish Economy

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).

Peter Boone and Simon Johnson turn their attention to the Irish economy in this Baseline Scenario article (also published in an edited form as “Irish Miracle - or Mirage?” on the NYT Economix blog).

More releases from the CSO:

The latest national accounts release shows the scale of the contraction in 2009, with national income falling far more than the decline in production (the foreign-owned firms doing better than domestic firms).

The BOP release shows that the current account deficit has narrowed to 2.8% of GDP.

Governor Honohan delivered a speech to the Trinity College Alumni Career Network this morning: you can read it here.

The Financial Times continues its alliterative series on Ireland by publishing my letter responding to last Friday’s “Debtors in Dublin” editorial.

The opinion of the economics team at Goldman Sachs is important in shaping market views of the Irish economy and the Irish fiscal position:  see here for the latest briefing note by Kevin Daly.

This report includes an article on NAMA by Brendan Dowling.

John Murray Brown analyses the set of policy challenges facing the government in the Analysis page of today’s FT: you can read it here.

The trade union UNITE has released its recommendations for economic recovery here.

Peter Sutherland has an op-ed in Monday’s FT: you can read it here.

Davy, Goodbody and NCB have collaborated on this joint report on the Irish economy: you can download it here.

Ronald Greenspan of FTI presented this paper to a Dublin conference this morning, with Brian Cowen in the audience:FTIgreenspandublin

This week’s edition carries an analysis of the Irish economy: you can read it here.

Click here to listen to the Bloomberg interview with Patrick Honohan.