Dismal enough figures comparing Q1 2012 to Q4 2011 to be released by the CSO Thursday 12 July. However, It does appear that growth in 2011 was better than previously thought and has been revised upwards to 1.4%.
Somehow the figures were released prematurely by the CSO and published on its website for around 15 minutes on Wednesday. RTE got hold of them and ran the story.
http://www.rte.ie/news/2012/0711/ire...-business.htmlPersonal spending fell by 2.2%, while government spending fell by 3.3%. Capital investment increased by 8% compared with the first quarter of 2011, and there was a large increase in net exports (exports minus imports) of + €1.99 billion.
There IT seems to have been smoking hopium and interpreted the figures in a very different way:
DAN O'BRIEN, Economics Editor, and MARY MINIHAN
THE DOMESTIC economy grew for the first time in two years in the first three months of 2012, according to figures published accidentally yesterday on the website of the Central Statistics Office.Yesterday’s figures on the economy show that domestic demand grew by 1.5 per cent between the first three months of 2012 and the final three months of 2011.
Domestic demand includes spending by consumers, the Government and companies. It excludes exports and imports.
The figures are adjusted to smooth out seasonal effects, such as increased spending in the lead-up to Christmas.No one measure is considered the best gauge of what is happening in an economy, but GDP is the most closely watched internationally.
The Central Statistics Office also substantially revised its figures for previous years, painting a better picture about the economy than previously.http://www.irishtimes.com/newspaper/...319862378.htmlDevelopments in GDP, GNP and domestic demand were less negative than estimated by the CSO in its last quarterly publication.
The seventh quarterly review of the State’s ongoing compliance with the bailout programme will conclude today. It is understood that the troika will praise the Government but raise concerns about spending overruns in health
Someone very suspicious might suspect that the figures were deliberately leaked a day early so that the usual suspects would have time to get their spin coordinated