Irish GDP growth averaged an impressive 6.1% in the first three quarters of last year according to the latest available data. However GNP growth averaged a disappointing 1.3% for the period, with a significant increase in net factor income outflows, mainly profits flows, largely responsible for the divergence.
It is estimated that GDP growth for the year as a whole amounted to 6% last year, up slightly on the 2001 figure of 5.7%. GNP growth, on the other hand, is put at about 2% in 2002, down from 4.6% in 2001. This suggests that the slowdown in the Irish economy, which began in 2001, continued in 2002.
