Ivor Callely
Question:181 Mr. Callely asked the Minister for Finance the growth in GDP from 1990 to date; the growth in GNP for the same period; will he explain the variance between both; and if he will make a statement on the matter. [4115/98]
Written Answers. - Economic Growth Rates.
Based on my budget day macro-economic forecasts, cumulative growth between 1990 and 1998 in real-inflation adjusted-GDP is projected at 63 per cent, with growth in real GNP over the same period being somewhat lower at 57 per cent.
The annual average real increases in both GDP and GNP in percentage terms over the period 1990-1998 is as follows:
Annual Average Growth (%) in real GDP and real GNP 1990.1998 (expenditure basis)
|
Period |
real GDP (%) |
real GNP (%) |
|
1990-1991 |
1.9 |
2.6 |
|
1991-1992 |
3.9 |
2.5 |
|
1992-1993 |
3.1 |
3.1 |
|
1993-1994 |
7.0 |
7.8 |
|
1994-1995 |
10.4 |
8.8 |
|
1995-1996 |
7.7 |
7.7 |
|
1996-1997* |
8.3 |
7.7 |
|
1997-1998** |
8.0 |
7.0 |
Source: CSO National Income and Expenditure 1996
*Department of Finance estimate
**Department of Finance forecast
The gap between GDP and GNP growth mainly reflects the balance of inward and outflow of investment income between Ireland and the rest of the world. The balance is strongly influenced by profits earned by foreign multinationals based in Ireland and interest payments made to foreign holders of Irish national debt.