Thursday, September 23, 2010

Our number is up

Wall Street Journal news article reflecting Irish Department of Finance charm offensive --

The Irish economy surged 2.7% on a quarterly basis in the first three months of 2010, the top performer in the 27-nation European Union. Ireland will announce second-quarter growth Thursday; economists expect an expansion of 0.2% to 1%.

Actual 2nd quarter numbers --

The Irish economy contracted in the second quarter of the year as gross domestic product (GDP) shrank 1.2 per cent compared with the first three months.  Figures from the Central Statistics Office showed gross national product (GNP), which excludes the effect of foreign-owned enterprises’ repatriated profits, shrank by 0.3 per cent on the quarter.

The government and its boosters are blaming effects due to the presence of multinational companies -- the same thing that lay behind the "good" 1st quarter number.  To more, er, sober, analysts, declining government spending is part of the problem.

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