Department of Finance Monthly Economic Bulletin - June 2011
The Department of Finance published its Monthly Economic Bulletin for June recently. Some of the key data is as follows:
- After three successive years of contraction, real GDP is expected to return to positive growth this year, increasing by 0.8%, with the pace of expansion strengthening over the forecast horizon; growth of 2½% in 2012 is expected to be followed by increases of 3% per annum in the period 2013 to 2015.
- Retail sales volumes decreased by 3.9% year-on-year in April 2011. Excluding the motor trade, retail sales contracted by 5.0% in April year-on-year.
- The annual rate of change of residential mortgages was 2.0% lower in April 2011 than in the same month in 2010, having fallen by 2.6% in March 2011
- Employment in the construction sector declined by 26,800 in the fourth quarter, a fall of 19.6% in annual terms. Construction continues to account for over 40% of the overall annual decline in employment
- Average hourly earnings also contracted in the industry (-1.3%) and construction sectors (-1.4%).
- The CSO report that, in the year to March 2011, residential property prices at a national level fell by 11.9% compared with a decline of 15.1% in the twelve months to March 2010. In Dublin residential property prices were 13% lower than a year ago, compared with a decline of 18.4% in the twelve months to March 2010. Overall, the national index is almost 40% lower than its highest level in 2007.
In the first 4 months of 2011 3,629 houses were completed. This represents a 26% decline in house completions compared to the same period in 2010.
The full report is available here