Kathleen Lynch (Cork North Central, Labour)
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Question 35: To ask the Minister for Finance if he will make a statement on the recently published quarterly national accounts for the second quarter of 2010, which showed a 1.2% fall in GDP in the three months to June 2010 and which showed a contraction in GNP for the ninth straight quarter; and if he will make a statement on the matter. [34023/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Recently published quarterly national accounts figures show that GDP declined by 1.2 per cent between the first and second quarters of this year. However, this decline follows an increase of 2.2 per cent in the first quarter - in other words, taken together the data for the first two quarters suggest that the level of GDP has stabilised.

The quarterly figure for GNP was a decline of 0.3 per cent between the first and second quarters, pointing towards stabilisation in this measure of economic activity.

As I've already indicated, my Department is assessing all relevant information and will publish revised macro-economic forecasts in the coming weeks.