Current developments in the Irish economy The latest CSO National Accounts data, which were released after the Annual Report was finalised, indicate that growth in the domestic economy remained robust in 2007 with real GDP and GNP increasing by 6.0 per cent and 4.1 per cent respectively, in line with average output growth over the previous five years.
The incoming data since the last Governing Council meeting in early September confirm our previous assessment of a protracted weakness in euro area growth dynamics, the persistence of prominent downside risks and muted inflation pressures. At the same time, ongoing employment growth and increasing wages continue to underpin the resilience of the euro area economy.