Ireland Trade Surplus Widens In September

Thursday, Ireland's Central Statistical Office announced that the seasonally adjusted trade surplus stood at EUR 3.74 billion in September, up from EUR 2.95 billion in the previous month.

Exports increased 11% month-on-month to EUR 7.23 billion in September, while imports fell 2% to EUR 3.49 billion.

"Although the volume of merchandise exports could be down 6% or more for the year as whole, it would still be a very good performance all things considered," Alan McQuaid, economist at Bloxham said. "The bottom line is that exports will be the main driver of the Irish economic recovery when it comes, and we wouldn't be surprised to see a positive volume increase in 2010 as global demand rises."

On an unadjusted basis, exports value remained unchanged in September compared to the previous year, while imports value fell 26%. The trade surplus was up 43% to EUR 4 billion from EUR 1.208 billion a year ago.

Thursday, Ireland's Central Statistical Office announced that the seasonally adjusted trade surplus stood at EUR 3.74 billion in September, up from EUR 2.95 billion in the previous month. (Market News Provided by RTTNews)

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UK Economy Shrinks Less Than Initially Expected In Q3

The UK economy contracted 0.3% sequentially in the third quarter, revised from a 0.4% fall estimated initially, a report from the Office for National Statistics showed Wednesday. This followed a decline of 0.6% between the first and second quarters of 2009. The economy contracted for the sixth straight time in the third quarter of 2009. The statistical office also revised the annual decline for the third quarter to 5.1% from 5.2%.

On the expenditure front, growth in household expenditure remained flat over the quarter, compared with a fall of 0.6% in the second quarter. At the same time, government expenditure rose 0.2% sequentially. Gross fixed capital formation dropped 0.3%, following a fall of 5.2% in the prior quarter.

The ONS said the level of inventories, including the alignment adjustment, decreased GBP 4.1 billion in the latest quarter. The deficit in net trade increased to GBP 7.2 billion, trimming GDP growth by 0.2% as imports rose faster than exports.

The UK economy contracted 0.3% sequentially in the third quarter, revised from a 0.4% fall estimated initially, a report from the Office for National Statistics showed Wednesday. (Market News Provided by RTTNews)

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