GDP grew by 5.5 per cent in 2005, according the Central Statistics Office (CSO).
GNP was revised down slightly to 5.3 per cent from 5.4 per cent because of a minor revision to the net factor incomes from abroad.
The CSO's National Income and Expenditure Annual Results for last year also show that agricultural incomes increased by 17.1 per cent and non-agricultural incomes increased by 8.8 per cent.
The figures show that personal expenditure increased by 7.9 per cent and Government expenditure by 10.4 per cent. When price rises are discounted, the real increases are 6.6 per cent and 4.6 per cent respectively.
The value of investment in construction and capital equipment rose by 20.2 per cent, which represents an increase of 12.8 per cent in volume terms.
The CSO said the value of exports increased by 5.6 per cent in 2005, with export prices increasing by 1.7 per cent and export volumes increasing by 3.9 per cent.
The value of imports increased by 8.3 per cent representing a 1.7 per cent increase in price and a 6.5 per cent increase in volume.