Irish Gross Domestic Product (GDP) at constant prices was 7.5 per cent lower in the fourth quarter of 2008 compared with the fourth quarter of 2007. Gross National Product (GNP) was 6.7 per cent lower for the same period. For the year as a whole GDP fell 2.3 per cent in volume terms while GNP fell 3.1 per cent. The profits of foreign owned enterprises are excluded from GNP. GNP is also affected by other income flows between residents and non residents and the timing of the income flows can be variable on a quarterly basis. This can lead to significant differences in the rate of growth in the quarterly GNP and GDP, according to the CSO.   The Irish economy is down to the size it was 3 years ago.