THE economy grew by 1.5pc between April and June and 7.7pc year-on-year new figures show. The new figures prompted Finance Minister Michael Noonan to upgrade his annual growth forecast to 4.5pc for this year on the back of the figures.
Both domestic demand and net exports are contributing to growth, the Central Statistics Office (CSO) said. And the growth figure was seven times that of the euro zone. “This is something we haven’t seen for quite a long time,” the CSO’s Michael Connolly said.
The growth figures will be a boost to the Government ahead of budget 2015 as it will mean it is easier for it to achieve its targets. “This is the strongest growth rate recorded since the early 2000’s and shows that the strong and stable recovery in the Irish economy is well under way and is starting to be felt across all sectors of the economy, ” said Michael Noonan. “Most encouragingly the figures are showing the domestic economy growing with consumer spending up 1.8pc year on year.”
He added that the turnaround we are seeing in the Irish economy is a direct consequence of the policies pursued by this Government and the sacrifices made by the Irish people. He also added that the figures show that the Irish economy is in a very strong position for the remainder of 2014 and as we enter 2015.
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