Irish economy back at 2007 size, CSO figures show

The Irish economy grew faster than expected last year, according to official figures from the CSO - and is now at pre-financial crisis size.

Irish economy back at 2007 size, CSO figures show

The Irish economy grew faster than expected last year, according to official figures from the CSO - and is now at pre-financial crisis size.

The latest numbers report GDP grew by 5.2% per cent last year, significantly higher than the 4.7% expected in the Budget.

GNP, which strips out the impact of multinationals, shows an even-higher increase by 6.9%.

That means the economy is now the same size as it was before the financial crash.

"What's interesting is that we've now recovered – the size of the economy is now the same size, or in excess of what is was in 2007," said statistician Michael Connolly.

"[That's] in line with recent reports fro the UK and many other countries, getting beyond the point of the crisis."

In other financial figures released today, Ireland's deficit was €2.687 billion in the first quarter of 2015, putting Government debt at 104.7% of GDP.

Finance Minister Michael Noonan said the "very positive" figures confirmed Ireland's economy as the fastest growing in Europe and its recovery as well established.

“The task now is to build upon the gains we have made in recent years,” he said.

Mr Noonan said sacrifices made since the crash are now paying off.

“Robust growth is being recorded across most sectors of the economy, both domestic-facing and exporting,” he said.

“Exports were strong in the opening quarter, growing by 14.3% year-on-year.

“The multinational sector is contributing but so too are Irish-owned firms. The competitiveness improvements we’ve seen in recent years are standing to us.”

Fergal O’Brien of Ibec, which represents employers, said the numbers will surprise many observers but endorse its prediction that the economy will grow again by another 5% this year.

“The latest figures points to strong and well balanced economic growth,” he said.

“It is particularly positive to see that consumer spending is now accelerating quite rapidly.”

more courts articles

Stephen Bear ordered to pay back profits from sharing private sex tape Stephen Bear ordered to pay back profits from sharing private sex tape
Gary Glitter victim seeking six-figure sum in damages, court told Gary Glitter victim seeking six-figure sum in damages, court told
Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited