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Ireland's economy grows 1.4% to return to pre-crisis levels Ireland's economy grows 1.4% to return to pre-crisis levels
(34 minutes later)
Ireland’s economy grew by 1.4% quarter-on-quarter in the first three months of the year, in a recovery that is forecast to make it the fastest-growing economy in Europe for the second consecutive year.Ireland’s economy grew by 1.4% quarter-on-quarter in the first three months of the year, in a recovery that is forecast to make it the fastest-growing economy in Europe for the second consecutive year.
Ireland’s economy expanded by 5.2% last year, revised up on Thursday from 4.8% previously, its best performance since 2007 before a property crash plunged it into recession and triggered a fiscal and banking crisis.Ireland’s economy expanded by 5.2% last year, revised up on Thursday from 4.8% previously, its best performance since 2007 before a property crash plunged it into recession and triggered a fiscal and banking crisis.
The upward revisions mean that at €189bn (£132.3bn) , the Irish economy is larger than at the height of the “Celtic Tiger” boom in 2007.The upward revisions mean that at €189bn (£132.3bn) , the Irish economy is larger than at the height of the “Celtic Tiger” boom in 2007.
“It is quite clear that Ireland will easily top the eurozone growth league table for the second year running,” Merrion Stockbrokers’ chief economist, Alan McQuaid, said.“It is quite clear that Ireland will easily top the eurozone growth league table for the second year running,” Merrion Stockbrokers’ chief economist, Alan McQuaid, said.
“Growth is now more likely to be in the 5-6% range for 2015, a positive boost for the government ahead of next year’s general election.“ “Growth is now more likely to be in the 5-6% range for 2015, a positive boost for the government ahead of next year’s general election.”
As the eurozone economy slowly improves, some of the countries that led it into a debt crisis are leading the way. Spain, another economy wrecked by a banking crisis, grew at its fastest quarterly pace in more than eight years in the second quarter.As the eurozone economy slowly improves, some of the countries that led it into a debt crisis are leading the way. Spain, another economy wrecked by a banking crisis, grew at its fastest quarterly pace in more than eight years in the second quarter.
Ireland’s strong start followed better than estimated growth of 1.2% in the fourth quarter and put GDP 6.5% ahead of the first quarter a year ago, the Central Statistics Office said. Five economists polled by Reuters had predicted growth of 1.5% on the quarter.Ireland’s strong start followed better than estimated growth of 1.2% in the fourth quarter and put GDP 6.5% ahead of the first quarter a year ago, the Central Statistics Office said. Five economists polled by Reuters had predicted growth of 1.5% on the quarter.
Exports rose 2.3%quarter-on-quarter and personal consumption, chiefly responsible for the 2014 upgrades, was up 1.2%. Investment spending fell by 3.1%, following a series of large increases in 2014.Exports rose 2.3%quarter-on-quarter and personal consumption, chiefly responsible for the 2014 upgrades, was up 1.2%. Investment spending fell by 3.1%, following a series of large increases in 2014.
That was in line with a range of other figures, from robust retail sales to shrinking unemployment. Ireland’s central bank said this pointed to increased domestic demand growth in the first half of the year as it increased growth projections on Wednesday.That was in line with a range of other figures, from robust retail sales to shrinking unemployment. Ireland’s central bank said this pointed to increased domestic demand growth in the first half of the year as it increased growth projections on Wednesday.
The turnaround after exiting an international bailout 18 months ago has allowed the government to quickly reduce its debt and budget deficit, while also promising tax cuts and more pre-election spending.The turnaround after exiting an international bailout 18 months ago has allowed the government to quickly reduce its debt and budget deficit, while also promising tax cuts and more pre-election spending.
Ireland’s finance minister, Michael Noonan, said that growth this year may be slightly more than the 4% forecast by government, and that the budget deficit could fall below the 2.3% of GDP predicted in April.Ireland’s finance minister, Michael Noonan, said that growth this year may be slightly more than the 4% forecast by government, and that the budget deficit could fall below the 2.3% of GDP predicted in April.
“The critical element is that the economy is building momentum domestically,” Austin Hughes, KBC Bank Ireland chief economist said, predicting “blockbuster” growth this year of around 5%.“The critical element is that the economy is building momentum domestically,” Austin Hughes, KBC Bank Ireland chief economist said, predicting “blockbuster” growth this year of around 5%.
“The budget outturn could be 1.5% this year rather than 2.3%,” he added.“The budget outturn could be 1.5% this year rather than 2.3%,” he added.