merrion street

The Central Statistics Office has today published figures which show unprecedented levels of growth.

• Ireland’s Gross Domestic Product (GDP) rose by 26 per cent in real terms last year.
• The annual growth rate was 2.3 per cent in GDP terms during the first quarter of this year, and was 10.6% in GNP terms, with robust growth in personal consumer spending.
• The 26% rise in real GDP will further reduce Ireland’s debt-to-GDP ratio.

Commenting in Brussels today where he is attending a monthly meeting of EU Finance Ministers, the Minister for Finance, Mr Michael Noonan T.D. said:

These figures will have an impact on both the deficit and debt – the debt ratio for this year is now estimated at 80 per cent (compared to 88 per cent estimated in the Summer Economic Statement); the deficit is now projected at 0.8 per cent (compared to 0.9 per cent projected in the Summer Economic Statement). Other indicators, including tax revenue published last week, consumer spending and labour market data are all consistent with an economy where recovery is firmly established.

“I think the figures released by the Central Statistics Office show that Ireland’s economy continues to grow. Peoples’ lives are improving with more at work than at any time since the onset of the downturn. We no longer need to impose swingeing cuts to public services rather we have room to invest in services and infrastructure. Ireland is now in a position where we borrow relatively small amounts at very low rates which ensure that investment is made in delivering more than the bare minimum of services to our citizens. These are all evidence of a country growing in real terms.