Irish Economy Grows 1.4% in Q1

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.

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.

“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.

via The Guardian

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.