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Irish economy grows by 1.6% in 2nd quarter

26 September 2011 No Comment

Ireland’s economy grew by 1.6 per cent in the second quarter, after expanding 1.9 per cent in the first quarter of 2011, official data shows.

The latest data indicates that the Irish economy, rescued by the IMF and EU, is in the initial stages of recovery from the depths of its property and debt crisis.

Gross domestic product (GDP) growth in the first three months of this year was revised up from an original estimate of 1.3 per cent, the Central Statistics Office (CSO) said in a statement.

The data points to a much stronger recovery for Ireland compared with fellow euro zone nations, including Greece and Portugal – the two other countries along with Ireland that are being supported by EU-IMF debt rescues.

The Irish GDP figures include output generated by both domestic and foreign companies based in Ireland. Excluding the foreign contribution, Ireland’s gross national product (GNP) grew by 1.1 per cent in the second quarter, or between April and June.

This compared with a 3.0 per cent contraction in the first quarter, although the January-March GNP data was better than the original official forecast of minus 4.3 per cent.

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