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Ireland's economy surpasses eurozone rivals as recovery continues


economy

Ireland's economy surpasses eurozone rivals as recovery continues

Ireland is set to be Europe’s fastest-growing economy for the second year running.

The country’s economy grew by 1.9 percent quarter-on-quarter from April to June – the eighth time it has expanded in the last nine quarters.

Figures from the Central Statistics Office (CSO) show GDP was 6.7 percent ahead of the second quarter a year ago thanks to the strong second quarter plus upwardly revised growth of 2.1 percent in the first three months.

Official statistics show GDP was 6.7 percent ahead of the second quarter a year ago thanks to the strong second quarter plus upwardly revised growth of 2.1 percent in the first three months.

The recovery is far stronger than originally forecast.

The economy is expected to grow by around 6 percent this year. Back in April the government had forecast that the economy would grow by 4 percent this year.

One analyst said that on top of the economy’s natural recovery, exports had been stimulated by the weak euro, while low oil prices and tax cuts had helped incomes.

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