Friday 30 September 2016

Economic growth returned to boom levels in 2015 - CSO

Published 10/03/2016 | 11:04

Christmas shoppers on Grafton Street, Dublin. Photo: Arthur Carron/Collins
Christmas shoppers on Grafton Street, Dublin. Photo: Arthur Carron/Collins

Growth returned to boom levels in the Irish economy last year.

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Preliminary figures from the Central Statistics Office (CSO) confirm that Ireland was by far the fastest growing economy among European peers in 2015.

By the end of the year €9.5bn more had come into the country than was paid out from Ireland to the rest of the world.

Unlike 2007, when construction was the dominant sector for investment, last year services and other so called intangibles as well as purchases of machinery and equipment drove investment.

The data shows the Irish economy grew even faster than thought last year. Gross domestic product (GDP) ended the year up 7.8pc while gross national product (GNP) rose 5.7pc.

Domestic demand was the primary driver of growth, with net exports little changed.

By comparison, growth across the 19 members of the Euro area was well under 2pc last year.

In Ireland, industry's 14pc increase last year made it the biggest growth sector.

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