Thursday 29 September 2016

Irish economy booming, grows at rate of 7pc year-on-year

Published 10/12/2015 | 11:19

Michael Noonan
Michael Noonan

Ireland's economy has grown by 7pc year-on-year figures for the end of September showed.

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Consumer spending is up 3.6pc on the same time last year, while building and construction is up 3.5pc, figures released by the Central Statistics Office showed.

Building and construction is up 3.5pc while agriculture, forestry and fishing grew by 16pc year-on-year, with capital investment up 35.8pc.

Gross Domestic Producti (GDP) was up 1.4pc in the third quarter, but GNP dropped 0.8pc due to a €1bn increase in outflow payments to multinationals - normally profits paid to foreign headquarters.

"Today’s figures are once again very strong and provide further confirmation that economic recovery is now firmly embedded," said Finance Minister Michael Noonan,

"GDP rose by 1.4 per cent between the second and third second quarters and, as a result, the level of real GDP was 7pc higher year-on-year," he added.

"The figures also confirm that the increase in economic activity is broadly-based."

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