Saturday 10 December 2016

Michael Noonan hails strong economic growth as 'remarkable achievement'

Published 10/09/2015 | 11:08

Minister for Finance Michael Noonan hailed the strong economic growth
Minister for Finance Michael Noonan hailed the strong economic growth

Michael Noonan has ruled out a Budget "spending spree" after new figures show economic growth surged in the first half of the year.

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The economy grew by as staggering 12pc in the first six months of this year, when the impact of the weak euro is accounted for, Michael Noonan said today.

He was speaking after new figures from the Central Statistics Office (CSO)  show the value of the Irish economy was €50.14bn in the three months to the end of June, putting it on course to top €210bn this year, the Minister for Finance said.

Excluding the currency effects the economy grew by 7pc in the first six months of the year, the minister said That means growth here is now running ahead of China.

Michael Noonan said the economy is not in danger of overheating and that the Government will stick with plans to increase the October Budget by €1.2bn to €1.5bn.

Spending will be prudent he insisted.

"We must act with a steady hand. There will be no daft spending spree just because it is an election year," he said.

Output increased across the economy, the results show - including   the biggest growth of 4.2pc for industry as well as in construction, services, the data shows.

Personal consumption, the largest element of domestic demand rose by 0.4pc.

Government spending fell, the data shows.

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