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The economy grew by 5.5pc last year thanks to a more than 11pc surge in exports

The economy grew by 5.5pc last year thanks to a more than 11pc surge in exports

Bloomberg

The economy grew by 5.5pc last year thanks to a more than 11pc surge in exports

The economy grew by 5.5pc last year thanks to a more than 11pc surge in exports and came in significantly higher than forecasts in the budget despite the threats of Brexit and US President Donald Trump’s trade wars.

The government had forecast 4.2pc growth in the 2019 budget and the numbers released by the Central Statistics Office showed that growth here again topped the Eurozone growth leagues – Hungary was second with 4.9pc, while Germany grew by just 0.6pc.

“Almost all sectors of the economy recorded growth in 2019,” the CSO said.

Growth is set to slow this year, to 3.9pc, according to forecasts from the Department of Finance, although those forecasts do not take account of the impact of the coronavirus outbreak.

Domestic demand contributed about 1.9pc of the 5.5pc economic growth, illustrating our heavy dependence on high-tech US multinationals for both growth and for tax revenues.

Online Editors