CSO Figures Show Ireland Had Fastest Growing Economy In 2015

Ireland had the fastest-growing economy in the EU in 2015, according to the figures from the Central Statistics Office (CSO).

The figures reveal that:

• Ireland's GDP grew by 7.8 per cent in 2015 - This is the strongest annual GDP growth rate since 2000 and by far the strongest growth rate in the EU.

• In the fourth quarter of 2015, real GDP rose by 2.7 per cent relative to the previous quarter; this means that the level of economic activity was 9.2 per cent higher than in the same period a year earlier.

• In 2015, domestic demand made its strongest positive contribution to growth since the onset of the crisis.

Commenting on the strongest annual GDP growth figures since 2000, Minister for Finance Michael Noonan said: "The CSO figures for 2015 show that the Irish economy grew by 7.8 per cent in GDP terms and by 5.7 per cent in GNP terms in 2015. This confirms that Ireland had the fastest-growing economy in the EU in 2015.

"Economic growth is now more broadly balanced. Domestic spending increased strongly once again, reflecting the ongoing improvement in confidence. This is very important as the domestic sectors are both jobs and tax intensive. The exporting sectors also recorded very strong growth, with exports of goods and services almost 14 per cent higher in 2015 compared to 2014.

"The continued strength that we are seeing in the Irish economy is a direct consequence of the policies pursued by the Government and the sacrifices made by the Irish people. The Government will continue to work so that the benefits of economic recovery are more widely distributed and that the unemployment rate is reduced further."

(MH/LM)