CSO Figures Show 'Clear Growth' In Economy - Noonan

New figures from the Central Statistics Office (CSO) have revealed that Ireland's Gross Domestic Product (GDP) rose by 26% "in real terms" in 2015.

Welcoming the figures, the Minister for Finance, Michael Noonan, said that they show "a clear growth" in the Irish economy.

Commenting from Brussels, where he is attending a monthly meeting of EU Finance Ministers, Minister Noonan, said: "These figures will improve both the deficit and the GDP to debt ratios. The CSO will publish further data relevant to these ratios tomorrow. On the basis of today's data, the 2015 deficit ratio improves to -1.9 per cent of GDP and the debt ratio improves to 79 per cent of GDP.

"As noted in the Summer Economic Statement, the Department of Finance will prepare a full macroeconomic projection in advance of Budget 2017 in October, and this will include updated estimates of economic growth, the public finances and the fiscal space, taking account of developments up to that time, including the latest CSO numbers and the UK's decision."

"Other indicators, including tax revenue published last week, consumer spending and labour market data are all consistent with an economy where recovery is firmly established.

"I think the figures released by the Central Statistics Office show that Ireland's economy continues to grow. Peoples' lives are improving with more at work than at any time since the onset of the downturn. We no longer need to impose swingeing cuts to public services rather we have room to invest in services and infrastructure. Ireland is now in a position where we borrow relatively small amounts at very low rates which ensure that investment is made in delivering more than the bare minimum of services to our citizens. These are all evidence of a country growing in real terms."


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