Dublin: Ireland’s gross domestic product (GDP) in the first quarter of this year rose by 1.4 percent quarter-on-quarter, with an increase of 6.5 percent year-on-year, according to official figures.
The figures from the Central Statistics Office (CSO) showed Ireland’s domestic demand was strong last year with consumer spending increasing two percent year-on-year, Xinhua news agency reported.
These are solid figures and confirm that economic recovery is well established, the CSO said.
Last year, Ireland’s GDP grew by 5.2 percent, the strongest rate of growth in the European Union (EU).
Ireland’s Finance Minister Michael Noonan said Friday’s figures are “very positive”.
“Robust growth is being recorded across most sectors of the economy, both domestic-facing and exporting,” Noonan said.
Exports were strong in the opening quarter, growing by 14.3 percent year-on-year, he said, adding that the multinational sector is contributing but so too are Irish-owned firms.
Domestic demand is also growing strongly, with consumer spending increasing by 3.8 percent in the first quarter, the sacrifices made are now paying dividends, he said.