GDP and GNP figures show stable recovery is underway
Fine Gael TD for Wicklow, Andrew Doyle, has welcomed the CSO Quarterly figures released today which shows that the Irish economy is now the strongest in the EU. Between the first and second quarters of the year, Gross Domestic Product(GDP) grew by 1.5 per cent (compared with a Eurozone average of 0.0 per cent) and Gross National Product (GNP) grew by 0.6 per cent. Comparing the second quarter of this year with the second quarter of 2013, GDP grew by 7.7 per cent and GNP grew by 9.0 per cent.
Deputy Doyle commented that “The recovery that we are seeing in the Irish economy has come about by the sacrifices made by the Irish people and the policies pursued by this Government. Major structural reforms designed to boost the competitiveness of the Irish economy have been introduced over the last three years and the figures show these measures have been successful.
“Most encouragingly the figures are showing the domestic economy growing again with consumer spending up 1.8% year on year. We are finally starting to feel the effects of this recovery in Wicklow and across the country, though there is still further to go.
“There were large increases in computer services exports (14.0 per cent) and business services exports (16 per cent). Combined these two sectors comprise over two thirds of Ireland’s services exports. Construction GDP increased by 6.2%, while industry grew by 5.3% and agriculture grew by 3.9%
“GDP and GNP are the main indicators of how the economy is doing and today’s news that both have grown so substantially within the last twelve months is extremely positive, yet we still have work to do.
“Government’s commitment to restoring a stable recovery is underway and our strategies are paying dividends and our focus remaining on creating employment and reducing unemployment further”, concluded Deputy Doyle.
