Minister Donohoe welcomes CSO data confirming that the Irish economy continues to perform very strongly

15th March, 2018

  • In the fourth quarter of last year, real GDP rose by 3.2 per cent relative to the previous quarter; as a result, the level of economic activity was 8.4 per cent higher than in the same period a year earlier.
  • GDP grew by 7.8 per cent in 2017 and GNP increased by 6.6 per cent.

The CSO today (15th March) released Quarterly National Accounts for the fourth quarter of 2017 and preliminary estimates for the full year of 2017.

Commenting on the figures, Minister for Finance and Public Expenditure & Reform, Paschal Donohoe T.D. said:

“Today’s figures are very strong showing that the Irish economy grew by 7.8 per cent in GDP terms and by 6.6 per cent in GNP terms in 2017. This confirms that Ireland was the fastest growing economy in the European Union last year. Importantly the growth in the economy is broad based with positive underlying contributions from both the domestic and external sectors.

It is clear that the economy continues to perform strongly. The strength of the domestic economy, for example, is reflected in robust tax receipts as well as full-time employment growth of almost 6 per cent last year.

Despite the positive developments highlighted in these figures we must not be complacent. We must continue to implement sensible policies that allow us to grow at a sustainable rate.  It is also essential that we ensure that budgetary policy does not contribute to overheating. Prudent management of the public finances and competitiveness-oriented policies helped create the recovery and this approach will help sustain the recovery in the years to come.”