Minister Donohoe welcomes CSO data confirming continued robust growth in the Irish economy

15th September, 2017

  • In the second quarter of this year, real GDP rose by 1.4 per cent relative to the previous quarter; as a result the level of economic activity was 5.8 per cent higher than the same period last year.
  • The average annual growth rate in the first half of 2017 was 5.5 per cent.

The CSO today (15th September) published national accounts estimates for the second quarter of this year. Commenting on the figures, Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD said:

“Today’s data provides clear evidence of continued momentum in the economy this year with annual GDP growth of 5.8 per cent recorded in the second quarter. Importantly the growth in the economy is broadly balanced with positive underlying contributions from both the domestic and external sectors.

The strength of the domestic economy is also reflected in strong employment growth as well as tax receipts to end-August which increased by almost 5 per cent compared to the same period last year.

My Department forecast real GDP growth of 4.3 per cent in the Stability Programme Update last April. The next set of macroeconomic projections will be published with the Budget in mid-October. On the basis of today’s data, there will be no significant change to the GDP forecast this year.

Despite the positive developments highlighted in these figures we must not be complacent. In particular, the recent appreciation of the euro emphasises the need to continue to improve our competitiveness, including by focussing on costs we can control, by boosting our productivity and ensuring sustainable public finances. That is what the Government will continue to do.”