Belfast Telegraph

Economy growing thanks to exports

The economy grew slightly between July and September, primarily due to strong export demand.

The Central Statistics Office showed the value of all goods and services, or gross domestic product (GDP), grew 0.5%, while gross national product (GNP), measuring the value of home-grown products, rose 1.1%.

Finance Minister Brian Lenihan predicted year-on-year growth would return to positive figures by the end of December or early in the new year, claiming the latest figures showed the economy was stabilising.

"The budget day forecast for economic growth of 1.7% in 2011, which is in line with the consensus forecast, remains on track," he said.

It is the first time increases have been recorded in the same quarter in both since late 2007.

But the quarterly national accounts showed the economy shrank 0.5% in the 12 months to the end of September.

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