Belfast Telegraph

Ireland set to be Europe's fastest-growing economy in 2016

The economy performed strongly in the months after the Brexit vote, official figures have revealed.

The Central Statistics Office (CSO), whose incredible growth figures earlier in the year were branded "leprechaun economics", showed Ireland is on course to have the fastest- growing economy in Europe this year.

The value of all business in the country, measured by gros s domestic product, jumped by 4% in the three months to September, the CSO said.

Irish-owned enterprises enjoyed growth of 3.2%, suggesting there are little or no signs that the UK's decision to split from Europe has yet affected Irish trade.

The economic measurements used for the CSO's previous report in July were roundly criticised when the CSO and Finance Minister Michael Noonan noted a reported growth in the economy of more than 26%.

Economists warned that official reports on economic performance should look more closely at the number of people in work and how spending is changing.

The latest review by the CSO, covering July, August and September, showed personal consumption of goods and services increased by 0.7% while overall domestic demand down by 1.8%.

Mr Noonan described the new set of figures as v ery positive and said they were mirrored in the strong employment growth and tax returns.

"These figures are the first estimate of growth in the Irish economy since the Brexit referendum," he said.

"They show that the immediate impact from Brexit has been more benign than initially anticipated. However, we cannot be complacent.

"The best way to deal with such risks is through competitiveness oriented policies and prudent management of the public finances. That is what this Government has been doing. That is what we will continue to do."


From Belfast Telegraph