DUBLIN: Ireland’s economy grew more than twice as fast as expected in the third quarter, thanks to buoyant construction and investment, putting it on a sounder footing as it emerges from an international bailout.
After becoming the first euro zone member to complete its rescue programme last week, Ireland is counting on a lift in construction and consumer spending to spur on its tentative recovery next year.
Gross domestic product expanded 1.5 percent quarter on quarter, data showed yesterday, more than double analysts forecasts for 0.7 percent and the fastest quarterly growth since the second quarter of 2011.
The economy has now expanded for two successive quarters after struggling for the previous 18 months. While it still faces challenges, including heavy household debt and high unemployment after a five-year property crash, the jobless rate has dropped to 12.5 percent from last year’s 15.1 percent peak and property prices in Dublin at least have started to pick up.
“This certainly suggests that there is a good bit of momentum in the economy and that the consumer is slowly coming back,” said Conall Mac Coille, chief economist at Davy Stockbrokers.
AFP
