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Ireland’s Economic Growth Leads Eurozone
Ireland's gross domestic product expanded 7.7% in the 12-month period ending in June, according to the government's Central Statistics Office.
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Ireland's gross domestic product expanded 7.7% in the 12-month period ending in June, according to the government's Central Statistics Office.
The bureau says the economy advanced 1.5% in April-June compared with the previous quarter. Finance Minister Michael Noonan predicts 4.5% growth in Ireland's GDP in the current calendar year, more than twice his previous forecast.
Economists, who describe Ireland's economic growth as strongest in the 18-member eurozone, attribute the gain to strong exports to England and the U.S. and hefty upturns in all sectors of the economy.
Ireland has imposed eight austerity budgets since nearly slipping into bankruptcy when the global economy crisis began in 2008. The government says it won't need new cost cutting programs but must continue to control spending to bring down the country's deficit in 2015 to the eurozone's 3% target.
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