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Irish Economy Grows

by Robert Lee,, London

27 September 2011

Ireland's export-driven economic recovery was given a boost with new figures showing that the economy grew by 1.6% in the second quarter of this year.

The latest Quarterly National Accounts were released by the Central Statistics Office on September 22. They show that, according to the latest estimates, GDP was up 1.6% in Q2 2011. In comparison with the same period last year, the economy grew by 2.3%.

Several of Ireland's politicians have referenced the export-driven nature of the Irish economic recovery in defending their economic policies, and in particular the 12.5% rate of corporation tax, as necessary to maintain this momentum. The figures throw this into relief, with net exports up EUR1.9bn (23.9%) between the second quarter of 2010 and Q2 2011.

Finance Minister Michael Noonan is due to unveil a three-year budget plan this October, which will include a package of tax changes and spending cuts, designed to find an additional EUR3.6bn in revenue and savings this year alone.

TAGS: tax | economics | business | Ireland | fiscal policy | gross domestic product (GDP) | budget | corporation tax | trade

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