Irish economy expands 0.5% in Q3

| December 16, 2010 | 0 Comments

Ireland’s Central Statistics Office (CSO) has today revealed Ireland’s economy experienced growth in the July to September period.

The economy expanded by 0.5% in the third quarter compared with the previous quarter - albeit, the figure was slightly below expectations.

The former “Celtic Tiger” economy contracted in the second quarter after emerging from recession in the January to March period.

As a result, Ireland was one of the last euro zone nations to emerge from recession.

Ireland’s economy was one of the worst performers in the western world last year and prior to the current downturn, the Irish economy had not experienced a recession since 1983.

The economy slipped into recession during the first half of 2008 – becoming the first nation of the euro zone to do so.

Commenting on today’s figures, Finance Minister Brian Lenihan, said: “Today’s figures show that the economy has stabilised and is now on an export-led growth path.”

Earlier this month, the Irish parliament approved one of the toughest budgets in the country’s history.

The austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, is designed the trim the spiralling deficit.

Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output.

The measures are a condition of its €85 billion bailout loan as it battles with a severe debt crisis.

Many other nations have introduced similar measures but they are likely to cause protests and Irish trade unions have already warned of “civil unrest”.

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