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27th of June 2011
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Ireland’s economy grows in Q1

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by Kay Mitchell

Figures today have revealed Ireland’s economy returned to growth in the January to March period, following a 1.4% contraction in the final quarter of last year.

According to the Central Statistics Office, the economy grew by 1.3%, partly attributed to net exports, which grew 20% on an annual basis.

However, consumer demand continues to be weak, falling by 1.9% in the quarter – the worst in two years.

Furthermore, the construction sector suffered a sharp fall, contracting by 19% on an annual basis.

However, the latest figures will be regarded as encouraging for the former “Celtic Tiger” economy which suffered a prolonged recession and was one of the last euro zone nations to emerge from recession.

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

The country’s economic turmoil resulted in a bailout package last year worth €85 billion.

Meanwhile, Fergal O’Brien of the Irish Business and Employers Confederation (Ibec) said: “If Irish consumers start spending again, a solid period of economic growth could quickly emerge.”

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News posted: June 23, 2011

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