Statement by the Minister for Finance, Michael Noonan T.D. on Q2 2014 GDP figures

“The CSO figures for Q2 2014 released today (18 September 2014) show that the Irish Economy grew by 7.7% in GDP terms and by 9% in GNP terms year on year.  This is the strongest growth rate recorded since the early 2000’s and shows that the strong and stable recovery in the Irish economy is well under way and  is starting to be felt across all sectors of the economy. Most encouragingly the figures are showing the domestic economy growing with consumer spending up 1.8% year on year.

The turnaround that we are seeing in the Irish economy is a direct consequence of the policies pursued by this Government and the sacrifices made by the Irish people.  Consolidation of close to 20% of GDP has been introduced along with major structural reforms designed to boost the competitiveness of the Irish economy. The specific measures introduced over the past three years to repair and grow key sectors of our Economy have also made a significant contribution.

These figures show that the Irish economy is in a very strong position for the remainder of 2014 and as we enter 2015. The Government remains committed to building upon and sustaining this recovery and we will do nothing that will put it at risk.  Creating jobs and supporting work remains this Governments top priority and strengthening and deepening the economic recovery is the best way to deliver on this.