Irish economy back at 2007 size, CSO figures show

Ireland’s economy grew by 1.4 percent quarter-on-quarter in the first three months of the year, in a recovery that is forecast to make it the fastest-growing economy in Europe for the second year running in 2015.

The latest numbers report GDP grew by 5.2% per cent last year, significantly higher than the 4.7% expected in the Budget.

The better than expected figures reflected increases in the level and the rate of growth, but changes to the way the size of the economy is calculated, including adding the value of aircraft owned by leasing firms based here, had an impact on the tallies for past year.

The GDP figures, which form the basis for key budgetary calculations, show that the pace of quarter-on-quarter economic growth on a GDP basis picked up in the opening months of the year.

In the first quarter, exports rose 2.3 percent quarter-on-quarter and personal consumption was up 1.2 percent compared with the final three months of 2014.

In the corresponding period in 2014, the deficit stood at 5.8% of quarterly GDP. However this figure has now been revised upwards to 5.2 per cent. Finance Minister Michael Noonan has said growth this year may be slightly more than the 4 percent the government now forecasts.

Such revisions reflect the invitation of new tax and commodity flow data for 2013 and insurance statistics for 2013.