Ireland records 26-per-cent leap in 2015 economic growth

Ireland's economy grew by an astonishing 26 per cent last year, the government said on Tuesday, as analysts said growth was skewed by one-off events including aviation contracts, corporate restructuring and the relocation of assets to Ireland.

Growth of Ireland's gross domestic product was revised upwards from an initial estimate of 7.8 per cent after the government compiled "more complete and up-to-date data" than it had in March, the Central Statistics Office said.

The data show that every economic sector expanded last year, as the value of the building sector almost doubled with an 87-per-cent jump.

"I think the figures released by the Central Statistics Office show that Ireland's economy continues to grow," Minister for Finance Michael Noonan said in a statement.

"Peoples' lives are improving with more at work than at any time since the onset of the downturn [in 2008]," Noonan said.

"We no longer need to impose swingeing cuts to public services rather we have room to invest in services and infrastructure," he said.

The statistics office announced "significant methodological revisions" to its GDP data in mid-2015, including changes to the recording of trade in aircraft, affecting both imports and exports.

Last update: Tue, 12/07/2016 - 13:59
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