Ireland Grows 1.5% In Q2 Fastest Growing in Eurozone

The Republic of Ireland’s economy grew 1.5% in the second quarter of the year, figures show, and was up 7.7% on the April-to-June period in 2013.

The official data prompted the government to upgrade growth forecasts for the second time in a week and to promise no new austerity measures.

Last week, growth for 2014 was up-rated to 3% from 2.1%, but will now be around 4.5%, Ireland’s finance minister said.

Michael Noonan said the economy was in “a catch-up phase… after recession”.

The year-on-year growth of 7.7% was the strongest recorded in Ireland since the early 2000s, Mr Noonan told reporters. By comparison, the eurozone recorded growth of just 0.7% over the same period.

Along with Greece, Spain and Portugal, Ireland was among the eurozone’s worst hit economies, with the bursting of its property bubble and soaring unemployment.

via BBC

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