Irish GDP Posts Strong Growth Boosted By Construction

December 19, 2013 Share Print 0

A stronger construction sector drove growth in the Republic of Ireland’s economy in the July-to-September quarter, official figures show.

Gross domestic product expanded 1.5% quarter-on-quarter.

However, Ireland’s trade-dependent economy continued to feel the impact of the downturn in Europe, with exports down by 0.8% quarter-on-quarter.

The bursting of Ireland’s property bubble plunged the country into recession.

According to a breakdown of sectors, the data from the Central Statistics Office showed that industry – which includes building and construction – expanded by 2.2% quarter-on-quarter.

“This certainly suggests that there is a good bit of momentum in the economy and that the consumer is slowly coming back,” said Conall MacCoille, chief economist at Davy Stockbrokers.

“Construction spending is up 15% on the year, which is an extraordinarily large rate of expansion.”

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.