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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Alfonso Esparza

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.
Alfonso Esparza