Irish Economy Grows 1.4% in Q1

Ireland’s economy grew by 1.4% 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 consecutive year.

Ireland’s economy expanded by 5.2% last year, revised up on Thursday from 4.8% previously, its best performance since 2007 before a property crash plunged it into recession and triggered a fiscal and banking crisis.

The upward revisions mean that at €189bn (£132.3bn) , the Irish economy is larger than at the height of the “Celtic Tiger” boom in 2007.

“It is quite clear that Ireland will easily top the eurozone growth league table for the second year running,” Merrion Stockbrokers’ chief economist, Alan McQuaid, said.

“Growth is now more likely to be in the 5-6% range for 2015, a positive boost for the government ahead of next year’s general election.”

As the eurozone economy slowly improves, some of the countries that led it into a debt crisis are leading the way. Spain, another economy wrecked by a banking crisis, grew at its fastest quarterly pace in more than eight years in the second quarter.

via The Guardian

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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