Economy boosted by 6% quarterly growth

Minister warns of complacency

THE Irish economy grew by almost 6% in the second quarter of the year, figures have revealed.

Finance Minister Paschal Donohoe said the country is on target to reach gross domestic product growth of 4.3% in 2017. He added: “The data provides clear evidence of continued momentum in the economy. “Importantly, the growth is broadly balanced, with positive underlying contributions from both the domestic and external sectors.” The Central Statistics Office figures showed the economy grew 5.8% in the second quarter compared to the same period in 2016. Apart from small contractions in construction and real estate, all sectors of the economy experienced an improvement. The largest growth – 15.9% – was in the agriculture, forestry and fishing industry. Mr Donohoe said the Government can’t be complacent and the “appreciation of the euro emphasises the need to continue to improve our competitiveness”. The figures also show gross national product, which factors out profits from multinationals, fell by 4.6% in the second quarter.