Irish economy grew between July and September

Figures released by the CSO today show that the country’s economy grew slightly in the third quarter of 2010.

Ireland’s gross domestic product grew by 0.5 per cent, while gross national product was up 1.1 per cent.

Exports grew by 3.6 per cent over that period and imports were up 1.4 per cent.

“The budget day forecast for economic growth of 1.7% in 2011, which is in line with the consensus forecast, remains on track,” Minister for Finance Brian Lenihan said.

“Exports have increased at an annual rate of over 13%, which is the strongest rate of growth since early 2001 and this performance has occurred in both the goods and services sectors.

“The Government has consistently identified export-led growth as the strategy that will return this economy to growth and generate jobs.

“This strategy is working thanks to the improvement of competitiveness, and the flexibility and adaptability of the Irish economy.

“These economic output figures, when combined with the recent reduction in the Live Register, the positive producer and consumer sentiment indicators, and the higher than expected tax revenues, show that there are real positives for the Irish economy as we enter 2011.”