Govt policy is working as economy grows and consumer spending increases

19/09/2014

GDP and GNP figures show stable recovery is underway

Fine Gael TD for Dublin Fingal, Alan Farrell, has welcomed the CSO Quarterly figures released yesterday (Thursday) which show that the Irish economy grew by 7.7% in GDP terms and by 9% in GNP terms year on year.

“I am very encouraged by the news that the Irish economy has grown by 7.7% GDP and by 9% GNP since this time last year. The figures highlight the fact that the domestic economy is growing again with consumer spending up 1.8%. We are finally starting to feel the effects of this recovery in Dublin Fingal and across the country, though there is still much work to be done to ensure that this growth is felt in all homes.

“GDP and GNP are the main indicators of how are economy is doing and the news that both have grown so substantially within the last twelve months is encouraging. This is the strongest growth rate recorded since the early 2000s and means that Ireland’s economic growth is now stronger than that of any other country within the EU.

“I understand that the past few years have been very hard on people and families in the constituency, and throughout the country, but these strong levels of economic growth will allow for the economic recovery and job creation to continue. As our economy continues to improve, it will become possible for the Government to give back to those who have struggled throughout these harsh economic times. The turnaround that we are seeing in the Irish economy is a direct consequence of the policies pursued by this Government and the sacrifices made by the Irish people. Major structural reforms designed to boost the competitiveness of the Irish economy have been introduced and the figures show these measures have been successful.

“There are 70,000 more people in jobs now than in 2012, the highest number since 2009. The unemployment rate is now down to 11.2% from a peak of 15.1%. The recovery is underway but we are not there yet. Unemployment in Dublin Fingal remains too high and more people need to feel the impact of the improving economy in their own homes.”

W Alan, Enda, Noonan and Leo YFG Feb 2011 V2