Ireland is now technically out of recession

CSO data show economy expanded in second quarter as exports rose and consumer spending picked up pace, reports today Irish Times. 

Ireland officially exited recession in the second quarter of the year as the economy grew, fuelled by a rise in exports and consumer spending.

New data from the Central Statistics Office showed gross domestic product rose 0.4 per cent over the three-month period. In the first quarter of the year, GDP fell by 0.6 per cent.

Economists had estimated a 1 per cent expansion, according to the median of nine estimates in a Bloomberg News survey.

Growth in the second quarter was helped by a 4.3 per cent increase in exports and a 0.7 per cent gain in

Consumer spending was up 0.7 per cent, while, and net exports rose by more than €1.5 billion compared with the first quarter of the year. Capital investment, meanwhile, fell by 3.4 per cent and government spending was 1.3 per cent lower.

Year on year, GDP was down 1.2 per cent.

Ireland is seeking this year to become the first nation to exit a bailout since the euro-region crisis began.

The Department of Finance said on September 10th there may be “some downside potential” to its forecast for 1.3 per cent economic growth for the full year. Source: The Irish Times.