Irish economy the fastest growing across EU

'More work needed' - Noonan
'More work needed' - Noonan

Ireland’s economy is continuing to put up the fastest growth rates in the Europe Union.

The value of goods and services grew by seven per cent over the last year, making it the best performing country in the bloc - seven years after collapsing into recession.

Finance Minister Michael Noonan said the report shows the recovery is broadly based.

“Today’s figures are once again very strong and provide further confirmation that economic recovery is now firmly embedded,” he said.

Official figures from the Central Statistics Office show Gross Domestic Product rose by 1.4 per cent from July to September, taking the growth rate for the year to date, and also for the last 12 months, to seven per cent.

It also recorded growth of 5.6 per cent for Irish-owned businesses and calculated using Gross National Product.

Mr Noonan cautioned that more work is needed to cement the recovery.

“Strong economic growth has resulted in job creation and a sharp fall in unemployment, which has declined by over six percentage points since its peak to 8.9 per cent at present,” he said.

“The Government will continue to work so that the benefits of economic recovery are widely distributed and that the unemployment rate is reduced further.”