Irish GDP up 9.2% on year in Q4

Which ever way you cut it, the latest economic growth rate for Ireland is quite something.

In the final three months of last year, the economy grew by some 9.2 per cent compared to the same period last year, the latest data show.

The rate of growth is the fastest since first quarter 2001, when the economy grew by 9.9 per cent, and is quite the turnaround from fourth quarter of 2008, when the economy contracted by 8 per cent.

For the whole of 2015, Ireland’s economy grew by 7.8 per cent compared to 2014.

Manufacturing recorded 14.2 per cent growth in 2015, while building and construction grew 8.8 per cent increase and personal consumption, which accounts for 55 per cent of domestic demand, rose by 3.5 per cent.

The strong growth far exceeds the country’s central bank estimates; the central bank had expected the economy to grow by 6.6 per cent in 2015.

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