Govt policy is working as economy grows and consumer spending increases – DEERING

18th September, 2014

 

GDP and GNP figures show stable recovery is underway

Carlow Fine Gael TD, Pat Deering, has welcomed the CSO Quarterly figures released today 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 today with the news that the Irish economy has grown by 7.7% GDP and by 9% GNP since this time last year. Most encouragingly the figures are showing the domestic economy growing again with consumer spending up 1.8% year on year. We are finally starting to feel the effects of this recovery in Carlow and across the country, though there is still further to go.

“GDP and GNP are the main indicators of how are economy is doing and today’s news that both have grown so substantially within the last twelve months is extremely positive.

“This is the strongest growth rate recorded since the early 2000s and means that Ireland’s growth is now the strongest in the EU.

“In the past three years the Government has taken some very difficult decisions and the public has made real sacrifices. 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.

“This news comes only days after Minister for Finance, Michael Noonan TD’s IMF loan negotiations which will save the Irish tax payer €1.5 billion over a five year period.

“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 Carlow remains too high and more people need to feel the effects of the improving economy. Creating jobs and supporting work remains this Government’s top priority.”