Irish GDP growth helped by construction, figures show

Construction worker on scaffold Ireland exited its bailout programme last weekend

Related Stories

A stronger construction sector drove growth in the Republic of Ireland's economy in the July-to-September quarter, official figures show.

Gross domestic product expanded 1.5% quarter-on-quarter.

However, Ireland's trade-dependent economy continued to feel the impact of the downturn in Europe, with exports down by 0.8% quarter-on-quarter.

The bursting of Ireland's property bubble plunged the country into recession.

According to a breakdown of sectors, the data from the Central Statistics Office showed that industry - which includes building and construction - expanded by 2.2% quarter-on-quarter.

"This certainly suggests that there is a good bit of momentum in the economy and that the consumer is slowly coming back," said Conall MacCoille, chief economist at Davy Stockbrokers.

"Construction spending is up 15% on the year, which is an extraordinarily large rate of expansion."

Ireland's agriculture, forestry and fishing sector declined by 2.9%. Distribution, transport, software and communication increased by 2.1%.

The overall improvement in Ireland's economy meant that last weekend it was able to exit the 85bn-euro ($117bn; £71bn) bailout put in place three years ago by the EU, the International Monetary Fund and the European Central Bank.

The unemployment rate is down to 12.5% from last year's 15.1%, although Prime Minister Enda Kenny said the figure was still too high and pledged action to reduce it further.

More on This Story

Related Stories

More Business stories



From BBC Capital


  • A person wears a mask at the Vevcani Carnival in MacedoniaThe Travel Show Watch

    The masked Balkan carnival attracting thousands to the streets of Vevcani

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.