Economy performing strongly, figures show
Thursday, 28 July 2005 17:16The economy has performed strongly in the first three months of the year, according to new figures from the Central Statistics Office.
Investment continued at a healthy rate, according to the quarterly figures.
The figures show that Gross Domestic Product, which excludes profits from foreign multinationals, grew by 2.4%.
Gross National Product, which includes profits from foreign multinationals, was up 3.9%.
Economists say these figures put Ireland on target to meet growth forecasts for 2005.
Meanwhile, the Central Bank has predicted the Irish economy will grow by 5.25% this year. However, the bank warned that oil prices 'remain high and volatile'.
It also warned that the level of consumer borrowing remained very high, and said the level of activity in the construction sector cannot be sustained at current levels.
