Bernard Durkan
Question:246. Deputy Bernard J. Durkan asked the Minister for Finance the way in which the economy continues to compare favourably with other EU currencies; and if he will make a statement on the matter. [41557/16]
View answerTuesday, 17 January 2017
Questions (246)
Written answers
According to the European Commission's most recent forecasts (November 2016) Ireland was among the three fastest growing economies in the EU in 2016. The Commission estimates that real GDP growth in Ireland was 4.1 per cent in 2016 compared with real GDP growth in the EU economy and euro area economy of 1.8 per cent and 1.7 per cent, respectively. Domestic demand is driving growth once again with strong contributions from both consumption and investment spending, while underlying exports are holding up despite the sharp depreciation of sterling throughout 2016. Service exports in particular remain strong with double-digit growth recorded in the third quarter of 2016 year on year.
According to the European Commission, Ireland is also expected to be among the fastest growing economies in Europe this year. The European Commission expects Ireland's economy to grow by 3.6 per cent in 2017 compared with growth of 1.6 per cent for the EU and 1.5 per cent for the euro area.
The Government's priority is to ensure continued, sustainable economic growth in order to further increase living standards and reduce unemployment.
Question No. 247 answered with Question No. 242.