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Ireland sees annual GDP growth of 4.8 pct in 2014

Xinhua, March 13, 2015 Adjust font size:

Ireland's gross domestic product (GDP) in volume terms increased by 4.8 percent last year, according to preliminary figures released on Thursday.

The figures from the country's Central Statistics Office (CSO) indicated Ireland had the fastest growing economy in the European Union (EU).

But the CSO figures indicated Ireland's gross national product (GNP), which is the value of all finished goods and services produced in a country in one year by its nationals, grew by 5.2 percent.

Commenting on the figures, Irish economist Philip O'Sullivan said the country's GDP is now back to within 3.5 percent of its pre-crisis high.

O'Sullivan is currently forecasting GDP to rise 3.7 percent and GNP to improve by 3.8 percent this year.

"While we expect to make some revisions to our estimates on the back of these data we don't envisage any significant change to our headline estimates," he said. Enditem