Irish economy sees robust growth in opening quarter

Ireland's gross domestic product (GDP) in the first quarter of this year rose by 1.4 percent quarter-on-quarter, with an increase of 6.5 percent year-on-year, according to official figures on Friday.

The figures from the Central Statistics Office (CSO) showed Ireland's domestic demand was strong last year with consumer spending increasing 2 percent year-on-year.

These are solid figures and confirm that economic recovery is well established, the CSO said.

Last year, Ireland's GDP grew by 5.2 percent, the strongest rate of growth in the European Union (EU).

Commenting on the figures, Ireland's Finance Minister Michael Noonan said Friday's figures are "very positive".

"Robust growth is being recorded across most sectors of the economy, both domestic-facing and exporting," Noonan said.

Exports were strong in the opening quarter, growing by 14.3 percent year-on-year, he said, adding that the multinational sector is contributing but so too are Irish-owned firms.

"The competitiveness improvements we've seen in recent years are standing to us," Noonan said.

Domestic demand is also growing strongly, with consumer spending increasing by 3.8 percent in the first quarter, the sacrifices made are now paying dividends, he said.

"We have laid the foundations for a solid recovery. The task now is to build upon the gains we have made in recent years," the Irish minister said. Endit