Publication of CSO National Accounts Figures for Quarter 1 2010.

The Minister for Finance, Mr. Brian Lenihan T.D., today (30th June 2010) welcomed the publication of the Central Statistics Office’s National Accounts figures for the first quarter of 2010. Commenting on the data, the Minister stated:

“These economic figures show that Ireland is out of recession with GDP expanding by 2.7 per cent between the final quarter of last year and the first quarter of this year, which is the fastest growth rate in the OECD”

“This provides concrete evidence that the coordinated measures taken by Government to address competitiveness, the public finances, and the banking system are paying off with improved confidence and clear evidence of a return to economic growth.  Economic growth is an essential driver of jobs growth.

“In the December budget, my Department projected a GDP decline of 1¼ per cent.  Today’s figures suggest the prospects for growth this year are somewhat better than previously assumed.  Today’s figures also show that exports are performing strongly, while consumer spending has stabilised. This, coupled with the figures for consumer confidence since April, bode well for the remainder of the year.”