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4 Jul 2014
Irish GDP grows more than expected in Q1 - ING
FXStreet (Łódź) - Anthony Baert from ING remarks that the Irish economy bounces back in the first quarter, thereby finally reaching pre-crisis levels.
Key quotes
"Real seasonally adjusted GDP increased by 2.7% quarter-on-quarter, far above the consensus of 1.2%. Compared with the first quarter of last year, GDP expanded by 4.1% in 1Q14."
"Even if the economy would stop growing in the next three quarters, yearly GDP would still increase by 4.7% this year."
"Moreover, the statistics office revised upward the 4Q13 growth rate, from -2.3% to -0.1%. What looked like an unexpected sharp contraction at first, now seems to have been a stabilisation."
"Growth was driven by a rise in net exports (due to exports rising faster than imports) and a strong increase in inventories. Also the growth residual played a role."
"The strong increase in GDP shows that the disappointing fourth quarter was no reason to fear the end of the recovery. Nevertheless, domestic demand is still not performing as well as other indicators would predict."
"But strong growth, driven by external demand, should speed up this process in the coming quarters. By next year, domestic demand should pick up decisively."
Key quotes
"Real seasonally adjusted GDP increased by 2.7% quarter-on-quarter, far above the consensus of 1.2%. Compared with the first quarter of last year, GDP expanded by 4.1% in 1Q14."
"Even if the economy would stop growing in the next three quarters, yearly GDP would still increase by 4.7% this year."
"Moreover, the statistics office revised upward the 4Q13 growth rate, from -2.3% to -0.1%. What looked like an unexpected sharp contraction at first, now seems to have been a stabilisation."
"Growth was driven by a rise in net exports (due to exports rising faster than imports) and a strong increase in inventories. Also the growth residual played a role."
"The strong increase in GDP shows that the disappointing fourth quarter was no reason to fear the end of the recovery. Nevertheless, domestic demand is still not performing as well as other indicators would predict."
"But strong growth, driven by external demand, should speed up this process in the coming quarters. By next year, domestic demand should pick up decisively."