Thursday, September 19 15:17:41
While - technically at least - Ireland emerged from recession in the second quarter, there will be no let-up in austerity in next month's Budget, Finance Minister, Michael Noonan warned today.
He was responding to today's CSO figures showing a rise in GDP of a less-than-expected 0.4pc thanks to a rise in service exports and a modest rebound in consumer spending.
Mr Noonan warned that next month's Budget will nevertheless still be tough.
"I suppose what comes from the figures is that the economy is out of recession. There's modest growth, and taking that in association with the employment figures we had from the same time of the year, jobs are being created now at about 650 jobs a week," he said. "So it's moving in the right direction. What we have to do now is make sure we secure our exit from the programme so we must stabilise the growth and continue to grow."
Mr Noonan said the figures provided a solid foundation from which to cast the budget and to develop a fiscal strategy for the return to private market financing next year after the bailout ends.