The Minister for Finance, Michael Noonan has today welcomed the latest CSO data which shows strong growth in the opening quarter of this year.

The figures show that GDP grew by 5.2% in 2014 - the strongest rate of growth in the EU. In the first quarter of this year, GDP rose by 1.4% quarter on quarter, with an increase of 6.5% year on year.

Minister Noonan said, "Today’s figures are very positive. GDP grew by 1.4 per cent quarter-on-quarter and 6.5 per cent year-on-year. This follows growth of 5.2 per cent last year, the strongest in the EU.

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

"Exports were strong in the opening quarter, growing by 14.3 per cent year-on-year. 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. 

"Domestic demand is also growing strongly, with consumer spending increasing by 3.8 per cent in the first quarter– the sacrifices made are now paying dividends. We have laid the foundations for a solid recovery. "

Source: www.businessworld.ie