The Irish economy enjoyed the strongest rate of growth in the euro area in 2005
Minister for Finance Brian Cowen welcomed the Central Statistics Office’s finding that the total value of all goods and services produced in the country rose by 4.7% in 2005.
Mr Cowen said the actual growth in Gross Domestic Product (GDP) was in line with the estimates produced by his department on Budget day.
The corresponding increase in Gross National Product (GNP), or the amount of GDP which accrues to the country, was 5.4%.
“These figures confirm that the Irish economy continues to perform well, with the strongest rate of growth in the euro area last year,” Mr Cowen said.
“This economic growth is broadly in line with the economy’s medium-term sustainable growth rate. It confirms that this Government’s budgetary policy continues to facilitate sustained economic growth.”
The minister also said that he expects the economy to expand by 4.8% in GDP terms this year and insisted that while the outlook is broadly favourable, as a small open economy Ireland must be aware of the risks to the global economic environment and the need to maintain its competitiveness.
Irish GDP increase of 4.7% and GNP increase of 5.4 % in 2005