DUBLIN: Ireland is quickly becoming the fastest-growing economy in the world, overcoming all challenges and concerns. CSO figures show that economic activity has increased sharply since the removal of the lock-down measures. The easing of the COVID-19 restrictions has stimulated all sectors of the country. The Irish economy rose sharply in the third quarter of 2020 with a growth of 11.1%.
The latest figures from the Central Statistics Office (CSO) show that growth slowed to 3.5% in the second quarter from 3.5% in the first quarter. It was from this decline that economic activity gained strength. Economic activity in the domestic market rose significantly. Construction activity increased by 53%. Activity in the distribution, transport, hotels and restaurants sectors, which were hit hardest by the first lockdown, rose 46.9%.
The country has also achieved growth in globalised sectors. IT sector activity grew by 24.9%. Personal spending on goods and services in the consumer segment increased 21% during the quarter. During the same period, retail sales also increased sharply. Overall, GDP, the basic measure of growth, grew by 11.1%from July to September. This is considered an increase in personal expenses. It is expected to grow by 8.1% year-on-year.
Exports of goods and services grew by 5.7%. The country witnessed a trade surplus as pharmaceutical and IT exports grew rapidly, with the value of exports over imports – of € 41 billion. Multinationals’ profits fell 1.9%. There has also been a significant increase in Gross National Product (GNP), a measure of economic activity.
According to Goodbody Stockbrokers, these figures show that Ireland is becoming the fastest growing economy in the world. The Irish economy is now expected to grow by 1-2 per cent in gross domestic product (GDP) this year. Most industrialized nations, except China, are expected to experience a financial crisis this year.