Bernard Durkan (Kildare North, Fine Gael)
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49. To ask the Minister for Finance the way economic growth in this jurisdiction now compares with all other EU member states, those within the eurozone and without; and if he will make a statement on the matter. [46514/14]

Michael Noonan (Limerick City, Fine Gael)
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The most recent data available, Eurostat's flash estimate for Q3 GDP released on 14 November, suggest that GDP grew by 0.2 per cent in the euro area and by 0.3 per cent in the EU in that quarter. This weak growth is driven by developments in the four largest Member States: Germany grew by 0.1 per cent; France grew by 0.3 per cent; Italy contracted by 0.1 per cent and Spain grew by 0.5 per cent.

While growth in the euro area remains subdued, growth in Ireland's other key trading partners remains robust. Latest estimates for Q3 show quarterly growth of 0.7 per cent in the UK and 1.0 per cent in the USA.

Q3 data for Ireland will not be available until mid-December. However, Q2 data were very strong, with GDP growth of 1.5 per cent  in that quarter, reflecting strong exports, a recovery in consumer spending and strong investment growth. 

In addition, my Department is forecasting that Ireland's GDP will expand by 4.7 per cent this year and by 3.9 per cent next year. The European Commission is forecasting GDP growth for Ireland of 4.6 per cent in 2014 and 3.6 per cent in 2015, which would make Ireland the fastest growing economy in Europe this year and next.