Bernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

86. To ask the Minister for Finance the extent to which the economy in terms of economic performance rates alongside other EU and non-EU states, including eurozone members; and if he will make a statement on the matter. [31757/17]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Ireland was the fastest growing economy in the EU in 2016.  Real GDP growth in Ireland was 5.2 per cent in 2016 compared with real GDP growth in the EU economy and euro area economy of 1.9 per cent and 1.8 per cent, respectively.  In 2016 Ireland was the second fastest growing economy among the OECD member countries, which includes both EU and non EU countries. Total economic growth in the OECD countries was 1.8 per cent in 2016. 

In Ireland, domestic demand is driving growth once again with strong contributions from both consumption and investment spending, while underlying exports continue to perform well. Service exports in particular remain strong with double-digit growth recorded in the second half of 2016 year on year.

According to the European Commission, Ireland is also expected to be among the fastest growing economies in Europe this year. The European Commission expects Ireland's economy to grow by 4.0 per cent in 2017 compared with growth of 1.9 per cent for the EU and 1.7 per cent for the euro area.  Similarly, the OECD is forecasting Ireland's economy to grow by 3.7 per cent in 2017 compared with 2.1 per cent growth for the OECD as whole.

The Government’s priority is to ensure continued, sustainable economic growth in order to further increase living standards and reduce unemployment.