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Irish economy outperforms expectations - ING

FXStreet (Łódź) - Anthony Baert from ING comments on the Irish GDP which beat expectations in the second quarter of the year growing by 1.5% on a quarterly basis and bringing the annual growth rate to an impressive 7.7%.

Key quotes

"The Irish economy again outperformed expectations, since a stabilisation had been expected after an unexpectedly high 2.7% QoQ increase in the first quarter."

"Assuming a stagnation in economic activity in the second half of the year, GDP would still increase by over 5% for 2014 as a whole."

"Gross national product, which better reflects domestic demand developments as it excludes activity by multinational companies, increased by0.6%, after 0.4% in the first quarter."

"With the recovery standing on both legs, activity should continue to perform well in the second half of 2014."

"The improving outlook for activity significantly eases fiscal consolidation needed to push next year’s public deficit below 3% of GDP, which in itself might give a further boost to growth."

"It will also help push down Ireland’s high public debt to-GDP ratio (now at around 120%)."

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