Two straight years of economic growth
The Irish economy grew in 2012 for the second year in a row, according to CSO figures published yesterday. When Labour came into office in 2011 this economy was in freefall. 250,000 people had lost their jobs in the previous three years, the international markets wouldn’t touch us with a barge pole and the country was gripped by chaos and crisis.
Our priority then was to bring stability to a country that was in crisis, so that we could lay the foundations for recovery. We have done that and the plan is working.
Ireland’s export-led growth is continuing, but in addition to that, the domestic economy stabilised in the second half of last year. Private consumption grew for two quarters in a row, and there are more people at work now than at any time in the last five years.
I will be continuing to work, in my capacity as Vice Chair of the Oireachtas Jobs, Enterprise and Innovation Committee, on policy responses such as a Youth Guarantee, a Youth Entrepreneurship Fund, and Social Clauses to tackle the problem of unemployment in particular over the coming months - policies which can support economic recovery in several of most effected sections of our society.
CSO Facts & Figures on Q4 GDP
- Full-year economic growth in 2012 of 0.9 per cent
- GNP grew by 3.4 per cent (but admittedly still variable)
- Export-led growth is continuing
- Employment grew for two succesive quarters at the end of 2012
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