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Irish economy back to pre-recession levels

Last month’s GDP release showed that the Irish economy returned to pre-crisis levels in real terms in 2014.

The good news has continued over the rest of the month with a flurry of releases pointing to ongoing improvements in the economy. This month’s Markit/Investec PMI’s show a strong end to Q3 with both the manufacturing and services sector continuing their expansion.

The latest unemployment figures put rate at unemployment at 9.5% in August (from 11.1% in Aug 14) while the volume of retail sales were up 9.9% year on year in July.

Buoyancy in the economy is showing up in the public finances, with the latest figures showing government revenues up 5.9% in the year to August, with income tax (+6%), VAT (+7.9%) and corporation tax (+38.1%) all contributing significantly.

Source IDA Ireland. September Irish Economy update. Blog Article Breda O'Sullivan, Chief Economist IDA Ireland