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CSO data show GNP is up 7% in Q2 2014, over Q2 2013 Back
GNP for the first half of 2014 was up by 6.1 per cent for the half year compared with the first half of 2013, in seasonally adjusted constant price terms. The more commonly used, but less accurate indicator, GDP, was up by 5.8 per cent year on year in the first half, the Central Statistics Office figures show.
Second Quarter National income statistics confirm the strong recovery in the economy shown in earlier data, such as income tax returns for the first half of the year, a proxy for national income, that have been showing growth in the range of 7 per cent.

The figures confound most forecasts for this year made over the past two to three years, and provide grounds for a radical revision of common assumptions about the impact of particilar economic policies in the Irish economy. (See this article in Finance Dublin, in March 2014 ).

Most conventional analysis during the crisis suggested that the economy would take much longer to recover, because of the impact of austerity policies on demand levels in the economy.

Detailed analysis of the figures show a greater than anticipated impact due to exports and the impact of foreign direct investment, as well as the impact on spending generated, not by demand management policies, but autonomous expenditure by consumers, based on improved personal income expectations and confidence in the recovery.

The figures will provide grounds for serious consideration in the forthcoming Budget on how the recovery can be fostered by providing a balance between measured tax relief that underpins confidence in the continuing international tax competitiveness of the economy, especially in areas that affect relative personal tax burdens on the internationally mobile labour force, along with the need to continue to eliminate public sector borrowing, and, for example, bring down the growth rate of the Irish Debt Clock. These concerns will be blaanced against concerns to provide a broad based sense of relief to all groups in the economy, which provides scope for speculation of additional relief on the property taxes front.

These figures add to confidence that the economy is recovering significantly faster than expected. This combined with the Government's actions to pay down the IMF element of the national debt, could boost the economy's growth trajectory by an additional 0.5 per cent of GDP next, further altering the growth outlook for the better. The extra scope for boosting economic confidence provides some additional scope for the Government to accelerate its programme for economic recovery.
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