The Irish economy is recovering based on strong growth of exports
On 7 February, the staff teams from the European Commission, European Central Bank and the International Monetary Fund reported that the Irish economy is based on the growth of Irish exports for its on-going recovery.
European Commissioner for Economic and Monetary Affairs, Oli Rehn said that, “Ireland has made good progress to consolidate its public finances and recover much of the competitiveness that was lost in the boom years…and…the budgetary targets for 2012 look set to be comfortably met.”
Brendan Howlin, Irish Minister for Public Expenditure and Reform together with Michal Nooman Irish Finance Minister said, “we are pleased to confirm that Ireland has successfully completed the 9th Review Mission and we continue to meet all of our targets. The completion of the Q4 2012 programme conditions brings to over 190 the number of commitments that have been fulfilled on time and we have now drawn down some 84% of the available funding. Throughout the course of the review we have demonstrated significant progress on delivering on our commitments but we do not underestimate the significant challenges that remain. Our focus is now firmly on our exit strategy from the Programme, our re-entry into the financial markets and the debt sustainability of the Programme.”
Regarding the strong growth of Irish exports, Eurostat reported in January, that Ireland recorded the third largest trade surplus in goods among EU Member States, as from January to October 2012, it stood at +€35.6 billion. Moreover, despite the bailout the Irish government managed to sustain the purchasing power of its citizens approximately 20 to 30 per cent above EU average in 2011.
Overall, the Irish economy managed to make significant progress and Rehn underlined that the country “is on track to exit from the EU-IMF programme as planned.”
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