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THE EU HAS recorded impressive growth figures for the opening quarter of 2015, and in fact appears to be leaving both the UK and the US in its wake.
The latest figures from European statistics aggregator Eurostat suggest that Gross Domestic Product (GDP) in the union rose by 0.4% for the first quarter of 2015 compared with the previous quarter, and by 1.4% when compared with the previous year.
This compares with the 0.1% growth seen in the US, and 0.3% growth seen in the UK for the same timeframe.
American economic growth was consistently greater than that of the EU for much of 2014 (and indeed much of the last three years) so today’s figures appear to show the EU turning a corner of sorts.
The UK remains an EU member of course, although its future is in major doubt at present.
With the Conservatives victorious in last week’s general election, a promised referendum on a British exit, or Brexit, from the EU is in prospect.
GDP measures the total value of all work done within an economy over a period, i.e. the income generated.
Detailed Irish figures for the first quarter of of 2015 are not yet available.
In 2014 Irish GDP increased by an enormous 4.3%, almost four times the European average.
Conall Mac Coille, analyst with Davy Stockbrokers, said the positive news “reinforces confidence in the recovery” in a market update.
We already knew that Spanish growth had expanded at a sharp pace of 0.9% in Q1.
Now French GDP has exceeded all expectations as well, up 0.6% for 2015 thus far.
On balance, today’s European data are likely to reinforce confidence in the recovery.
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I’m looking forward to the interest rate hikes!
Germany is reporting a weaker than expected growth figure, so rates will stay low for another while.
You won’t have quantitative easing and interest rates at the same time, it would be like trying to pull and push at the same time
*raise of interest rates*
Total bull – they are after doing Quantative Easing – the one thing that would have kept the pressure of Ireland 7 years ago but they chose to shaft us –
News for you Eurogroup We’re right back at you !
Do ye hearing the banks screaming about personal loans etc.
Mario is using Irish State owned banks to make interest of Paddy !
Time Joe gave that lad a shout !
b.t.w. – this may be of interst to struggling working parents –
Germany who has bled Europe dry provides childcare at a cost of 25 euro per child per week …
Enda will not tell you this , but thankfully Paddy has his contacts !
25 Euro per child per week !
what do you pay in Ireland parents ?
Of course they are, sure aren’t we, the hard working Irish people, who make 1% of its population, paying 40% of its debt.
This is GDP growth, it’s got nothing to do with debt.
Nothing to do with debt? I think you’ll find they are pretty closely related.
Debt to GDP ratio is much more important than actual size of the debt.
Weve had the slightest of improvements so of course lets act like were back to the good old days.
I’m gonna party like its 2005
We might even get that Bertie Bowl we always wanted.
Or even the respectful treatment of our most vulnerable in society, the possibilities are endless
Last Saturday I walked past a mother of 4 standing outside the newsagents beside Topshop between Grafton St and Dawson St who was begging for people to buy her a loaf of bread and a litre of milk to feed her kids. I’ve never been so ashamed to have done a ‘good deed’ in my entire life. If Enda Kenny honestly believes we’re in a recovery he needs to be institutionalised.
But remember, we’re a great little country to do business in
Dylan what are you basing that statement on “so of course lets act like were back to the good old days.”
Seriously did I miss something ?
Get a room, lads
If you watched the news they’re practically falling over themselves acting like Europe has turned a massive corner and we’re pretty much in the clear. It’s a growth rate of 0.4% carried largely by only a handful of economies who are doing somewhat okay at the moment. It masks the poor performance of a lot of other economies, smaller ones, namely ones like Greece which has actually slipped back into recession.
Obviously Dylan any postive news doesn’t suit your own narrative, everything has to be negative
positive* before the grammar police arrive
No Tom everything doesnt have to be negative. Id just rather our great leaders didnt go abroad singing the praises of austerity and how weve “turned a corner” when people in this country havnt a crumb to their name and families are being pushed onto the street. Id love it if the economy was back on track and we could get things going again, I hardly enjoy bad news, but these false positive stories when things are so clearly still in the sh*t for a lot of the country do nobody any good.
We really need to address the Greece situation in a humane manner. People from EU member states should not be going hungry. Its a disgrace that they’re being chased for every penny. They simply cant pay. Write off their dept and lets all move forward as a true European ‘Union’
Hear hear !
The EU/IMF are currently sparing the blushes of the elected government, they are giving them under the counter loans and calling deadlines and extensions something else – while the government quietly implement the policies required.,.. but long gone is the pre-election rhetoric SF should take note… mind you they did SF do a vote-face on a regular basis.
More propaganda and spin, only an Idiot would take these stats seriously.
Indeed, the EU spinning wheel has been switched on to keep the UK plebs under the impression they will be destroyed if they dare vote to leave the magnificent and prosperous EU. Let the EU spinning begin,
I’m sure all the unemployed youth in the numerous EU countries who have been rioting over austerity will be overjoyed with this news, jobs galore for them all and no more riots.
Its great to see the recession over and the elites and the establishment vindicated. Everyone should give themselves a round of applause.. especially you. Well done you.
Get in!!!
Euuuuuuuuuuuuroooooooooope!!!
Euuuuuuuuuuuuroooooooooope!!!
Euuuuuuuuuuuuroooooooooope!!!
Yes!
Its just a pity Ireland is not actually in Europe. Its a fantasy.
We do most of our trade with the US and the UK
The US is currently in recession
I am pretty sure the UK is in Europe.
What ever you say Paddy
That £55 million a day that the UK contribute to the EU will be sorely missed if they pull out .
Don’t forget the UK rebate which effectively involves the UK getting back two thirds of the difference between what it puts into the EU budget and what it gets back.
The following table gives the amount per capita of net contributors in euros in 2009:
Luxembourg 266.06
Belgium 250.89
Denmark 221.93
Netherlands 150.02
Finland 139.41
Germany 115.32
France 111.43
Italy 102.49
Ireland 84.45
Austria 78.01
United Kingdom 71.55
Sweden 53.87
Cyprus 50.74
Malta 27.02
In 2014 the UK paid in £6.27 billion into the EU budget. While In the same year they received £5.5 billion from EU programmes.
Mike where’d you get those figures?
UKIP election manifesto.
Nigel Farage must have missed those figures. EU membership doesn’t cost the English taxpayer as much as we’re led to believe. I was quite surprised with how much the UK get back from the EU each year. Ireland pays more into the EU budget per capita than the UK.
Plus we’re now shipping in refugees. Just in case they’re finding it too difficult to get to Europe the various states navies are on hand to get them past that awkward barrier the Mediterranean sea. All paid for by the tax payer, who will also clothe, house and pay benefits beyond their wildest dreams. And if thats not enough, after they’ve spent ex amount of years in ‘inhumane’ accommodation, because they’ve appealed court decisions refusing their application. They can sue the tax payer and make more money in 1 go than the average tax payer will ever see.
Europe & the EU! Whats not to like about it!?!
Yet other news sources are noting the weak growth, Germany is behind expectation, the powerhouse of the Union.
UK is in the EU
Things are getting better – but not for all.
In 2014, we took in only 495 asylum seekers.
Not good for a ‘Christian county’….
We can just send them all to Mayo
Letsseewhathappens whenbritain pull out of th e EU
Rome wasn’t built in a day. Keep her lit EU…. Ba!!!!
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