Exports lead Ireland out of recession

EXPORT growth has led Ireland out of recession in the first quarter of the year, but the sector is not labour intensive enough to reduce unemployment in the short term, Davy stockbrokers believes.

And the independent Brooking House is forecasting no substantial increase in taxes, solid volume growth, excluding construction, of 1% quarter-on-quarter growth in the volume of GNP throughout 2010.

Davy chief economist Rossa White said the Irish economy probably returned to growth quarter-on-quarter in Q1, but he expects unemployment to peak in the third quarter at 13.6% (March 13.4%).