Irish economy five times above EU average, new figures show

The Irish economy grew slightly better than forecast last year according to official figures just published.

The Central Statistics Office said there was GDP growth of 4.8%. The Government's last prediction for the year was 4.7%.

Ireland's growth rate is now five times the euro area average, as every sector of the economy provided positive growth last year. Agriculture was up 10%, and construction by 6.9%

In the final quarter of 2014, GDP increased by 0.2% over the previous quarter, with agriculture proving to be one of the major contributors.

Latest inflation figures also published today show prices fell by half a percent in the year to February with cheaper clothes, and transport costs, though home energy bills were higher.

However, price increases were shown in many areas when just last month is considered.