Ireland's economy grows by 2.7% in first quarter

 Ireland's economy, as measured by gross domestic product (GDP), grew strongly by 2.7 percent in the first quarter of the year, according to official figures on Thursday.
The figures from the Central Statistics Office (CSO) showed the increase in GDP in the first quarter was driven by a 1.8 percent increase in exports.
The CSO figures also showed Ireland's GDP grew by 0.2 percent last year.
However, an earlier estimate from the CSO indicated Ireland's GDP contracted by 0.3 percent last year.
The CSO revised its fourth quarter data to show a decline of -0.1 percent instead of -2.3 percent.
Ireland's Finance Minister Michael Noonan said Thursday's figures are very welcome and highlight the strength of the recovery in the Irish economy that is "well underway."
The upward revision to the level of GDP last year, in line with technical changes being implemented in all EU member states, has a favorable impact on both our deficit and debt ratios, he said.
The Department of Finance has projected a deficit of 4.8 percent of GDP for 2014. But Noonan said that if everything else was to remain unchanged, the carry-over from the higher level of GDP would mean the deficit would be closer to 4.5 percent of GDP.
"Indeed, if tax revenue continues to perform as it has done in the first half of the year, the outturn could be even better," he said.
In relation to the debt ratio, the Department of Finance estimated a debt-to-GDP ratio of just under 124 percent at the end of last year. Thursday's figures mean that this is now closer to 116 percent of GDP, and the downward trend in the debt ratio is now firmly established,Noonan said.