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Irish Economy Expanded 7.8% in 2015, Fastest Pace Since 2000

Ireland’s economy expanded 7.8% in 2015, cementing its position as the fastest-growing in the euro region.

Gross domestic product rose an annual 9.2% in the fourth quarter, the Central Statistics Office said in Dublin on Thursday. From the previous quarter, the economy grew 2.7%, quickening from a revised 1.5 percent in the third quarter.

Ireland’s economy has emerged from the worst recession in the nation’s modern history.

Consumer spending rose 3.1% in the fourth quarter from the year earlier, government spending dropped 6.8% and gross capital formation increased 28%, the statistics office said. Exports rose 16% in the three months ended in December from the year-earlier period while imports rose 15%.

Still, threats to the Irish economy are increasing. In June, the nation’s closest trading partner, the UK, holds a referendum on European Union membership. Meanwhile, the nation faces months of political deadlock, after no party won a majority in last month’s general election.

News by Bloomberg, edited by Checkout.

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