The Irish economy grew by 7.8% in 2015

New figures from the CSO have surpassed almost all forecasts...

Ireland's economy grew by 7.8% during 2015, according to official figures from the Central Statistic Office (CSO).

This makes the Irish economy the fastest growing in the EU - and is the fastest rate of growth recorded in Ireland since 2000.

Quarterly accounts from the CSO suggest that Ireland's growth has been driven by a recovery in domestic demand and strong exports.

Between the final three months of 2014 and 2015 Ireland's Gross Domestic Product (GDP) expanded by 7.8% - while the country's Gross National Product (GNP) which takes out multinationals, grew by 5.7%.

During the quarter GDP growth increased to 2.7% - up from 1.4% and 1.9% in the previous two quarters.

The breakdown

Output increased across almost all sectors, with manufacturing expanding by 14.2% and construction up 8.8%.

The distribution, transport, software and communications sector grew by 8.7%, agriculture rose by 6.4%, other services increased by 4.3%.

Personal consumption was 3.5% higher while investment activity was up by almost 30%.

Exports grew by 13.8% and imports increased by 16.4%.