Exports, funds inflow pulled up Ireland's GDP

Being among the fast growing economies in the Euro region, Ireland's gross domestic product (GDP) rose 6.7 percent on an annual basis and 1.9 percent for the second quarter of 2015.

Ireland recorded a 7.2 percent growth in the first quarter.

Exports and investments supported the GDP growth rate. The country came out of recession successfully for the second time in five years.

The 5.4 percent rise in exports and whopping 19 percent surge in gross capital investments aided the GDP of Ireland. Exports and capital inflows were the growth engines during the first two quarters of 2015, according to Central Statistics Office (CSO) in Dublin.

Ireland continues to be among fastest-growing economies in the European Union (EU) for 2015 for the second year in a row. Household spending rose marginally 0.4 percent, while government spending dropped by 0.7 percent. Imports rose by 6.3 percent.

The debt office on Thursday sold euro one billion ($1.1bn) of 2030 bonds with average yield of 1.82 percent. It sold bonds with 2.22 percent in June auction. Ireland is poised to regain A-grade from three credit rating firms this weekend. Moody's Investors Services is likely to raise rating by one level to A3, according to Ryan McGrath, an analyst at Dublin-based Cantor Fitzerald LP.

The economy is expected to expand by 5.1 percent. The forecast for growth was 4.1 percent during the first quarter. Ireland is expected to grow on an average growth rate of 3.7 percent till 2016. The economy is poised to grow at or above four percent considering the improving strength of economy.

Despite increasing opposition against immigrants, Ireland is also accepting refugees. The country is accepting 4,000 refuges. The government is taking special care of women and children.

As part of Irish Refugee Protection Programme, "refugees are welcome," said Irish Justice Minister Frances Fitzgerald. She further said that government would take necessary steps to help immigrants integrate with Ireland and overcome the trauma they faced back home.

Ireland is opening emergency and orientation centers for refugees. The Irish government has estimated that it would cost GBP8.7million (euro12mn) on 1,000 refugees annually.

In 2013 June quarter, Ireland came out of recession by posting 0.4 percent GDP growth rate. Ireland has recovered from the worst recession it suffered in 2013. It was second recession for the country in five years.

The crisis in the property sector during 2007 resulted in 170,000 builders out of projects and leaving many unemployed in the country. With a major thrust from exports and support from transport, software, communications and distribution sectors, Ireland was able to come out of recession.