Irish economic output surges 2.7pc in Q1

DUBLIN, July 3 (AFP): Ireland's economy expanded by a strong 2.7 per cent in the first quarter of 2014 in yet another sign that the eurozone nation is returning to health, official data showed Thursday.

"Preliminary estimates for the first quarter of 2014 indicate that gross domestic product (GDP) increased by 2.7 per cent in volume terms on a seasonally adjusted basis compared with the fourth quarter of last year," the Central Statistics Office said in a statement.

Revised figures for 2013 showed the Irish economy expanded by 0.2 per cent last year instead of contracting by 0.3 per cent, the CSO added.

This is the first time that the Irish GDP data adheres to the EU's European System of National and Regional Accounts (ESA) framework on estimating economic activity, including spending on research and development and certain illegal economic activities, such as prostitution and sales of narcotics.

The growth data was published a day after official figures revealed that Irish unemployment sank in June to five-year lows.