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Europe Live Sunday 26th May 2013

Statement by the Troïka in Ireland

16th July 2012

The Troïka (ECB, IMF, European Commission) congratulated Ireland on 12th July 2012 for the reforms it has undertaken in spite of a difficult economic situation. The Troïka stresses that unemployment, which is still high, is preventing domestic demand from sustaining growth. This has been confirmed by the Irish Statistics Office which forecasts a decrease of 1.1% in the GDP in the first quarter of 2012. Growth in 2011 was reviewed upwards however. The contraction in the first quarter of 2012 does not seem alarming however; the Irish economy is withstanding the world economic slowing. The Troïka's report especially highlights a recovery in investor confidence thanks to the implementation of the aid plan roadmap and the fact that the budgetary deficit goal was achieved in the first quarter of 2012.

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