Irish economy back on the up

Latest figures have pointed to signs of recovery in Ireland's economy after it suffered a heavy drop over the last 12 months.

A report from the Central Statistics Office on Wedneday showed that Ireland's gross domestic product (GDP) had grown 2.9% in the first quarter of 2002 compared with the same three months in 2001.

Ireland is still the fastest growing economy in Europe but its speed of growth has slowed considerably in the last year.

Wednesday's news reassured economists who said the latest figures indicated the worst was over.

"The numbers confirm the economy bottomed out in the fourth quarter of 2001," said Alan McQuaid, chief economist at Dublin stockbrokers Bloxham.

Growth in the fourth quarter of 2001 was just 0.1% against 5.9% for the year as a whole.