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2010.07.0809:33:00UTC+00Irish Finance Ministry Lifts 2010 Economic Outlook

Ireland's Finance Ministry raised its economic outlook for 2010 as a jump in exports is expected to boost the domestic economy.

Finance Minister Brian Lenihan announced last night that the gross domestic product will grow 1% this year in contrast to a 1.3% contraction forecast initially. The minister said that the main driving force of this growth will be exports. However, he noted that, the gross national product may contract 0.75% this year.

The latest official data showed that the economy had emerged from recession and the GDP rose 2.7% sequentially in the first three months of the year after a series of contractions since the first quarter of 2008. The country now has the fastest growth rate in the EU.

In June, the International Monetary Fund said in a statement that Ireland's GDP in 2010 is projected to be around 0.5% lower than in 2009. The economy's annual growth rate is expected to rise gradually to a 3.5% by 2015.

Copyright(c) 2010 News.com, Inc. All Rights Reserved

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