Updated 12pm 

The country's Gross Domestic Product went up by 7.2% in real terms in the third quarter of this year, according to provisional figures published by the National Statistics Office.

National GDP at the end of the quarter amounted to €2,829.6 million, an increase of €249.6 million.

Gross Value Added (GVA) increased by €186.3 million when compared to the same quarter last year.

In a statement hailing the figures, the government said the 7.2% figure was a national record for the third quarter of a year and higher than the 5.6% growth predicted by the European Commission. 

During the third quarter, total final consumption expenditure in nominal terms increased by 7.6%, mainly due to an increase of 18.1% in government final consumption expenditure and an increase of 4.4% in household final consumption expenditure.

In real terms, total final consumption expenditure increased by 6.7%, and is explained by an increase of 15.8% in government final consumption expenditure and an increase of 4% in household final consumption expenditure.

Gross fixed capital formation which measures investment, increased by 1.5% in nominal prices but decreased by 2.4% in real terms. Exports of goods and services increased by 3% in nominal terms and decreased by 1.3% in real terms. Imports of goods and services remained broadly stable in nominal terms and decreased by 4.4% in real terms.

The €249.6 million increase in GDP is estimated to have been distributed into a €60.9 million increase in compensation of employees, a €115.3 million increase in gross operating surplus of enterprises, and a €73.5 million increase in net taxation on production and imports.

Higher wages and a better business climate

In its statement, the government attributed the country's strong economic performance to wages rising by 6.5% and leading to a 4.5% increase in private consumption, as well as the healthy business environment which saw business profits rise by 10%, with  more than €1.6 billion invested in the third quarter of the year.