Ireland out of recession

Ireland is officially out of recession but the Finance Minister says there's no reason to 'throw our hats in the air'.

The CSO says the economy grew slightly in the second quarter of the year – by 0.4 per cent between April and June.

Michael Noonan says the quarterly national accounts show exports reaching an all-time high -in terms of value and volume- in the second quarter of this year. 

His department will now publish a revised set of forecasts in the middle of October with the Budget, which will take account of today# s figures.

But, he says despite the progress next months budget will still be a tough one.