NEW figures have confirmed that Ireland is the fastest growing economy in the developed world.

Central Statistics Office figures issued yesterday, show buoyant economic growth in 1996, recording a 6.9 per cent rise in Ireland's gross national product (GNP), broadly in line with Department of Finance estimates, although below the 8 per cent forecast of the Minister for Finance, Mr Quinn.

The CSO also sharply revised upwards the 1995 GNP growth rate from 7.3 per cent to 8.8 per cent, with the 1994 rate now set at 7.8 per cent. This would leave 1995 as the highest growth rate ever recorded by the Irish economy.

Despite such strong growth, however the CSO has reported some slow down in Irish export growth, compared with that seen in the previous two years.

A CSO spokesman said yesterday the figures confirmed Ireland's position as the fastest growing economy amongst the 29 developed nations in the Organisation for Economic Cooperation and Development (OECD).

OECD forecasts earlier this month point to GNP growth of around 6 per cent in 1996, and predicted that the economy would continue to grow at this rate throughout this year and 1998.

According to the CSO figures, Irish exports showed slower than expected growth, with growth of 10 per cent, compared with 19.6 per cent growth in 1995.

Imports also increased at a slower pace, showing 11.4 per cent growth against 15.8 per cent in the previous year.

The CSO figures also reported very buoyant consumer spending in the Irish economy in 1996, with volumes increasing by 6.3 per cent compared with 4.2 per cent in the previous 12 months.

The level of capital investment in the economy was also strong, rising by 15 per cent last year.