Stefan Karlsson For better or worse? Making sense of Ireland's economic progress.

Ireland released its latest economic reports last week, and there's good news and bad news. On the one hand, Ireland's economy is no longer contracting; on the other, it isn't recovering at the same speed as some of its  northern European neighbors.

Peter Andrews/Reuters/File

For some unknown reason, Ireland, is always slower than almost everyone else in releasing GNP* and current account statistics, and this year it got delayed even more than usual. But now, two weeks in to the third quarter, we have finally gotten its first quarter numbers for the above two indicators.