EY revises upwards Ireland’s export growth forecast to 5.5pc for 2015
EY has revised upwards its export growth forecast for Ireland from 3.9pc to 5.5pc for 2015 in its Economic Eye Summer forecast.
It said export prospects remained positive for Ireland but the double digit export growth of 12.6pc in 2014 was unlikely to be sustained.
“The economic outlook for Ireland’s major export markets – the US, UK and eurozone – is positive and improving. Demand prospects are strong for its major export sectors including computer and business services, pharma, agri-food and tourism,” the forecast stated.
Mike McKerr, managing partner EY Ireland, said: “Lower energy prices, higher consumer spending, a stronger labour market and a weaker euro are all contributing to a broad-based recovery.
“With some emerging economies, in particular China, set for a managed slowdown in the coming years, it is important for Irish exporters to continue to focus on traditional markets in tandem with a managed expansion into new global markets.”
He noted that the Irish business and political community had worked hard to remove barriers for trade particularly in the agri-food sector and this presented a good platform for growth.
The EY’s Economic Eye Summer forecast suggests that overall growth of the Irish economy will moderately slow from 4.8pc in 2014 to 3.7pc this year.
Prof Neil Gibson, economic advisor to EY, said: “A sustainable economy needs both a strong domestic and international sector. Ireland is moving into this mode which is welcome and should begin to spread the recovery to across more sectors and people; however, repairing the damage of the last half decade will take a concerted and sustained focus.”
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