Ireland’s GDP now forecast to increase by 5pc

The latest Bank of Ireland Quarterly Economic Outlook for the Irish economy has forecast a strengthening of the recovery, with GDP growth revised upwards for this year to 5pc from 2.8pc in its July outlook.

For 2015, growth of 4.2pc is projected, up from 3.4pc previously and reflecting in part the changed fiscal stance with Budget 2015 providing for a €1bn stimulus, as opposed to the originally envisaged consolidation of €2bn.

“News on the economic front has been positive through 2014, with headline measures of activity for the first and second quarters, and high frequency data for the third, confirming that the economy is strengthening,” said Loretta O’Sullivan, group chief economist, Bank of Ireland.

“The data also show that the recovery has broadened out, with domestic demand now contributing to growth along with exports. This was expected and is in line with the recovery path that Ireland has been following for some time.


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