Thursday 20 October 2016

Central bank revises up growth forecasts for economy

Published 02/10/2015 | 10:41

Finance Minister Michael Noonan
Finance Minister Michael Noonan

The Central Bank has revised up its growth forecasts for the Irish economy for this year and next year, thanks to a strong recovery in domestic demand.

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Officials in Dame Street said gross domestic product will increase by 5.8pc this year and 4.7pc next year.

In its latest quarterly bulletin, the Central Bank said the recovery has become more widespread and has matured beyond the initial net-export driven rebound in activity.

“While some of the conventional measures, including GDP and GNP, are affected by the activities of multi-national firms, faster growth in consumption and employment confirm that the domestic economy is now expanding strongly and growth has become much more broadly based,” the bulletin said.

The Central Bank said the broadening and acceleration reflects a number of factors, including the “employment-rich nature of the recovery, a less constrained policy environment as reflected in the ease up of austerity, the boost to purchasing power from lower energy prices and favourable conditions in export markets.

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