independent

Saturday 19 April 2014

Central Bank forecasting 2.1pc growth in economy this year

Fractional upgrade based on export recovery and pick-up in consumer spending

The Central Bank - statistics released show people are paying back more than they are borrowing.
The Central Bank - statistics released show people are paying back more than they are borrowing.

THE Central Bank is forecasting growth of 2.1pc this year and 3.2pc in 2015 thanks to a projected recovery in exports and a strong pickup in consumer spending.

The assessment is fractionally better than a previous forecast in October of 2pc.

In its latest quarterly bulletin, the Bank said that while the country has left the bailout, there remains a need for further austerity.

“Further progress in terms of policy implementation across a range of areas is required before Ireland can be considered to have recovered from the crisis,” the report said.

“The main challenges remain the need for further fiscal consolidation, restoring banking soundness and sustaining the rebound in employment growth through improvements in competitiveness.”

The report said that debt and deficit levels remain high and further work is needed in the coming years.

The Central Bank said gross domestic product would rise 2.1pc this year, increasing to 3.5pc next year.

The unemployment rate is projected to fall to 11.9pc in 2014, and dip further to 11pc in 2015.

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