Saturday 1 October 2016

Irish economy's growth forecast upped to 6.1pc

Paul O'Donoghue

Published 25/09/2015 | 02:30

Investec is predicting GNP growth of 6.5pc this year and 5.2pc next year.
Investec is predicting GNP growth of 6.5pc this year and 5.2pc next year.

Investec has significantly upped its estimate for economic growth this year to 6.1pc.

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In its latest quarterly Irish Economy Monitor released yesterday, Investec said that its previous forecasts for gross domestic product (GDP) growth of 4pc was "too light".

Chief economist Philip O'Sullivan said: "Having reviewed the recent data, we move our forecasts to growth of 6.1pc in 2015 and 5pc next year."

That is in line with official expectations,

Investec is also predicting GNP growth of 6.5pc this year and 5.2pc next year. It said its reasons for upgrading its forecast included recent figures which show that GDP expanded by 7pc in the first half of the year and growth in all three PMI indicators (construction, manufacturing and services).

Mr O'Sullivan added: "The upturn is also contributing to a marked strengthening in the public finances, with the general government deficit now expected to come in at only 1.4pc of GDP this year. We previously pencilled in 2.1pc."

Irish Independent

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