Business Irish

Thursday 18 September 2014

OECD: Irish economic growth to outperform eurozone this year and in 2015

Ailish O'Hora

Published 06/05/2014 | 14:08

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Crowd of people on Grafton street in Dublin, Ireland
Crowd of people on Grafton street in Dublin, Ireland

IRISH economic growth will outperform that of eurozone this year, Paris-based think tank the Organisation for Economic Co-operation and Development said today.

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While the body is predicting growth in the developed world, with the US leading the way, it says the Irish economy will grow by 2pc this year and next.

The eurozone, by comparison, will experience GDP growth of 1.2pc this year and 1.7pc in 2015.

It also forecast that Irish unemployment will average 11.4pc this year, falling back to 10.4pc in 2015.

And it said the budget deficit will be 4.7pc this year and this year and 3.1pc next year - just outside the EU target of below 3%.

And it called on the Government to continue with adjustments stating that the full €2bn should be taken out of the economy in Budget 2015.

It also noted the very high debt levels here, non-performing loans in the banking sector at just under 25pc are the second worse in the OECD after Greece and compared with 3.7pc in the UK.

However, it is also upbeat about Ireland's economy in the longer term.

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