Business

Tuesday 20 February 2018

ESRI says economy to grow by two per cent this year

Ireland's gross national product is to grow by two per cent this year.
Ireland's gross national product is to grow by two per cent this year.

The Economic and Social Research Institute says the economy, measured by GNP, will grow by two per cent this year.

It has also forecasted a growth of 2.7pc next year, while noting that Ireland's economy has grown for the first time since the recession began.

Recent figures on employment growth and tax returns has brought about the positive forecasts.

Ireland is entering a stronger recovery period in 2014 and 2015, it said.

In its latest quarterly outlook the ESRI says domestic demand will contribute to overall growth for the first time since the economic crisis hit.

Along with domestic recovery, there has been a continued robust performance of the export sector.

The ESRI forecasts the deficit coming in at 4.4pc - which is well below the Government target of 4.8pc. The could bring a slightly more forgiving easier budget in 2015, if growth and employment levels do materialise.

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