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Ireland's GDP growth to be 4.8 in 2016

Staff writer ▼ | January 28, 2016
The Central Bank has published the first Quarterly Bulletin for 2016. Stronger growth performance has been underpinned by both the stabilising influence of the policy and a broad set of favourable factors.
Ireland central bank
Ireland   Quarterly Bulletin for 2016
Stimulus to incomes from an employment-rich recovery has been augmented by both the emergence of wage growth and the further boost to purchasing power from lower energy prices.

Growth has also benefitted from a more benign policy environment, reflected in both the easing of the pace of fiscal consolidation and continued favourable financial conditions and some improvement in household and firm balance sheets.

The positive alignment of the factors above, many of which have acted to boost domestic demand, has helped growth to strengthen and broadly supports a continued favourable outlook.

GDP growth of 4.8 percent is forecast for 2016, a marginal upward revision to the previous projection, while the forecast for GNP growth, at 4.3 percent, is marginally lower.

In 2017, on the basis of forecasts of growth in trading partner countries consistent with those underlying the latest ECB macroeconomic projections and reflecting some moderation in the growth of domestic demand, GDP is forecast to grow by 4.4 percent, with GNP projected to rise by 3.9 percent.