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Irish GDP to grow by 4.5 percent this year

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Staff Writer | October 8, 2016
The Central Bank of Ireland has published the fourth Quarterly Bulletin for 2016. Irish GDP is forecast to grow by 4.5 percent this year.
Irish GDP
Irish economy   The Central Bank of Ireland:
This is reflecting a reduced contribution from exports and some moderation in growth of domestic demand.

The uncertainty surrounding the trading arrangements which will emerge when the UK triggers Article 50 makes it challenging to estimate the impact on the Irish economy.

Consumer spending grew strongly in the first quarter but declined in seasonally adjusted terms in the second quarter.

Chief Economist Gabriel Fagan said "A wide range of domestic spending and activity indicators suggest that Irish economic activity continues to expand at a healthy pace, though growth momentum may have slowed slightly over the first half of the year.

"The initial fears in relation to the impact of Brexit on the UK economy have given way to a less pessimistic assessment in recent months, against the background of some more positive UK economic data and an accommodative policy environment.

"While this leads to the judgment that it is not appropriate, at this point, to make a further negative Brexit adjustment to the forecasts, the potential for adverse macroeconomic, financial and currency market effects to quickly reemerge remains.

"In such circumstances, risks to the latest forecasts remain clearly tilted to the downside."