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Irish GDP to grow more than estimated

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Staff writer ▼ | February 3, 2014
IrelandThe Irish economy is set to grow at a stronger pace this year than estimated earlier, and the positive trend will continue in 2015, according to the quarterly report from the Central Bank of Ireland.

The bank noted that Ireland has emerged from the EU-backed bailout program against a background of increased market confidence in the outlook for the country's economic performance and policy prospects.

The Central Bank of Ireland forecasts the economy to grow 2.1 percent in 2014, after having expanded 0.4 percent in 2013. The outlook for this year has been revised up from 2 percent the bank had estimated in October. Further, growth is seen accelerating sharply to 3.2 in 2015.

The bank also revised down its inflation outlook to 0.3 percent in 2014 from the earlier projection of 0.6 percent. At the same time, the harmonized index of consumer prices (HICP) is predicted to grow at a weaker annual rate of 0.4 percent than 0.7 percent previously estimated.

In 2015, consumer price inflation is projected to advance to 0.9 percent, and HICP inflation is seen rising to 1 percent.

The forecast of current account deficit has been revised up to 6.7 percent of GDP this year from the earlier estimate of 5 percent. The current account gap is expected to rise to 7.1 percent next year.

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