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Irish economy to grow by 3.8 percent this year: central bank

Xinhua, June 17, 2015 Adjust font size:

Ireland's economy continues to improve, with its gross domestic product (GDP) forecast to grow by 3.8 percent in 2015 and 3.7 percent in 2016, according to the latest analysis on Tuesday.

The analysis from the Central Bank of Ireland indicated growth is expected to "be balanced between contributions from net exports and domestic demand."

"The external economic environment is supporting export growth, while domestic demand is expected to benefit from continuing growth in employment and incomes," it said.

But the central bank said risks to the Irish economy are mainly external.

"External economic and macro-financial risks for Ireland, however, are broadly on the downside," it said.

According to the central bank, among the factors impacting that assessment are: weak euro area economic growth; international geopolitical tensions; the possibility of a more aggressive than expected normalization of monetary policy occurring outside the euro area; and the prospect of a reversal of the global search for yield and of high prices in asset markets.

"Any of these could have negative consequences for the international economy and its financial system, and for Ireland," it said. Endit