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Irish central bank revises up growth forecast to 5.8 pct

Xinhua, October 3, 2015 Adjust font size:

The Central Bank of Ireland on Friday sharply revised up the country's GDP (gross domestic product) growth forecast for 2015 to 5.8 percent, 1.7 percent higher than previously forecast.

In its quarterly economic outlook, the Irish central bank said the economy is showing evidence of "exceptionally strong growth."

It said the recovery had become widespread throughout the economy and had matured beyond the initial export-driven rebound.

It added consumer spending has revived and is now playing a more prominent role in the recovery.

The central bank said the 2016 GDP growth is expected to be 4.7 percent, an increase of 0.5 percent on its previous forecasts.

In September, the Paris-based Organization for Economic Co-operation and Development predicted Ireland's GDP to grow by 5 percent in 2015 and 4 percent in 2016.

Last year, Ireland had the fastest growing economy in both the eurozone and the European Union (EU).

Ireland's GDP grew at a rate 5.2 percent in 2014.

Many economists say that the Irish economy will top the eurozone GDP growth table once again in 2015. Endit