OECD revises up Ireland's 2015 GDP growth forecast to 5.6 pct

The Organization for Economic Cooperation and Development (OECD) on Monday revised upwards its projections for Ireland's 2015 GDP growth to 5.6 percent.

In September, the Paris-based think tank said it expects Ireland's economy to post 5 percent growth in 2015.

In its latest twice-yearly economic outlook, the OECD also revised its forecast for 2016 up from 4 percent to 4.1 percent and predicted growth of 3.48 percent for 2017.

"The Irish economy is projected to continue its strong expansion in the next two years," the OECD said.

"Ireland's exports will rise in line with increasing demand in its trading partners. Business investment should remain robust thanks to rising profitability and favorable financing conditions," it said.

Last week, the European Commission (EC), the executive arm of the European Union, predicted Ireland's economy to grow by 6 percent this year. In its latest autumn economic forecast, the EC said Irish real gross domestic product is set to slow to 4.5 percent in 2016 and 3.5 percent in 2017.

Last month, Irish Finance Minister Michael Noonan predicted the country's economy would grow by 6.2 percent in 2015 and 4.3 percent in 2016.

He said Ireland is on course to be the fastest growing economy in the euro zone for the second year in a row.

Ireland's economy grew at a rate of 5.2 percent last year. Enditem