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Irish economy to grow at about 4 pct this year: PM

Xinhua, December 8, 2016 Adjust font size:

The Irish economy is expected to grow at about 4 percent this year, well ahead of its European Union(EU) partners, according to Prime Minister Enda Kenny on Wednesday.

"Our economy is growing at a healthy rate, reflected in strong tax returns, increased domestic demand, growing consumer spending and new jobs," he said.

On Monday, the Economic and Social Research Institute (ESRI), one of the country's leading think tank, said the Irish economy will be expected to grow by 3 percent every year until 2025, driven mainly by growth in the traded sector.

At an entrepreneurship event in Dublin, Kenny said the public deficit is set to be under 1 percent this year and that the Irish government plans to eliminate it altogether in 2018.

"From a high of 120 percent in 2012, our debt-to-GDP ratio now stands at 79 percent, continuing to move closer to the new goal of 45 percent," the Irish prime minister said.

Kenny said Ireland needs to plan for "steady, reliable growth".

"We need to do this at a time of unprecedented international uncertainty," he said.

"We also want to ensure the right conditions exist in Ireland for entrepreneurship to flourish," he added.

Ireland aims to secure a top-three ranking of the most competitive small countries in the world, Kenny said.

"We want to realise productivity growth across the economy to levels ranking among the top five EU countries," he said. Endit