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Ireland's 2017 GDP growth forecast revised upwards: central bank

Xinhua, April 6, 2017 Adjust font size:

The forecast for Ireland's economic growth this year and next has been revised upwards, according to the Central Bank of Ireland on Thursday.

The central bank said the revision was due to a stronger momentum in the domestic economy and an improved outlook for external demand.

In its latest quarterly bulletin, the central bank said the economy is projected to expand in GDP terms by 3.5 percent in 2017 and by 3.2 percent in 2018.

But in January, the central bank cut its forecast for economic growth for this year and next, saying that the country's GDP will grow by 3.3 percent in 2017 and by 3 percent in 2018.

The central bank said domestic demand was the main growth driver with a broadly neutral contribution from net exports, adding that domestic demand components (consumption and investment) will continue to drive growth over the forecast horizon.

Underlying investment is forecast to increase by 9.8 and 8.4 percent in 2017 and 2018, while consumption growth of 3 percent is projected for 2017 moderating to about 2.5 percent next year, according to the central bank.

It also said export volume will grow by 4.4 percent in 2017, easing to about 4 percent in 2018

Ireland's economy has been among the best-performing in Europe since the end of the financial crisis. Last year, the economy grew by 5.2 percent. Endit