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Ireland's 2017 GDP growth revised up to 5 pct

Xinhua, May 8, 2017 Adjust font size:

Ireland's GDP growth rate in 2017 has been revised up to 5 percent from its previous forecast of 3.7 percent, according to stockbrokers Davy on Monday.

In its latest report on the Irish economy, the Dublin-based stockbrokers said Ireland's GDP growth in 2016 was stronger than expected and short-term indicators such as PMIs and falling unemployment point to rapid growth in early 2017.

It expected consumer spending will grow by 3.4 percent in 2017 and employment by 2.8 percent, with the unemployment rate falling to 5.3 percent on average in 2018.

The stockbrokers said the Irish economy next year is projected to expand in GDP terms by 3.8 percent.

Davy said the worst of the initial impact on sterling is over, though Brexit remains a threat, particularly for 2019 when negotiations end.

"Our base case is that a transitional Brexit deal will be agreed to avoid the worst case scenario of a hard Brexit, where World Trade Organization tariffs are imposed in 2019, hurting Irish exports," the report said.

"If not, Irish GDP growth will slow sharply with agriculture, indigenous manufacturers and small and medium-sized enterprises particularly exposed," it said.

On the country's export growth, Davy said Irish exports will grow by 4.5 percent, almost doubling the 2.8 percent growth achieved last year.

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. Enditem