30/09/2015

Ireland's GDP To Grow In 2015 - ESRI

Ireland's GDP is expected to grow 6% in 2015, according to the Economic and Social Research Institute (ESRI).

In its Quarterly Economic Commentary, the think tank also forecasted a 4.5% growth in the economy for 2016.

Declines in unemployment are also expected, with a fall to 9% by the end of 2015 and 8% by the end of 2016.

In lieu of the forecasted growth, the ESRI has advised to government to adopt a neutral budget to avoid inflating the economy.

Dr Kieran McQuinn, one of the reports authors, said: "We believe the pace of growth has accelerated in the economy and we now forecast an increase in GDP of 6 per cent this year and 4.5 per cent in 2016. A notable feature of economic performance this year has been the increase observed in personal consumption indicating that households are finally beginning to experience the recovery."

Co-editor Dr David Duffy added: "In our view the increase in the pace of economic growth reinforces the case for a neutral budget this year. As the economy is now growing strongly, we do not see any macroeconomic rationale for stimulating further the level of economic activity."

(LM)

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