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Central Bank raises GDP forecast
29 Jul 2015 12:12
The Central Bank has raised its growth forecasts for 2015 and 2016 due to stronger domestic spending and an ever-growing demand for Irish exports.
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It said the economy is now growing so strongly there is no need for a fiscal stimulus programme to boost growth and any excess Government revenue should be used to reduce debt levels.
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In its latest Quarterly Bulletin, the Central Bank said it expected Gross Domestic Product growth of 4.1% this year - an upward revision of 0.3 percentage points on its last forecast.
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It believes the economy will grow by a further 4.2% next year, which is 0.5 percentage points higher than April forecast.
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Gross National Product, meanwhile, is forecast to grow by 4.2% this year and 3.8% in 2016.
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The Central Bank said the slow recovery of the euro zone economy has helped boost the sale of Irish goods abroad, as has the country’s trade links with Britain and the United States.
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However it is domestic demand that has contributed most to the improving picture, with consumer spending now playing a more prominent role in domestic growth.
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