Ireland is going through its most promising economic expansion since the 1990s, according to one of the country’s main stockbrokers, which has prompted it to upgrade its growth forecast for 2015.

Goodbody said it now expected Ireland's GDP to grow by 5.5% this year, rather than 4.3%, as strong domestic demand drove the economy forward. 

The firm said that the current trend – which was characterised by low inflation and minimal credit - was in contrast to the lending-fuelled growth seen in the years before the crash.

Goodbody’s chief economist Dermot O’Leary said improving confidence and rising disposable income levels among consumers would see this continue, and he anticipated broad-based and sustainable through to 2017.