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Irish growth to be strongest in Europe for 2014, says IBEC

A group representing businesses says economic growth is expected to hit 5.7% this year - the stro...
Newstalk
Newstalk

07.10 22 Dec 2014


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Irish growth to be strongest i...

Irish growth to be strongest in Europe for 2014, says IBEC

Newstalk
Newstalk

07.10 22 Dec 2014


Share this article


A group representing businesses says economic growth is expected to hit 5.7% this year - the strongest rate in Europe.

According to latest quarterly economic outlook from IBEC, Irish consumers are more up beat - while lower oil prices are adding momentum to consumer recovery.

It is also predicting that unemployment figures will fall to single digits next year.

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The group says that every US$10 fall in the price of a barrel of oil means an additional €100m spending power for Irish consumers.

It says while this will support more spending in the domestic economy, "weakening oil prices are clearly a symptom of emerging market instability."

IBEC is forecasting continuing strong growth in 2015 - with GDP rising by 4.8%, and GNP to grow by 5.1% this year and 4.2% in 2015.

It adds that the weak euro, and a gradual recovery in global demand, will support Irish exports.

Head of policy at IBEC, Fergal O'Brien, told Newstalk Breakfast that some of these factors should offset water charges next year.


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