Irish Central Bank Lifts Growth Forecasts

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DUBLIN (Alliance News) - Ireland's central bank raised the growth forecasts for this year and next again, citing weaker than expected import growth and better investment outlook.

The growth forecast for this year as raised to 4.9% from 4.5% predicted earlier, the Central Bank of Ireland said in its latest quarterly bulletin released on Thursday.

The projection for next year was lifted to 3.9% from 3.6%.

"The Irish economy has performed strongly this year although projected growth in headline GDP seems likely to overstate the strength of underlying developments," the bank said.

"This revision reflects both weaker than expected import growth and an upward revision to forecast investment in intangible assets this year," the bank added.

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