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Thursday 19 October 2017

Economy set to expand twice as fast as Europe

Growth

The economy will expand around 3pc every year for the next few years, rating agency Moody's predicts in a report published today.

That will be twice as fast as the European average, the rating agency added in a report on the economy.

"The rise of domestic demand and consumer confidence will propel the recovery in Ireland, returning growth rates to at least 3pc over the next few years. However, several external factors stand in the way of the country's recovery," the report says.

Despite the anticipated recovery, high levels of non-performing loans, limited credit and household saving will restrain the pace of growth, it adds.

Banks continue to face the challenge of high bad levels and may need extra cash following stress tests later this year, Moody's says.

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