Monday 11 December 2017

Economy on up - Central Bank

Ireland's economy is in line for a 2.5pc boost, according to forecasts from the Central Bank.

The economy expanded 2.7pc in the first quarter, having been stuck in neutral for the last two years.

The Central Bank reiterated that the economy has now broadly stabilised and domestic demand will contribute to growth this year.

However, Central Bank chief Patrick Honohan (inset) said that while the amount of spending cuts and tax hikes required may be less than anticipated, ministers must tread carefully.

"Continuing to build on the achievements of recent years will be crucial in order to reduce vulnerabilities and ensure a sustainable return to steady growth," the Bank said in its quarterly bulletin, referring to Ireland's six years of austerity cuts.

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