- GDP to expand by 6.3% in 2015 and 4.5% in 2016
- GNP to grow by 5.6% in 2015
- Consumer confidence continues to trend upwards: Spending +4% in 2016
- Housing has become a major policy issue
The Irish economic performance has been very strong in 2015 and the prospects for 2016 currently look positive, according to the ‘Friends First Economic Outlook: Making the Economic Recovery Sustainable’ released today. Based on evidence so far this year, real GDP looks set to expand by around 6.3% in 2015 and growth of 4.5% looks achievable for 2016.
All components of the economy are showing positive trends, with consumer spending gradually strengthening in 2015 and projected to grow by up to 4% in 2016.
The growth indicators in 2015 are strong and show that since the final quarter of 2007, the Irish economy has experienced the fastest growth in the developed world. The level of GDP and GNP in 2015 has now surpassed the level of economic activity seen in 2007, just prior to the crash.
However, it would be dangerous to become complacent about Ireland’s economic recovery and it is important that fiscal policy and all issues around competitiveness are managed as prudently as possible to ensure that the economy is resilient in the event of some external shock.