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News / January 14, 2016

Economic growth will be ‘strong’ in 2016

by Guy Hiscott

Economic growth is expected to be strong in 2015 and 2016, with Ireland’s Gross Domestic Product (GDP) forecast to grow by approximately 6.7% in 2015 and 4.8% in 2016, according to analysis by researchers at the Economic and Social Research Institute (ESRI).

The authors also note that GNP is set to grow by 5.2% in 2015 and by 5.3% in 2016. Growth in GDP of 6.7% in 2015 and of 4.8% in 2016 is predicted. Declines in unemployment are also expected, with the headline rate envisaged to fall to 7.9% by the end of 2016.

Speaking about the report, Kieran McQuinn (ESRI) said: ‘While the national accounts have experienced a significant degree of volatility in 2015 with trends in patents and aircraft leasing having a particular impact, it is important to acknowledge that the economy has experienced real and significant growth in 2015. We expect this to continue into 2016.’

Co-editor David Duffy (ESRI) said: ‘While the pace of economic growth has increased, we identify issues in the housing market and a potential significant downturn in global trade in 2016 as downside risks to our forecasts.’

The figures were published in the Quarterly Economic Commentary (Winter 2015) on 18 December 2015.