Xinhua, Dublin :
Ireland’s central bank has revised the country’s 2018 economic growth rate up to 4.4 percent, citing favorable international and domestic factors as main reasons, according to a quarterly bulletin released Friday by the bank.
The latest forecast of the central bank represented a half percentage point higher than its last one made in October 2017.
The better-than-expected economic performance in the euro area and the widely anticipated continuation of the economic recovery in the region in the near term is a major factor for the bank’s revision.
Ireland is a small and open economy which heavily depends on the market performance in Europe as statistics showed that nearly 57 percent of its exports were delivered to the European continental in 2016.
The demand from Ireland’s main trading partners is expected to be somewhat stronger in 2018 than what was expected at the time of the previous forecast, said the central bank.
The bank predicts a 4.4 percent growth for the country’s exports in 2018. Ireland’s total exports in 2016 were valued at 128 billion U.S. dollars, accounting for nearly 44 percent of its total GDP in the year.
Strong domestic demand supported by growth in employment and incomes, competitive tax policy for attracting foreign investment, and steady government spending, are the other major factors leading to the revision by the bank.
The bank predicts a 3.9 percent growth for the domestic demand in 2018 mainly due to the continued growth in the country’s employment and incomes.
The employment and the gross national income of Ireland will grow by 2.2 percent and 3.8 percent respectively in 2018, said the bank, adding that an additional 48,000 new jobs will be created this year.
Ireland’s central bank has revised the country’s 2018 economic growth rate up to 4.4 percent, citing favorable international and domestic factors as main reasons, according to a quarterly bulletin released Friday by the bank.
The latest forecast of the central bank represented a half percentage point higher than its last one made in October 2017.
The better-than-expected economic performance in the euro area and the widely anticipated continuation of the economic recovery in the region in the near term is a major factor for the bank’s revision.
Ireland is a small and open economy which heavily depends on the market performance in Europe as statistics showed that nearly 57 percent of its exports were delivered to the European continental in 2016.
The demand from Ireland’s main trading partners is expected to be somewhat stronger in 2018 than what was expected at the time of the previous forecast, said the central bank.
The bank predicts a 4.4 percent growth for the country’s exports in 2018. Ireland’s total exports in 2016 were valued at 128 billion U.S. dollars, accounting for nearly 44 percent of its total GDP in the year.
Strong domestic demand supported by growth in employment and incomes, competitive tax policy for attracting foreign investment, and steady government spending, are the other major factors leading to the revision by the bank.
The bank predicts a 3.9 percent growth for the domestic demand in 2018 mainly due to the continued growth in the country’s employment and incomes.
The employment and the gross national income of Ireland will grow by 2.2 percent and 3.8 percent respectively in 2018, said the bank, adding that an additional 48,000 new jobs will be created this year.
