Irish economy forecast to grow by 4.8% despite Brexit concern

Brexit may be a big concern but that hasn’t stopped Bank of Ireland from hiking its economic forecast for the Irish economy based on continuing rising domestic demand.

In its latest economic outlook, the bank has revised Ireland’s gross domestic product growth projections from 3.2 per cent to 4.8 per cent this year and to 3.8 per cent from 3.1 per cent for 2018.

Group chief economist Loretta O’Sullivan said 2017 had got off to a positive start with GDP up 6.1 per cent on an annual basis in the first quarter and employment growth coming in at 3.5 per cent.

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