EC expects Ireland's economy to grow by 3.5 pct this year

2015-02-06 07:37:00

  DUBLIN, Feb. 5 (Xinhua) -- The European Commission (EC), the executive arm of the European Union (EU), on Thursday predicted that Irish economy would grow by 3.5 percent this year and 3.6 percent in 2016.

  In its Winter Economic Forecasts, the EC said Ireland's economy is expected to remain resilient and to keep growing faster than the EU average.

  Ireland is due to grow at a faster rate than the rest of the EU and the euro area this year and next year.

  The EC report said this year's economy is forecast to rise to 1.7 percent for the EU as a whole and to 1.3 percent for the euro area, adding that in 2016 economic activity should grow by 2.1 percent and 1.9 percent respectively.

  With regards to Ireland's 2014 GDP growth, it said Ireland's gross domestic product (GDP) should grow by 4.8 percent in 2014, up from 4.6 percent in the 2014 autumn forecast, citing continued strength in net exports and investment.