IBEC predicts 3.1% growth in economy, says budget should reflect improved picture

IBEC has become the latest body to upgrade its growth forecast for the Irish economy.

The business group is now expecting GDP growth of 3.1%in 2014, up from an earlier prediction of 2.9%, and the group says the increase is down to stronger than expected exports.

IBEC also re-stated its belief that the Government need only impose €200m worth of taxes and cuts in the budget, instead of €2bn.

IBEC's chief economist Fergal O'Brien said he believed the economy was very much in recovery mode.

"Overall the Irish economy is performing quite strongly at the moment," said, "and because of this recovery in the economy and the improved momentum we're seeing right across business, the Government now has much more room for manoeuvre in 2015."

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