Davy Stockbrokers ups its growth forecast to 5% for this year and next

DAVY Stockbrokers has raised its growth forecasts for the Irish economy for this year and next to 5%.

Rampant house demand has forced the country’s leading stockbrokers to revise its earlier predictions of a rise of 4.2% in Gross National Product (GNP) for 2005 and 2006.

Davy’s Robbie Kelleher and Rossa White said housing demand has proved to be the unknown factor in the revised figures.