Economy to grow by 5% in 2006

THE EU believes the Irish economy will grow by 5% next year well ahead of the region’s average forecast growth of 1.2%.

A gradual revival of growth in the EU over the next two years was predicted by the European Commission although they lowered their forecast for this year to a meager 1.2%.

Ireland too will have increased growth from 4.5% this year to 5% in two years time but this will be driven mainly by domestic consumer demand.