BoI ups growth forecast to 1%

Bank of Ireland has significantly upped its forecast for the economy, saying it will grow by 1% this year and that the country’s recovery is actually stronger than previously reported.

The bank had previously pencilled in a growth rate of 0.6% for this year. As well as making Bank of Ireland one of the most bullish commentators on the economy — more so than the Department of Finance — it marks the second high-profile positive adjustment to economic outlooks this week.

On Tuesday, the Central Bank said it now anticipates Irish GDP to grow by 0.7% this year, instead of a slightly more modest 0.5%.