ESRI revise sits growth forecast upwards

The ESRI has revised upwards its growth forecast for the Irish economy this year, having downgraded its outlook in its last Quarterly Economic Commentary (QEC) in January.

The research institute now sees GDP growing by 1.8% in 2013 on the back of an improved international outlook and a pick-up in domestic demand. The ESRI had revised down its 2013 GDP growth forecast from 2.1% to 1.3% in January.

Moreover, GDP is forecast to grow by 2.7% in 2014. GNP, which is a more accurate gauge of the domestic economy, is expected to grow by 1% this year and 1.5% next year.