GDP ‘to grow 2% on back of rising exports’

GDP will grow by 2% this year and 2.4% next year on the back of rising exports and the first increase in consumer spending since the recession began, according to the EY Economic Eye.

The report expects consumer spending to rise by 1.7% this year, the first expected rise since 2008.

“Ireland is showing the characteristics that are required to put the economy back on a robust footing and this has been recognised by the international financial markets, which have differentiated Ireland from the ‘Club Med’ countries, as illustrated by the recent fall in bond yields,” said Professor Neil Gibson, economic advisory to EY Economic Eye.