Upbeat assessment from Central Bank

The Central Bank has delivered its most upbeat assessment of the economy in six years as robust exports and improving domestic demand prompt upward revisions to growth for 2014 and 2015.

GDP growth has been revised up to 2.5% this year and 3.3% for next year. These forecasts have been upgraded by 0.5% and 0.1% respectively since the last quarterly review of the economy. GNP is now seen at 2.8% this year and 2.7% for 2015.

The unemployment rate is expected to fall to 11.4% by the end of this year and 10.5% by the end of next year. The main driver of growth will be exports, although domestic demand is also expected to increase this year.