GDP growth is revised upwards

The Irish economy is making a broad-based recovery with increased investment and domestic consumption combing with robust exports to accelerate growth, according to Ulster Bank.

Ulster Bank chief economist, Simon Barry has upgraded the 2014 GDP growth figure from 2% to 3.1% with the economy forecast to grow by 3.2% in 2015.

On the back of much better than expected economic data, the Government will not have to implement €2bn in budget cuts this October to meet the 3% fiscal deficit target agreed with the troika by the end of 2015, he said.