Ibec: Spectacular growth of 5.7% expected this year

The national economy will grow at a spectacular pace this year, despite disappointing preliminary third-quarter figures — with the effects finally being felt in the domestic economy.

Ibec, the group that represents Irish business, expects the economy to outperform the rest of Europe with growth of 5.7% in 2014 despite the deceleration seen in the three months to the end of September; 2014 is also the year that the recovery reached the domestic economy with unemployment figures dropping, investment increasing and a rise in consumer confidence, according to Ibec’s Quarterly Economic Outlook.

Ibec head of policy and chief economist, Fergal O’Brien said low interest rates and levels of inflation are two factors helping to sustain the growth.