Central Bank warns about inflated 2014 GDP figure

The Central Bank has increased its forecast for Irish economic growth for last year and this year in its latest review of the economy.

The GDP estimate for 2014 has been raised to 5.1%, which is a 0.6% increase on the Central Bank’s previous forecast. GDP is said to grow by 3.7% this year and 3.8% next year.

However, Central Bank economist John Flynn said the 2014 GDP figure was artificially inflated by ‘contract manufacturing’ in the multinational sector.