Bullish Ibec raises growth forecast to 5.4%

Ibec has raised the bar in terms of bullishness on the economy; by forecasting that GDP will grow by 5.4% this year.

The forecast, contained in the employers’ representative’s first quarter economic outlook, published this morning, is notably more upbeat than the steady opinion offered by the Central Bank, which earlier this month, upped its 2015 growth forecast by just 0.1% to 3.8% and decreased its 2016 growth prediction by 0.1% to 3.7%.

In contrast, Ibec has upped its forecast for economic growth this year from an already high outlook of 4.8%. Furthermore, it anticipates the economy will jump another 4.7% in 2016. In GNP terms — which excludes the financial contribution of foreign multinational firms to the economy — Ibec foresees growth of 5.1% this year and 4.4% next year.