Record growth forecast boost to 4.5%

The Central Bank has made its biggest ever upward revision of growth but wants the Government to do "more than the minimum necessary" to bring thebudget deficit comfortably below 3%.

Finance Minister Michael Noonan is likely to have mixed feelings about the latest Central Bank quarterly review of the economy, released less than two weeks before he unveils the 2015 budget.

GDP growth has beenrevised from 2.5% to 4.5% for this year, which is the largest revision since official records began. However, the Central Bank seems to be siding with the EU Commission, the IMF and the Irish Fiscal Advisory Council in calling on the Government to implement more tax increases and spending cuts in the budget.