Positive forecast - Reasons for cautious optimism

In its quarterly economic commentary published today, the Economic and Social Research Institute predicts economic growth should remain strong in this country for the remainder of this year and throughout 2015.

It forecasts a 3.5% growth in the Gross National Product for 2014, and 3.7% in 2015, which would mark the greatest improvement since the days of the Celtic Tiger.

The survey provides a positive outlook, because GNP is considered the best measure of output and the national standard of living. Continuing improvements in our balance of payments and indications of growth in private investment are further evidence of economic recovery.