| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Economy Last Updated: Oct 9, 2014 - 12:51 PM

Irish Economy 2014: ESRI says GNP will grow at 5% in 2014 and 2015
By Michael Hennigan, Finfacts founder and editor
Oct 8, 2014 - 7:56 AM

Email this article
 Printer friendly page

Irish Economy 2014: The Economic and Social Research Institute (ESRI) says economic growth is expected to be strong in 2014 and 2015, with Ireland's gross national product (GNP) forecast to grow by approximately 5% in each year.

In the Quarterly Economic Commentary, Autumn 2014, published today, the ESRI forecasts growth in GNP of 4.9% in 2014 and of 5.2% in 2014. Declines in unemployment are also forecast, with the headline rate envisaged to fall to 9.6% in 2015.

Speaking about the report, David Duffy of the ESRI said “The recovery in Ireland is broad-based and is stronger than previously thought. We have revised our forecasts upwards based on strong growth figures in the first half of 2014, better than expected performance in the net trade sector, a pick-up in investment levels and strong budgetary receipts. In our view, GNP continues to provide the best measure of the standard of living (and output) of Irish residents.”

The institute says a fiscally neutral budget would produce a deficit of 2.1% of GDP in 2015.

€500m in additional revenue is expected to be raised in 2015, with about €400m from water charges.

Under a fiscal neutrality scenario, this would be available to the government for a consumption or investment package.

"We recommend adopting an investment strategy with targets an increase in the number of social housing units. This would help to consolidate growth while also tackling one of the most pressing economic and social policy concerns at this point, namely, the supply-side of the residential property market.”

Export volumes are forecast to grow by 5.6 and 6% in 2014 and 2015. "Given the improvement in the domestic economy, demand is forecast to grow by 3.7% in 2014 and by 4% in 2015. These growth rates follow six years of contraction in domestic demand. On  the back of this, growth of 4.9% is forecast for GNP in 2014 and 5.2% in 2015."

GDP will grow by 5% in 2014 and 5.3% in 2015.

The institute has revised upward its level of housing completions for both 2014 and 2015 to 11,500 and 18,000 respectively. However, it says that a key factor in determining the level of housing completions will be the availability of credit. In addition, while these forecasts suggest that supply will increase, the
level of completions remains somewhat below the level of expected new house formation of approximately 25,000 new households per annum - - which why it is also advocating investment in social housing.

The volume of overall investment is expected to grow by over 14% in 2014 and by close to 13% in 2015.

Irish Economy: ESRI notes GNP and trade data uncertainties / distortions in national accounts

The idiot/ eejit's guide to distorted Irish national economic data

© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March