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Central Bank revises up growth forecast to 5.8%

Published 02/10/2015

Finance Minister Michael Noonan said the amount of tax coming into the state coffers was ahead of expectation
Finance Minister Michael Noonan said the amount of tax coming into the state coffers was ahead of expectation

The Central Bank expects Ireland's economic revival to get even stronger.

Already the fastest growing in Europe, the watchdog said it was making significant revisions to its forecasts with gross domestic product now predicted to grow this year by 5.8% compared to the previous estimate of 4.1%.

The increasingly optimistic outlook was released as the Government published details on the tax take to the end of last month - up 2.7 billion euro on the same period last year and 1.7 billion euro ahead of expectations.

With the budget less than a fortnight away, the Central Bank urged caution though.

It said the exceptionally strong growth should be used to pay down debt and r educe the vulnerability of the public finances and the economy to future shocks.

The Central Bank said: "The projections suggest that the economy overall is going through a period of exceptionally strong growth which is forecast to ease only modestly next year.

"While part of this reflects a rebound from a period of exceptional weakness, more fundamentally it represents the economy moving back towards realising its full productive potential and has been made possible by the ability of the economy, the public and policy to successfully respond to the challenges that were faced since the onset of the crisis. "

Finance Minister Michael Noonan said the amount of tax coming into the state coffers was ahead of expectation.

"The tax performance has been very strong through the first nine months of the year, with tax revenues 5.8% above profile and up nearly 9.0% on an adjusted basis, in year-on-year terms. This provides a very solid base heading into the final quarter of the year and Budget 2016," he said.

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