Ireland’s economy is expected to rise by 4.8% this year and 4.4% next year. This is great news for Irish SMEs, the largest body of employers in the country.These statistics are according to the latest report from the Central Bank, which puts Ireland’s growth slightly ahead of its previous forecast. This growth is fuelled by the recovering domestic demand for goods and services, with gross domestic product predicted to have grown by 6.6%.
Gross national product should rises of 4.3% this year and 3.9% the following year. Speaking on this report, the Central Bank said, “While, in part, the current strong growth phase reflects a rebound from past weaknesses, to a greater extent, it represents movement back towards the full utilisation of resources and the realisation of the economy’s potential”.
In other words, Ireland’s economic growth should not surprise us. We’re moving closer to where we should rightfully be. After years of recession and economic decline, the Central Bank’s optimism will be music the ears of SME owners around the country.
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