Ireland set to become third-fastest growing economy in Europe in 2014
Goodbody Stockbrokers has predicted that Ireland will be the third-fastest growing economy in Europe for 2014.
The stockbroking firm estimates that gross domestic produce will increase by 2.6 per cent. The firm’s optimistic forecast is based on emerging trends in 2013.
‘The phrase “the devil is in the detail” is particularly apt when looking at indicators of the health of the Irish economy,’ said Goodbody economist Dermot O’ Leary.
‘A casual glance at GDP growth data over recent years would suggest that the economy, after a sharp contraction in the 2008-2010 period, recovered in 2011 and faltered again over the 2012/2013 period.
‘This does not tell the full story. It is true to say that Ireland’s recovery is slow and protracted, but the GDP data hide some more encouraging trends in 2013.’
Mr O’Leary cited a high level of investment in the domestic economy as a strong sign of recovery.
Though the aircraft sector experienced a contraction last year, overall investment increased by a record-breaking 17 per cent year-on-year in the third quarter of 2013.