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THE ECONOMY IS set to grow by 2.5% this year, the Central Bank says.
In their bulletin for the third quarter of the year, the Central Bank says that GDP will grow by 2.5% this year. It says that the economy will grow by half a percent more than originally thought on the back of a strong performance in the export sector and a stabilisation in domestic demand.
It goes on to say that the economy is recovering in a stronger way than previously thought.
“[National accounts data] suggest that the on-going recovery in economic activity is showing a somewhat stronger trend overall than previously signalled by national income and expenditure data.”
It says that banks’ balance sheets are being “gradually repaired” and says that exports, particularly in the pharmaceutical sector, had rebounded well since late 2013. It adds that employment numbers should help to boost household incomes, which will impact positively on spending.
The Central Bank also revised upwards its numbers for last year by half a percent, showing the economy grew by 0.2% rather than the 0.3% fall previously thought.
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Economy is riding high. Prostitution and drugs must be doing well.
Economy is riding high. Prostitution and drugs must be doing well.”
- you are not far off – everything they can get away with is thrown in
England is doing well. Ireland will grow faster from this.
England , especially London is in a property bubble driven by Chinese investors looking to flip property like its common stock. not the sort of thing we need over here with our supply and demand issues
It’s incredible that the Black Economy is now used in GDP figures, hopefully they will release the tax return figures from prostitution and drug dealing.
“It says that banks’ balance sheets are being “gradually repaired””
How exactly?
The magic of rising property values? Nama life lines? Anyway, “gradually” is purposefully useless….just look at the gradual recovery in the share price of say BOI, now up to 26cents, just another 4600% to get back to 2007 levels.
Small rises in property prices & debt repayment levels remain strong.
By making good loans.
A mortgage for 300k on a house now worth 400k in dublin, with an interest rate of ECB + 4.5% goes a long way to counterbalancing a mortgage for 400k on a house worth 300k with a tracker at ECB + 1%
Of course Business Cat,
Property prices up 25% year on year in Dublin is a small “rise” and mortgage arrears described as a “time bomb”?
http://www.irishexaminer.com/ireland/long-term-mortgage-arrears-a-time-bomb-271128.html
also looks like were entering into risky lending again.
Going by their track record at forecasting they will be downgrading the forecast next week after a few garda drug raids
Every economic indicator showing growth. Domestic market stabilising. Job prospects improving. And the gaping gap between rich & poor doesn’t exist. A bad day for many here today…
gaping gap between rich & poor doesn’t exist. ??? can you link that please. ?
See how they revised last years number upwards so much. So last year was officially a year of growth as well. With all this growth we must be paying down some of debt no? If we can’t reduce debt during the good years, then when?
They can pretty much say what they want, change the rules (eg black market) when it suits them, and report and revise all the way to the central bank. They want you to feel good, spend more, borrow more.
You might have forgotten but take my word for it,there’s nothing at all wrong with feeling good and spending more.
GDP Is becoming a less meaningful figure . Last week UK posted a 3% + rise in GDP – what the politicians did not say was how it is made up .
For a start debt is included in UK figures as in City of London traders are allowed to rehypoticate assets ad infinitum – creating massive debt – all of which is included in GDP .
Have a read of this book
Gross Domestic Problem
by Lorenzo Fioramonti
”’Fioramonti shows convincingly that ever since its invention the measurement of GDP has rested on highly controversial ideological assumptions. GDP is thus an ideological weapon, not a neutral scientific measure. There is no hope of escaping the current crisis until we recognise the role that obssession with GDP has played in causing it.’ – Jonathan Aldred, Director of Studies in Economics, University of Cambridge”
You have to laugh
My young lads maths is better
have your say