Ireland's gross domestic product (GDP) is expected to grow by 1.8 percent in 2014 and by 2.9 percent in 2015, the European Commission (EC) said on Tuesday.
In its winter 2014 forecast, the EC, the executive arm of the European Union (EU), foresees a continuation of the economic recovery in most member states and in the EU as a whole.
“After exiting recession in spring 2013 and three consecutive quarters of subdued recovery, the outlook is for a moderate step-up in economic growth,” it said.
“Following real GDP growth of 1.5 percent in the EU and 1.2 percent in the euro area in 2014, activity is seen accelerating in 2015 to 2 percent in the EU and 1.8 percent in the euro area,” it added.
“Recovery is gaining ground in Europe, following the return to growth in the middle of last year,” said EC Vice President Olli Rehn.
“The worst of the crisis may now be behind us, but this is not an invitation to be complacent, as the recovery is still modest,” he cautioned.
The EC predicts a modest rise in employment from this year onwards and a decline in the unemployment rate towards 10.4 percent in the EU and 11.7 percent in the euro area by 2015.
In the report, it also forecasts that Irish unemployment rate will ease to 11.9 percent this year, with a further fall to 11.2 percent predicted for next year.
In late January, Ireland’s central bank said the country’s GDP is expected to grow by 2.1 percent in 2014 and by 3.2 percent in 2015.
In December last year, Ireland wrapped up the bailout in a landmark for the euro zone’s efforts to resolve its debt crisis. It becomes the first bailed-out country in the euro zone to officially exit its international financial rescue program.
Ireland was forced to turn to the EU and the IMF for the 85-billion euro (116 billion U.S. dollars) bailout in late 2010 after its banks collapsed and its property market bubble burst./.
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