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Ireland doubles 2021 economic growth forecast, budget plans unchanged By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – A closed pub, Reilly’s, is being seen in Dublin as a result of Government restrictions on coronavirus. It was shut down during the outbreak of coronavirus (COVID-19), which took place September 3rd 2020. REUTERS/Clodagh Kilcoyne

DUBLIN (Reuters) – Ireland’s finance ministry on Thurdsay doubled its forecast for economic growth and for expansion in domestic demand this year, citing a very strong economic recovery from disruption caused by the COVID-19 pandemic.

The country’s gross domestic product rose 21.6% in the second quarter after Ireland was released from lockdown. However, the government indicated that domestic demand growth of 15% is a better indicator of the economy.

John McCarthy, the chief economist of Finance Ministry said he won’t be predicting GDP growth this year between 15%-16% because multinationals could distort Irish GDP. He will instead concentrate on 5.2% growth for modified domestic demand.

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