Irish economy set for spectacular growth says Howlin

The Irish economy is set for spectacular growth of more than 7 per cent this year, according to Minister for Public Expenditure and Reform Brendan Howlin.

The rapid growth means that the country’s debt as a proportion of gross domestic product (GDP) will fall to about 1.7 per cent, well below the original year’s target of 2.7 per cent.

Ireland was the fastest growing economy in the EU in 2014, with growth of 5.2 per cent. Mr Howlin told Reuters news agency on Wednesday that it was on track to go higher in 2015.

He said there was every likelihood that the final figure for the year could be 7 per cent or above, and some Government sources suggested last night that it could be even higher.