The Economic and Social Research Institute (ESRI) has become the latest body to forecast a robust recovery in the economy. In its Quarterly Economic Commentary, published today, the ESRI predicts the domestic economy will grow by just over 7% this year while GDP will grow by 12.6%.
The report says this will ease the pressure on the public finances. The ESRI forecast earlier this year that the economy would rebound in GDP terms by double digits this year.
That's now pencilled in and the momentum is expected to carry through to deliver 7% growth next year. The ESRI has factored in a reduction in the forecast Budget deficit for this year from around €20 billion to just under €15 billion, lifting some of the pressure on the public finances.