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Dublin: 13°C Tuesday 5 July 2022

Ireland will have the largest economic growth in the EU in 2014 (and 2015 and 2016)

Hooray! Right?

Image: Money via Shutterstock

THE EU SAYS that Ireland’s growth for this year will be the largest in the Eurozone both this year and next year.

However, the European Commission’s autumn forecast projects weak economic growth for the rest of this year in both the EU and the euro area.

Real GDP growth is expected to reach 1.3% in the EU and 0.8% in the euro area for 2014 as a whole.

However, that figure is predicted to be around 4.6% in Ireland this year and 3.6% next year and 3.7% in 2016.

Inflation will hit 0.4% this year, 0.9% in 2015 and 0.9% in 2016. Unemployment is predicted to drop to 9.6% next year and 8.5% in 2016.

The Commission says that the road to economic recovery is still fragile.

“The economic recovery that started in the second quarter of 2013 remains fragile and the economic momentum in many Member States is still weak. Confidence is lower than in spring, reflecting increasing geopolitical risks and less favourable world economic prospects.”

The Commission’s report shows that France and Italy’s struggling economies are a risk for the whole EU due to surging deficits and mountainous government debt, respectively.

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