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Ireland's economy forecast to grow 1.7 per cent in 2014

Olli Rehn says the European economy has reach a “turning point”, but it is too early to declare victory.

European Commissioner for Economic and Monetary Affairs Olli Rehn addresses the media at the European Commission headquarters in Brussels
European Commissioner for Economic and Monetary Affairs Olli Rehn addresses the media at the European Commission headquarters in Brussels
Image: Yves Logghe/AP/Press Association Images

THE EUROPEAN COMMISSION has said that the European economy has reached a turning point.

The commission says that the Irish economy will grown by 1,7 per cent in 2014 and 2.5 per cent in 2015.

The commission also says unemployment is expected to decrease to 12.3 per cent in 2014 and to 11.7 per cent in 2015.

The public budget balance is expected to decrease by -7.4 per cent in 2013, by -5 per cent in 2014 and by -3 per cent in 2015.

Gross public debt as a percentage of GDP is expected to decrease from 124.4 per cent in 2013, to 120.8 per cent in 2014 and to 119.1 per cent in 2015.

Olli Rehn, Commission Vice-President for Economic and Monetary Affairs and the Euro said that the recovery is fragile and that a complete turn around cannot be declared just yet.

“There are increasing signs that the European economy has reached a turning point. The fiscal consolidation and structural reforms undertaken in Europe have created the basis for recovery. But it is too early to declare victory: unemployment remains at unacceptably high levels. That’s why we must continue working to modernise the European economy, for sustainable growth and job creation.”

Read: €125m fund to boost small and medium businesses

Read: Over 300 new jobs announced for Dublin

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