Upwards revision of economy’s growth forecast will be welcome news for businesses in Dublin Fingal

Fine Gael TD for Dublin Fingal, Alan Farrell, has welcomed the Central Banks’ upwards revision of its growth forecast for 2014.

“It is encouraging that the Central Bank has revised its growth forecast for 2014 upwards. The Central Bank now forecasts that gross domestic profit (GDP) will grow by 2.5% this year, in comparison to its previous estimate of 2%. The strength of the export sector and the fact that the domestic market has become more stable have greatly contributed to this upwards revision which highlights the recovery of the Irish economy. This concurs with the projection made by the Economic and Social Research Institute that, due to the continuing economic improvement and the fast-paced growth in employment, the Irish economy will continue to improve in 2014 and into 2015.”

“This is great news for many businesses in Dublin Fingal, especially the many businesses who are either directly or indirectly involved in the exporting of goods. As the performance of the export sector has contributed substantially to this upwards revision, it signals that the export sector will likely continue to go from strength to strength. The growth of the economy of the UK, which is our biggest export market, has returned to pre-recession levels, which further adds to our ability to increase our market share there.”

“Demand in the domestic market also contributed significantly to the Central Bank’s decision to review the growth forecast upwards. This stabilisation will be welcome news for business owners throughout Dublin Fingal as it signals that consumers are more readily spending. This will give businesses a much needed boost and potential provide them with the support the need to grow.”