DUBLIN, Nov. 7 (Xinhua) -- The Irish economy is expected to grow 4.8 percent this year and 3.9 percent next year despite Brexit uncertainty, according to the country's employers' group Ibec on Tuesday.
In its latest Quarterly Economic Outlook, Ibec said the growth is "on the back of a recovering consumer economy and continued strong export growth to the United States, the European Union and developing markets".
"The consumer economy, in particular, is expected to improve, with household disposable income growing by 5 percent. With low inflation and 80 percent of net new jobs being created outside Dublin, households are clearly seeing the benefits of the recovery," Ibec's Head of Tax and Fiscal Policy Gerard Brady said.
But Ibec warned the risk of Ireland's growth being derailed over the coming years has risen significantly due to external developments.
The lack of progress in Brexit negotiations has increased the risk of a no-deal scenario, it said.
"The Brexit debate in the UK is now mired in divisive domestic politics and the final destination for all involved is an unknown. Whilst our best hope is that economic interests win out in the end, it is far from clear that they will," Brady said.
"Diversification by our exporters will be important, but our analysis shows how difficult it may be for sectors most exposed to the UK," he said.
"At recent rates of new market development it would take five years for the dairy sector and nine years for the meat sector to make up for lost trade with the UK in a hard Brexit scenario," he added.
