DUBLIN, July 28 (Xinhua) -- The Central Bank of Ireland revised up its economic growth forecasts for this year on Monday, saying it expected a 2.5 percent this year, 0.5 percent higher than previously forecast.
"GDP growth of 2.5 percent is now projected for this year, an upward revision of 0.5 percent relative to the previous projection, while the forecast for GNP growth of 2.8 percent is marginally higher," the central bank said in its latest Quarterly Bulletin.
"GDP growth of 3.3 percent and GNP growth of 2.7 percent are forecast for 2015, both of which are 0.1 percent higher than the projections contained in the previous bulletin," it said.
The central bank said it revised upwards its growth forecast for 2014 due to strong performance in the export sector as well as a stabilization in domestic demand.
It also revised upwards its figures for 2013, saying the country's GDP grew by 0.2 percent last year as opposed to a previously-suggested contraction of 0.3 percent.
The central bank said the ongoing recovery in economic activity is showing "a somewhat stronger trend overall than previously signalled by national income and expenditure data."
With respect to the public finances, the central bank said exchequer data for the first half of 2014 has been favorable.
Tax revenues have grown ahead of target, while expenditure has remained broadly on track, it said.
"Should these trends continue over the second half of the year, the deficit is on course to come in below not only the EDP (excessive deficit procedure) target of 5.1 percent, but also the Budget 2014 target of 4.8 percent of GDP," it added.