(MENAFN) According to Ibec, Ireland's growth forecasts have been revised up from 3.1 percent to 6.1 percent in 2014 due to remarkable positive trends across the economy, Xinhua reported.
Employers' group Ibec also raised its 2014 gross domestic product (GDP) growth forecast from 2.5 percent to 5.4 percent and 2015 GDP growth forecast from 3.9 percent to 4.5 percent.
Spectacular growth would make Ireland the fastest growing economy in Europe this year and pave the way for income tax cuts in next week's budget, Ibec, representative of Irish business, said.
"The economy is recovering much faster than most expected. Growth is coming from a broad range of sources, with domestic demand and trade contributing strongly," Ibec Chief Economist said.
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