Ireland's economy to grow 3.5 percent in 2015

(MENAFN) The European Commission (EC), the executive arm of the European Union (EU), expected that Irish economy would grow by 3.5 percent this year and 3.6 percent in 2016, Xinhua reported.

The EC said Ireland's economy is expected to keep a strong pace and growing faster than the EU average. Ireland is due to grow at a faster rate than the rest of the EU and the euro area.

For the entire EU, economy is expected to grow 1.7 percent and 1.3 percent for the euro area this year, while it would grow 2.1 percent and 1.9 percent, respectively, in 2016.

Ireland's gross domestic product (GDP) should grow by 4.8 percent in 2014, up from 4.6 percent in the autumn forecast, citing continued strength in net exports and investment.