Irish Central Bank Raises Growth Forecasts

Ireland's central bank Wednesday said it expects the economy to grow at an even more rapid pace this year and next, and urged the government to use higher tax revenues to reduce its very high debts rather than fund tax cuts.

In its quarterly report, the Central Bank of Ireland said economic output will likely increase by 4.1% this year and 4.2% next, having risen by 4.8% in 2014, when the country recorded the fastest growth in Europe.