Ireland set to record highest economic growth in Europe in 2018
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Ireland set to record highest economic growth in Europe in 2018

IRELAND are expected to finish 2018 with the highest economic growth in Europe, according to latest figures from the European Commission.

The figures suggest that gross domestic product will grow by 5.6% in 2018 and 4% in 2019, which will be largely driven by domestic demand.

This is strong in comparison to the EU executive which estimates that the Eurozone GDP will only grow by 2.1pc.

However, the commission warned of possible threats to the economy.

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“Risks to the macroeconomic outlook are titled to the downside. Uncertainty relates primarily to the ongoing negotiations between the UK and the EU,” the commission said.

“As a highly open economy, Ireland is particularly exposed to changes in the international taxation and trade environment. Activities of multinational companies could swing headline GDP growth in either direction.”

In the short term, the commission predicts that domestic economic activity is projected to continue growing at a solid pace.