Quarterly Economic Commentary, July 1997

Baker, T.J. and Duffy, David and Duggan, Delma (1997) Quarterly Economic Commentary, July 1997. [Working Paper]

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Abstract

The rapid growth of the Irish economy is continuing. It now seems likely that real GNP in 1997 will increase by about 7 per cent, compared with the annual average rise of 7Yz per cent shown in official estimates for the past three years. Annual average employment is forecast to rise by just over 50,000, and a further substantial improvement in the public finances is certain, with the EBR perhaps falling to about £100 million or 0.2 per cent of GNP. Some slight acceleration in the rate of consumer price inflation seems likely in the second half of the year, leading to an annual average increase of about 1% per cent. However, the achievement of the authorities in maintaining the Irish pound as one of the most stable currencies in Europe, on a trade-weighted basis, over the past twelve months should preclude a more rapid rise in prices in 1997.

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