Irish economic growth is expected to remain strong in 2014 and 2015, with the Gross National Product being forecasted over 3.5 percent in both years, according to a local think tank on Friday.
In its latest Quarterly Economic Commentary, the Economic and Social Research Institute (ESRI) said GNP provides best measure of the standard of living and output of Irish residents.
"We are expecting growth in GNP in 2014 of 3.5 percent and that this pattern will continue into 2015, resulting in growth in GNP next year of 3.7 percent," it said.
The think tank predicted that the unemployment rate should be down to an average of 10 percent of the labor force in 2015.
"There are signs of growth in private investment and, as this trend develops, it will contribute to further growth in output and employment," said the ESRI.
However, there still remains the possibility of new shocks to the economy, it warned.
The think tank suggests that it is best to err on the side of caution to ensure that budgetary targets are met in 2015.
"After a long period of attrition, we are approaching the end of the very painful period of fiscal adjustment," it said./.