European Commission forecasts second-highest growth for Ireland in EU next year
Ireland's economy will see the second largest growth in the European Union next year.
That is according to the European Commission, who has forecast growth of 4.5%.
Malta is set to grow the most, at 4.9%, while the UK will see the least growth at just 1.2%.
The commission's Autumn 2018 Economic Forecast also says that this projection is based on current trading relations remaining between the EU and the UK.
Overall, growth in the Euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 - before moderating again to 1.9% in 2019 and 1.7% in 2020.
The same pattern is expected for the EU27, with growth forecast at 2.2% in 2018 and 1.9% in 2020.
The European Commission says last year's "exceptionally benign" global situation helped to underpin strong economic activity and investment in the EU.
"Despite a more uncertain environment, all member states are forecast to continue growing, though at a slower pace, thanks to the strength of domestic consumption and investment.
"Barring major shocks, Europe should be able to sustain above-potential economic growth, robust job creation and falling unemployment.
Growth forecast in 2019:
— European Commission (@EU_Commission) November 8, 2018
๐ฒ๐น 4.9
๐ฎ๐ช 4.5
๐ธ๐ฐ 4.1
๐ท๐ด 3.8
๐ต๐ฑ 3.7
๐ง๐ฌ 3.7
๐จ๐พ 3.5
๐ญ๐บ 3.4
๐ธ๐ฎ 3.3
๐ฑ๐ป 3.2
๐ฑ๐บ 3
๐จ๐ฟ 2.9
๐ช๐ช 2.8
๐ญ๐ท 2.8
๐ฑ๐น 2.8
๐ณ๐ฑ 2.4
๐ช๐ธ 2.2
๐ซ๐ฎ 2.2
๐ฆ๐น 2
๐ฌ๐ท 2
๐ช๐บ 1.9
๐ฉ๐ช 1.8
๐ธ๐ช 1.8
๐ฉ๐ฐ 1.8
๐ต๐น 1.8
๐ซ๐ท 1.6
๐ง๐ช 1.5
๐ฎ๐น 1.2
๐ฌ๐ง 1.2#ECForecast https://t.co/fRe13nc5fC
"However, this baseline scenario is subject to a growing number of interconnected downside risks."
Rising global uncertainty, international trade tensions and higher oil prices will all have a dampening effect on growth.
However, unemployment continues to fall.
The commission says: "Labour market conditions continued to improve in the first half of 2018, with employment growth remaining steady even as economic growth cooled.
"Job creation is set to continue to benefit from continued growth and structural reform implementation in some member states.
"Unemployment should continue to fall but at a slower pace than in the past, as employment growth is eventually dampened by increasing labour shortages and slower economic growth."
