John Flynn, Central Bank Economist has said that economic growth in Ireland will be faster this year than previously thought in fact 12 times more than the 0.2pc seen last year.

“It’s been a long while since we’ve published numbers like this. What we see are encouraging signs that there is a recovery emerging,” said Flynn.

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Caution was advised as he warned against significantly easing up on belt tightening and tax hikes by the Government in the October budget, saying the priority now was to continue along the path of reducing the spending deficit to less than 3pc in 2015, and ideally even more in order to have a cushion against any future shocks.

The Irish economy is expected to grow slowly and investment spending is now expected to be less than previously anticipated.