Following on from increases of about 5½ per cent last year, the volume of GNP growth is projected to mirror this increase both this year and next. Such growth is broadly in line with the economy’s estimated potential growth rate.
As has been the trend of late and given the expected composition of growth, economic growth is likely to be accompanied by strong employment growth, driven in large part by continued significant net inward migration and, to a lesser extent, further increases in the participation rate.