The Central Bank of Ireland on Tuesday revised its forecast for the country's 2015 GDP growth to 3.7 percent instead of the previously estimated 3.4 percent rate, citing stronger consumer and investment spending as reasons for the positive change.

"Reflecting a favorable outlook for consumer and investment spending this year, a GDP growth of 3.7 percent is forecast for 2015, an upward revision of 0.3 percent relative to the previous projection," the central bank said in its latest quarterly bulletin.

In 2016, GDP is forecast to grow by 3.8 percent on the basis of predicted growth in trading partner countries from the main international economic institutions as well as strengthened domestic demand, the central bank report said.

Meanwhile, the central bank said the 2014 GDP was now estimated to have grown by 5.1 percent as a result of exceptional export growth last year.

In November last year, the European Commission (EC), the executive arm of the European Union (EU), said Ireland was set to become the EU's fastest growing country.

In its autumn economic forecasts for EU member states, the EC said the Irish economy for 2014 was expected to grow by 4.6 percent due to the country's strong exports and recovery in domestic demand. Endit

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