The European Commission's Spring 2015 Economic Forecast's outlook for Ireland is positive, the report says: "The Irish economy re-emerged in 2014 as one of Europe’s top performers. Economic activity is forecast to remain resilient in 2015 and 2016, as domestic demand takes over net exports as [the] main growth driver."

But it warns, "Due to the still high level of private debt the strength of private consumption remains uncertain."

It continues to say that the government's deficit and debt are forecast to improve as economic activity increases - and that unemployment is expected to fall to 9.2 percent in 2016.

The wider outlook says that the EU is benefitting from positive economic tailwinds and that a mixture of short-term factors are boosting a mild cyclical economic upswing across Europe.

EU GDP in 2015 is expected to rise by 1.8 percent in the EU and by 1.5 percent in the eurozone, these figures are respectively 0.1 and 0.2 percentage points higher than projected three months ago.

For 2016, the Commission forecasts growth of 2.1 percent in the EU and of 1.9 percent in the euro area.

The factors that are improving the wider economic performance across Europe include cheap oil prices, steady global economic growth and the depreciation of the euro.

Pierre Moscovici, Commissioner for Economic and Financial Affairs said: "The European economy is enjoying its brightest spring in several years, with the upturn supported by both external factors and policy measures that are beginning to bear fruit."

He continues: "More needs to be done to ensure this recovery is more than a seasonal phenomenon. Delivering on investment and reforms and sticking to responsible fiscal policies are key to obtaining the lasting jobs and growth Europe needs."