Ireland’s population will reach 5.3m by 2060, according to a new report released today, growing from the current figure of roughly 4.5m.

The European Commission’s 2015 Ageing Report also predicts that life expectancy in Ireland will raise from 79 to 85 for men, and from 83 to 89 for women in that same period. Across Europe the population is to “turn increasingly ‘grey’ ... as Europeans live longer and have fewer children,” according to the report.

Fertility rates in Ireland will decrease slightly, dropping from 2.01 in 2013 to 1.98 in 2060.

The population in Ireland, as across Europe, will also be slightly older, with the people aged 0-14 to be down from 21.9% of the population to 18.5%. The elderly population will grow significantly. At the moment just 2.9% of the population is aged 80 or over, but in 2060 it’s expected that will be more almost four times that, at 10.2%.

The shift in these demographics will have knock on effects on public spending. An older population will lead to an increase in spending on pensions, healthcare and long-term care, but spending on unemployment benefits will be likely to decrease. The report predicts that unemployment rates in the 20-64 age group will decrease from 12.8% in 2013 to just 6.5% in 2060.

Ireland’s population increase is broadly in line with the rest of the European Union. The total EU population is expected to grow by 5% overall, but peaking in 2050 when it will reach 526 million, dropping to 523 million 10 years later.

The UK is expected to become the most populous country in the EU by 2060, with its population set to rise from 64 million currently, to 80 million, while the current most populous state, Germany, will drop, going from 81 million now to 71 million over the next 45 years.

France will see a jump from 66 million to 76 million, while Italy will go from 60 million to 66 million, and Spain is expected to remain at 46 million.

You can get a summary of the results for the EU as a whole with this infographic