Ibec says the Republic of Ireland will be €20 billion richer by the end of this year. The employer’s group is to publish a Quarterly Economic Outlook today which predicts growth will reach 5.9 per cent as nationwide recovery takes hold. The report says the Government is likely to collect €2 billion more in taxes this year than what was forecasted 12 months ago.

Unemployment is set to fall below the 9 per cent mark by the end of 2015 and more than two million people will have jobs in early 2016.

The report found of the 57,100 net new jobs created in the second quarter of the year, 41,700 were outside Dublin. The capital accounts for a third of all employment in the State.

However, the report also acknowledges that during the recession, Dublin lost 7.6 per cent of its jobs, compared to 10.6 per cent in the rest of the country.

The strong growth means the deficit will fall to €3.5 billion this year. That’s below the €4.6 billion target set in Budget 2015 and at 1.7 per cent of gross domestic product, will be well within the 2.9 per cent limit set by the EU. At the same time, the ratio of the State debt could fall to 99 per cent of GDP by the end of this year.