Ireland's finance ministry on Thurdsay doubled its forecast for economic growth and for expansion in domestic demand this year, citing a very strong economic recovery from disruption caused by the COVID-19 pandemic.

Gross domestic product jumped 21.6% year on year in the second quarter as Ireland reopened from lockdown, data showed this month, although the government said growth in domestic demand of 15% was a more accurate gauge of the economy.

Finance ministry chief economist John McCarthy said he would not read too much into forecast GDP growth of 15%-16% this year due to the ways multinationals can distort Irish GDP but instead focus on 5.2% growth in modified domestic demand.