The Central Bank's Bulletin examines recent trends in both the domestic and international economies, provides its forecast for the Irish economy and sets out its position on domestic macroeconomic policies. The Bulletin reported that: (i) the stabilising influence of policy and macroeconomic adjustments has underpinned stronger growth; and (ii) incomes have been stimulated by the increase in employment, wage growth and lower energy prices, all of which support a favourable outlook for the coming months. The Central Bank forecast a 4.8% growth in GDP for 2016, and a growth in GNP is forecast at 4.3%. Chief Economist, Gabriel Fagan stated that "[l]ooking at current forecasts, there is still sufficient spare capacity to accommodate this strong growth over the next two years without encountering major constraints".