Ireland is looking to grow its economy by 50% over the next decade and a half to reach the €100 billion target by 2020, the latest official figures showed.

In an update to its 2016 budget, the Irish Government also proposed a 10-year plan to tackle the economic challenges of the global financial crisis, including by boosting productivity and tackling climate change.

The plan also called for tax relief to be introduced to encourage businesses to stay in the country.

The Government also announced plans to increase spending on the economy to €9.7 billion this financial year from €7.9 billion last year.

The Budget also committed to a €15.5 billion funding boost for schools, healthcare and education.

This is the third update of the Budget, which was published on Wednesday.

The Finance Minister has been in office since January.