DUBLIN (AP) — The Irish Central Bank has sharply raised its economic outlook for Ireland but cautioned the government not to soften austerity plans in this month’s budget, the first to be unveiled since the country’s exit from an international bailout.

In its quarterly report Friday the bank said Ireland’s gross domestic product should grow by 4.5 percent this year, driven by stronger-than-expected exports to its two biggest trading partners, Britain and the United States. The bank three months ago forecast 2014 growth at just 2.5 percent.