Ireland's population is expected to grow to 5.3 million people between now and 2060, according to a new European report.

During the same period, the average life expectancy for Irish men will increase from 79 years to 85 years, while women's life expectancy will increase from 83 years to 89 years.

The projections are contained in the European Commission's 2015 Ageing Report. It noted that the number of children aged up to 14 years is expected to fall - from 21% of the current population to 18% in 2060.

However, the number of older people is to increase significantly. Currently, people over the age of 80 years make up just under 3% of Ireland's population. By 2060, this figure is expected to be just over 10%.

As a result, spending on healthcare, long-term care and pensions is also expected to increase.

Meanwhile, the population of the EU, which is currently at 507 million, is expected to peak at 526 million in 2050, before slowly declining to 523 million in 2060.

The report also noted that while the UK currently has the third highest population in the EU, with 64 million people, by 2060, it will be the most populous country, with 80 million.

Germany is currently the most populous country, with 81 million people, but by 2060, it will be the third most populous, with 71 million people.