Central Bank Cuts Irelandís Growth Forecast

03 February 2012 - Which Way to Pay

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Central Bank Cuts Irelandís Growth Forecast

Irelandís central bank, in its quarterly report, said that the Irish economy substantially slowed in the last 6 months of 2011. As a result they have cut their growth forecasts for 2012. The bank has said that the worsening debt crisis throughout the Eurozone, a decline in export demand and falling consumer spending justifies its estimate that Irelandís economy will grow just 0.5 % this year. This figure is a sharp drop from its forecast of 1.8 % made in October last year.  Gross national product will fall 0.7 %, personal expenditure will decline to 1.5 % and exports will rise only 3.9 % compared with an earlier forecast of 5.2 %. They also predict unemployment will hit 14.6 % up from 14 % as, ďMarkets remain tense and output growth is weak.Ē

Despite slowing growth in Irelandís which may damage the economy, particularly as the government tries to cut the fiscal deficit, the bank says that Michael Noon should still be able to narrow the budget shortfall to 8.6 % of gross domestic product.  ďOn the face of it, the consolidation measures announced, and the somewhat better starting position for 2012, should allow the targeted reduction of the deficit to take place,Ē the central bank said, adding, ďBut the pattern of growth will clearly determine developments to a degree.Ē

The bank said that overall it does not expect to see significant growth until 2013 when it anticipates growth of 2.1 %. This figure is down from the Governmentís projections of 2.4 %.

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Related Links:
• Central Bank of Ireland
Quarterly Bulletin 2012
• The Economic and Social Research Institute
Irish Economy Data
• Economic Calender
The World Economic Calender
• Latest News
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