Central Bank Keeps Irelandís Growth Forecasts Unchanged

05 April 2012 15:30 - Victoria Wedderburn

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Central Bank Keeps Irelandís Growth Forecasts Unchanged

Irelandís Central bank reaffirmed its growth forecast for the year of gross domestic product (GDP) growing by 0.5% and gross national product (GNP) is expected to fall by 0.7%. Its prediction of growth of 2.1% in 2013 is also unchanged. In its Spring Quarterly Bulletin released today the Bank expects unemployment to remain unchanged in 2012 before falling next year. The Bank said the unemployment rate was likely to be 14.4% at the end of the year, which is down from a forecast of 14.6% three months ago.  This is the first time in a while that the Central Bank have not grown more pessimistic about the prospects for the economy.  In the bank's assessment of the public finances, the bank said it appears targets for the year are on course to be met and that, ďno overall adjustment to the scale of the fiscal measures announced in the Budget seems to be required at this time.Ē

In the report the Bank said, ďAlthough there have been tentative signs of stabilization in economic activity, the risks to the euro-area outlook remain on the downside and relate to a further intensification of the tensions on euro-area financial markets and their potential spillover to the real economy.Ē The Bank also said, ďAdditional risks include a further slowdown in the global economy as well as further increases in energy prices.Ē

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