European Commission Forecasts Irish Economy To Pick Up In 2013

14 May 2012 15:00 - Florence Fullalove

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European Commission Forecasts Irish Economy To Pick Up In 2013

The European Commission has said that it expects that the expansion of the Irish economy will pick up next year as domestic demand stabilises and growth increases in Ireland’s trading partners. It said Ireland would see a modest growth in 2012 of 0.5% of gross domestic product but in 2013 this would grow by 1.9%.  In its spring forecast the commissions said, “The effects of public and private deleveraging will continue to weigh on growth in 2012. However, this will be offset again by external demand.”

The commissions’ economy Chief Olli Rehn said, “Ireland has been able to return to current-account surpluses and is already in positive growth territory.” He added Irish wages had shown a “remarkable adjustment,” with sharp reductions in the cost of hiring workers, making the country more attractive to foreign investors.”The report also said that Ireland’s fiscal judgement was on track. The general government deficit is projected to drop 8.3% of GDP this year, well below the Government’s 8.6% forecast in the budget. The commission said the Government benefitting from lower interest expenditure, higher revenues as well as better than expected employment data.

The Commission said the in the Eurozone, the economy will shrink by 0.3%, but recover in the second half of the year and grow by 1% in 2013. Unemployment across the Eurozone is expected to remain high at 11% in 2012 and 2013.

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Related Links:
• European Commission
European Economic Forecast: Spring 2012
• Latest News
Regular News Updates
• Economic Calendar
Scheduled Economic Events

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