Irelandís Economy To Grow By 0.9%

29 February 2012 - Which Way to Pay

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Irelandís Economy To Grow By 0.9%

According to the Economic and Social Research Institute (ESRI) Irelandís economy is expected to grow a modest 0.9 % in 2012 and more than double this rate in 2013 to 2.3%.

ďWhile the austerity measures current being undertaken correct the public finances, they have a dampening effect on economic activity.Ē The ESRI said. ďThe consequences of the collapse of the bubble affecting the economy in the 2000s are plain and obvious.Ē They added, ďThere is no realistic alternative to austerity given the fiscal imbalances and the scale of government debt.Ē The ERSI expects government debt as a percentage of gross domestic product to peak at 120 % in 2013. Exports are forecast to rise by 3.4% in 2012, and 3.8% in 2013, down from 6.3 % in 2011.

If the outcome this year is weaker than this 0.9 % it may affect the Governmentís budgetary targets. The debt crisis in Europe is hurting the international global recovery that Prime Minister Edna Kenny is depending on to revive Irelandís economy. Kennyís government is cutting spending and raising taxes to narrow the fiscal shortfall.

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Related Links:
• ESRI
Quarterly Economic Commentary
• Central Bank of Ireland
Economics & Statistics
• Government of Ireland
Information on Government Services

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