Irelandís Finance Ministry Cuts Economic Growth Outlook

30 April 2012 15:30 - Jack Stupple

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Irelandís Finance Ministry Cuts Economic Growth Outlook

Irelandís government debt will peak a percentage point higher than previously predicted next year after Dublin cut its growth forecasts for 2012. The Irish Finance Ministry said gross domestic product would increase by 0.7% in 2012 and not the 1.3% previously expected due to damaging effects from a slowdown in Irelandís trading partners that has already dragged the country back into recession. It reduced its economic outlook as slowing growth in demand for its exports and depressed consumer demand weighed on Irelandís recovery. This was the third downward revision in the last twelve months. Economists have said that the government cannot afford a repeat of this cycle after it cut its 2012 gross domestic forecasts to 2.2% from 2.4%.

The ministry said, ďLast year saw a rebound in economic activity, with GDP recording its first full year of growth since 2007. The short-term outlook for the Irish economy is for a second successive year of positive growth, though recent data suggest that prospects for domestic demand have weakened in the past few months, while external head winds remain significant.Ē

Finance Minister Michael Noonan said, ďThe government is keenly aware that the near term remains challenging and that there are very real risks to the forecasts due to economic uncertainty within the Eurozone.Ē

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