Irish Economy 2009: Ulster Bank economists say GNP to fall 7.9% in 2009 and 3.4% in 2010
Mar 10th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy 2009: Ulster Bank economists Pat McArdle and Lynsey Clemenger say in a report today, that following an estimated contraction of 2.3% in 2008, GNP is forecast to fall by 7.9% in 2009. GNP (Gross National Product) is their preferred measure of growth because it excludes profits of multinationals which accrue to non-residents, and includes profits earned abroad by Irish residents. Their most recent 2009 GNP estimate compares with a forecast contraction of 4% in our November Quarterly. GNP is forecast to fall by 3.4% in 2010.