Irish Economy: Bank of Ireland forecasts 0% GDP growth in 2008; 1.5% in 2009 - “after extraordinary slowdown”
Jul 11th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy: Bank of Ireland in its Quarterly Economic Outlook published today, says that after an extraordinary slowdown, Irish GDP (Gross Domestic Product) is forecast at 0% in 2008 and 1.5% in 2009. The bank says that following data revisions, the Irish economy’s performance over the past five years was even stronger than originally thought; growth averaged 5.5% a year, and is now put at 6% in 2007. This makes the pace of the current slowdown all the more remarkable, with negative GDP growth recorded in the first quarter of 2008, although GNP did stay positive, if marginally so.