Irish Economy: Central Bank cuts 2008 growth forecast to 0.3%
Aug 1st, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy: The Central Bank in its latest Quarterly Bulletin, says that the Irish economy is undergoing a marked slowdown this year reflecting a decline in activity in the domestic economy and a significant moderation in external demand. The Bank is forecasting a rise in real GDP of just 0.6 per cent this year, with real GNP growing by 0.3 per cent. A pick up in output growth to about 2 per cent is forecast for next year, on the basis of a gradual stabilisation in the domestic housing market during the course of the year and a modest recovery in exports.