Irish Economy: The Central Bank said in its Quarterly Bulletin today, that for next year as a whole, a decline in activity of about 2.7 per cent in GDP and 3.5 per cent in GNP terms is projected. This outlook is contingent on a gradual recovery in world demand next year. By contrast, the contraction in domestic demand is likely to continue. It says with forward-looking indicators pointing to a further contraction in housing output and declining disposable incomes likely to depress consumer demand, there is little prospect of any recovery in domestic demand before 2011.  Property-related banking loans were at 61% of total bank loans at the end of March 2009.