Irish economy faces into a bleak 2009 and further contraction in 2010 - Davy
Dec 4th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Irish economy faces into a bleak 2009. Output is set to fall by the most on record. Consumers will save a greater share of their income and shun spending, and the unemployment rate is likely to breach 10% by the end of the year. Davy Research predicts that the Irish economy will shrink again in 2010 (albeit only slightly) following a sharp dip in 2008 and 2009. It projects real GNP to slip 0.5% in 2010. That compounds the likely 6%+ drop in real national income cumulatively in 2008 and 2009.