Irish Economy: Goodbody says economy will contract 2.2% in 2008; House prices may fall by 30% from their peak by the end of 2009
Jul 10th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Goodbody Stockbrokers today issued the most pessimistic forecast yet for the Irish economy, saying sharply declining activity in the building sector and weakening consumer spending will push the economy into a recession. The stockbroker, which had previously forecast gross domestic product (GDP) to grow by 1.1%, now expects it to fall by 2.2%. It also said house prices could fall by 30% from their peak by the end of 2009.