Irish Economy: NCB Stockbrokers said today that Irish data (PMIs (Purchasing Managers" Index), Live Register, industrial production, retail sales, exports etc..) have stabilized and in some instances risen from the lows. Consequently, the NCB economic activity index which had been indicating that activity was contracting at a seasonally adjusted annualized pace of 12% in February, is now signalling that the economy was contracting at an annualized pace of 6% in May. NCB says its more timely, PMI based, growth indicator is also well off its lows and continued rising in June and July. NCB economist Brian Devine says when the Irish data is combined with better than expected data from the US and the Eurozone it has prompted an upgrade of the broker's annual 2009 and 2010 forecasts to -7.6% (previously -8.1%) and -2.0% respectively (previously -3.1%).