Irish Economy: Ulster Bank revises up GNP forecast for 2010; Expects total house price fall of 45% from 2007 peak
Aug 19th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Ulster Bank says in its quarterly review of the Irish economy, which is published today that the somewhat improved economic and financial conditions globally and the less negative tone to some domestic indicators have arrested the downward slide in our Irish growth forecasts. Its GNP forecast for this year is broadly unchanged at -8.9% and it has revised up its forecast for next year to -3.2%, from -3.5% previously. Senior economist Simon Barry says that the actual fall in house prices since their peak in 2007 is of the order of 35% and it predicts a further fall of 10%, resulting in a total drop from peak of 45%.