Advertisement

Central Bank lowers growth forecast

The Central Bank is revising downwards its economic growth forecasts for Ireland. In its latest q...
Newstalk
Newstalk

13.33 5 Oct 2012


Share this article


Central Bank lowers growth for...

Central Bank lowers growth forecast

Newstalk
Newstalk

13.33 5 Oct 2012


Share this article


The Central Bank is revising downwards its economic growth forecasts for Ireland.

In its latest quarterly bulletin the bank says it expects the economy will now grow by just 0.5% this year.

This is compared to an earlier projection of 0.7%.

Advertisement

It is however forecasting a pick up in economic growth next year of 1.7%.

But that projection is lower than its previous prediction of 1.9%.

It comes in contrast to a prediction that Irish growth in 2014 could be as high as 2.3%.

A Danske report on Monday said we are ‘heading out the crisis’ despite the weakening global economy and growth of just 0.01% in the 2nd quarter.

It expects Irish growth to return across 2013 and 2014 driven by exports and helped by a stabilisation in domestic demand.

The Danske forecast is for Irish GDP to grow about 0.8% in next year with growth projected to be as high as 2.3% the following year.

Lars Frisell is the Central Bank Director of Economics and Chief Economist.

He says he expects some recovery in external demand next year.

Related stories

href="http://www.newstalk.ie/2012/news/irish-growth-in-2014-as-high-as-2-3-says-report/">Irish growth in 2014 ‘as high as 2.3%’, says report

href="http://www.newstalk.ie/2012/news/irish-population-slows-as-more-emigrate-says-cso/">Irish population slows as more emigrate, says CSO

href="http://www.newstalk.ie/2012/news/eu-says-ireland-will-see-growth-in-2013/">EU says Ireland will see growth in 2013


Share this article


Read more about

News

Most Popular