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%.
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.
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