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Economic Eye summer forecast 2012

Posted. 18.07.2012

Overview

Deepening eurozone crisis leads to downward forecast revisions.

The gravity of the situation in the eurozone, notably in Greece and Spain, and downgrades to the eurozone growth forecast, will keep the economy of the Island of Ireland in recession in 2012.

This report forecasts the all-Island economy to contract by 0.7pc in 2012. In the Republic of Ireland (ROI), GDP (Gross Domestic Product) and GNP (Gross National Product) growth in 2012 is forecast to be -0.1pc and -0.9pc respectively; in Northern Ireland (NI), GVA (Gross Value Added) growth is forecast to be 0.1pc.

In addition, the projected recovery in 2013 has been downgraded to 0.6pc and 1.4pc in 2014 in ROI (GDP) and 1.0pc in 2013 and 2.1pc in 2014 NI (GVA).

Despite ROI’s on-track implementation of its EU-IMF programme, weaker external conditions have conspired to downgrade short and medium-term growth prospects.

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Competing for Growth - Chapter 1

Competing for Growth - Chapter 1