Central Bank of Ireland Cuts Growth

The Central Bank has lowered its economic forecast for the year, predicting the economy will grow by 0.8 per cent in 2011.

That’s slightly lower than the bank predicted in its April bulletin, when it said the economy would grow by 0.9 per cent.

The bulletin also warned that gross national product, which excludes repatriated profits of multinational firms, may decline by about 0.3 per cent. However, it predicted stronger growth in 2012, with gross domestic product expected to expand by 2.1 per cent and a rise of 1 per cent in GNP.

“The broad narrative behind these figures remains unchanged. Exports continue to grow while domestic demand remains weak, although the contraction in the latter is gradually easing,” the bank said.

Irish Times

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell