Economic growth set to slow

Economic growth set to slow

The Central Bank is predicting that the economy will grow in 2020 but not as much as last year.

The country's GDP last year was at 6.1%.

The growth is expected to slow somewhat through the next 12 months to 4.8%.

The Central Bank has looked at how the economy has been shaped by trends and makes forecasts for the next year.

It also says that even if the UK and EU agree a trade deal, the economy's growth is expected to falter slightly.

Director of Economics and Statistics at the Central Bank, Mark Cassidy says the economy is close to full capacity.

"We think that the evidence that exists - slower unemployment and also firms recording it more difficult to find work - this means that the economy is operating at or in the region of full employment," said Mr Cassidy.

"It means the scope for further economic growth in the coming years is somewhat limited.

"Also the risk of overheating increases that means that spending in the economy is seeding through to prices and wages which can have a damaging effect on competitiveness and economic performance."

Mr Cassidy said that it is important the next government keeps a grip on public spending.

"We have been growing strongly for a number of years...and in those circumstances we think it is prudent that the government policy can help to stabilise economic performance, not to add to overheating pressures and it is also important to put money aside for less favourable times."

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