Predicted growth in GDP revised down as hard Brexit still on the table

Predicted growth in GDP revised down as hard Brexit still on the table

The expected growth in Ireland's GDP has been revised down by researchers as Britain's future relationship with the European Union remains uncertain.

Davy Research have amended the forecast growth down from 5.6% to 5% and 4.1% in 2020.

Uncertainty over Brexit is a factor in this but the economy is still performing strong, according to Davy.

"We still expect employment to grow by 2.4% in 2018 accompanied by 3.5% wage growth," the group said.

"Buoyant household incomes are already evident in retail sales, up 5% in February."

Davy Research added that they expect the UK to stay in the single market for the rest of 2019 and 2020, either through an Article 50 extension or a withdrawal agreement.

More on this topic

Newspapers across Europe say focus is now on UK’s future relationship with EUNewspapers across Europe say focus is now on UK’s future relationship with EU

Johnson’s Brexit would shrink economy even after Trump trade deal – academicsJohnson’s Brexit would shrink economy even after Trump trade deal – academics

Charity: Cost of living could rise by €1,300 a year in event of hard BrexitCharity: Cost of living could rise by €1,300 a year in event of hard Brexit

Unrealistic for UK to complete trade deal with Brussels by end of 2020 – BarnierUnrealistic for UK to complete trade deal with Brussels by end of 2020 – Barnier