Pace of job losses nears peak: BoI outlook

The pace of job losses looks like it is near its peak according to Bank of Ireland.

In its latest quarterly economic outlook, the bank said that with many unemployed non-Irish nationals leaving the country, the average rate of unemployment for the year is likely to be 13.3%.

Bank of Ireland expects growth of 1% in 2010, predicting the recovery will begin to broaden with a rise in retail sales and consumer confidence.

The recent growth in the economy has been led by the external sector and exports will continue to be the main driver of activity, boosted by global demand, the report confirmed.

Chief economist Dan Mc Laughlin said that exchequer borrowing may be below target and that fees for the bank guarantee could amount to €1bn by year end.


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