GNP set to rise, says governor

THE Governor of the Central Bank believes GNP will pick up by around 2.75% next year, if the international economic recovery continues.

Central Bank Governor John Hurley acknowledged Irish businesses had experienced difficulties but said that despite the uncertain picture we shouldn’t be too pessimistic.

“The strong growth of the 1990s has transformed Irish living standards and such that per capita GNP has now caught up with the euro area average. Unemployment, long the scourge of the Irish economy, remains very low, at around 4.5%, despite the recent slowdown in economic growth.