Economic growth rate eases back from 6.1% to 4.1%

GROWTH in the economy eased back in the second quarter of the year, figures from the Central Statistics Office show.

Having grown by 6.1% between January and March, growth eased back to a more modest 4.1% between April and June.

Though by international standards, the economy is booming, economists cautioned that 2004 growth will not be as stellar as some had predicted, with some sectors very sluggish. Consumer spending increased by just 2.2% at the end of June over last year’s figures. Economist Austin Hughes of IIB Bank said the stealth taxes and inflation coupled with lower wage growth may be hindering household spending.