Bank highlights twin blows to economy

IN ITS first quarterly bulletin for 2009 the Central Bank highlights the impact of the international economic scene and the slowdown in Irish construction as the twin factors that have severely undermined the outlook for the economy.

Some key statistics produced by the bank yesterday highlight how severe the reversal in the economy has been and the part played by construction.

In 2007 total construction investment levelled off after the boom and was down under 2%. That figure plunged by over 20% last year, while it will challenge the 30% mark this year as house building falls close to 20,000 from a peak of 90,000 in 2006.