Strong exports reflect signs of recovery

ULSTER Bank in its latest analysis of the Irish economy said there are signs of improvement, with exports showing surprising resilience.

The bank, however, is still predicting house prices will fall 45% from their 2007 peak and unemployment will continue to rise.

Signs of improvement globally have led it to revise upward its GNP forecast for 2010 to -3.2% from -3.5%, while its 2009 growth forecast is broadly unchanged at -8.9%.