Davy predicts exit from recession

THE economy should exit from recession in the first half of this year, according to Davy Stockbrokers.

However, Davy Stockbrokers chief economist Rossa White believes Ireland has not got the credit for the tough austerity measures the Government has taken.

“The Irish economy gradually stabilised throughout 2009. Note that the majority of the damage was done in the year to Q1 2009, a period when GNP fell 13% in volume, consumer spending dropped 10% and the budget deficit exploded. Since Q1, there have been a number of more positive developments,” he said in a note to clients yesterday.