Economy ‘set to recover’ from recession

EXPORT-led growth will pull the economy out of recession in the second half of this year.

For 2010 overall the economy will remain in recession, however, with a GDP fall of 1% on the cards, a significant improvement on the 7% loss of growth experienced in 2009, according to the Central Bank’s first quarterly bulletin for 2010.

From mid-2010 the bank expects the economy to move into modest growth year-on-year, but it will be 2011 before the economy delivers a calendar year of growth, following two years of sharp decline in 2008 and 2009.