More pain to come before we enjoy any gains

FRIENDS First’s analysis of the state of the economy ahead of the CSO stats on Thursday was pretty grim.

After Thursday’s figure showing GDP growth of 2.75% in the first quarter was published, economists fell over themselves to say that this was good news.

Earlier this week, Friends First’s Jim Power did nothing to lift the spirits when warning the country faced tough budgets over the next two years, if the Government was serious about tackling the national debt.