Central Bank cuts growth projections

THE Central Bank has lowered its 2011 growth projections for the economy, by nearly half a percent, but stressed it is only a case of a slowdown in momentum.

In its latest quarterly bulletin, the Central Bank said it expects the economy, in GDP terms, to grow by just 0.2% this year and by 2.4% in 2011.

When measured in GNP terms (which excludes the financial contribution from foreign multinational companies with a presence here), a 1.7% fall in the economy this year is likely to be followed by the same percentage rise next year.