BoI lowers growth forecast for year to 0.5%

ECONOMIC growth will be weaker than previously expected this year, according to the latest Bank of Ireland forecast.

GDP growth for 2011 is likely to be a “modest” 0.5%, according to the bank’s quarterly economic outlook published yesterday.

The bank’s economist, Dan McLaughlin, says a weak performance by the economy in the last quarter of 2010 and higher than expected unemployment has forced him to cut his growth outlook for this year.