Ireland to head eurozone growth

IRELAND is on course to become the fastest-growing eurozone economy by 2015, but it will be a jobless recovery, according to the latest Ernst & Young’s Autumn Eurozone Forecast.

Despite the latest Central Statistics estimates for the second quarter of 2011 which showed seasonally adjusted increases of 1.6% in GDP and 1.1% in GNP compared with Q1 2011 data, the forecast is pencilling in 1% economic decline in Ireland for 2011.

The forecast now expects GDP growth to fall to an anaemic 1.1% in 2012, across the eurozone. The forecast has also cut the 2011 forecast from 2% to 1.6%. This is provided that an orderly restructuring is carried out for Greece and assistance provided for other troubled countries.