GDP growth forecast trebled to 1.4%

ECONOMISTS almost trebled forecasts for Ireland’s economic growth this year after a much better than expected second quarter but a fragile global outlook has tempered expectations for the following years.

The median forecast for gross domestic product growth for 2011 from 10 economists surveyed by Reuters rose to 1.4%, from 0.5% forecast a month ago, after second-quarter growth came in at 1.6%.

The prospect of a global slowdown hitting the country’s buoyant exports prompted a cut in the median forecasts for 2012 and 2013 by 0.25% to 1.65% and 2.45% respectively.