Cut in growth forecast likely

THE Government may cut at least 1 percentage point off its 2012 economic forecast as a global slowdown curbs the export-led recovery, according to people familiar with the subject.

Finance Minister Michael Noonan said last month that Ireland may cut its GDP forecast from April’s 2.5%.

The Government will reveal its medium-term budgetary outlook next Friday, and may lower the forecast, according to sources who declined to be identified because the data has not been finalised.