Ireland ‘will miss budget deficit targets’

IRELAND will miss its budget deficit targets this year and again in 2012, according to stockbrokers Davy, who predict the economy will grow at a far slower rate than the Government expects.

Davy’s latest economic forecast slashes its own GDP growth projections for this year to 0.4% from 1.7%, well below the Government’s forecast of 1% growth this year.

Davy chief economist Conall MacCoille said Davy’s projections for GDP growth are materially weaker than those of the Department of Finance, EU Commission or the IMF.