Lowering of growth forecast expected

The Department of Finance is expected to lower its growth forecast for the economy from 1% to closer to 0.6% following downgrades by the European Commission and IMF and a number of commentators.

The latest downgrade of GDP growth came yesterday from Bloxham Stockbrokers chief economist, Alan McQuaid in the brokers’ March 2012 Irish Quarterly Economic Outlook.

Mr McQuaid said there is little to be optimistic about as regards Irish consumer or personal spending in the immediate future and thinks it is too early to make judgements on overall budget targets for this year.