‘No need for emergency budget,’ insists bank

The Central Bank has said that it sees no reason for an emergency ‘mini-budget’ to increase Government savings this year, despite the economy growing at a slower than expected rate.

“Growth seems set to be lower than estimated at budget time, but the monthly exchequer returns have to date remained broadly in line with the projected profile,” the financial authority said in its latest quarterly economic bulletin, published yesterday.

Following a number of recent cuts in its economic growth forecasts for this year, the Central Bank also reiterated its guidance of 0.5% GDP growth for 2012. In February, it lowered its outlook from 1.8%.