Central Bank upgrades its growth forecasts

The Central Bank has said the economy will not recover as strongly as previously thought in 2013, but has slightly upgraded its growth forecasts for the current year.

In its third economic bulletin of this year, the financial authority said it is now forecasting full-year economic growth — in GDP terms — of 0.7% for 2012.

This is up slightly on the 0.5% outlook given in both its previous commentaries this year, in February and April, and brings it in line with the Government’s thinking.