BoI keeps economic growth forecasts unchanged despite 0.2% GDP growth

Bank of Ireland has kept its forecasts for the country’s economic growth unchanged, despite recent figures showing GDP growth of 0.2% in the third quarter of 2012.

In its latest quarterly economic bulletin, issued yesterday, Bank of Ireland Global Markets said the modest third quarter rise in the economy was significant — illustrating annualised growth in domestic demand for the first time in over four years — but was unlikely to prevent a fall in domestic spending for 2012, as a whole.

Thus, the bank’s chief economist, Dan McLaughlin has reiterated his forecast of 0.8% GDP growth for 2012 and a 1.5% rise in 2013.