Ibec: Economy to grow by 1.8%

This year is likely to be the turning point for the domestic economy, with GDP set to grow by nearly 2% and the unemployment rate stabilising, Ibec has said.

In a characteristically bullish economic outlook, the employers’ representative claims that final GDP figures for 2012 — provisional data for which is due next month — should show 1.2% economic growth for the year, meaning that Ireland would rank as the eurozone’s second-fastest growing economy, behind Slovakia, over the past 12 months.

The body also believes 2012 will rank as the last year of falling employment levels, with a return to marginal growth of 0.4% this year.