Central Bank downgrades growth forecasts as export outlook dims

The Central Bank has downgraded growth forecasts for this year on the back of a more pessimistic outlook for exports.

According to its latest quarterly review of the economy, the Central Bank sees GDP growth of 1.2% this year, which is down marginally from its previous estimate of 1.3%.

Even though there are signs that the global economy is making a tentative recovery, the country’s main trading partners continue to struggle.