BoI lowers outlook for economic growth

Bank of Ireland has lowered its outlook for Irish economic growth this year by 0.5%, saying GDP should grow by 1% and not the 1.5% rate it had previously forecast at the turn of the year.

In his latest quarterly economic outlook, published yesterday, Bank of Ireland’s chief economist, Dr Dan McLaughlin said that export performance is slowing and dampening growth

“Exports grew by just 0.5% in the latter half of 2012, while imports expanded by 2.7% with the result that net exports proved a drag on GDP, leading to a flat reading in the fourth quarter, following a 0.4% contraction in the third quarter,” Dr McLaughlin said.