BoI predicts zero growth for this year

The economy is likely to remain flat this year with 0% GDP growth now likely, Bank of Ireland warned yesterday.

In his second quarterly outlook of the year, the bank’s chief economist, Dan McLaughlin, forecast 0% annual growth across a range of key metrics, including GDP, exports and imports; adding that personal consumption will drop by 0.5%.

It marks Dr McLaughlin’s second consecutive forecast downgrade, having in April lowered his 2013 GDP growth forecast from 1.5% to 1%.