Central Bank cuts growth forecasts as exports suffer

The Central Bank has cut growth forecasts for the economy as exports suffer on weak international demand.

Growth for 2012 is now said to have come in at an anaemic 0.2% for GDP and 1.8% for GNP.

However, the 2012 GNP figure was inflated by the impact of re-domiciled PLCs in this country that do not engage in any meaningful activity and do not create any employment, but because of double taxation agreements, their substantial profits are not taxed here either.