Exporters slash growth forecast

The Irish Exporters Association has slashed its growth estimates for the export sector from over 3% growth to a 1.6% contraction for the year.

The fall-off in the export forecast was put down to weaker demand in Ireland’s main trading partners. Despite major efforts by various government agencies, there was a lack of extensive expansion of exports to the fast-growing emerging markets, particularly in Asia and Africa.

Despite the fall in projected growth, the Department of Finance has insisted the almost five-point difference in the growth projections will have no effect on the budget arithmetic.