Double-dip recession data ‘not true picture’

Davy stockbrokers believe headline figures showing that Ireland is experiencing a double dip recession have been unduly influenced by the performance of multinational companies and that the fundamentals of the economy are improving.

In a report, Ireland’s Double-dip Recession Hides Encouraging Trends, Davy’s chief economist Conall MacCoille said they were holding their forecast for 1.3% growth this year.

“Hence, we have chosen not to revise our forecasts for the Irish economy until the Q2 national accounts data are published in September. Our last forecast was for 1.3% GDP growth in 2013 and 2.1% in 2014.