Bank lowers its GDP outlook

Ulster Bank has become the latest commentator to rein in its forecast for Irish economic expansion this year, lowering its figures for GDP growth from 1.3% to just 0.3%.

“Overall, the weak start to the year for GDP will make it very difficult for the economy to record any meaningful pick-up in its annual average growth rate this year,” Ulster Bank’s chief economist for the Republic, Simon Barry, said in his latest economic outlook, published yesterday.

Mr Barry said risks to the Irish outlook are “still skewed to the downside”. He has based his revision on GDP growth of just 0.6% in the first quarter of the year, adding that the economy will struggle to pick up this year, “from the paltry 0.2% recorded in 2012”.