BoI changes its mind on economy, predicts growth

Bank of Ireland has changed its mind on the economy, saying it will show slight growth in 2013 before strengthening next year.

Two months ago, the bank suggested the economy would remain flat in 2013, with 0% GDP growth likely.

However, in its latest quarterly economic outlook, published yesterday, Bank of Ireland said the slight recovery in the second quarter of this year (following contraction in each of the previous three quarters) leads it to expect GDP to rise by 0.4% this year, before rising by 1.9% in 2014.