Central Bank: Ireland avoids worst Brexit fears

The effect on the Irish economy of the decision by the UK to quit the EU has so far not been as dire as some had feared, though huge risks remain, Central Bank officials have said.

Presenting its latest quarterly economic bulletin, bank officials also said that there was no need for further stimulus for the economy but they had no major concerns about the direction of fiscal policy ahead of the budget next week.

The bank pared its GDP growth forecasts this year to 4.5% from the 4.9% expansion it previously projected in the immediate aftermath of the Brexit vote, in July, and left unchanged its growth forecast of 3.6% for 2017.