Davys downgrades growth forecast for 2004

Davy Stockbrokers has downgraded its growth forecast for this year to 3.4% from 3.8%, due to higher than estimated accumulation of stocks in the economy.

In its latest report on the Irish economy, the stockbrokers said it also expects growth to slow to 2.6% next year because of an easing of the pace of growth in the global economy.