Ernst and Young downgrades Irish growth forecast

Ernst & Young has downgraded its prediction for Irish economic growth for 2012 in its quarterly Eurozone Economic Forecast.

The financial institution has revised downwards an earlier prediction of GDP growth of 0.5% to 0.1% due to continuing weak domestic demand and uncertainty across Europe.

It said Ireland however that has been the most successful of the five debt-laden EU economies in addressing its problems and it remains on target to meet EU/IMF requirements.