Property sector ‘weighing down recovery’

THE recovery prospects for the Irish economy continue to be weighed down by the collapse of the property market, according to the latest European Commission growth forecast.

The commission has predicted even lower growth this year than the Government’s recently revised figures, expecting it to be little more than 0.6% — less than what’s needed to pay off Ireland’s massive debt.

The report states: “Economic activity continues to be weighed down by the aftershocks of the real-estate bust.”