Economic growth will level out at 4%

ECONOMIC growth in the form of gross domestic product will average 4% for 2002 according to an economic report published yesterday.

AIB's seasonally adjusted GDP estimates suggest the economic downturn bottomed out late last year when it slumped to zero but will level out at 4% for the whole of this year.

However, according to AIB's Monthly Market Focus produced by its Corporate and Commercial Treasury division, the reality is that the pick-up in growth is very narrowly-based, confined to a limited number of export-oriented industries, principally pharmaceuticals and chemicals which account for less than 1.5% of employment in the economy.