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12/04/2011
BOI Reveals 'Unwelcome' Economic Trends
In its latest quarterly update the Bank of Ireland (BOI) has forecast growth levels as more modest than expected.
In 2011, the Irish Republic's economy will grow by 0.5% - which is 1% down from the previous forecast.
The bank's outlook highlighted "two surprising and unwelcome" economic trends over the past month.
Author of the report, Bank of Ireland Chief Economist, Dan McLaughlin, said: "The first was that the unemployment rate over the past six months has been much higher than previously published, on the basis that the labour force stopped falling in the final quarter of 2010."
The BOI report predicts the unemployment rate in 2011 to average 14.4% from 13.6% last year.
Mr McLaughlin said: "The second data release showed that nominal GDP was deemed to have fallen by a massive 6.6% in just three months. The decline in real GDP was also a substantial 1.6%, driven by falling exports, contrary to the trend over the rest of the year.
"As a result, the economy entered 2011 in a weaker state than most expected and as a consequence we are revising down our GDP growth forecast for the year to a modest 0.5%."
(BMcN)
In 2011, the Irish Republic's economy will grow by 0.5% - which is 1% down from the previous forecast.
The bank's outlook highlighted "two surprising and unwelcome" economic trends over the past month.
Author of the report, Bank of Ireland Chief Economist, Dan McLaughlin, said: "The first was that the unemployment rate over the past six months has been much higher than previously published, on the basis that the labour force stopped falling in the final quarter of 2010."
The BOI report predicts the unemployment rate in 2011 to average 14.4% from 13.6% last year.
Mr McLaughlin said: "The second data release showed that nominal GDP was deemed to have fallen by a massive 6.6% in just three months. The decline in real GDP was also a substantial 1.6%, driven by falling exports, contrary to the trend over the rest of the year.
"As a result, the economy entered 2011 in a weaker state than most expected and as a consequence we are revising down our GDP growth forecast for the year to a modest 0.5%."
(BMcN)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
