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11/06/2002
Irish economic growth to halve in 2002
The Central Bank of Ireland has said in its annual report that economic growth in Ireland is set to halve in 2002.
Growth is likely to fall from 5.9% last year to just 3% in 2002, however next year should see an upturn, the Bank said.
While the growth forecast by the Bank depends on a recovery in the global economy and on Ireland's ability to control inflationary pressures, consumer price inflation in the economy has been running ahead of the European average, wages rose both last year and during 2000.
A sharp rise in government spending has also been blamed for some of the inflationary pressure. Government spending accounted for between 2.5% and 3% of the country's overall 5.9% growth rate.
The spending rise was in excess of a 7.75% growth in revenues.
(MB)
Growth is likely to fall from 5.9% last year to just 3% in 2002, however next year should see an upturn, the Bank said.
While the growth forecast by the Bank depends on a recovery in the global economy and on Ireland's ability to control inflationary pressures, consumer price inflation in the economy has been running ahead of the European average, wages rose both last year and during 2000.
A sharp rise in government spending has also been blamed for some of the inflationary pressure. Government spending accounted for between 2.5% and 3% of the country's overall 5.9% growth rate.
The spending rise was in excess of a 7.75% growth in revenues.
(MB)
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