Central Bank predicts return to growth for economy in 2011
The Central Bank is predicting a return to growth in the Irish economy this year after three years of contraction.
However, it has revised downwards its forecast in its Quarterly Economic Bulletin, saying its previous figures were based on a planned €3bn in budget cuts as opposed to the €6bn now agreed.
In the first forecast by the bank since the EU/IMF bailout, it also said there will be no turnaround in employment until the end of the year.
A recovery in overall economic activity is predicted to speed up during 2011 and 2012.
The bank said GDP will grow by around 1% this year rising to 2.3% next year.
But GNP, which excludes multinational profits, is expected to remain stagnant this year with a 1.5% increase forecast for 2012.
