Arab Today, arab today ireland slashes 2012 growth forecast to 07
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Ireland slashes 2012 growth forecast to 0.7%

Arab Today, arab today

Arab Today, arab today Ireland slashes 2012 growth forecast to 0.7%

Dublin - AFP

Ireland on Friday slashed its growth forecast for this year to 0.7 percent from last December\'s budget estimate of 1.3 percent as depressed consumer demand drags on the eurozone economy\'s recovery. The government also revised the 2013 growth forecast from 2.4 percent gross domestic product expansion to 2.2 percent. \"The government is keenly aware that the near term remains challenging and that there are very real risks to the forecasts due to the economic uncertainty within the eurozone,\" Finance Minister Michael Noonan said. Ireland\'s economy -- battered by a property market collapse -- returned to growth in 2011 and Noonan said financial data for the first four months of the year had been \"relatively positive\". \"The Irish economy returned to growth in 2011, the first time since 2007; the State\'s underlying deficit for 2011 was 9.4 percent of GDP, significantly ahead of the target of EU/IMF target 10.6 percent of GDP; and the State\'s revenues are increasing,\" he said in a statement. Ireland had to seek an 85-billion-euro ($112-billion) rescue package from the European Union and the International Monetary Fund in 2010, when massive debt and deficit problems left it on the verge of collapse. Noonan said the deficit target of 8.6 percent of GDP for 2012 was on track because of the \"likelihood that non-tax revenues are likely to be higher and debt servicing expenditure lower than estimated at budget time.\" On Thursday, the latest quarterly review of the Irish economy by the European Commission, International Monetary Fund and European Central Bank -- or Troika -- said fiscal targets for 2011 were met with \"a healthy margin\". The Troika said Ireland still faced \"considerable challenges\" and forecast economic growth would remain \"modest in 2012, at around 0.5 percent\". Under EU rules, member states are supposed to keep their annual public deficit -- the shortfall of revenue to spending -- at no more than 3.0 percent of GDP. Ireland will put the EU\'s new fiscal pact treaty, designed to prevent future eurozone crises, to a referendum on May 31.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ireland slashes 2012 growth forecast to 07 Arab Today, arab today ireland slashes 2012 growth forecast to 07

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ireland slashes 2012 growth forecast to 07 Arab Today, arab today ireland slashes 2012 growth forecast to 07

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday