Goodbody reduces GDP growth forecast to just 1.1%
Wednesday April 23 2008
Goodbody Stockbrokers has significantly downgraded its GDP growth forecast for this year, saying the economy is facing a more challenging phase than previously predicted.
The company now says it expects GDP to grow by just 1.1% in 2008, down sharply from its previous prediction of 2.3%.
However, Goodbody says it expects the economy to rebound in 2009, with growth of around 2%.
Lower consumer spending and the slowdown in the housing market are being blamed for the current deterioration in economic fortunes.
