Sunday 19 November 2017

Austerity hurts our economic growth

The latest figures from the CSO, which show that the Irish economy shrank by 1.1pc in the first quarter of 2012, mean that the brief period of economic growth which we experienced in 2011 has, temporarily we hope, slid to a halt.

The figures also cast serious doubts over the 2012 and 2013 economic growth forecasts which underpin the targets the government has agreed with the EU/ECB/IMF troika.

Following the poor performance of the economy in the first quarter, the 0.7pc economic growth in 2012 and 2.2pc in 2013 being predicted by the Department of Finance is now almost certainly unattainable.

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