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Brokers drop forecast

GNP and GDP are expected to fall this year according to NCB, the latest economists to lower their growth forecasts for Ireland.

The brokers were already 1pc below the consensus with regards to Irish economic activity in 2011. But now they are lowering their forecasts further and now expect GNP to shrink by 1.8pc and GDP to contract by 0.7pc in 2011.

They had previously forecast contractions of 1.4pc and 0.4pc.