It would be interesting to hear what IBEC has to say about this… January 30, 2013Posted by WorldbyStorm in Economy, Irish Politics.
In its first quarterly bulletin of the year, the bank’s economists predicted that gross domestic product would grow by 1.3 per cent in 2013, lower than the 1.7 per cent forecast three months ago.
Given that only eight days ago IBEC predicted this:
The Irish economy will grow by 1.8 per cent this year up from 1.2 per cent in 2012, the Irish Business and Employers Confederation has predicted.
In its latest Quarterly Economic Outlook, the employers’ group said it expects to see a “turning point” for the Irish economy during 2013. The group predicts economic growth of 1.8 per cent over the course of the year, slightly higher than the latest Government forecasts.
Seems scepticism about the IBEC figures is well founded.
And in relation to those IBEC figrues this comment from Michael Taft on this thread is illuminating:
It’s a little curious that the IBEC projections received a ‘good news’ treatment. They now project consumer spending will grow by 0 percent this year. Three months ago they projected that consumer spending would rise by 0 percent. When it comes to GDP projection, IBEC now estimates 1.8 percent growth. Three months ago they projected 1.8 percent growth. Six months ago they projected growth of 2.3 percent. Nine months ago they projected growth of 2.4 percent. I guess a projection that doesn’t have a revision downwards constitutes ‘good news’.