Ireland's central bank lifted its 2012 growth estimate citing a less negative outlook for domestic demand.
Real economic growth was forecast to slow to about 0.7 percent this year, which was better than the previous estimate of 0.5 percent.
The outlook is subject to a high degree of uncertainty mainly relating to the prospects for external demand, the Central Bank of Ireland said in its quarterly bulletin on Tuesday.
The estimate for 2013 was for acceleration in GDP growth to about 1.9 percent reflecting some recovery in external demand and a broadly flat outlook for domestic demand. The bank has initially projected 2.1 percent growth for next year.
Despite weaker than expected growth, fiscal developments have remained broadly on track so far, the bank said.
Ireland's consumer price inflation is forecast to slow to 0.4 percent next year from 0.9 percent in 2012.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.