Ireland's central bank lowered its growth estimate for this year as the challenging external environment is set to constrain the pace of recovery for the remainder of the year.
Gross domestic product growth of 0.7 percent is projected for 2013, down from the previously estimated 1.2 percent, the bank said in its Quarterly Bulletin on Friday. In 2014, growth is estimated to pick-up to about 2.1 percent.
Domestic demand was quite weak in the first quarter and consumer spending remained muted. In addition, investment plunged 20 percent. But it forecast domestic demand to stabilize this year and to make a small positive contribution to overall GDP growth.
On a more positive note, data point to a gradual improvement in employment.
Inflation is expected to weaken to 0.8 percent in 2013, before picking up to around 1.1 percent in 2014.
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