Friday, March 16, 2007

IBEC:The Irish economy will grow by about 5.5% in 2007

Irish Independent:

Growth will be boosted mainly by buoyant domestic demand, with consumer spending growing by 7pc. IBEC economist David Croughan said the economy will turn in another strong growth in 2007 of the order of 5.5pc, only a little slower than 2006.

"The impetus will continue to come from the domestic sector with consumer spending expected to grow by a strong 7pc," he said.

But he also warned that turmoil in global equity markets and greater concerns about the weakening US economy are likely to make trading conditions more difficult.

"Nevertheless we should not be too quickly influenced by the most recent downbeat indicators from the US," he added, pointing put that many US indicators are subsequently revised.

For instance, recently there were disappointing employment increases of 97,000 for the US in February, but bad weather was a big factor for construction jobs and in addition the December/January numbers were revised upwards by 50,000, Mr Croughan pointed out.

IBEC says strong Irish economic growth in 2007 will be fuelled by construction and consumer spending

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