Davy Stockbrokers has revised upwards its forecast for the Irish economy saying it now sees GNP expanding by 1.7% in 2003 and by 2% in 2004. Previously Davy had forecast GNP growth of 0.8% in 2003 and 1.4% in 2004.
Apart from housing, most sectors of the Irish economy have had a sluggish 2003 so far, the broker said.
'We remain unconvinced that conditions are yet in place in the global economy for a broad based and sustained recovery,' the report on the Irish economy said. 'Neither do we believe that conditions are in place for the Irish economy to return to growth rates that are well above its historic experience.'
