The latest economic commentary from Bloxham Stockbrokers says there are clear signs of a moderation in the rate of decline in activity here, with recent indicators suggesting that the worst may be over.
In its quarterly economic outlook, Bloxham says that it is looking at an average fall in real GDP of 7.2% this year and a contraction of just 1% in 2010, better than its previous estimates.
The stockbrokers also predicted that the economy will see growth of 2.8% in 2011 with exports key to any economic recovery. They note that Ireland, along with Slovakia, is predicted to have the highest growth of any of the euro zone countries in 2011.
Today's report predicts an unemployment rate of 12.8% for 2010, again a better figure than earlier estimates of 15%. It predicts that consumer prices will fall by 0.2% next year, while consumer spending will also fall by 2%.
