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IRELAND’S EXPORTS are expected to continue to grow next year, but National Irish Bank has revised its forecast for that growth down by 1 per cent in light of weaker trading conditions across Europe.
The NIB FDI Quarterly Report for Winter 2011 says that as European markets represent some 60 per cent of Ireland’s exports, difficulties within the eurozone are likely to take a toll on the country’s export growth potential in 2012.
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The bank said it is revising its forecast for Ireland’s export growth down from 5.5 per cent to 4.5 per cent through next year.
The report’s author NIB economist Dr Ronnie O’Toole said that although 2012 is expected to be a more difficult year for exports, Ireland’s export sector and its improve competitiveness should “still allow for a reasonable level of export growth next year”.
The Danske Bank-owned organisation also says that as Europe becomes increasingly weaker, it seems “more and more evident that the eurozone cannot escape recession”.
Meanwhile, it says that the US and China are expected to show improved growth into 2012.
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If our government could just learn how to inject confidence into our domestic market to tap into the people who have money to spend, it would help us so much.
5.5% per cent growth in exports is an oustanding performance in the current economic climate and if Ireland achieves 4.5 % next, I would regard that as stellar.
I can’t help feeling that we are downplaying this more than we should.
Can someone clarify purely for a balanced discussion how much is due to foreign multinationals and how much is homegrown Irish exports.
The lumping of the two together only serves to belie the underlying truth. I am all for clarity and factual figures. Otherwise we are just spinning figured for an agenda.. I would live to see Ireland booming but I don’t think our football team gets heaped praise for pulling off a total failed match..
If it does well it should be highlighted.
Not just it did well in the first 20 mins and not being bothered with the rest of the match and the fact that we lost metaphorically speaking….
Maybe somebody very well educated and well researched could offer those figures I mentioned above. Regards
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