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Ireland cuts GDP growth forecast on Brexit concerns
October 4, 2016 / 10:47 AM / a year ago

Ireland cuts GDP growth forecast on Brexit concerns

DUBLIN (Reuters) - Ireland on Tuesday cut its gross domestic product forecast for 2017 on concerns about the fall-out from Britain’s vote to leave the European Union and said risks were centred “firmly to the downside.”

A woman walks past graffiti near the Temple Bar area of Dublin November 7, 2013. REUTERS/Cathal McNaughton

The finance ministry cut its 2016 GDP forecast to 4.2 percent from 4.9 percent and for 2017 to 3.5 percent from 3.9 percent and said there was considerable uncertainty to the outlook for next year with the impact of Brexit still unfolding.

“We have reduced next year’s forecast by around half a percentage point to take into account the uncertainty associated with Brexit,” John McCarthy, the finance ministry’s chief economist, told a parliamentary committee.

Reporting by Padraic Halpin; Editing by Conor Humphries

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