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IRELAND’S CENTRAL BANK has cut the growth forecast for this year and next, citing the negative and material effects of the Brexit referendum.
The new forecast came as new data shows that growth in the UK economy accelerated in the run-up to the referendum.
Britain posted 0.6% growth in the second quarter of the year, its strongest quarterly rise in industrial production for nearly 20 years, which helped its economy to beat expectations.
The country’s chancellor, Philip Hammond, said the figures showed “the fundamentals of the British economy are strong” and that meant the UK would be able to negotiate leaving the EU from a good position.
However experts have warned the figures don’t reveal the impact of the Brexit vote as most expected the UK to remain in the EU in the lead-up to the poll.
Leading indicators paint a much less-rosy picture for Ireland’s key trading partner, with a recent business activity survey pointing to the biggest economic plunge since the financial crisis on the way for the UK.
Negative impact
In its latest quarterly bulletin, published today, the Central Bank sounded the warning alarms on the fallout from the UK’s decision to leave the EU as it cut its growth forecasts for Ireland.
In a quarterly bulletin, the first since the momentous June 23 referendum in which Britain opted to leave the European Union, the Central Bank said:
The close relationship between the Irish and UK economies creates a particular exposure for the Irish economy from Brexit.
It added: “Both in the short-term and in the longer-term, the economic impact of Brexit on Ireland is set to be negative and material.”
“(Brexit) will have a negative impact on Irish GDP, employment and incomes.”
In the worst-case scenario, with increases in both trade and non-tariff barriers between the countries, the Irish economy could be more than 3% smaller than it would have been without the Brexit vote after a decade.
“A significant short-term impact is also likely,” the bulletin said, adding that the final economic impact would depend on what kind of deal the UK struck with the EU.
It noted the Irish economy had become less dependent on the UK in recent decades, but it remained a “particularly important” market for indigenous firms.
The agri-food, clothing and footwear, and tourism industries were all likely to be disproportionately affected due to their dependence on British trade.
The country is the destination for more than half of all Irish beef exports, 60% of cheese and 84% of poultry.
Leprechaun economics
The Central Bank also had plenty to say about Ireland’s heavily revised GDP figures for last year, which showed an absurd 26% increase in the national economy.
In a note on the data, Central Bank economist Diarmaid Smyth said Ireland’s official stats now included “a very significant amount of activity carried out in other jurisdictions but formally recorded in the Irish national accounts”.
That included a major shift in multinationals’ assets to Ireland, so-called ‘on-shoring’ activity that had “little real benefit in terms of employment or incomes and obscures underlying growth dynamics”.
Nevertheless, underlying growth in the Irish economy was still strong. The Central Bank predicted the unemployment rate would average 7.2% next year and wages would rise 2.5% in both 2016 and 2017.
Additional reporting AFP
Written by Peter Bodkin and posted on Fora.ie
Russia will be getting jitters now. They took a gamble on crimea it arguably paid off. They did not get up from the table and called the west over eastern Ukraine with a weak hand.
Went spectacularly wrong for vlad. It’s a train crash still happening.
The reason why support is so high is because the Russian government has done a fantastic job in convincing the Russian people that it’s entirely the West’s fault. Putin has convinced the Russian people that the US has been aggressively targeting Russia for no reason when the truth is the US is only acting thanks to Putin’s constant land-grabs in post-Soviet states.
“Putin’s constant land-grabs in post-Soviet states” or in as seen in Russia as protecting russian/prorussian citizens interests. What about the US and israel?
Surprise, another Putinist uses the trademark whataboutery move.
The topic of discussion here is Russian aggression in the Ukraine, the US and Israel has absolutely no bearing on the subject. Discuss it to your hearts content on articles about the US and Israel.
The simple fact is Russia has been incredible heavy-handed in post-Soviet states since the collapse of the USSR and is aggressively attempting to incorporate various separatist states along its border in direct conflict with international law.
Jason Culligan. Israel certainly dose have bearing on this topic.
How many US Senators in Congress also hold dual citizenship with Israel? To many for comfort, we saw all this with the cheer leading on Gaza, sending cops to Israel for police training etc.
This Battle in Ukraine is about the expansion of Zi0 US Empire, the feathering of its nest ant all costs even if it drags Europe into a nuclear war. The Israel Regime is ruthless and they are pulling the strings behind this battle as well as on the other front in Syria.
Frank, your unfounded paranoia never ceases to amaze.
Can’t agree with you there Jason, all the land grabs have been by the EU, US and NATO, grabs now becoming more military with the seizure of Ukraine by a coup. Putin seems to be correct about the warlike intentions of NATO and its partners.
Jason Culligan _ Speaking of Rothschild who is paying the wages of these wars is not being paranoid.
Frank, tell us how many senators have dual citizenship with Israel?
Declan Noonan ..At least 29 are Israel dual citizen, no other country would allow this
It also dose not include the pull that the US receives from outside, those that cherry pick politicians and win elections.
And a little yeast certainly works through the whole batch of dough
http://educate-yourself.org/cn/dualcitizensushouse25oct14.shtml
Gerard, claiming that the only one grabbing land is the West is by far one of the most historically ignorant comments I’ve seen on the topic to date. Since the collapse of the Soviet Union, Russia has a long list of invasions, military interventions and violent suppression of dissent.
Jason, it is somewhat petulant calling someone’s comment ignorant while ignoring the fact that a cursory look at the situation shows land grabs and despotism is almost the sole reserve of the west and its friends.
Gerard, you do realise that Russia forcefully occupied Eastern Europe for nearly 60 years right? You also realise that Russia has been led by outright dictators or presidents with extreme levels of power for the entirety of the existence of a Russian state and that they have an incredibly long track record of outward aggression.
Pick up a history book.
As do the Americans, British,French etc etc.
Jason, Russia did not forcefully occupy eastern Europe for 60 years, that is like saying America forcefully occupied western Europe for 60 years. I fully realize that America has outwardly spread extreme right wing death systems all over the world, pick up a history book and start with Chilie
You ignore history to promote your insane desire to promote the death coult of America .
Gerard. Budapest in 56 ring any bells or Prague in 68.
Viet Nam, Guatamala, Chille Etc. Etc. You don’t make a good argument Mick.
Well done Ukraine. In spite of continuous criticism over the years of an ineffective foreign policy, Obama has really showed his teeth here. America and Europe working together have proved they still have great power.
Putin was assured by his advisers earlier in the year that they had enough foreign reserves to withstand a standoff with the West. Coupled with the truly dramatic fall in oil prices, America nearing self sufficiency, Russia is now reeling and the rouble has collapsed. Russia will keep Crimea but eastern Ukraine is a grab too far. Keep up the pressure.
Not to mention the winter has been fierce mild.. :)
Obama has really showed his teeth here? Are you kidding? 4,700 people are dead and the Russians annexed Crimea.
Cian, plays by Obama have pretty much written off any chance of a military invasion of Eastern Ukraine by the Russians. Not only would such a move cripple the Russian economy for the next decade, it would lead to the complete political isolation of Russia and could even lead to direct small-scale confrontation with the much larger and more capable NATO forces building up in Europe.
the US and EU have played their cards well.
Jason Culligan _The US and EU have played their cards well to provoke war..
Cian 4700 peopl Dead an Ukraine killed most of them.
Cian 4700 people Dead an Ukraine has killed most of them.
Isaac, any proof that the majority of the dead were killed by the Ukrainian forces?
Jason. You should know by now the Putinistas don’t do proof, provable fact or even truth.
Are the Rebels shelling there own strongholds Jason? Are they shelling themselves?
You Think Ukraine are using Nerf guns?
Isaac, the rebels also have access to mortars, howitzers and MLRS’. There’s a vast record of cities, towns, villages and fortified positions held by the Ukrainian military which have come under long-range attacks and these have caused a lot of casualties.
The way you’re talking, it sounds like you’re convinced only people in rebel-held territory are dying.
Jason, the vast majority of people being killed are in rebel held areas. This is a fact. There are hundreds of videos on Youtube showing peoples houses as ruins in the aftermath of a Ukrainian shelling and the rebels showing up with the fire brigades to help them.
I also talk to people daily who are in Donetsk and they tell me whats going on. These people are not rebels by the way, but trust me they are much more afraid of the Ukrainian army .
They run to the rebel groups for protection, food and shelter.
This is ethnic cleansing to make Russian Ukrianians a tiny minority in the new Ukraine, as opposed to almost half the population as it stands now.
There has been a lot of US intervention and investment in this Ukrainian coup – Joe Bidens son wants his payback.
The Western citizens fall for the “Putin is evil” as their opinion is moulded by the feeder news agencies.
Putin is just misunderstood…..
Sort of like Stalin
Joe Bidens son is director of a company that will Frack for Oil in East Ukriane. After those inconvenient Russian speaking Ukrainians have been cleansed from the land by constant Ukrainian shelling.
Well done people, you have been fooled.
Correction – Frack for gas.
Ukraine is the iconic mascot for standing up to bullies
Now if the Russian people could stand up to bully Vlad, the world would be a better place.
Most dont even see the corrupt side of him because their media paints him as a god and they ignore western media
Rose tinted glasses there Liam.
Tell that to the hundreds of thousands of people who had to leave their homes in East Ukraine because of Ukrainian Shelling.
Shannon, I would be interested to know how you know that Russians ignore western media? Do you know any Russians, Have you been to Russia or Ukraine? Do you know the demographics of English speakers there and the statistics of how many of them watch Western news?
No?.. Though not.
Your Armchair diagnosis of all Russians is pathetic. Believe it or not, Russians are human beings many of which are very open minded and they don’t like the way their country is headed.
Armchair diagnosis. …. Nice one but he is saying what the western people and the Western governments believe and know.
Russians don’t listen to much else only state media all controlled by kremlin.
You just have to look at RT to see its a propaganda machine for those of lower intellectual abilities in the west. Vast majority of course don’t buy into it
Charles again. I know plenty of Russians in Russia and Ukraine and they all watch western news. So your wrong there.
But hey you enjoy your vitriolic hatred of Russian people there Charles.
What happened to you ? A beautiful Russian woman shunned you for a real man?
By the way Charles how do you know all Russians are lazy and don’t want to work Like you stated in the comment the Journal (Rightly) deleted?
The world is a stage. It’s the west causing tension. I honestly think Russia wants to be left alone and the west isn’t happy because Russia won’t play by the rules the way they want, and I’m not on about Crimea.
What are you on about then?
This is exactly what he is on about.
The USSR used Eastern Europe as a buffer between itself and the European continent that had invaded it repeatedly in previous centuries.
When it collapsed Russia was given assurances that NATO would not seek to expand to the borders of Russia.
These promises have been torn up with the acceptance for membership of Albania, Bulgaria, Croatia, Czech Republic, Estonia, Latvia, Lithuania, Slovakia, Slovenia, and NATO are still in Afghanistan.
Russian intervention in Ukraine is a big ‘back off!!’ to the west.
To ignore it would be dangerous.
Is it any coincidence that the price of oil is as low as it is?
I think not.
Gumbridge. One question for you.
Why did all those former Warsaw Pact countries join NATO as fast as they possibly could?
Nobody forced them to join.
Mick Jordan_ I guess it was a case of the grass being greener on the other side.
They will soon learn their “mistake” once the jack boot takes over … again.
“When it collapsed Russia was given assurances that NATO would not seek to expand to the borders of Russia.”
That’s only partially true, the US assured Russia that NATO would not actively seek to incorporate former Warsaw Pact members into NATO. It was clear to all involved that former Warsaw Pact members would be accepted into NATO should they decide to apply for membership of their own free will without coercion by NATO.
Russian intervention in the Ukraine was not a warning to the west, it was an open admission of defeat. The Russians knew the Ukraine was slipping from their grasp and made a desperate land-grab to maintain control of Sevastopol.
Poland and the baltics in particular were poor choices to admit to the EU and NATO, since the Russian people have always seen these as their turf to do with as they wish.
Catch 22 I think, Most Ukrainians as a whole wants to be sided with the west and wants the Russians out and every nation is free to decide on their own policies and align to whomever they want to be aligned with, but Russian has a history with Ukraine that only these two can understand. I don;t think there is a right move on this one because both sides have a valid point
Juan. Yes history there. But Ukrainians are smart and educated. They have western TV and the Internet. It’s either earn 300pm and know the Russian puppet government is raping them
Or…
Move into Europe and in less then one generation have a massively improved quality of life. No brainer
Charles Here is a surprise. Russians and Ukrainians are ethnically the same people. They watch largely the same TV, Listen to the same popular music, read the same magazines and have the same kids cartoons and TV sitcoms.
I know this because I have been to both countries many times.
The Irish and English are same in many ways. Same language watch same shows. So they can come here and take us over no problem? ?:) cop on
Oh I’ve been there too many times mate.
” So they can come here and take us over no problem? ?:) cop on”
I never said this Charles.
You keep making assertions that Ukrainians are somehow enlightened and the Russians are a lazy bunch of ignorant subhumans.
I am pointing out that the Ukrainians and the Russians are the same people and are as good or bad as each other.
Your the racist Charles.
Obama and america are just useing nato to continually poke russia and putin with a stick till they get a war to make the rich more rich. Its just revenge for russia backing Syria against the usa.
NATO was originally set up as a defense force created to defend Western Europe from Communism and future wars, all this has completely changed and it has now become a bloodthirsty EXPANSIONIST offensive force that creates wars by proxy to push its greedy imperialist agendas.
David WW3 won’t make anyone rich. It will make us dead though.
It will certainly make the elitist’s rich and those that are pushing the buttons, they can sit in their arm chairs the far side of the Atlantic and watch Europe burn.
No doubt when it is over the usual US Contractors Halliburton & KBR. They reaped alone $138bn from Iraq war
Frank, the only thing they’ll see in their armchairs is the flash of of a nuclear explosion, anyone pushing buttons will annihilate mankind, at least modern civilization
Man, there were a lot of misinformed comments before frank at 38 mins, and some others came up. A few pointers for the misinformed. Do you know the Good ol USA spent 5 billion to overthrow the democratically elected government in Ukraine. Do you know the coup in February was openly led by nazi elements, who now have control. Do you know the Ukraine is a busted flush that will go down the tubes next may when Russia calls in the billions they are owed from ukraine. Do you know it would be gone down the tubes already except its on life support with billions of US and EU taxpayers so called loans but in reality donations, now think about it YOUR USC, PROPERTY TAX, WATER CHARGES etc being funnelled to a coup government led by fascist thugs by the same EU that’s ducking your country dry. Now why do you think they want to get into NATO ASAP?????
I think you are massively misinformed. But you already know that and I’m not biting :)
Your wrong but happy trolling xxxx
Charles Mcdonald What Denis Maher said is 100% true. The USA will make it back with Ukraine’s valuable resources.
Ukraine was once known as the “bread basket” of Europe, this will no doubt become the GMO trash can of Europe. .
The US is spending just as much again in its attempt to overthrow Syria’s legitimate Government.by backing head hacking militants.
Stupid dangerous act. The West needs to make it clear to the Ukraine that it will not back its I’ll conceived provocation and that it expects it to engage meaningfully with Russia.
What ill-conceived provocation? A sovereign nation is free to align itself with whatever alliance it so chooses. The Russians have already forcefully occupied and seized Ukrainian territory and it is perfectly understandable that the Ukraine would turn to Russia’s traditional opponent for future protection.
Jason Culligan You seem to have a short memory. Isn’t the Good old USA currently running amok tearing Russia’s ally Syria to shreds as we speak?
I also see USA meddling in CUBA, is this an attack on Russia from another front? How long will it be before an embassy is set up as a CIA headquarters. It won’t be long before Cuba will be run amok with terrorists.
http://www.strategic-culture.org/news/2014/12/23/us-cuba-deal-new-front-for-russia-war-analyst.html
Charles Mcdonald
Everyone loved Obama in America at one time.
Everyone Loved Adolf Hitler in Germany at one time.
And the Godwin Award goes to…
Ww3 is building… Ah sure look when isint it…
If NATO is stupid enough to accept them then we have WW3
They are stupid and they want WW3.
# North American Terrorist Organisation,
Frank, you claimed before that we would have WW3 if the US dared to get involved in Syria. There are currently US Air Force and US Navy aircraft bombing Syria on a daily basis yet I haven’t seen your predicted WW3 materialise.
Mick, nobody doubts they were corrupt, the point is they were democratically elected and were overthrown, plain and simple. And yes he did flee to Russia after the false flag attack by hired mercenaries shot on maidan protesters & security forces. In respect of your so called fascist element there is nothing so called about it they openly wear nazi insignia, also they don’t care about how many % they got in an election they have control of the military now, that’s all any self respecting fascist needs. 20 years mick, make that 10, mostly going to the coffers of various “coloured revolutions” I suppose the yat’s our man comment victoria nuland was found on a recording saying before he was installed too those pesky Russians must be very sneaky the way they can get top level US government officials to say things like that to suit their propaganda as you allege.
There’s a reply button for a reason.
You’re spouting rhetoric which was basically debunked in the first couple of weeks of the Ukrainian Crisis. Would it hurt to do even a quick google search before you spout incredibly out-of-date non-arguments?
Like I said Denis. At least try and add some factual truth to your arguments. But you did a least drop the stupid 5 Billion argument. And you say you don’t care about what % the Right Wing parties got in the elections but yet your entire “Nazis” argument is about who has control of the government. So you attempt to completely dismiss the centrist make up of the Ukrainian Government and attempt (badly if I might add) portray the Russian version of the Ukrainian Government as a bunch of Extreme Right Wing Nationalists intent on exterminating the ethnic Russian population in the East of Ukraine. When the actual facts show the complete opposit of the propaganda you are attempting to push.
jason you can google right sector, Svoboda and Asov battalion right now if you want to see pictures of the far right militias in Ukraine.
They are not invisible, they are right there in the open ,shelling Eastern Ukrainians daily.
Also it’s blatantly obvious that Mick Jordan and Jason Culligan are the same person.
They just so happen to have the same opinion, reply to the same comments every time, and never address each other directly. (Sure why would you talk to yourself)
Nice try there Isaac. But Jason and I are completely different people. As a many on here know. Better luck next time.
I could just as easily claim that Glen, Frank, Horgay and Isaac are all the same person as you all seem to have the same opinion. If you even bothered to look deeper you’d see that myself and Mick have even disagreed with one another in discussions on topics not relating to the Ukraine.
As for the right-wing parties, nobody is denying that they have had a presence during this conflict. What is funny though is that you seem to completely ignore the fact that there are extreme right-wing elements fighting for the “rebels” as well. You also funnily don’t touch on the fact that all leaders of the “separatists” bar one just so happen to be Russian citizens and most have past Russian Army/KGB/FSB experience.
No frank is not Glen.
But I feel b lowe/horgay is Glen
So Jason when someone replied to Mick but forgot to use the reply button why would you reply with a smart comment ” There’s a reply button for a reason.?” and then respond to the question, posed to Mick.
Sure your not Mick now?
That’s your evidence, one off-the-cuff remark to someone who’s lack of understanding of how the Journal comments section works?
I could have sworn that a public forum is there for the explicit purpose of public discussions. I’m amazed that, under your bizarre interpretation of this system, questions addressed to one poster are the exclusive property of that one person to answer and the answering of said question by another poster is proof of a double account.
Come back when you have some actual proof rather than some tenuous and baseless accusations.
The heat has been turned up a notch on the Cold War
And the heat won’t be coming from Putin’s gas.
The table has turned, might have been a millimetrically premeditated tactic or an improvised consequence of Putin’s act, but either way, I don’t think Russia can’t use gas as a weapon any longer, their economy is being hit really hard, the Rubel lost half its value, they need that gas pipe on more than never, which means the Ukrainians and Europe have secured supply and Russia lost its leverage. Brilliant, touché!
The winter has also been remarkably mild for most of Europe meaning a shut-off of supply wouldn’t be as dramatic either. For the time being all Russia can do is huff and puff.
Does anybody still believe that the “western” economic model is still the only game in town?
Look at laws being passed on a daily basis in the EU to suppress its citizens.
Spain’s gagging laws are only the start.
What other game is there? ? Solalism? ? Yeah its working a charm for north Korea.
Or communism under lenonism or marxisim lol worked out well for good auld ussr.
Capitalism works. Reward those who take a chance in business. It will always be the way because the majority want it that way. The left are normally full of dole ridden wasters.
My oh my Charles, I suppose you must keep up with current affairs by reading the Sun.
Most them on here do.
Wasn’t it the SUN that accused Putin of downing MH17 before the smoke cleared from the crash site.
Denis. Your 5 Billion story have been debunked so many times now its become a joke. The 5 billion Dollars you talk of was give to all the Ukrainian Governments over the past 20+ years.
The so called Nazi elements you claim that are now in charge of Ukraine got less that 3% of the vote in the parliamentary elections and made up of less than a few thousand that were involved in the Maidan protests. And as a coup. What coup? The members of the democratically elected parliament (including the former presidents own party) voted to impeach him on corruption charges. But he resigned and fled to Russia with the billions he stole before the impeachment proceedings were completed. So as he resigned there could nother have been a coup.
So if you are going to try and spout Russian propaganda at least try and make it look factual with some actual truth.
A touch of bitterness their Isaac. Is it because you are watching your beloved New Russian Empire collapsing before your eyes?
Isaac, what about those who have fled Westwards due to the constant shelling by “separatists” and the fear of an outright invasion by Russia? What about those who fled Crimea when the Russian army jackbooted in and took control?
I can also use loaded questions and hyperbole.
I do not love any Russian Empire. But I do not hate Russian people or Ukrainian people. There a kids being killed here.
The difference between me and you is that I do not see things in black and white as you do.
I am not stuck in some 50′s US anti commie propaganda mind space as you are.
You see Russians as the bogey man out to get Uncle Sam. I see Russians as human beings, as I do Ukrainians. And both governments are using them against each other as pawns for some globalists political gains.
Isaac. If you want the fighting to stop then demand the the Russian military withdraw from all Ukrainian territory, that the Russians stop arming the terrorists and that the terrorists themselves surrender unconditionally to the legitimately elected government of Ukraine.
Agreed Mick. Also, the Ukrainians should stop shelling their own people and start to arrest and disarm Asov battalion and other right wing militias.
Jason life in Crimea is very good now I can assure you. The Tartars have their language recognised for the first time, their holy days are now Crimea wide holidays, the pensions and welfare has doubled, the salary of many has increased significantly.
I know many people there, including Tartars and Ukrainians who are much better off financially and socially.
Ukraine never gave a rats ass about Tartars or Crimea. It has not had any infrastructure investment since the 80′s. Now Russia is giving it the investment and upgrades it needs.
Some people fled due to paranoia and because some also had something to hide from the government ( crimes, terrorist associations etc).
A few hundred fled Crimea and 1 person was shot during the stand off.
700 thousand fled to Russia from East Ukraine.
About 30K fled to Kiev from East Ukraine.
About 50K fled to Crimea from East Ukraine.
Now ask yourself, why do the vast majority of people feel safer in Russia? Maybe they are running from the Ukrainian artillery thats leveling houses
Isaac. The Asov battalion wouldn’t exist without the Russian invasion. And if the Russians withdrew and the terrorists unconditionally surrendered the Asov battalion would no longer have any reason to continue.
And as for your claim that the Ukrainians are unilaterally shelling civilians can we have some independent verifiable proof of that claim?
Wrong Mick, the Far right groups including Asov have been well known trouble makers in Ukraine for years and years.
They worship their hero, the SS Nazi Banderos who turned on his own people and fought alongside hilter massacring Poles, Jews, Ukrainians and Russians alike.
But sure you continue to defend them.
Issac you really are desperate to the “Ukrainian Nazis” story. Yet you ignore the many many Russian Nazis fighting along side the Ukrainian terrorists.
Why west wants Putin gone: “protect the interests of the native people of the Russian Federation, 1st & foremost.”
Putin- Immigration Issue
https://www.youtube.com/watch?v=wZ5MhU0lIeQ
have your say