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.
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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