Economic Review predicts rejuvenated economy
Ireland is well positioned to take advantage of the upturn in economic fortunes across the globe, with higher GNP and lower inflation, an Economic Review has stated.
The Government has published the Economic Review for last year, and prospects for 2004. The Review predicted a deficit of 0.4%, compared to the 1.1% deficit predicted in the budget.
Gross National Product is forecast to grow by 4.2% this year, with Gross Domestic Product forecast at 4.7%.
The Government is predicting that the average inflation for this year will be 2.2%, falling from 3.5% last year and 4.6% in 2002.
The exchequer borrowing requirement is being put at €1.8bn this year, compared to the projected €2.8bn.
Excess tax revenue for 2004 could be up to €600m.
