HIGHLIGHTS:

• Fall off in new house completions to 25,000 in 2009, down from an estimated 50,000 in 2008
• Unemployment rate of 8.8% by the end of 2009
• Interest rate cut of up to 1.5% over the next 6 to 12 months
• Government deficit in 2009 projected at €12.1 billion but could reach €19 billion, or more than 10% of GDP
• House values could fall by a further 10% by mid 2009

The Irish economy is currently going through a painful and deep recession and looking ahead to 2009, it is very difficult to forecast growth or a recovery given the unprecedented uncertainty besetting the global economic and financial climate, according to Jim Power, Chief Economist, Friends First, on the publication of the latest Friends First Quarterly Economic Bulletin.

To read the full bulletin and access Jim's other reports click here

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