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# gdp - Tuesday 31 May, 2011

Meltdown: Ernst & Young predicts economy will shrink in 2011

Forget predictions of a modest growth – Ernst & Young’s forecast believes Ireland’s economy will contract by 2.3 per cent.

# gdp - Friday 13 May, 2011

European Commission pares back forecasts for Irish economic growth

Olli Rehn tells a briefing that Ireland’s economy will grow by 0.6 per cent – further bolstering the case for a bailout rate cut.

# gdp - Saturday 30 April, 2011

The 9 at 9: Saturday

Nine things you need to know by 9am: Bad news for growth and jobs in Ireland; The royal wedding hangover; a television appearance by Colonel Gaddafi; the one year anniversary of Gerry Ryan’s death; and a race row hits French football.

# gdp - Thursday 14 April, 2011

Unemployment to stay above 14 per cent until end of 2012

Central Bank releases grim figures for job seekers – and shaves 0.1 per cent off its previous forecast for economic growth.

# gdp - Monday 11 April, 2011

The Daily Fix: Monday

Catch up on today’s main news stories.

# gdp - Thursday 24 March, 2011

Take 5: Thursday

5 minutes, 5 stories, 5 o’clock.

# gdp - Monday 14 February, 2011

Japan overtaken by China as world's second-largest economy

… And now Japan is predicting that China will also overtake the US in the next 10 to 20 years.

# gdp - Monday 29 November, 2010

Europe halves projections of Ireland's growth rate

The four year plan last week said Ireland would have economic growth of 1.75% next year. Europe says: 0.9%.

# gdp - Tuesday 23 November, 2010

IMF suggests cutting tax - but just for women

A cut in taxes for women would increase GDP, says the IMF.

# gdp - Tuesday 17 August, 2010

NINE EUROPEAN UNION member states have written to the European Commission asking it to change its accounting rules in a bid to try and artificially lower their official budget deficits.

The countries, mostly from Eastern Europe, have asked the bloc to consider changing its classifications so that the costs of reforming their various pension schemes do not count towards their budget deficits.

Lithuania, Latvia, Bulgaria, Sweden, Slovakia, Hungary, Romania, Poland and the Czech Republic say that reform of their pensions systems, while expensive, create long-term benefit while inflating their short-term budget shortfalls.

In a letter obtained by Reuters today, the countries backed a German proposal to introduce new penalties for countries which exceed the Union’s ‘glass ceiling’ of running a budget deficit of more than 3% of GDP.

But they wrote:

Maintaining the current approach to debt and deficit statistics would result in unequal treatment of Member States and thus effectively punish reforming countries.

The European Commission has described the proposal to change budgeting rules as a “relevant” one, but insiders believe it would be difficult to change the rules as they form part of the Stability and Growth Pact, amendments to which would require the assent of all 27 member states.

“There is likely to be some understanding for the position of the nine countries, but it is difficult to say how far it will go,” one source told Reuters. “To change the accounting rules everybody has to be on board, and some are not.”

Ireland is likely to face massive penalties from the EU one way or another, after its official statistical agency Eurostat ruled that Ireland’s costs of recapitalising Anglo Irish Bank would not be discounted from its budget deficit – meaning its deficit could be up to 24% of GDP, eight times the EU limit.