Friday, March 15 07:57:19
Economic output among the euro zone countries will contract this year and it will be 2014 before we start to see solid recovery take hold, the latest forecast from Ernst & Young predicts. Ernst and Young's euro zone forecast for Spring says that despite economic growth across the euro zone picking up in the second half of the year, an overall decline of 0.5pc in GDP is expected for 2013.
This will be followed by sluggish growth of 1.1pc in 2014, it adds. The company has also cut its annual economic output forecast for Ireland this year from 1pc growth to just 0.1pc. However, Ernst and Young is pencilling in 1.9pc growth in 2014 according to RTE News.