Ireland: No more tiger leaps of economic growth but still in the western European passing lane

In 2002 economic growth continued to weaken in Ireland, but the increase of real GDP at 3½% was still clearly about the western European average. On the labour market the situation gradually deteriorated and the unemployment rate increased to 4.4% for the year. Inflation rose to 4.7%. In 2003 real GDP will increase by around 2¾%. The unemployment rate could rise to 5½% for the year and consumer prices will be around 4¾% above the level of the previous year. In 2004 the economy should grow by around 3½%. The unemployment rate is likely to increase to 5¼%, and prices will exceed the level of 2003 by around 4%