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The revised forecasts come as a result of the impact of rising costs and supply chain challenges across the global economy, accelerated by the Russian invasion of Ukraine.
Meanwhile, Irish GDP is expected to continue its upward trajectory despite current public health restrictions.
Mortgage transactions have recovered since the summer, according to the latest data.
Arts, entertainment and construction among the worst-affected domestic sectors.
The latest forecast is buoyed by the ‘resilience’ of Irish exports.
But the Commission expects the Irish economy to grow by 6.25% next year.
Real-time economic data suggests the worst of the decline was experienced in April.
The optimistic outlook comes as the government prepares to announce Budget details for 2018.
Mixed news from the government’s medium-term fiscal statement released yesterday.
The business group believes the economy will not live up to Department of Finance predictions this year.
The latest news is that the government will make a €3.8billion budget adjustment – including saving €1.6million from increased tax measures.