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Irish troika sees growth remaining modest into 2013
DUBLIN, July 12 |
DUBLIN, July 12 (Reuters) - Ireland's implementation of its bailout programme remains strong but growth prospects for the remainder of this year and into next remain modest, the country's troika of international lenders, said on Thursday.
Ireland passed the latest review of its EU/IMF bailout as expected on Thursday but data showed the economy unexpectedly shrank by 1.1 percent in the first quarter of the year after growing by a faster-than-predicted rate last year.
"Ireland's policy implementation remains on track despite challenging macroeconomic conditions," the troika - the European Union, European Central Bank (ECB) and International Monetary Fund (IMF) - said in a statement.
"Growth prospects for the remainder of 2012 and into 2013 remain modest, with weak trading partner growth dampening export demand despite further competitiveness gains."
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