Irish economy to weaken in 2008

The Central Bank & Financial Services Authority of Ireland on Friday said that the pace of growth was set to fall this year as a result of both international and domestic factors.

The central bank said that it expected GDP to hit 3% this year, down from 5.25% in 2007. Unemployment was estimated to rise modestly to 5.5%.

The slowdown in the United States and difficulties in global financial markets was expected to temper expansion. The domestic economy, which the central bank said was going th