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Irish Exporters Warn Over Zero Growth Prospects For 2003

by Jason Gorringe, Tax-News.com, London

06 January 2003

In its recently published review of 2002, the Irish Exporters' Association has warned that for the export industry, 2003 is likely to be a year of zero growth at best.

Reporting on the review, RTE News revealed that exporters in the Republic lost market share in 5 of their top 10 markets in 2002, whilst sales to 10 of the current 14 EU members also fell.

'Overall, the IEA estimates that exports of goods rose by 1.9% compared with 2001, a sharp slowdown from the 10.4% growth recorded in 2001 as the global economic slowdown turned out to be weaker than expected,' RTE announced.

According to the IEA, the UK remains the main destination for Irish exports, accounting for 25% of the total last year. It explained that the British market held up quite well last year, but expressed concerns about the impact of the euro's recent rise against the pound, increased competition from Eastern Europe, and a rise in the cost base in Ireland in 2003.

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